Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Entity Information [Line Items] | |
Entity Registrant Name | TEEKAY TANKERS LTD. |
Entity Central Index Key | 1,419,945 |
Trading Symbol | TNK |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Class A | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 231,193,657 |
Class B | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 37,007,981 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES | |||
Net pool revenues (notes 14e and 14h) | $ 139,936 | $ 310,108 | $ 381,028 |
Time-charter revenues (note 14e) | 112,100 | 97,374 | 75,375 |
Voyage charter revenues | 125,774 | 90,032 | 41,874 |
Other revenues (note 20) | 53,368 | 53,029 | 36,404 |
Total revenues | 431,178 | 550,543 | 534,681 |
Voyage expenses (note 14e) | (77,368) | (53,604) | (18,727) |
Vessel operating expenses (notes 14e and 14f) | (175,389) | (182,598) | (137,164) |
Time-charter hire expense (note 9) | (30,661) | (59,647) | (74,898) |
Depreciation and amortization | (100,481) | (104,149) | (73,760) |
General and administrative expenses (note 14e) | (32,879) | (33,199) | (30,403) |
(Loss) gain on sale of vessels (note 19) | (12,984) | (20,594) | 771 |
Restructuring charges (note 20) | 0 | 0 | (6,795) |
Income from operations | 1,416 | 96,752 | 193,705 |
Interest expense | (31,294) | (29,784) | (17,389) |
Interest income | 907 | 117 | 122 |
Realized and unrealized gain (loss) on derivative instruments (note 10) | 1,319 | (964) | (1,597) |
Equity (loss) income (note 6) | (25,370) | 7,680 | 11,528 |
Other expense (note 15) | (5,001) | (5,978) | (2,743) |
Net (loss) income | $ (58,023) | $ 67,823 | $ 183,626 |
Per common share amounts | |||
Basic (loss) earnings per share (in dollars per share) | $ (0.31) | $ 0.40 | $ 1.26 |
Diluted (loss) earnings per share (in dollars shares) | (0.31) | 0.40 | 1.25 |
Cash dividends declared (in dollars per share) | $ 0.12 | $ 0.18 | $ 0.24 |
Weighted-average number of Class A and Class B common stock outstanding | |||
Basic (in shares) | 187,235,377 | 170,098,572 | 143,911,452 |
Diluted (in shares) | 187,235,377 | 170,340,639 | 144,492,933 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Cash and cash equivalents | $ 71,439 | $ 94,157 |
Restricted cash | 1,599 | 750 |
Pool receivables from affiliates, net (note 14h) | 15,550 | 24,598 |
Accounts receivable, including affiliate balances of $0.8 million (2016 - $0.8 million) | 19,288 | 33,789 |
Vessels held for sale (note 19) | 0 | 33,802 |
Due from affiliates (note 14f) | 49,103 | 48,714 |
Current portion of derivative assets (note 10) | 1,016 | 875 |
Prepaid expenses | 18,690 | 21,300 |
Total current assets | 176,685 | 257,985 |
Restricted cash - long-term | 2,672 | 0 |
Vessels and equipment At cost, less accumulated depreciation of $512.0 million (2016 - $459.3 million) | 1,737,792 | 1,605,372 |
Vessels related to capital leases At cost, less accumulated depreciation of $25.4 million (2016 - $nil) (note 9) | 227,722 | 0 |
Investment in and advances to equity accounted investments (note 6) | 25,460 | 70,651 |
Derivative assets (note 10) | 4,226 | 4,538 |
Intangible assets - net (note 21 and 22) | 14,605 | 17,658 |
Other non-current assets | 127 | 107 |
Goodwill (note 21) | 8,059 | 8,059 |
Total assets | 2,197,348 | 1,964,370 |
Current | ||
Accounts payable, including affiliate balances of $nil (2016 - $1.1 million) | 7,860 | 14,406 |
Accrued liabilities (notes 7, 10 and 14f) | 34,608 | 28,663 |
Current portion of long-term debt (note 8) | 166,745 | 171,019 |
Current portion of derivative liabilities (note 10) | 0 | 1,108 |
Current obligation related to capital leases (note 9) | 7,227 | 0 |
Deferred revenue | 557 | 4,455 |
Due to affiliates (note 14f) | 19,717 | 36,299 |
Total current liabilities | 236,714 | 255,950 |
Long-term debt (note 8) | 785,557 | 761,997 |
Long-term obligation related to capital leases (note 9) | 141,681 | 0 |
Other Liabilities, Noncurrent | 26,795 | 13,683 |
Total liabilities | 1,190,747 | 1,031,630 |
Commitments and contingencies (notes 6, 9 and 10) | ||
Equity | ||
Common stock and additional paid-in capital (385 million shares authorized, 231.2 million Class A and 37.0 million class B shares issued and outstanding as of December 31, 2017) (2016 - 300 million shares authorized, 136.1 million Class A and 23.2 million Class B shares issued and outstanding) (notes 4 and 13) | 1,294,998 | 1,103,304 |
Accumulated deficit | (288,397) | (182,680) |
Entities under Common Control equity | 0 | 12,116 |
Total equity | 1,006,601 | 932,740 |
Total liabilities and equity | $ 2,197,348 | $ 1,964,370 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Receivable, Related Parties, Current | $ 800,000 | $ 800,000 |
Accumulated depreciation on vessels and equipment | 512,000,000 | 459,300,000 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 25,400,000 | 0 |
Accounts payable, including affiliate balances | $ 0 | $ 1,100,000 |
Common stock, shares authorized (in shares) | 385,000,000 | 300,000,000 |
Class A | ||
Common stock, shares authorized (in shares) | 285,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 231,200,000 | 136,100,000 |
Common stock, shares outstanding (in shares) | 231,200,000 | 136,100,000 |
Class B | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 37,000,000 | 23,200,000 |
Common stock, shares outstanding (in shares) | 37,000,000 | 23,200,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ (58,023) | $ 67,823 | $ 183,626 |
Non-cash items: | |||
Depreciation and amortization | 100,481 | 104,149 | 73,760 |
Loss (gain) on sale of vessels (note 19) | 12,984 | 20,594 | (771) |
Unrealized gain on derivative instruments (note 10) | (937) | (9,679) | (8,193) |
Equity loss (income) (note 6) | 25,370 | (7,680) | (11,528) |
Other | 8,093 | 10,063 | 3,034 |
Change in operating assets and liabilities (note 16) | 5,741 | 30,004 | 1,655 |
Expenditures for dry docking | (14,069) | (8,608) | (39,617) |
Net operating cash flow | 79,640 | 206,666 | 201,966 |
FINANCING ACTIVITIES | |||
Proceeds from long-term debt, net of issuance costs | 232,825 | 906,149 | 688,695 |
Repayments of long-term debt | (109,006) | (162,092) | (40,029) |
Prepayment of long-term debt | (443,796) | (979,877) | (191,592) |
Proceeds from financing related to sale and leaseback (note 9) | 153,000 | 0 | 0 |
Scheduled repayments of obligations related to capital leases (note 9) | (4,090) | 0 | 0 |
Net advances from affiliates (note 3) | 0 | 0 | (825) |
Increase in restricted cash - long-term | (2,672) | 0 | 0 |
Return of capital to Teekay Corporation (note 3) | 0 | (15,000) | 0 |
Acquisition of the Explorer Spirit and Navigator Spirit from Teekay Offshore Partners L.P. (note 3) | 0 | 0 | (31,870) |
Cash dividends paid | (20,679) | (46,847) | (15,139) |
Proceeds from equity offerings, net of offering costs (note 4) | 8,521 | 7,558 | 242,264 |
Proceeds from issuance of common stock, net of share issuance costs (note 4) | 5,000 | 0 | 0 |
Other | (241) | (744) | (1,122) |
Net financing cash flow | (181,138) | (290,853) | 647,678 |
INVESTING ACTIVITIES | |||
Proceeds from the sales of vessels and equipment (note 19) | 52,131 | 27,550 | 11,080 |
Expenditures for vessels and equipment | (4,732) | (9,226) | (236,229) |
Net investing cash flow | 78,780 | 21,824 | (880,881) |
Decrease in cash and cash equivalents | (22,718) | (62,363) | (31,237) |
Cash and cash equivalents, beginning of the year | 94,157 | 156,520 | 187,757 |
Cash and cash equivalents, end of the year | 71,439 | 94,157 | 156,520 |
Principal Maritime Tankers | |||
INVESTING ACTIVITIES | |||
Expenditures for vessels and equipment | 0 | 0 | (612,000) |
Ship-to-Ship Transfer | |||
INVESTING ACTIVITIES | |||
Acquisition of SPT (note 21) | 0 | 0 | (45,581) |
TIL | |||
INVESTING ACTIVITIES | |||
Cash acquired in TIL acquisition, net of transaction fees (note 22) | 30,831 | 0 | 0 |
Entities Under Common Control | |||
FINANCING ACTIVITIES | |||
Repayments of long-term debt | 0 | 0 | (4,632) |
Equity contribution from Teekay Corporation to Entities under Common Control (note 3) | 0 | 0 | 1,928 |
High-Q Joint Venture | |||
INVESTING ACTIVITIES | |||
Acquisition | 550 | 3,500 | 1,000 |
Teekay Tanker Operations Ltd | |||
INVESTING ACTIVITIES | |||
Acquisition | 0 | 0 | (239) |
Gemini Tankers L.L.C. | |||
INVESTING ACTIVITIES | |||
Return of capital from equity accounted investments | $ 0 | $ 0 | $ 1,088 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A | Class B | SPT Explorer LLC and Navigator Spirit LLC | Teekay Tanker Operations LtdClass B | TIL | Equity of Entities under Common Control | Equity of Entities under Common ControlSPT Explorer LLC and Navigator Spirit LLC | Equity of Entities under Common ControlTeekay Tanker Operations Ltd | Equity of Entities under Common ControlTeekay Tanker Operations LtdClass B | Common Stock and Paid-in Capital | Common Stock and Paid-in CapitalClass A | Common Stock and Paid-in CapitalClass B | Common Stock and Paid-in CapitalTeekay Tanker Operations LtdClass B | Common Stock and Paid-in CapitalTILClass A | Accumulated Deficit | Accumulated DeficitSPT Explorer LLC and Navigator Spirit LLC | Accumulated DeficitTeekay Tanker Operations LtdClass B |
Beginning Balance, shares (in shares) at Dec. 31, 2014 | 112,064 | |||||||||||||||||
Beginning Balance at Dec. 31, 2014 | $ 496,684 | $ 40,961 | $ 785,515 | $ 17,135 | $ (346,927) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net (loss) income | 183,626 | 6,699 | $ 2,708 | $ 4,000 | 176,927 | |||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 37,201 | 6,512 | ||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 246,032 | $ 45,500 | $ 246,032 | $ 45,500 | ||||||||||||||
Acquisitions | $ (40,502) | (27,191) | $ (13,311) | |||||||||||||||
Value adjustment to share issuance to Teekay Corporation for purchase of the initial 50% of TTOL (note 6) | (239) | (239) | ||||||||||||||||
Net change in parent's equity from Entities under Common Control (note 3) | 1,549 | 1,549 | ||||||||||||||||
Dividends declared | (33,863) | (33,863) | ||||||||||||||||
Equity-based compensation (in shares) | 254 | |||||||||||||||||
Equity-based compensation | 692 | 692 | ||||||||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2015 | 156,031 | |||||||||||||||||
Ending Balance at Dec. 31, 2015 | 899,479 | 22,018 | $ 1,032,239 | 62,635 | (217,413) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net (loss) income | 67,823 | 4,968 | 0 | 5,000 | 62,855 | |||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 3,020 | |||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | 7,558 | $ 7,558 | ||||||||||||||||
Net change in parent's equity from Entities under Common Control (note 3) | 130 | 130 | ||||||||||||||||
Return of capital from Entities under Common Control (note 3) | (15,000) | (15,000) | ||||||||||||||||
Dividends declared | (28,122) | (28,122) | ||||||||||||||||
Equity-based compensation (in shares) | 253 | |||||||||||||||||
Equity-based compensation | 872 | 872 | ||||||||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2016 | 159,304 | |||||||||||||||||
Ending Balance at Dec. 31, 2016 | 932,740 | 12,116 | $ 1,040,669 | 62,635 | (182,680) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net (loss) income | (58,023) | 1,304 | $ 0 | $ 1,300 | (59,327) | |||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 5,955 | |||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 13,521 | $ 13,521 | ||||||||||||||||
Acquisitions (in shares) | 13,775 | 88,978 | ||||||||||||||||
Acquisitions | $ (13,234) | $ 151,262 | $ (13,420) | $ 25,897 | $ 151,262 | $ (25,711) | ||||||||||||
Dividends declared | (20,679) | (20,679) | ||||||||||||||||
Equity-based compensation (in shares) | 190 | |||||||||||||||||
Equity-based compensation | 1,014 | 1,014 | ||||||||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2017 | 268,202 | |||||||||||||||||
Ending Balance at Dec. 31, 2017 | $ 1,006,601 | $ 0 | $ 1,206,466 | $ 88,532 | $ (288,397) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parenthetical) - Teekay Tanker Operations Ltd | Dec. 31, 2017 | May 31, 2017 | Dec. 31, 2015 | Aug. 31, 2014 |
Percentage of voting interests acquired | 50.00% | |||
Equity of Entities under Common Control | ||||
Percentage of voting interests acquired | 50.00% | |||
Equity of Entities under Common Control | Teekay Corporation | ||||
Percentage of voting interests acquired | 50.00% | 50.00% | 50.00% |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of operations The Company (as defined below) is engaged in the international marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers as well as providing ship-to-ship transfer services. The Company’s revenues are earned in international markets. Basis of presentation and consolidation principles During October 2007, Teekay Corporation ( Teekay ) formed Teekay Tankers Ltd., a Marshall Islands corporation (together with its wholly-owned subsidiaries and the Entities under Common Control, as described in note 3, collectively, the Company ), to acquire from Teekay a fleet of nine double-hull Aframax-class oil tankers in connection with the Company’s initial public offering (or IPO ). As of December 31, 2017 , the Company’s fleet included a total of 58 vessels, of which four were party to long-term bareboat leases, one was chartered-in and one was 50% -owned through the High-Q Investment Ltd. joint venture (or High-Q ). The consolidated financial statements reflect the financial position, results of operations and cash flows of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity accounted investments, the Entities under Common Control and any variable interest entities (or VIEs ) of which it is the primary beneficiary. The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP ) and all significant intercompany balances and transactions have been eliminated upon consolidation. The Company accounts for the acquisition of interests in businesses from Teekay as a transfer of a business between entities under common control. The method of accounting for such transfers is similar to the pooling of interests method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity. The amount by which the proceeds paid by the Company differs from Teekay's historical carrying value of the acquired business is accounted for as a return of capital to, or contribution of capital from, Teekay. In addition, transfers of net assets between entities under common control are accounted for as if the transfer occurred from the date that the Company and the acquired business were both under the common control of Teekay and had begun operations. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in Teekay Tanker Operations Ltd. (or TTOL ). As a result of the acquisition, the Company's consolidated financial statements prior to the date the Company acquired a controlling interest in TTOL have been retroactively adjusted to eliminate the use of the equity method of accounting for the original 50% interest in TTOL and to include 100% of the assets and liabilities and results of TTOL during the periods they were under common control of Teekay and had begun operations. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition of a controlling interest in TTOL by the Company have been eliminated upon consolidation (note 3). In July 2017, the Company completed sales-lease back financing arrangements with four lessor entities established by a financial institution. The Company is considered to be the primary beneficiary of the lessor entities under the arrangements and has since consolidated these VIEs (note 9). On November 27, 2017, the Company completed its merger with Tanker Investments Ltd. ( TIL ), as a result of which TIL became a wholly-owned subsidiary of the Company. Prior to the merger, the Company accounted for its 11.3% interest in TIL using the equity method (notes 6 and 22). Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, estimates have been made when allocating expenses from Teekay to the Entities under Common Control and such estimates may not be reflective of what actual results would have been if the Entities under Common Control had operated independently. Currency translation The Company’s functional currency is the U.S. dollar. Transactions involving other currencies during the year are converted into U.S. 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 U.S. dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other (expenses) income in the accompanying consolidated statements of (loss) income. Operating revenues and expenses Revenues and voyage expenses of the vessels operating in revenue sharing arrangements are pooled and the resulting net pool revenues, calculated on a time charter equivalent basis, are allocated to the pool participants according to an agreed formula. The agreed formula used to allocate net pool revenues varies between pools; however, the formula generally allocates revenues to pool participants on the basis of the number of days a vessel operates in the pool with weighting adjustments made to reflect vessels’ differing capacities and performance capabilities. The same revenue and expense recognition principles stated below are applied in determining the net pool revenues of the pool. The pools are responsible for paying voyage expenses and distribute net pool revenues to the participants. The Company accounts for the net allocation from the pool as revenues and amounts due from the pool are included in pool receivables from affiliates, net. The Company recognizes revenues from time charters daily over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off hire. When the time charter contains a profit-sharing agreement, the Company recognizes the profit-sharing or contingent revenues when the contingency is resolved. All revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned in subsequent periods. Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other activities such as the commercial and technical management of vessels, terminal management, consultancy, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. The Company, as shipowner, pays voyage expenses under voyage charters; its customers pay voyage expenses under time charters. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters and for vessels which earn net pool revenue, as described above. Voyage expenses and vessel operating expenses are recognized when incurred. Share-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of Teekay who support the operations of the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period, which generally equals the vesting period. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (note 13). Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted Cash The Company maintains restricted cash deposits relating to certain contracts which were assumed as part of the acquisition of the ship-to-ship transfer business in 2015 (note 21) and for certain freight forward agreements (note 10). Attached to these contracts are certain performance guarantees required by the Company. Restricted Cash - Long-term The Company maintains restricted cash deposits for the purposes of the margin requirements of the Company's capital lease obligations (note 9). Accounts receivable, allowance for doubtful accounts, and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are written off against the allowance when the Company believes that the receivable will not be recovered. There are no significant amounts recorded as allowance for doubtful accounts as at December 31, 2017 and 2016 . The Company’s advances to equity accounted investments are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan provision is recorded, based on current information and events, if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan provision is required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding their ability to repay the loan, and the fair value of the underlying collateral. When a loan provision is recorded, the Company measures the amount of the provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting provision in the consolidated statements of (loss) income. The carrying value of the loans is adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows, which may result in increases or decreases to the loan provision. The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade December 31, 2017 December 31, 2016 Advances to equity accounted investment Other internal metrics Performing 9,930 10,480 9,930 10,480 Equity accounted investments The Company’s investments in joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity accounted investments for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of (loss) income. The Company’s maximum exposure to loss is the amount it has invested in its equity accounted investments. Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (including depreciation attributable to the Entities under Common Control and excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2017 , 2016 and 2015 totaled $80.1 million , $81.5 million , and $59.5 million , respectively. Generally, the Company dry docks each vessel every two and a half to five years. The Company capitalizes a substantial portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis over its estimated useful life, which typically is from the completion of a dry docking or intermediate survey to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2015 to December 31, 2017 : Year Ended December 31, 2017 2016 2015 Balance at the beginning of the year 49,298 62,146 35,509 Cost incurred for dry docking 16,239 9,340 39,617 Dry-dock amortization (17,077 ) (18,736 ) (12,866 ) Vessel sales (note 19) — (3,452 ) (114 ) Balance at the end of the year 48,460 49,298 62,146 Vessels and equipment that are “held for use” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. Estimated fair value is determined based on discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally used to estimate the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses attributable to vessels and equipment classified as held for sale, or to their related liabilities, continue to be recognized as incurred. Vessels related to capital leases that are treated as VIEs, whereby the Company is the primary beneficiary, are accounted for on a consolidated basis. Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. 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. Customer related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Debt issuance costs Debt issuance costs related to loan facilities, including fees, commissions and legal expenses, are presented as a direct deduction from the carrying amount of the debt liability with the exception of debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability, and in those cases the debt issuance costs are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Debt issuance costs are amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense in the consolidated statements of (loss) income. Fees paid to amend revolving credit facilities are deferred and amortized over the term of the modified credit facility. If the borrowing capacity is increased as a result of the amendment, unamortized debt issuance costs of the original facility are deferred and amortized over the term of the modified debt facility. If the borrowing capacity is decreased as a result of the amendment, a proportionate amount (based on the reduction in borrowing capacity) of the unamortized issuance costs of the original facility is written off and the remaining amount is deferred and amortized over the term of the modified credit facility. Fees paid to substantially amend a non-revolving credit facility are included in determining the debt extinguishment gain or loss and any unamortized debt issuance costs are written off. If the amendment is considered not be a substantial amendment (in accordance with the criteria contained in ASC 470-50-40), then any fees paid are amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt using the effective interest method, or straight-line method, as appropriate. Other related costs incurred with third parties directly related to the modification (other than the loan amendment fee) such as legal fees are expensed as incurred. Income taxes The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or Bermuda, or that distributions by its subsidiaries to the Company will be subject to any income taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each quarter, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses are dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, however it could for certain types of interest rate swaps that it may enter into in the future. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the consolidated statements of (loss) income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of (loss) income. If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the consolidated statements of (loss) income. If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the consolidated statements of (loss) income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income. Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company after deducting the amount of net income (loss) attributable to the Entities under Common Control which were purchased solely with cash by (b) the weighted-average number of shares outstanding during the applicable period and the equivalent shares outstanding that are attributable to the Entities under Common Control. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers , (or ASU 2014-09 ). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Company January 1, 2018 and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of this date. The Company has elected to apply ASU 2014-09 only to those contracts that are not completed as of January 1, 2018. The Company will adopt ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences based on the work performed to date: • The Company currently presents the net allocation for its vessels participating in revenue sharing arrangements as revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the revenue sharing arrangements. As such, the revenue from those voyages will be presented in voyage revenues and the difference between this amount and the Company's net allocation from the revenue sharing arrangement will be presented as voyage expenses. There will be no cumulative imp act to opening equity as at January 1, 2018. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 is effective January 1, 2019, with early adoption permitted. The Company currently intends to adopt ASU 2016-02 effective January 1, 2018 using a transition approach whereby a cumulative effect adjustment is made as of the effective date of January 1, 2018, with no retrospective effect. To determine the cumulative effect adjustment, the Company has not reassessed whether any expired or existing contracts are or contain leases, has not reassessed lease classification, and has not reassessed initial direct costs for any existing leases. The quarter in which the Company adopts ASU 2016-02 and the estimated impact from adoption contained below are based upon the expectation that FASB will issue an additional ASU prior to the filing of the Company's consolidated financial statements for the first quarter of 2018. The Company is currently considering the potential impact of a delay in the finalization of this additional ASU on its adoption date. The adoption of ASU-02 will result in a change in accounting method for the lease portion of the daily charter hire for the Company’s chartered-in vessels accounted for as operating leases with firm periods of greater than one year. Under ASU 2016-02, the Company will recognize a right-of-use asset and a lease liability on the balance sheet for these charters based on the present value of future minimum lease payments, whereas currently no right-of-use asset or lease liability is recognized. This will have the result of increasing the Company’s assets and liabilities. The pattern of expense recognition of chartered-in vessel is expected to remain substantially unchanged, unless the right-of-use asset becomes impaired. The Company expects that the cumulative right-of-use asset and corresponding lease liability to be recognized on January 1, 2018 will be approximately $16.0 million , based on the work performed to date. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09 ). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 became effective for the Company January 1, 2017. The impact of adopting this new accounting guidance resulted in a change in presentation of cash payments for tax withholdings on share settled equity awards from an operating cash outflow to financing cash outflow on the Company's statements of cash flows, and this change was applied retrospectively. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. This update is effective for the Company January 1, 2018, with a retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash, (or ASU 2016-18) . ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 is effective for the Company on January 1, 2018. Adoption of ASU 2016-18 will result in the Company’s cash flow statement to be modified to include changes in restricted cash in addition to changes in cash and cash equivalents. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business, (or ASU 2017-01) . ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. ASU 2017-01 also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. Unlike a business combination, no goodwill or bargain purchase gain is recognized as part of an asset acquisition. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. The Company adopted this standard effective October 1, 2017, and this standard was applied to the acquisition of TIL (note 22). |
Acquisition of Entities under C
Acquisition of Entities under Common Control | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition of Entities under Common Control | Acquisition of Entities under Common Control From time to time the Company has acquired from Teekay, or other entities controlled by Teekay, vessels or interests in businesses. These acquisitions (including, among others, the 2015 Acquired Business (as defined below) and the remaining 50% interest in TTOL in May 2017) were deemed to be vessel or business acquisitions between entities under common control. Accordingly, the Company has accounted for these transactions in a manner similar to the pooling of interests method. Under this method of accounting, the Company’s consolidated financial statements, for periods prior to the respective dates the interests in the vessels or applicable businesses were actually acquired by the Company, are retroactively adjusted to include the results of the acquired vessels and businesses. The periods retroactively adjusted include all periods that the Company and the acquired vessels or businesses were both under common control of Teekay and had begun operations. All financial or operational information contained in these financial statements for the periods prior to the respective dates the interests in the vessels and businesses were actually acquired by the Company, and during which the Company and the applicable vessels or businesses were under common control of Teekay, are retroactively adjusted to include the results of these acquired vessels and businesses and are collectively referred to as the “ Entities under Common Control ”. 2015 Acquired Business On December 18, 2015, the Company acquired from Teekay Offshore Partners L.P. (or TOO ), which is an entity that was controlled by Teekay at that date, two conventional oil tankers (the Explorer Spirit , formerly known as the SPT Explorer, and the Navigator Spirit ) and associated working capital and debt facilities, for an aggregate price of $39.0 million , including working capital of approximately $8.6 million and net of outstanding debt of approximately $49.6 million (or the 2015 Acquired Business ). Of this net amount, $30.4 million was paid on closing of the transaction in December 2015 and the remaining $8.6 million was settled in the first quarter of 2016. As part of this acquisition, Teekay paid the Company $2.9 million to terminate the existing time-charters for the Explorer Spirit and Navigator Spirit . Subsequent to the acquisition, Teekay entered into a contract with the Company to guarantee commitments under the existing credit facilities related to the two vessels for a payment of $1.5 million . As a result of the 2015 Acquired Business, the Company's consolidated financial statements prior to the date of the Company acquired interests in the vessels have been retroactively adjusted to include the results of these vessels during the periods they were under common control of Teekay and had begun operations. The effect of adjusting such information to account for the 2015 Acquired Business in periods prior to the Company's acquisition thereof is included in the Entities under Common Control . Assets and liabilities of the vessels the Company acquired from TOO as part of the 2015 Acquired Business were reflected on the Company's consolidated balance sheet at TOO’s historical carrying values. The amount of the net purchase price of $39.0 million that was in excess of TOO’s historical carrying value of the net assets acquired of $25.0 million was accounted for as a $14.0 million return of capital to Teekay. All periods prior to the acquisition of these vessels from TOO have been retroactively adjusted to include the results and related assets and liabilities of these vessels, as is required for a reorganization of entities under common control. All intercorporate transactions relating to these vessels between the Company and Teekay that occurred prior to the vessels’ acquisition by the Company have been eliminated upon consolidation. The effect of adjusting the Company’s consolidated financial statements to account for these common control transactions increased the Company’s revenues and net income for the year ended December 31, 2015 by $9.8 million and $2.7 million , respectively. In the preparation of the comparative amounts in these consolidated financial statements, shore-based costs for commercial management services (voyage expenses), ship management services (vessel operating expenses) and corporate/administrative services (general and administrative) were not identifiable as relating solely to each specific vessel. Costs for commercial management services were allocated based on the rates charged by Teekay to third parties to provide such services. Costs for ship management services were allocated based on internal estimates of the cost to provide this function. Costs for corporate/administrative services were allocated based on the actual per day costs incurred for the Company’s other conventional tankers. Management believes these allocations reasonably present the general and administrative expenses of the Entities under Common Control related to the 2015 Acquired Business. TTOL Transactions On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in TTOL for $39.0 million , which included $13.1 million for working capital. TTOL owns conventional tanker commercial management and technical management operations. The Company issued approximately 13.8 million shares of the Company's Class B common stock to Teekay as consideration in addition to the working capital consideration of $13.1 million . In August 2014, the Company purchased from Teekay its initial 50% interest in TTOL for an aggregate price of approximately $23.7 million , including net working capital. As consideration for the 2014 acquisition, the Company issued to Teekay 4.2 million Class B common shares. The 4.2 million Class B common shares had an approximate value of $15.6 million , or $3.70 per share, when the purchase price was agreed to between the parties and a value of $17.0 million , or $4.03 per share, on the acquisition closing date. The purchase price, for accounting purposes, was based upon the value of the Class B common shares on the acquisition closing date. In addition, the Company reimbursed Teekay for $6.7 million of working capital it assumed from Teekay in connection with the 2014 purchase. As a result of the Company's acquisition of a controlling interest in TTOL in May 2017, the Company's consolidated financial statements prior to the date the Company acquired the controlling interest have been retroactively adjusted to eliminate the equity method of accounting previously used for the original 50% interest owned and to include 100% of the assets and liabilities and results of TTOL on a consolidated basis during the periods TTOL and the Company were under common control of Teekay and had begun operations. The effect of adjusting such information to accounts in periods prior to the Company's acquisition of the remaining 50% thereof is included in the Entities under Common Control. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition by the Company have been eliminated upon consolidation. Assets and liabilities of TTOL are reflected on the Company’s consolidated balance sheets at TTOL’s historical carrying values. The amount of the net consideration of $39.0 million that was in excess of TTOL’s historical carrying value of the net assets acquired of $13.3 million has been accounted for as a $25.7 million return of capital to Teekay. The effect of adjusting the Company’s consolidated financial statements to account for the TTOL common control transaction decreased the Company’s net loss for the year ended December 31, 2017 by $1.3 million and increased the Company's net income for the years ended December 31, 2016 and 2015 by $5.0 million and $4.0 million , respectively. The adjustments for the Entities under Common Control related to the TTOL transaction increased the Company’s revenues for the years ended December 31, 2017, 2016 and 2015 by $8.6 million , $23.6 million and $20.5 million , respectively. In addition, prior to the acquisition TTOL had paid dividends to the Company and Teekay, which have now been accounted for as a return of capital on the consolidated statements of cash flows. The effect of adjusting for the TTOL common control transaction decreased the Company's inflow of cash from investing activities by $15.0 million and increased the Company's outflow of cash from financing activities by $15.0 million , for the year ended December 31, 2016. |
Public Offerings and Private Pl
Public Offerings and Private Placements | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Public Offerings and Private Placements | Public Offerings and Private Placements The following table summarizes the issuances of common shares over the three years ending December 31, 2017 : Date Number of Common Stock Issued Offering Price Gross Proceeds Net Proceeds Teekay's Ownership After the Offering Use of Proceeds January 2015 3,000,000 (1) $4.57 13,716 13,685 25.5 % Acquisition of conventional tankers July 2015 6,511,812 (2) $6.99 45,500 45,500 28.3 % Acquisition of the ship-to-ship transfer business August 2015 13,630,075 (3) $6.65 90,640 90,640 28.8 % Acquisition of conventional tankers August - October 2015 7,180,083 (3) $6.12 - $7.92 49,268 49,268 26.2 % Acquisition of conventional tankers Continuous offering program during 2015 13,391,100 (4) $6.04 - $7.70 94,594 92,439 (4 ) General purposes including acquisitions of conventional tankers Continuous offering program during 2016 3,020,000 (5) $2.38 - $2.75 7,747 7,558 (5 ) General corporate purposes January 2017 2,155,172 (6) $2.32 5,000 5,000 25.7 % General corporate purposes May 2017 13,775,224 (7) $1.88 25,897 25,897 31.4 % Acquisition of controlling interest in TTOL November 2017 88,977,544 (8) $1.70 151,262 151,262 24.1 % TIL Merger Continuous offering program during 2017 3,800,000 (9) $2.26 - $2.41 8,826 8,521 (9 ) General corporate purposes (1) In December 2014, the Company granted the underwriters a 30 -day option to purchase up to an additional 3.0 million shares of the Company’s Class A common stock from a December 2014 offering. The underwriters exercised this option and on January 2, 2015, the Company issued 3.0 million shares of Class A common stock for net proceeds of $13.7 million . (2) Represents Class B common shares issued to Teekay as consideration for the Company’s acquisition of the ship-to-ship transfer business. The shares had an approximate value of $45.5 million , or $6.99 per share, when the purchase price was agreed between the parties. (3) Represents 9.1 million shares of Class A common stock issued to the public and 4.5 million shares of Class A common stock issued to Teekay in a concurrent private placement. The proceeds from the issuances were used to acquire 12 modern Suezmax tankers from Principal Maritime Tankers (or Principal Maritime ) (note 19). The Company also issued approximately 7.2 million shares of Class A common stock to Principal Maritime as partial consideration for the vessels acquired. The shares had an approximate value of $49.3 million and were based on market prices of the shares at the time each vessel was delivered. (4) In June 2015, the Company implemented a continuous offering program (or COP ) under which the Company may issue shares of its Class A common stock at market prices up to a maximum aggregate amount of $80.0 million . The initial $80.0 million program was concluded in September 2015. The Company re-launched another $80.0 million COP in November 2015. The portion of the Company’s voting power and ownership held by Teekay at December 31, 2015 was 53.6% and 25.9% , respectively. (5) In December 2016, the Company re-opened its $80.0 million COP. The portion of the Company's voting power and ownership held by Teekay at December 31, 2016 was 52.9% and 25.4% , respectively. (6) Represents Class A common shares issued in a private placement to Teekay. The gross proceeds were used for general corporate purposes, including to strengthen the Company's liquidity position and to delever its balance sheet. (7) Represents Class B common shares issued to Teekay as consideration for the Company's acquisition of the remaining 50% interest in TTOL, which shares had an approximate value of $25.9 million , or $1.88 per share, on the closing date of the transaction (note 6). (8) Represents Class A common shares issued to the shareholders of Tanker Investment Ltd. ( TIL ) as consideration for the Company's acquisition of the remaining 88.7% interest in TIL. The shares had an approximate value of $151.3 million , or $1.70 per share, on the closing date of the transaction (notes 6 and 22). (9) In January 2017, the Company re-opened its $80.0 million COP. The portion of the Company's voting power and ownership held by Teekay at December 31, 2017 was 54.1% and 28.8% respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting On July 31, 2015, the Company acquired a ship-to-ship transfer business (or SPT ) from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE (note 21). Following the acquisition, the Company has two reportable segments, its conventional tanker segment and its ship-to-ship transfer segment. The Company’s conventional tanker segment consists of the operation of all of its tankers, including the operations from TTOL and TIL, which were acquired during the year (notes 6 and 22) and those employed on full service lightering contracts. The Company’s ship-to-ship transfer segment consists of the Company’s lightering support services, including those provided to the Company’s conventional tanker segment as part of full service lightering operations and other related services. Segment results are evaluated based on income from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. The following table includes results for the Company’s revenue and income from operations by segment for the years ended December 31, 2017 , 2016 and 2015. Year Ended December 31, 2017 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2) 391,267 50,422 (10,511 ) 431,178 Voyage expenses (87,879 ) — 10,511 (77,368 ) Vessel operating expenses (135,740 ) (39,649 ) — (175,389 ) Time-charter hire expense (25,666 ) (4,995 ) — (30,661 ) Depreciation and amortization (95,433 ) (5,048 ) — (100,481 ) General and administrative expenses (3) (29,539 ) (3,340 ) — (32,879 ) (Loss) gain on sale of vessels (13,034 ) 50 — (12,984 ) Income (loss) from operations 3,976 (2,560 ) — 1,416 Equity loss (25,370 ) — — (25,370 ) Year Ended December 31, 2016 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2) 512,608 41,136 (3,201 ) 550,543 Voyage expenses (56,805 ) — 3,201 (53,604 ) Vessel operating expenses (150,100 ) (32,498 ) — (182,598 ) Time-charter hire expense (57,368 ) (2,279 ) — (59,647 ) Depreciation and amortization (99,024 ) (5,125 ) — (104,149 ) General and administrative expenses (3) (29,432 ) (3,767 ) — (33,199 ) (Loss) gain on sale of vessel (20,926 ) 332 — (20,594 ) Income (loss) from operations 98,953 (2,201 ) — 96,752 Equity income 7,680 — — 7,680 Year Ended December 31, 2015 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2) 516,943 18,587 (849 ) 534,681 Voyage expenses (18,379 ) (348 ) — (18,727 ) Vessel operating expenses (123,572 ) (14,441 ) 849 (137,164 ) Time-charter hire expense (74,860 ) (38 ) — (74,898 ) Depreciation and amortization (72,118 ) (1,642 ) — (73,760 ) General and administrative expenses (3) (28,418 ) (1,985 ) — (30,403 ) Gain on sale of vessel 771 — — 771 Restructuring charge (6,468 ) (327 ) — (6,795 ) Income (loss) from operations 193,899 (194 ) — 193,705 Equity income 11,528 — — 11,528 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on actual costs incurred per voyage commencing January 1, 2017 (2016 - based on estimated costs of approximately $25,000 per voyage). (2) Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of (loss) income. (3) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at As at Conventional Tanker 2,089,099 1,828,550 Ship-to-Ship Transfer 36,810 41,663 Cash and cash equivalents 71,439 94,157 Total assets 2,197,348 1,964,370 |
Investments in and advances to
Investments in and advances to Equity Accounted Investments | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and advances to Equity Accounted Investments | Investments in and advances to Equity Accounted Investments Year Ended December 31, 2017 2016 High-Q Joint Venture 24,546 22,025 Tanker Investments Ltd. — 47,710 Gemini Tankers L.L.C. 914 916 Total 25,460 70,651 a. The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong ), whereby the Company has a 50% economic interest in the High-Q joint venture, which is jointly controlled by the Company and Wah Kwong. The High-Q joint venture owns one VLCC, which is trading on a fixed time charter-out contract expiring in the second quarter of 2018. Under the contract, the vessel earns a fixed daily rate and an additional amount if the daily rate of any sub-charter earned exceeds a certain threshold. As at December 31, 2017 , the High-Q joint venture has a loan outstanding with a financial institution with a balance of $42.7 million ( December 31, 2016 - $48.5 million ). The loan is secured by a first-priority mortgage on the VLCC owned by the High-Q joint venture and 50% of the outstanding loan balance is guaranteed by the Company. The High-Q joint venture has an interest rate swap agreement with a notional amount of $42.7 million that expires in June 2018, 50% of which is guaranteed by the Company. The interest rate swap exchanges a receipt of floating interest based on 3 -months LIBOR for a payment of a fixed rate of 1.47% every three months. b. In January 2014, the Company and Teekay formed TIL, a company whose shares were publicly traded on the Oslo Stock Exchange. TIL's primary business was to own and operate modern second-hand tankers. The Company purchased 2.5 million shares of common stock for $25.0 million and received a stock purchase warrant entitling it to purchase up to 750,000 additional shares of common stock of TIL (note 10 and 12c). The Company also received one preferred share, which entitled the Company to elect one Board member of TIL. The preferred share did not give the Company a right to any dividends or distributions of TIL. In October 2014, the Company purchased an additional 0.9 million common shares of TIL on the open market. The common shares were acquired at a price of NOK 69 per share, or a purchase price of $10.0 million . On May 31, 2017, the Company entered into a Merger Agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Class A common stock of the Company for each of TIL common stock. Prior to the completion of the merger, the Company accounted for its 11.3% investment in TIL using the equity method. As the Company then accounted for its investment in TIL under the equity method, the Company was required to remeasure its previously held equity investment to fair value at the acquisition date. Based on the then pending transaction, the Company recognized an other than temporary impairment and remeasured its investment in TIL to fair value during the second quarter of 2017 based on the TIL share price at June 30, 2017, resulting in a write-down of $28.1 million presented in equity (loss) income on the consolidated statements of (loss) income. On November 27, 2017, the Company completed the merger with TIL and the Company remeasured its equity investment in TIL to fair value based on the relative share exchange value at the date of the acquisition, which resulted in the recognition of a gain of $1.4 million presented in equity (loss) income on the consolidated statements of (loss) income. The stock purchase warrant was cancelled on completion of the merger. The stock purchase warrant was a derivative asset which had an estimated fair value of $nil as at December 31, 2017 ( December 31, 2016 - $0.3 million ). c. In August 2014, the Company purchased from Teekay a 50% interest in TTOL, which owns conventional tanker commercial management and technical management operations and directly administers four commercially managed tanker revenue sharing arrangements. Teekay retained the remaining 50% interest in TTOL. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in TTOL for $39.0 million , which included $13.1 million for assumed working capital (note 3). The Company issued approximately 13.8 million shares of the Company's Class B common stock to Teekay as consideration in addition to the working capital consideration of $13.1 million . As a result, the Company now consolidates TTOL and thus, all comparative periods have been retroactively adjusted to include TTOL on a consolidated basis (note 3) and TTOL's results are not included in the summary of equity accounted investment results below. A condensed summary of the Company’s financial information for equity accounted investments ( 11.3% to 50.0% owned) shown on a 100% basis are as follows: As at December 31, 2017 2016 Cash and cash equivalents 2,231 38,987 Other current assets 4,774 18,760 Vessels and equipment 83,417 815,961 Other non-current assets — 20,558 Current portion of long-term debt 5,616 43,677 Other current liabilities 572 10,442 Long-term debt 36,645 367,201 Other non-current liabilities 19,207 25,540 Year Ended December 31, 2017 2016 2015 Revenues 107,691 169,631 234,398 Income from operations 11,640 62,998 112,542 Realized and unrealized gain (loss) on derivative instruments 26 (244 ) (689 ) Net (loss) income (8,967 ) 39,536 85,647 For the year ended December 31, 2017 , the Company recorded equity (loss) income of $(25.4) million ( 2016 - $7.7 million and 2015 – $11.5 million ). Equity loss for the year ended December 31, 2017 is comprised of the Company’s share of net (loss) income from the High-Q joint venture, Gemini Tankers L.L.C. and from TIL for the period from January 1, 2017 until November 27, 2017, which includes an other than temporary impairment write-down of the investment in TIL (note 22). Equity income for the years ended December 31, 2016 and 2015 is comprised of the Company's share of net income from the High-Q joint venture, TIL and Gemini Tankers L.L.C. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Year Ended December 31, 2017 2016 Voyage and vessel 19,404 16,341 Corporate accruals 1,244 1,233 Interest and dividends 3,984 2,527 Payroll and benefits (note 14h) 9,976 8,562 Total 34,608 28,663 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Year Ended December 31, 2017 2016 Revolving credit facilities due through 2022 539,735 466,195 Term loans due through 2021 423,512 475,466 Total principal 963,247 941,661 Less: unamortized discount and debt issuance costs (10,945 ) (8,645 ) Total debt 952,302 933,016 Less: current portion (166,745 ) (171,019 ) Non-current portion of long-term debt 785,557 761,997 As at December 31, 2017 , the Company had three revolving credit facilities (or the Revolvers ), which, as at such date, provided for available aggregate borrowings of up to $628.3 million , of which $88.6 million was undrawn ( December 31, 2016 - $500.5 million , of which $34.3 million was undrawn). Interest payments are based on LIBOR plus margins, which at December 31, 2017 ranged between 0.45% and 2.75% ( December 31, 2016 - 0.45% and 2.00% ). The total amount available under the Revolvers reduces by $89.5 million (2018), $30.2 million (2019), $30.2 million (2020), $322.9 million (2021) and $155.5 million (2022). As at December 31, 2017 the Company also had three term loans outstanding, which totaled $423.5 million ( December 31, 2016 - $475.5 million ). Interest payments on the term loans are based on a combination of a fixed rate of 5.4% and variable rates based on LIBOR plus margins. As at December 31, 2017 , the margin ranged from 0.30% to 2.00% ( December 31, 2016 - 0.30% to 2.00% ). The term loan repayments are made in quarterly or semi-annual payments. Two of the term loans also have a balloon or bullet repayment due at maturity in 2021. These revolving credit facilities and term loans are further described below. In December 2017, the Company entered into a $270.0 million long-term debt facility (or the 2017 Revolver ), which is scheduled to mature in December 2022. In December 2017, $215.8 million of the 2017 Revolver was used to refinance two of the Company's debt facilities that were assumed in the merger with TIL (note 22). These debt facilities were scheduled to mature in April 2019 and June 2020. The 2017 Revolver is collateralized by 14 of the Company's vessels, together with other related security. The 2017 Revolver also requires that the Company maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility period. Such requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request the Company either prepay a portion of the loan in the amount of the shortfall or provided additional collateral in the amount of the shortfall, at the Company's option. As of December 31, 2017 , this ratio was 191% . The vessel values used in this ratio are appraised values prepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5% of the Company's total consolidated debt. In January 2016, the Company entered into a $894.4 million long-term debt facility (or the 2016 Debt Facility ), consisting of both a term loan and a revolving credit component, which are both scheduled to mature in January 2021. In January 2016, $845.8 million of the 2016 Debt Facility was used to repay the Company’s two bridge loan facilities, which matured in late January 2016, and a portion of the Company’s corporate revolving credit facility, which was scheduled to mature in 2017. As at December 31, 2017 the corporate revolving credit facility had no outstanding balance ( December 31, 2016 - $55.1 million ). The 2016 Debt Facility is collateralized by 29 of the Company's vessels, together with other related security. The 2016 Debt Facility also requires that the Company maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility period. Such requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As at December 31, 2017 , this ratio was 145% . The vessel values used in this ratio are appraised values prepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5% of the Company's total consolidated debt. The Company's remaining Revolver is collateralized by three of the Company’s vessels, together with other related security, and requires that the Company’s applicable subsidiary maintain a minimum hull coverage ratio of 105% of the total outstanding drawn balance for the facility period. Such requirement is assessed on an annual basis, with reference to vessel valuations compiled by one or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request the Company to either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As at December 31, 2017 , such revolver, with a minimum hull coverage ratio requirement, had an outstanding balance of $65.6 million ( December 31, 2016 - $72.0 million ) and a hull coverage ratio of 118% ( December 31, 2016 - 117% ). The vessel values used in this ratio are appraised values prepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. The revolver is guaranteed by Teekay and contains covenants that require Teekay to maintain the greater of free cash (cash and cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $50.0 million and at least 5.0% of Teekay’s total consolidated debt which has recourse to Teekay. The Company's remaining two term loans are guaranteed by Teekay and are collateralized by six of the Company’s vessels, together with certain other related security. One of the term loans contain covenants that require Teekay to maintain the greater of (a) free cash (cash and cash equivalents) of at least $50.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 5.0% of Teekay’s total consolidated debt which has recourse to Teekay. The other term loan requires Teekay to maintain the greater of (a) free cash (cash and cash equivalents) of at least $100.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 7.5% of Teekay's total consolidated debt which has recourse to Teekay. As at December 31, 2017 , the Company was in compliance with all covenants in respect to the Revolvers and term loans. Teekay has also advised the Company that Teekay is in compliance with all covenants relating to the revolving credit facilities and term loans to which the Company is a party. The weighted-average interest rate on the Company’s long-term debt as at December 31, 2017 was 3.5% ( December 31, 2016 – 2.4% ). This rate does not reflect the effect of the Company’s interest rate swap agreements (note 10). The aggregate annual long-term principal repayments required to be made by the Company under the Revolvers and term loans subsequent to December 31, 2017 are $167.2 million (2018), $105.7 million (2019), $131.9 million (2020), $402.9 million (2021), and $155.5 million (2022). |
Leases and Restricted Cash
Leases and Restricted Cash | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases and Restricted Cash | Leases and Restricted Cash Operating Leases Charters-in As at December 31, 2017 , minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in four vessels, including three workboats for the lightering support services, were approximately $11.7 million (2018), $8.3 million (2019), $8.3 million (2020) and $1.4 million (2021). The Company recognizes the expense from these charters, which is included in time-charter hire expense, on a straight-line basis over the firm period of the charters. Charters-out As at December 31, 2017 , 16 of the Company’s vessels operated under fixed-rate time charter contracts with the Company’s customers, of which 15 contracts are scheduled to expire in 2018, and one contract is scheduled to expire in 2019. As at December 31, 2017 , minimum scheduled future revenues to be received by the Company under time charters then in place were approximately $54.5 million , comprised of $51.9 million (2018) and $2.6 million (2019). The carrying amount of the Company's owned vessels which are employed on these time charters as at December 31, 2017 , was $517.9 million ( 2016 - $471.7 million ). The cost and accumulated depreciation of the vessels employed on these time charters as at December 31, 2017 were $754.2 million ( 2016 - $683.2 million ) and $236.3 million ( 2016 - $211.5 million ), respectively. The minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2017 , revenue from unexercised option periods of contracts that existed on December 31, 2017 , or variable or contingent revenues. In addition, minimum scheduled future revenues presented above have been reduced by estimated off-hire time for period maintenance. Actual amounts may vary given unscheduled future events such as vessel maintenance. Capital Lease Obligations As at December 31, 2017 $ Total obligations related to capital leases 148,908 Less: current portion (7,227 ) Long-term obligations related to capital leases 141,681 In July 2017, the Company completed a $153.0 million sale-leaseback financing transaction with a financial institution relating to four of the Company's Suezmax tankers, the Athens Spirit , Beijing Spirit , Moscow Spirit and Sydney Spirit . Under this arrangement, the Company transferred the vessels to subsidiaries of the financial institution (or collectively, the Lessors ) and leased the vessels back from the Lessors on bareboat charters for 12 -year terms. The Company has the option to purchase each of the four vessels at any point between July 2020 and July 2029. The Company understands that these vessels and lease operations are the only assets and operations of the Lessors. The Company operates the vessels during the lease term and as a result is considered to be, under US GAAP, the Lessors' primary beneficiary and therefore the Company consolidates the Lessors for financial reporting purposes. The liabilities of the Lessors are loans and are non-recourse to the Company. The amounts funded to the Lessors in order to purchase the vessels materially match the funding to be paid by the Company's subsidiaries under the lease-back transaction. As a result, the amounts due by the Company's subsidiaries to the Lessors have been included in obligations related to capital leases as representing the Lessor's loans. The bareboat charters also require that the Company maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least 6 months to maturity) of $35.0 million and at least 5.0% of the Company's consolidated debt and obligations related to capital leases (excluding applicable security deposits reflected in restricted cash - long-term on the Company's consolidated balance sheets). In addition, the Company is required for each vessel to maintain a hull coverage ratio of 90% of the total outstanding principal balance during the first three years of the lease period and 100% of the total outstanding principal balance thereafter. Such requirement is assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As at December 31, 2017 , this ratio was approximately 105% . As at December 31, 2017 , the Company was in compliance with all covenants in respect of the obligations related to capital leases. As at December 31, 2017 , the remaining commitments under the four capital leases for Suezmax tankers was approximately $218.1 million , including imputed interest of $69.2 million , repayable from 2018 through 2029, as indicated below: Year Commitment 2018 $ 16,237 2019 $ 16,236 2020 $ 16,279 2021 $ 16,233 2022 $ 16,232 Thereafter $ 136,846 Restricted Cash The Company maintains restricted cash deposits relating to certain freight forward agreements (note 10) and leasing arrangements, which cash totaled $4.3 million and $0.8 million as at December 31, 2017 and 2016 , respectively. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Interest rate swaps The Company uses interest rate swaps in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar denominated LIBOR borrowings. In February 2016, in connection with the Company’s long-term debt facility entered into at that time, the Company entered into nine interest rate swaps. Four of the interest rate swaps commenced in October 2016, are scheduled to terminate in December 2020 and have notional amounts of $50.0 million each with fixed rates of 1.462% . The remaining five interest rate swaps commenced in the first quarter of 2016 and are scheduled to terminate in January 2021, of which one swap has a notional amount of $75.0 million , one swap has a notional amount of $50.0 million , and three swaps have notional amounts of $25.0 million each with fixed rates of 1.549% , 1.155% and 1.549% , respectively. As at December 31, 2017 , the Company was committed to the following interest rate swap agreements: Interest Rate Index Notional Amount Fair Value / Remaining Fixed Interest (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 138,844 1,258 3.0 1.46% U.S. Dollar-denominated interest rate swaps LIBOR 150,000 2,548 3.0 1.55% U.S. Dollar-denominated interest rate swaps LIBOR 50,000 1,436 3.0 1.16% (1) Excludes the margin the Company pays on its variable-rate debt, which, as of December 31, 2017 ranged from 0.30% to 2.75% . (2) Notional amount reduces quarterly. The Company is potentially exposed to credit loss in the event of non-performance by the counterparty to the interest rate swap agreements in the event that the fair value results in an asset being recorded. In order to minimize counterparty risk, the Company only enters into interest rate swap agreements with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time transactions are entered into. Stock purchase warrant The Company had one stock purchase warrant which had entitled it to purchase up to 750,000 shares of common stock of TIL under certain conditions at pre-determined prices. The stock purchase warrant was not exercised and was canceled upon completion of the TIL merger in November 2017 (notes 6 and 22) and as a result, no value was recorded for this warrant on the Company's consolidated balance sheet at December 31, 2017 (note 12). Time-charter swap Effective June 1, 2016, the Company entered into a time-charter swap agreement for 55% of two Aframax equivalent vessels. Under such agreement, the Company received $27,776 per day, less a 1.25% brokerage commission, and paid 55% of the net revenue distribution of two Aframax equivalent vessels employed in the Company’s Aframax revenue sharing arrangement (or RSA ), less $500 per day, for a period of 11 months plus an additional two months at the counterparty’s option. The purpose of the agreement was to reduce the Company’s exposure to spot tanker market rate variability for certain of its vessels that are employed in the Aframax RSA. The Company did not designate, for accounting purposes, the time-charter swap as a cash flow hedge. As of May 1, 2017, the time-charter swap counter-party did not exercise the two-month option and as such, the agreement was completed as of June 30, 2017. Forward freight agreements The Company uses forward freight agreements (or FFAs ) in non-hedge-related transactions to increase or decrease its exposure to spot market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized gain (loss) on derivative instruments in the Company's consolidated statements of (loss) income. As of December 31, 2017, the Company had settled all outstanding FFAs. The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Accrued liabilities Current portion of derivative liabilities As at December 31, 2017 Interest rate swap agreements 1,016 4,226 (39 ) — 1,016 4,226 (39 ) — As at December 31, 2016 Interest rate swap agreements — 4,251 (254 ) (1,108 ) Stock purchase warrant — 287 — — Time-charter swap agreement 875 — (667 ) — 875 4,538 (921 ) (1,108 ) Realized and unrealized gains (losses) relating to interest rate swaps, stock purchase warrant, the time-charter swap and FFAs are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income as follows: Year Ended Year Ended Year Ended Realized gains (losses) relating to: Interest rate swaps agreements (994 ) (12,797 ) (9,790 ) Stock purchase warrant — — — Time-charter swap agreement 1,106 2,154 — Forward freight agreements 270 — — 382 (10,643 ) (9,790 ) Unrealized gains (losses) relating to: Interest rate swaps agreements 2,099 13,681 7,686 Stock purchase warrant (287 ) (4,877 ) 507 Time-charter swap agreement (875 ) 875 — 937 9,679 8,193 Total realized and unrealized gain (loss) on derivatives 1,319 (964 ) (1,597 ) |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | Other Long-Term Liabilities Other long-term liabilities primarily consists of freight tax liabilities and long-term deferred gains attributable to the Entities under Common Control. The following is a roll-forward of the Company’s freight tax liabilities which are recorded in its consolidated balance sheets in other long-term liabilities, from January 1, 2016 to December 31, 2017 : Year Ended December 31, 2017 2016 Balance of unrecognized tax benefits as at January 1 12,882 7,597 Increases related to the TIL merger (note 22) 8,528 — Increases for positions related to the current year 1,910 6,777 Changes for positions taken in prior years 3,641 (800 ) Decreases related to statute of limitations (907 ) (692 ) Balance of unrecognized tax benefits as at December 31 26,054 12,882 The Company does not presently anticipate its uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected. The tax years 2011 through 2017 remain open to examination by some of the major jurisdictions in which the Company is subject to tax. The Company recognizes freight tax expenses in other expenses in its consolidated statements of (loss) income. Interest and penalties on freight tax expenses are included in the roll-forward schedule above and are approximately $4.2 million and $0.8 million for the years ended December 31, 2017 and 2016 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash – The fair value of the Company’s cash and cash equivalents and restricted cash approximates its carrying amounts reported in the consolidated balance sheets. Long-term debt – The fair values of the Company’s fixed-rate and variable-rate long-term debt is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Long-term obligation related to capital leases - The fair values of the Company's long-term obligation related to capital leases is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Derivative instruments a. The fair value of the Company’s interest rate swap agreements are the estimated amounts that the Company would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, and if the swap is not collateralized, the current credit worthiness of either the Company or the swap counterparties. The estimated amount is the present value of future cash flows. The inputs used to determine the future cash flows include the fixed interest rate of the swaps and market interest rates. Given the current volatility in the credit markets, it is reasonably possible that the amounts recorded as derivative assets and liabilities could vary by material amounts in the near term. b. The Company entered into a time-charter swap agreement for 55% of two Aframax equivalent vessels (note 10). The fair value of this derivative agreement was the estimated amount that the Company would receive or pay to terminate the agreement at the reporting date, based on the present value of the Company's projection of future Aframax spot market tanker rates, which were derived from current Aframax spot market tanker rates and estimated future rates, as well as an estimated discount rate. Changes in fair value during the years ended December 31, 2017 and 2016 for the Company's time-charter swap agreement, which is described below and was measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended Year Ended Fair value asset - beginning of the year 875 — Settlements (1,106 ) (2,154 ) Realized and unrealized gain 231 3,029 Fair value asset - at the end of the year — 875 The estimated fair value of the time-charter swap agreement as of December 31, 2016 was based upon an estimated average daily tanker rate of approximately $18,000 over the remaining duration of the contract. In developing and evaluating this estimate, the Company considered the tanker market fundamentals at the time, as well as the short and long-term outlook. A higher or lower average daily tanker rate would result in a higher or lower fair value liability. The time-charter agreement was completed as of December 31, 2017. c. During January 2014, the Company received a stock purchase warrant which entitled it to purchase up to 750,000 shares of the common stock of TIL (note 10). The estimated fair value of the stock purchase warrant was determined using a Monte-Carlo simulation and was based, in part, on the historical price of common shares of TIL, the risk-free interest rate, vesting conditions and the historical volatility of comparable companies. The estimated fair value of the stock purchase warrant as of December 31, 2016 was based on the historical volatility of comparable companies of 47.83% . On November 27, 2017, the merger of TIL was completed, resulting in TIL becoming a wholly-owned subsidiary of the Company. Under the terms of the agreement, warrants to purchase or acquire shares of common stock of TIL that had not been exercised as of the effective time of the merger, were canceled. As a result, no value was recorded for this warrant in the Company's consolidated balance sheets at December 31, 2017 (notes 6b and 10). Changes in fair value during the years ended December 31, 2017 and 2016 for the TIL stock purchase warrant are as follows: Year Ended Year Ended Fair value at the beginning of the year 287 5,164 Unrealized loss included in earnings (287 ) (4,877 ) Fair value at the end of the year — 287 The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value. December 31, 2017 December 31, 2016 Fair Value Hierarchy Level Carrying Amount Asset/ (Liability) Fair Value Asset/ (Liability) Carrying Amount Asset/ (Liability) Fair Value Asset/ (Liability) Recurring: Cash and cash equivalents and restricted cash Level 1 75,710 75,710 94,907 94,907 Derivative instruments ( note 10 ) Interest rate swap agreements (1) Level 2 5,242 5,242 3,143 3,143 Time-charter swap agreement (1) Level 3 — — 875 875 Stock purchase warrant Level 3 — — 287 287 Non-recurring: Vessels held for sale (note 19) Level 2 — — 33,802 33,802 Other: Advances to equity accounted investments Note (2) 9,930 Note (2) 10,480 Note (2) Long-term debt, including current portion Level 2 (952,302 ) (946,105 ) (933,016 ) (923,306 ) Obligations related to capital leases, including current portion Level 2 (148,908 ) (147,401 ) (1) The fair value of the Company's interest rate swap agreements and time-charter swap agreement at December 31, 2017 and 2016 exclude accrued interest expense which is recorded in accrued liabilities in these consolidated financial statements. (2) The advances to equity accounted investments together with the Company’s investments in the equity accounted investments form the net aggregate carrying value of the Company’s interests in the equity accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Capital Stock | Capital Stock The authorized capital stock of Teekay Tankers Ltd. at December 31, 2017 was 100,000,000 shares of Preferred Stock (2016 - 100,000,000 shares of Preferred Stock), with a par value of $0.01 per share (2016 - $0.01 per share), 285,000,000 shares of Class A common stock (2016 - 200,000,000 shares of Class A common stock), with a par value of $0.01 per share (2016 - $0.01 per share), and 100,000,000 shares of Class B common stock (2016 - 100,000,000 shares of Class B common stock), with a par value of $0.01 per share (2016 - $0.01 per share). The shares of Class A common stock entitle the holder to one vote per share while the shares of Class B common stock entitle the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As at December 31, 2017 , the Company had 231.2 million shares of Class A common stock ( 2016 – 136.1 million ), 37.0 million shares of Class B common stock ( 2016 – 23.2 million ) and no shares of Preferred Stock issued and outstanding ( 2016 – nil ). Commencing in December 2015, the Company adopted a dividend policy under which quarterly dividends were set to range from 30% to 50% of its quarterly adjusted net income, subject to the discretion of its Board of Directors, with a minimum quarterly dividend of $0.03 per share under the Company's current policy, which is subject to change. Adjusted net (loss) income is a non-GAAP measure which excludes specific items affecting net (loss) income that are typically excluded by securities analysts in their published estimates of the Company's financial results. Prior to December 2015, the Company had a fixed dividend policy whereby annual dividends were set at an amount of $0.12 per share, payable quarterly. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class A common stock and Class B common stock are entitled to share equally in any dividends that the Board of Directors declares from time to time out of funds legally available for dividends. Upon the Company’s liquidation, dissolution or winding-up, the holders of Class A common stock and Class B common stock shall be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Shares of the Company’s Class A common stock are not convertible into any other shares of the Company’s capital stock. Each share of Class B common stock is convertible at any time at the option of the holder thereof into one share of Class A common stock. Upon any transfer of shares of Class B common stock to a holder other than Teekay (or any of its affiliates or any successor to Teekay’s business or to all or substantially all of its assets), such shares of Class B common stock shall automatically convert into Class A common stock upon such transfer. In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock if the aggregate number of outstanding shares of Class A common stock and Class B common stock beneficially owned by Teekay and its affiliates falls below 15% of the aggregate number of outstanding shares of common stock. All such conversions will be effected on a one -for-one basis. Stock-based compensation As at December 31, 2017 , the Company had reserved under its 2007 Long-Term Incentive Plan a total of 4,000,000 shares of Class A common stock for issuance pursuant to awards to be granted ( 2016 – 4,000,000 Class A common stock). For the year ended December 31, 2017 , a total of nil shares ( 2016 – 9,358 shares, 2015 – 51,948 shares) of Class A common stock were granted and issued to the Company’s non-management directors as part of their annual compensation. The compensation relating to the granting of such stock has been included in general and administrative expenses in the amounts of nil , $35.0 thousand , and $0.3 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The Company also grants options and restricted stock units as incentive-based compensation under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan to certain non-management directors of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Company‘s stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of (loss) income. During 2017, the Company granted 0.4 million (2016 - 0.3 million ; 2015 - nil ) stock options with an exercise price of $2.23 per share (2016 - $3.74 ) to the Company’s non-management directors. These stock options have a ten -year term and vest immediately . The Company also granted 0.5 million ( 2016 - 0.2 million ; 2015 - 58 thousand ) stock options with an exercise price of $2.23 per share ( 2016 - $3.74 ; 2015 - $5.39 ) to an officer of the Company and to certain employees of Teekay subsidiary that provide services to the Company. Each stock option granted has a ten -year term and vests equally over three years from the grant date. The weighted-average fair value of the stock options granted during 2017 was $0.67 per option ( 2016 - $0.87 per option; 2015 - $1.97 per option), estimated on the grant date using the Black-Scholes option pricing model. The following assumptions were used in computing the fair value of the stock options granted: expected volatility of 50.2% ( 2016 - 51.3% ; 2015 - 49% ); expected life of five years ( 2016 - five years; 2015 - five years); dividend yield of 5.0% ( 2016 - 7.8% ; 2015 - 2.1% ); and risk-free interest rate of 2.1% ( 2016 - 1.2% ; 2015 - 1.4% ). The expected life of the stock options granted was estimated using the historical exercise behavior of employees of Teekay that receive stock options from Teekay. The expected volatility was based on historical volatility as calculated using historical data during the five years prior to the grant date. A summary of the Company’s stock option information for the years ended December 31, 2017 , 2016 , and 2015 is as follows: December 31, 2017 December 31, 2016 December 31, 2015 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 822,345 3.99 321,609 4.39 263,175 4.16 Granted 882,741 2.23 500,736 3.74 58,434 5.39 Forfeited / expired (34,781 ) 2.23 — — — — Outstanding - end of year 1,670,305 3.10 822,345 3.99 321,609 4.39 Exercisable - end of year 1,055,250 3.34 530,034 3.97 188,920 4.13 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2017 , 2016 and 2015 is as follows: December 31, 2017 December 31, 2016 December 31, 2015 Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Outstanding non-vested stock options - beginning of year 292,311 4.02 132,689 4.75 110,829 4.25 Granted 486,329 2.23 216,043 3.74 58,434 5.39 Vested (128,804 ) 4.14 (56,421 ) 4.64 (36,574 ) 4.25 Forfeited / expired (34,781 ) 2.23 — — — — Outstanding non-vested stock options - end of year 615,055 2.68 292,311 4.02 132,689 4.75 As of December 31, 2017 , there was $0.3 million ( 2016 - $0.2 million , 2015 - $0.2 million ) of total unrecognized compensation cost related to non-vested stock options granted. During the year ended December 31, 2017 , the Company recognized $0.2 million ( 2016 - $0.1 million , 2015 - $0.1 million ) of expenses related to the stock options granted to an officer of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. As at December 31, 2017 , the intrinsic value of the outstanding in-the-money stock options was $nil ( 2016 - $nil ; 2015 - $0.8 million ) and the intrinsic value of the exercisable stock options was $nil ( 2016 - $nil ; 2015 - $0.5 million ). As at December 31, 2017 , the weighted-average remaining life of options vested and expected to vest was 8.3 years ( 2016 - 8.5 years; 2015 - 8.6 years) and the weighted-average remaining life of the exercisable stock options was 8.0 years ( 2016 - 8.3 years; 2015 - 8.2 years). During 2017, the Company granted 0.4 million ( 2016 - 0.3 million ; 2015 - 0.2 million ) restricted stock units to the officers of the Company and to certain employees of Teekay subsidiaries that provide services to the Company, with an aggregate fair value of $0.8 million ( 2016 - $1.0 million ; 2015 - $1.0 million ). Each restricted stock unit is equal in value to one share of the Company’s common shares plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in that case, the restricted stock unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted stock unit awards, net of withholding taxes, is paid to each recipient in the form of common shares. For the year ended December 31, 2017 , the Company recorded an expense of $0.8 million ( 2016 - $1.4 million , 2015 - $1.4 million ) related to the restricted stock units in general and administrative expenses. During the year ended December 31, 2017 , 0.3 million restricted stock units ( 2016 - 0.4 million ; 2015 - 0.4 million ) with a market value of $0.6 million ( 2016 - $1.5 million ; 2015 - $2.3 million ) vested and that amount, net of withholding taxes, was paid to the grantees by issuing 0.2 million shares ( 2016 - 0.2 million shares; 2015 - 0.2 million shares) of Class A common stock. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions a. On November 27, 2017, the Company completed its merger with TIL. As consideration for the merger, the Company issued 88,977,544 Class A common shares to the TIL shareholders (other than the Company and its subsidiaries), including 8,250,000 shares to Teekay, for $151.3 million , or $1.70 per share (notes 4 and 22). b. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% of TTOL which owns conventional tanker commercial management and technical management operations and directly administers four commercially-managed tanker revenue sharing arrangements (notes 3 and 6c). In August 2014, the Company purchased from Teekay its initial 50% ownership in TTOL. c. In January 2017, the Company issued 2,155,172 shares of Class A common stock in a private placement to Teekay at a price of $2.32 per share for gross proceeds of $5.0 million (note 4). In August 2015, the Company also issued 4.5 million shares of Class A common stock to Teekay in a private placement at a price of $6.65 per share for gross proceeds of $30.0 million (note 4). d. On July 31, 2015, the Company acquired SPT from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE (note 21) and on December 18, 2015 the Company acquired the Explorer Spirit and Navigator Spirit from TOO (note 3). Management Fee – Related and Other e. Teekay and its wholly-owned subsidiary and the Company’s manager, Teekay Tankers Management Services Ltd. (or the Manager ), provide commercial, technical, strategic and administrative services to the Company pursuant to a long-term management agreement (the Management Agreement ). In addition, the Manager has subcontracted with TTOL and its affiliates to provide certain commercial and technical services to the Company, except for certain vessels acquired in the merger with TIL as they are technically managed by a third-party. C ertain of the Company’s vessels participate in revenue sharing arrangements that, with the exception of a Medium Range revenue sharing arrangement, are managed by TTOL (or the Pool Manager ). Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows: Year Ended December 31, 2017 2016 2015 Time-charter revenues (i) — 5,404 392 RSA pool management fees and commissions (ii) (2,799 ) (9,813 ) (10,445 ) Commercial management fees (iii) (1,187 ) (1,870 ) (1,236 ) Vessel operating expenses - technical management fee (iv) (8,775 ) (9,155 ) (7,039 ) Strategic and administrative service fees (v ) (21,185 ) (10,122 ) (8,356 ) Secondment fees (vi) (382 ) — — Lay-up services revenues (vii) 33 302 — LNG terminal services revenues (viii) 388 70 — Technical management fee revenue (ix) 7,666 — — Service revenues (x) 1,939 — — Entities under Common Control (note 3) Time-charter revenues (xi) — — 4,558 RSA pool management fees and commissions (ii) 2,799 9,813 10,445 Commercial management fees (iii) 1,187 1,870 1,236 Vessel operating expenses - technical management fee (iv) — — (430 ) Strategic and administrative service fees (v) (7,026 ) (15,508 ) (14,701 ) Secondment fees (vi) (248 ) (644 ) (675 ) Technical management fee revenues (ix) 4,890 11,742 10,413 Service revenues (x) 1,772 5,482 4,023 i In December 2015, immediately after the completion of the 2015 Acquired Business, the Company chartered-out the Navigator Spirit to Teekay under a fixed-rate time-charter contract, which was due to expire in July 2016. On May 18, 2016, the contract was transferred to the Americas Spirit , which subsequently expired on July 15, 2016. ii. The Company’s share of TTOL’s fees for revenue sharing arrangements are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of (loss) income. The Company acquired the remaining 50% interest in TTOL on May 31, 2017 (notes 3 and note 6c). Subsequent to the acquisition, the Company's share of TTOL's fees has been eliminated. iii. The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels are not included in the revenue sharing arrangement, which are reflected in voyage expenses on the Company’s consolidated statements of (loss) income. Subsequent to the Company's acquisition of the remaining 50% interest in TTOL, the Company's share of the Manager's commercial management fees has been eliminated. iv. The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company’s consolidated statements of (loss) income. v. The Manager’s strategic and administrative service fees have been presented in general and administrative fees on the Company’s consolidated statements of (loss) income. The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan described in note 13) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee. vi. The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses on the Company's consolidated statements of (loss) income. vii. The Company recorded revenue of $0.3 million for the year ended December 31, 2016 to provide lay-up services to Teekay for two of its in-chartered vessels. viii. In November 2016, the Company's ship-to-ship transfer business signed an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly owned by Teekay LNG Partners L.P. (or TGP ), for the Bahrain LNG Import Terminal. The terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly owned by TGP, has a 30% interest. ix. The Company receives reimbursements from Teekay who subcontracts technical management services from the Manager. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of (loss) income. x. The Company recorded revenue of $ 1.9 million for the year ended December 31, 2017 relating to TTOL's administration of certain revenue sharing arrangements and provision of certain commercial services to participants in the arrangements. The Company also recorded revenue of $1.8 million , $5.5 million and $4.0 million for the years ended December 31, 2017, 2016, and 2015, respectively, associated with the Entities under Common Control. xi. The Company recorded $4.6 million related to a time-charter out contract for the Explorer Spirit for the years ended December 31, 2015 , associated with the Entities under Common Control. The vessel was under a fixed-rate time-charter contract with SPT which expired in September 2015. f. The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented in the consolidated balance sheets in due from affiliates or due to affiliates, are without interest or stated terms of repayment. In addition, $8.7 million and $8.6 million were payable to the Manager as at December 31, 2017 and 2016 , respectively, for reimbursement of the Manager’s crewing and manning costs to operate the Company’s vessels and such amounts are included in accrued liabilities in the consolidated balance sheets. The amounts owing from the revenue sharing arrangements (or RSAs ), which are reflected in the consolidated balance sheets as pool receivables from affiliates, are without interest and are repayable upon the terms contained within the applicable revenue sharing agreement. In addition, the Company had advanced $45.1 million and $35.7 million as at December 31, 2017 and 2016 , respectively, to the RSAs for working capital purposes. The Company may be required to advance additional working capital funds from time to time. Working capital advances will be returned to the Company when a vessel no longer participates in the applicable RSA, less any set-offs for outstanding liabilities or contingencies. These activities, which are reflected in the consolidated balance sheets as due from affiliates, are without interest or stated terms of repayment. g. The Management Agreement provides for payment to the Manager of a performance fee in certain circumstances. If Gross Cash Available for Distribution for a given fiscal year exceeds $3.20 per share of the Company’s weighted average outstanding common stock (or the Incentive Threshold ), the Company is generally required to pay a performance fee equal to 20% of all Gross Cash Available for Distribution for such year in excess of the Incentive Threshold. The Company did no t incur any performance fees for the years ended December 31, 2017 , 2016 and 2015 . Cash Available for Distribution represents net income plus depreciation and amortization, unrealized losses from derivatives, non-cash items and any write-offs or other non-recurring items, less unrealized gains from derivatives and net income attributable to the historical results of vessels acquired by the Company from Teekay, prior to their acquisition by us, for the period when these vessels were owned and operated by Teekay. Gross Cash Available for Distribution represents Cash Available for Distribution without giving effect to any deductions for performance fees and reduced by the amount of any reserves the Company’s Board of Directors may establish during the applicable fiscal period that have not already reduced the Cash Available for Distribution . h. Pursuant to certain RSAs, TTOL provides certain commercial services to the RSA participants and administers the RSAs in exchange for a fee currently equal to 1.25% of the gross revenues attributable to each RSA participant’s vessels and a fixed amount per vessel per day which ranges from $275 to $350 . Voyage revenues and voyage expenses of the Company’s vessels operating in these RSAs are pooled with the voyage revenues and voyage expenses of other RSA participants. The resulting net pool revenues, calculated on a time-charter equivalent basis, are allocated to the RSA participants according to an agreed formula. The Company accounts for the net allocation from the pools as “net pool revenue” on the consolidated statements of (loss) income. The pool receivable from affiliates as at December 31, 2017 and 2016 was $15.6 million and $24.6 million , respectively. i. During 2017, 2016 and 2015, the Company incurred expenses of $14.1 million , $13.1 million and $2.1 million , respectively, to hire vessels from the Teekay Aframax RSA to perform full service lightering operations. |
Other Expense
Other Expense | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Expense | Other Expense Year Ended December 31, 2017 2016 2015 Income tax expense (5,330 ) (7,511 ) (3,406 ) Foreign exchange gain 79 1,413 613 Other income 250 120 50 Total (5,001 ) (5,978 ) (2,743 ) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information a. The changes in non-cash working capital items related to operating activities for the years ended December 31, 2017 , 2016 , and 2015 are as follows: Year Ended December 31, 2017 2016 2015 Accounts receivable 14,353 (108 ) (5,765 ) Pool receivables from affiliates 16,193 38,137 (27,448 ) Due from affiliates 17,562 18,371 32,801 Prepaid expenses and other current assets 8,767 2,313 (6,267 ) Accounts payable and accrued liabilities (13,996 ) (26,821 ) 27,473 Due to affiliates (32,641 ) (3,606 ) (12,735 ) Deferred revenue (3,898 ) 1,718 2,039 Other (599 ) — (8,443 ) Change in operating assets and liabilities 5,741 30,004 1,655 b. Cash interest paid (including interest paid by the Entities under Common Control) during the years ended December 31, 2017 , 2016 , and 2015 totaled $26.4 million , $38.5 million , and $22.8 million , respectively. c. In November 2017, the Company acquired the outstanding shares of TIL through issuing 89.0 million Class A common shares, which was treated as a non-cash transaction in the Company's consolidated statement of cash flows. As a result of this transaction, the Company acquired $37.6 million in cash and paid $6.8 million in transaction costs (note 22). |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Liquidity Accounting standard ASC-205-40, Presentation of Financial Statements - Going Concern , requires management to assess if the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its financial statements. The Company has a loan facility that is maturing in the third quarter of 2018 and expects that spot tanker rates in 2018 will be lower than those of 2017, resulting in lower cash flow from vessel operations. Based on these factors, over the one-year period following the issuance of its financial statements, the Company expects it will need to obtain additional sources of financing, in addition to amounts generated from operations, to meet its minimum liquidity requirements under its financial covenants. These anticipated sources of financing include the refinancing of the loan facility maturing in the third quarter of 2018. The Company is actively pursuing the alternatives described above, which it considers probable of completion based on the Company’s history of being able to refinance loan facilities for similar types of vessels and Teekay’s history of being able to obtain additional debt financing for existing vessels. Based on the Company’s liquidity at the date these consolidated financial statements were issued, the liquidity it expects to generate from operations over the following year, and by incorporating the Company’s plans to raise additional liquidity that it considers probable of completion, the Company estimates that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | (Loss) Earnings Per Share The net (loss) income available for common shareholders and (loss) earnings per common share presented in the table below excludes the results of operations of the Entities under Common Control which were purchased solely with cash (note 3). Year Ended December 31, 2017 2016 2015 Net (loss) income (58,023 ) 67,823 183,626 Less: Net income attributable to the Entities under Common Control (1) — — (2,708 ) Net (loss) income available for common shareholders (58,023 ) 67,823 180,918 Weighted-average number of common shares - basic (2) 187,235,377 170,098,572 143,911,452 Dilutive effect of stock-based awards — 242,067 581,481 Weighted average number of common shares - diluted (2) 187,235,377 170,340,639 144,492,933 (Loss) earnings per common share: - Basic (0.31 ) 0.40 1.26 - Diluted (0.31 ) 0.40 1.25 (1) Includes net income of the 2015 Acquired Business of $2.7 million for the year ended December 31, 2015. (2) The weighted-average number of common shares outstanding for periods prior to May 2017 has been retroactively adjusted to include the approximately 13.8 million shares of the Company's Class B common stock issued to Teekay as consideration for the acquisition of 50% of TTOL in May 2017. Stock-based awards, which have an anti-dilutive effect on the calculation of diluted earnings per common share, are excluded from this calculation. In the years where a loss attributable to shareholders has been incurred, all stock-based awards are anti-dilutive. For the years ended December 31, 2016 and 2015, 14 thousand and nil restricted stock units, respectively, had an anti-dilutive effect on the calculation of diluted earnings per common share. For the years ended December 31, 2016 and 2015, options to acquire 0.7 million shares, and 44 thousand shares of the Company’s Class A common stock, respectively, had an anti-dilutive effect on the calculation of diluted earnings per common share. |
Vessel Sales and Vessel Acquisi
Vessel Sales and Vessel Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Vessel Sales and Vessel Acquisitions | Vessel Sales and Vessel Acquisitions Vessel Sales During 2017, the Company completed the sales of three Aframax tankers which were delivered to their respective buyers in June 2017, September 2017 and November 2017. The Company recognized an aggregate loss on sale of the vessels of $11.2 million . In July 2017, the Company completed a $153.0 million sale-leaseback financing transaction relating to four of the Company's Suezmax tankers (note 9). The Company's consolidated statement of (loss) income for the year ended December 31, 2016 includes an aggregate loss on sale of vessels of $20.6 million of two Medium Range (or MR ) tankers and two Suezmax tankers. One MR tanker was sold in November 2016 for a sales price of $13.2 million , and the Company recognized a loss on sale of the vessel of $8.1 million . The other MR tanker was sold in August 2016 for a sales price of $14.0 million , and the Company recognized a loss on sale of the vessel of $6.6 million . In November 2016, the Company sold two lightering support vessels related to the ship-to-ship transfer business for an aggregate sales price of $0.4 million , and recognized a gain on sale of the vessels of $0.3 million . In October 2016, the Company entered into agreements to sell two Suezmax tankers, for an aggregate sales price of $33.8 million . The two vessels had been classified as vessels held for sale on the consolidated balance sheets as of December 31, 2016 and were written down to their agreed sales price. The Company recognized a loss on sale of vessels of $6.2 million in 2016. One Suezmax tanker was delivered to its respective buyer in January 2017. The Company recognized a loss on the sale of the vessel of $0.3 million in the three months ended March 31, 2017. In February 2017, the date of delivery of the other Suezmax tanker to its owner was extended, and as a result, the sales price was reduced by $1.3 million . The vessel sale was completed in March 2017, and the Company recognized a loss on sale of the vessel of $1.5 million in the three months ended March 31, 2017. In November 2015, the Company sold one conventional tanker for a sales price of $11.2 million . The Company recognized a gain on sale of the vessel of $0.8 million in the year ended December 31, 2015. Vessel Acquisitions In August 2015, the Company agreed to acquire 12 modern Suezmax tankers from Principal Maritime. As of December 31, 2015, all 12 of the vessels had been delivered for a total purchase price of $661.3 million , consisting of $612.0 million in cash and approximately 7.2 million shares of the Company’s Class A common stock which were directly issued to Principal Maritime and which are treated as a non-cash transaction in the consolidated statements of cash flow. The value of these shares was approximately $49.3 million . To finance the cash portion of the acquisition price, the Company secured a $397.2 million loan facility with a maturity date of January 29, 2016 . The loan was fully drawn as of December 31, 2015. In addition, the Company issued approximately 13.6 million shares of its Class A common stock for net proceeds of $90.6 million , including approximately 4.5 million shares which were issued to Teekay (note 4). The Company financed the remainder of the cash purchase price with existing liquidity. The loan facility was refinanced in January 2016 (note 8). |
Other Revenues and Restructurin
Other Revenues and Restructuring Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Other Revenues and Restructuring Charges | Other Revenues and Restructuring Charges For the year ended December 31, 2017, the Company recognized $39.9 million (2016 - $37.9 million ; 2015 - $17.7 million ) of revenue from its lightering support operations (note 5), $12.9 million (2016 - $13.8 million ; 2015 - $9.5 million ) of revenue related to its commercial ship management services and $0.6 million related to a profit-sharing arrangement with a in-chartered vessel. In addition, for the year ended December 31, 2016, the Company amortized $1.2 million (2015 - $4.8 million ) of its in-process revenue contracts which is included in other revenues on the consolidated statements of (loss) income. For the year ended December 31, 2015, the Company recognized $6.8 million of restructuring charges, of which $4.4 million related to the termination of the employment of certain seafarers upon the expiration of a time-charter out contract and $2.0 million related to cancellation fees paid to Anglo-Eastern during the first quarter of 2015 in connection with the acquisition of its 49% share in Teekay Marine Ltd. The $4.4 million termination charge was recovered from the customer and the recovery is reflected in other revenues on the consolidated statements of (loss) income. In addition, $0.3 million of restructuring charges related to severance payments made by the Company in relation to the acquisition of the ship-to-ship business (see note 21). |
Acquisition of SPT
Acquisition of SPT | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition of SPT | Acquisition of SPT On July 31, 2015, the Company acquired SPT from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE, for a cash purchase price of $47.3 million (including $1.8 million for working capital). To finance this acquisition, Teekay subscribed for approximately 6.5 million shares of the Company’s Class B common stock at a subscription price of approximately $6.99 per share. SPT provides a full suite of ship-to-ship transfer services in the oil, gas and dry bulk industries. In addition to full service lightering and lightering support, it also provides consultancy and LNG terminal management services. This acquisition established the Company as a global company in the ship-to-ship transfer business, which increases the Company’s fee-based revenue and its overall fleet utilization. As at July 31, 2015, SPT owned and operated a fleet of six ship-to-ship support vessels and had one chartered-in Aframax tanker. See note (3) to the table below. The following table summarizes the final estimates of fair values of the SPT assets acquired and liabilities assumed by the Company on the acquisition date. The acquisition of SPT was accounted for using the acquisition method of accounting, based upon estimates of fair value at the acquisition date as finalized in the final purchase price allocation in the first quarter of 2016. Such estimates of fair value resulted in an increase in goodwill of $8.1 million and a decrease in intangible assets by $8.4 million from preliminary estimates. Such changes did not have a material impact to the Company's consolidated statements of (loss) income for 2016. As at July 31, 2015 $ ASSETS Cash, cash equivalents and short-term restricted cash 1,292 Accounts receivable 10,332 Prepaid expenses and other current assets 3,763 Vessels and equipment 6,475 Other assets 143 Intangible assets subject to amortization Customer relationships (1) 17,901 Customer contracts (1) 4,599 Goodwill (2) 8,059 Total assets acquired 52,564 LIABILITIES Accounts payable (3,650 ) Accrued liabilities (3,276 ) Total liabilities assumed (6,926 ) Net assets acquired (3) 45,638 (1) The customer relationships and customer contracts are being amortized over a weighted average amortization period of 10 years and 7.6 years , respectively. As at December 31, 2017 , the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million , $8.0 million and $14.5 million (2016 - $22.5 million , $4.8 million and $17.7 million ; 2015 - $30.9 million , $1.3 million and $29.6 million ), respectively. Amortization of intangible assets for the five fiscal years subsequent to 2017 is expected to be $2.9 million (2018), $2.2 million (2019), $2.0 million (2020), $1.8 million (2021), $1.6 million (2022) and $4.0 million (thereafter). (2) Goodwill recognized from this acquisition attributed $1.9 million to the Company's conventional tanker segment and $6.2 million to the Company's ship-to-ship transfer segment. (3) Prior to the SPT acquisition date, SPT had in-chartered the Explorer Spirit (formerly known as the SPT Explorer ) from Teekay, which was acquired by the Company in December 2015. Retroactively adjusting the Company’s consolidated financial statements for the acquisition of the Explorer Spirit has resulted in $1.4 million of the SPT acquisition purchase price being characterized as the settlement of a pre-existing relationship. Such amount was accounted for as a reduction to revenue on the SPT acquisition date. Operating results of SPT are reflected in the Company’s consolidated financial statements commencing July 31, 2015, the effective date of acquisition. The following table provides comparative summarized consolidated pro forma financial information for the Company for the year ended December 31, 2015, giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2015: Unaudited Pro Forma Year ended December 31, 2015 $ Revenues 570,381 Net income 178,266 Earnings per common share: Basic 1.33 Diluted 1.33 Acquisition of Tanker Investments Ltd. On May 31, 2017, the Company entered into a Merger Agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Class A common stock of the Company for each TIL common stock. On November 17, 2017, the Company's shareholders voted in favor of increasing the authorized number of its Class A common shares to permit the issuance of Class A common shares as consideration for the merger with TIL. Concurrently, the merger was approved by the shareholders of TIL. The Company amended its amended and restated articles of incorporation and completed the merger on November 27, 2017, as a result of which TIL became a wholly-owned subsidiary of the Company. As consideration for the merger, the Company issued 88,977,544 Class A common shares to the TIL shareholders (other than the Company and its subsidiaries) for $151.3 million , or $1.70 per share. Pursuant to this acquisition, the Company acquired a modern fleet of 10 Suezmax tankers, six Aframax tankers and two Long Range 2 (or LR2 ) product tankers with an average age of 7.3 years, assumed $47.1 million of net working capital and other long-term liabilities and assumed long-term debt with a principal balance outstanding of $338.9 million . The merger with TIL was accounted for as an acquisition of assets. The purchase price of the acquisition consisted of the fair value of the Company's shares issued on the merger date ( $151.3 million ), the transaction costs associated with the merger ( $6.8 million ) and the fair value of the Company's 11.3% pre-existing ownership in TIL at the close of the merger ( $19.2 million ), for a total acquisition cost of $177.3 million . Net working capital and other long-term liabilities of $47.1 million and $337.1 million of long-term debt assumed were recognized at their fair values on November 27, 2017. The remaining amount of the purchase price was allocated to vessels ( $467.1 million ) and existing time-charter contracts ( $0.2 million ), on a relative fair value basis. |
Acquisition of Tanker Investmen
Acquisition of Tanker Investments Ltd. | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition of Tanker Investments Ltd. | Acquisition of SPT On July 31, 2015, the Company acquired SPT from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE, for a cash purchase price of $47.3 million (including $1.8 million for working capital). To finance this acquisition, Teekay subscribed for approximately 6.5 million shares of the Company’s Class B common stock at a subscription price of approximately $6.99 per share. SPT provides a full suite of ship-to-ship transfer services in the oil, gas and dry bulk industries. In addition to full service lightering and lightering support, it also provides consultancy and LNG terminal management services. This acquisition established the Company as a global company in the ship-to-ship transfer business, which increases the Company’s fee-based revenue and its overall fleet utilization. As at July 31, 2015, SPT owned and operated a fleet of six ship-to-ship support vessels and had one chartered-in Aframax tanker. See note (3) to the table below. The following table summarizes the final estimates of fair values of the SPT assets acquired and liabilities assumed by the Company on the acquisition date. The acquisition of SPT was accounted for using the acquisition method of accounting, based upon estimates of fair value at the acquisition date as finalized in the final purchase price allocation in the first quarter of 2016. Such estimates of fair value resulted in an increase in goodwill of $8.1 million and a decrease in intangible assets by $8.4 million from preliminary estimates. Such changes did not have a material impact to the Company's consolidated statements of (loss) income for 2016. As at July 31, 2015 $ ASSETS Cash, cash equivalents and short-term restricted cash 1,292 Accounts receivable 10,332 Prepaid expenses and other current assets 3,763 Vessels and equipment 6,475 Other assets 143 Intangible assets subject to amortization Customer relationships (1) 17,901 Customer contracts (1) 4,599 Goodwill (2) 8,059 Total assets acquired 52,564 LIABILITIES Accounts payable (3,650 ) Accrued liabilities (3,276 ) Total liabilities assumed (6,926 ) Net assets acquired (3) 45,638 (1) The customer relationships and customer contracts are being amortized over a weighted average amortization period of 10 years and 7.6 years , respectively. As at December 31, 2017 , the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million , $8.0 million and $14.5 million (2016 - $22.5 million , $4.8 million and $17.7 million ; 2015 - $30.9 million , $1.3 million and $29.6 million ), respectively. Amortization of intangible assets for the five fiscal years subsequent to 2017 is expected to be $2.9 million (2018), $2.2 million (2019), $2.0 million (2020), $1.8 million (2021), $1.6 million (2022) and $4.0 million (thereafter). (2) Goodwill recognized from this acquisition attributed $1.9 million to the Company's conventional tanker segment and $6.2 million to the Company's ship-to-ship transfer segment. (3) Prior to the SPT acquisition date, SPT had in-chartered the Explorer Spirit (formerly known as the SPT Explorer ) from Teekay, which was acquired by the Company in December 2015. Retroactively adjusting the Company’s consolidated financial statements for the acquisition of the Explorer Spirit has resulted in $1.4 million of the SPT acquisition purchase price being characterized as the settlement of a pre-existing relationship. Such amount was accounted for as a reduction to revenue on the SPT acquisition date. Operating results of SPT are reflected in the Company’s consolidated financial statements commencing July 31, 2015, the effective date of acquisition. The following table provides comparative summarized consolidated pro forma financial information for the Company for the year ended December 31, 2015, giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2015: Unaudited Pro Forma Year ended December 31, 2015 $ Revenues 570,381 Net income 178,266 Earnings per common share: Basic 1.33 Diluted 1.33 Acquisition of Tanker Investments Ltd. On May 31, 2017, the Company entered into a Merger Agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Class A common stock of the Company for each TIL common stock. On November 17, 2017, the Company's shareholders voted in favor of increasing the authorized number of its Class A common shares to permit the issuance of Class A common shares as consideration for the merger with TIL. Concurrently, the merger was approved by the shareholders of TIL. The Company amended its amended and restated articles of incorporation and completed the merger on November 27, 2017, as a result of which TIL became a wholly-owned subsidiary of the Company. As consideration for the merger, the Company issued 88,977,544 Class A common shares to the TIL shareholders (other than the Company and its subsidiaries) for $151.3 million , or $1.70 per share. Pursuant to this acquisition, the Company acquired a modern fleet of 10 Suezmax tankers, six Aframax tankers and two Long Range 2 (or LR2 ) product tankers with an average age of 7.3 years, assumed $47.1 million of net working capital and other long-term liabilities and assumed long-term debt with a principal balance outstanding of $338.9 million . The merger with TIL was accounted for as an acquisition of assets. The purchase price of the acquisition consisted of the fair value of the Company's shares issued on the merger date ( $151.3 million ), the transaction costs associated with the merger ( $6.8 million ) and the fair value of the Company's 11.3% pre-existing ownership in TIL at the close of the merger ( $19.2 million ), for a total acquisition cost of $177.3 million . Net working capital and other long-term liabilities of $47.1 million and $337.1 million of long-term debt assumed were recognized at their fair values on November 27, 2017. The remaining amount of the purchase price was allocated to vessels ( $467.1 million ) and existing time-charter contracts ( $0.2 million ), on a relative fair value basis. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On March 21, 2018, the Company increased the authorized number of Class A common stock issuable under its 2007 Long-Term Incentive Plan by 6.0 million shares. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of operations | Nature of operations The Company (as defined below) is engaged in the international marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers as well as providing ship-to-ship transfer services. The Company’s revenues are earned in international markets. |
Basis of presentation and consolidation principles | Basis of presentation and consolidation principles During October 2007, Teekay Corporation ( Teekay ) formed Teekay Tankers Ltd., a Marshall Islands corporation (together with its wholly-owned subsidiaries and the Entities under Common Control, as described in note 3, collectively, the Company ), to acquire from Teekay a fleet of nine double-hull Aframax-class oil tankers in connection with the Company’s initial public offering (or IPO ). As of December 31, 2017 , the Company’s fleet included a total of 58 vessels, of which four were party to long-term bareboat leases, one was chartered-in and one was 50% -owned through the High-Q Investment Ltd. joint venture (or High-Q ). The consolidated financial statements reflect the financial position, results of operations and cash flows of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity accounted investments, the Entities under Common Control and any variable interest entities (or VIEs ) of which it is the primary beneficiary. The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP ) and all significant intercompany balances and transactions have been eliminated upon consolidation. The Company accounts for the acquisition of interests in businesses from Teekay as a transfer of a business between entities under common control. The method of accounting for such transfers is similar to the pooling of interests method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity. The amount by which the proceeds paid by the Company differs from Teekay's historical carrying value of the acquired business is accounted for as a return of capital to, or contribution of capital from, Teekay. In addition, transfers of net assets between entities under common control are accounted for as if the transfer occurred from the date that the Company and the acquired business were both under the common control of Teekay and had begun operations. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in Teekay Tanker Operations Ltd. (or TTOL ). As a result of the acquisition, the Company's consolidated financial statements prior to the date the Company acquired a controlling interest in TTOL have been retroactively adjusted to eliminate the use of the equity method of accounting for the original 50% interest in TTOL and to include 100% of the assets and liabilities and results of TTOL during the periods they were under common control of Teekay and had begun operations. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition of a controlling interest in TTOL by the Company have been eliminated upon consolidation (note 3). In July 2017, the Company completed sales-lease back financing arrangements with four lessor entities established by a financial institution. The Company is considered to be the primary beneficiary of the lessor entities under the arrangements and has since consolidated these VIEs (note 9). On November 27, 2017, the Company completed its merger with Tanker Investments Ltd. ( TIL ), as a result of which TIL became a wholly-owned subsidiary of the Company. Prior to the merger, the Company accounted for its 11.3% interest in TIL using the equity method (notes 6 and 22). |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, estimates have been made when allocating expenses from Teekay to the Entities under Common Control and such estimates may not be reflective of what actual results would have been if the Entities under Common Control had operated independently. |
Currency translation | Currency translation The Company’s functional currency is the U.S. dollar. Transactions involving other currencies during the year are converted into U.S. 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 U.S. dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other (expenses) income in the accompanying consolidated statements of (loss) income. |
Operating revenues and expenses | Operating revenues and expenses Revenues and voyage expenses of the vessels operating in revenue sharing arrangements are pooled and the resulting net pool revenues, calculated on a time charter equivalent basis, are allocated to the pool participants according to an agreed formula. The agreed formula used to allocate net pool revenues varies between pools; however, the formula generally allocates revenues to pool participants on the basis of the number of days a vessel operates in the pool with weighting adjustments made to reflect vessels’ differing capacities and performance capabilities. The same revenue and expense recognition principles stated below are applied in determining the net pool revenues of the pool. The pools are responsible for paying voyage expenses and distribute net pool revenues to the participants. The Company accounts for the net allocation from the pool as revenues and amounts due from the pool are included in pool receivables from affiliates, net. The Company recognizes revenues from time charters daily over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off hire. When the time charter contains a profit-sharing agreement, the Company recognizes the profit-sharing or contingent revenues when the contingency is resolved. All revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned in subsequent periods. Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other activities such as the commercial and technical management of vessels, terminal management, consultancy, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. The Company, as shipowner, pays voyage expenses under voyage charters; its customers pay voyage expenses under time charters. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters and for vessels which earn net pool revenue, as described above. Voyage expenses and vessel operating expenses are recognized when incurred. |
Share-based compensation | Share-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of Teekay who support the operations of the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period, which generally equals the vesting period. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (note 13). |
Cash and cash equivalents | Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. |
Restricted Cash | Restricted Cash The Company maintains restricted cash deposits relating to certain contracts which were assumed as part of the acquisition of the ship-to-ship transfer business in 2015 (note 21) and for certain freight forward agreements (note 10). Attached to these contracts are certain performance guarantees required by the Company. Restricted Cash - Long-term The Company maintains restricted cash deposits for the purposes of the margin requirements of the Company's capital lease obligations (note 9). |
Accounts receivable, allowance for doubtful accounts | Accounts receivable, allowance for doubtful accounts, and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are written off against the allowance when the Company believes that the receivable will not be recovered. |
Investment in term loans and other loan receivables | The Company’s advances to equity accounted investments are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan provision is recorded, based on current information and events, if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan provision is required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding their ability to repay the loan, and the fair value of the underlying collateral. When a loan provision is recorded, the Company measures the amount of the provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting provision in the consolidated statements of (loss) income. The carrying value of the loans is adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows, which may result in increases or decreases to the loan provision. The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade December 31, 2017 December 31, 2016 Advances to equity accounted investment Other internal metrics Performing 9,930 10,480 9,930 10,480 |
Equity accounted investments | Equity accounted investments The Company’s investments in joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity accounted investments for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of (loss) income. The Company’s maximum exposure to loss is the amount it has invested in its equity accounted investments. |
Vessels and equipment | Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (including depreciation attributable to the Entities under Common Control and excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2017 , 2016 and 2015 totaled $80.1 million , $81.5 million , and $59.5 million , respectively. Generally, the Company dry docks each vessel every two and a half to five years. The Company capitalizes a substantial portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis over its estimated useful life, which typically is from the completion of a dry docking or intermediate survey to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2015 to December 31, 2017 : Year Ended December 31, 2017 2016 2015 Balance at the beginning of the year 49,298 62,146 35,509 Cost incurred for dry docking 16,239 9,340 39,617 Dry-dock amortization (17,077 ) (18,736 ) (12,866 ) Vessel sales (note 19) — (3,452 ) (114 ) Balance at the end of the year 48,460 49,298 62,146 Vessels and equipment that are “held for use” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. Estimated fair value is determined based on discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally used to estimate the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses attributable to vessels and equipment classified as held for sale, or to their related liabilities, continue to be recognized as incurred. Vessels related to capital leases that are treated as VIEs, whereby the Company is the primary beneficiary, are accounted for on a consolidated basis. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. 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. Customer related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. |
Debt issuance costs | Debt issuance costs Debt issuance costs related to loan facilities, including fees, commissions and legal expenses, are presented as a direct deduction from the carrying amount of the debt liability with the exception of debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability, and in those cases the debt issuance costs are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Debt issuance costs are amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense in the consolidated statements of (loss) income. Fees paid to amend revolving credit facilities are deferred and amortized over the term of the modified credit facility. If the borrowing capacity is increased as a result of the amendment, unamortized debt issuance costs of the original facility are deferred and amortized over the term of the modified debt facility. If the borrowing capacity is decreased as a result of the amendment, a proportionate amount (based on the reduction in borrowing capacity) of the unamortized issuance costs of the original facility is written off and the remaining amount is deferred and amortized over the term of the modified credit facility. Fees paid to substantially amend a non-revolving credit facility are included in determining the debt extinguishment gain or loss and any unamortized debt issuance costs are written off. If the amendment is considered not be a substantial amendment (in accordance with the criteria contained in ASC 470-50-40), then any fees paid are amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt using the effective interest method, or straight-line method, as appropriate. Other related costs incurred with third parties directly related to the modification (other than the loan amendment fee) such as legal fees are expensed as incurred. |
Income taxes | Income taxes The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or Bermuda, or that distributions by its subsidiaries to the Company will be subject to any income taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each quarter, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses are dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, however it could for certain types of interest rate swaps that it may enter into in the future. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the consolidated statements of (loss) income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of (loss) income. If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the consolidated statements of (loss) income. If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the consolidated statements of (loss) income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income. |
Earnings per share | Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company after deducting the amount of net income (loss) attributable to the Entities under Common Control which were purchased solely with cash by (b) the weighted-average number of shares outstanding during the applicable period and the equivalent shares outstanding that are attributable to the Entities under Common Control. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers , (or ASU 2014-09 ). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Company January 1, 2018 and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of this date. The Company has elected to apply ASU 2014-09 only to those contracts that are not completed as of January 1, 2018. The Company will adopt ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences based on the work performed to date: • The Company currently presents the net allocation for its vessels participating in revenue sharing arrangements as revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the revenue sharing arrangements. As such, the revenue from those voyages will be presented in voyage revenues and the difference between this amount and the Company's net allocation from the revenue sharing arrangement will be presented as voyage expenses. There will be no cumulative imp act to opening equity as at January 1, 2018. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 is effective January 1, 2019, with early adoption permitted. The Company currently intends to adopt ASU 2016-02 effective January 1, 2018 using a transition approach whereby a cumulative effect adjustment is made as of the effective date of January 1, 2018, with no retrospective effect. To determine the cumulative effect adjustment, the Company has not reassessed whether any expired or existing contracts are or contain leases, has not reassessed lease classification, and has not reassessed initial direct costs for any existing leases. The quarter in which the Company adopts ASU 2016-02 and the estimated impact from adoption contained below are based upon the expectation that FASB will issue an additional ASU prior to the filing of the Company's consolidated financial statements for the first quarter of 2018. The Company is currently considering the potential impact of a delay in the finalization of this additional ASU on its adoption date. The adoption of ASU-02 will result in a change in accounting method for the lease portion of the daily charter hire for the Company’s chartered-in vessels accounted for as operating leases with firm periods of greater than one year. Under ASU 2016-02, the Company will recognize a right-of-use asset and a lease liability on the balance sheet for these charters based on the present value of future minimum lease payments, whereas currently no right-of-use asset or lease liability is recognized. This will have the result of increasing the Company’s assets and liabilities. The pattern of expense recognition of chartered-in vessel is expected to remain substantially unchanged, unless the right-of-use asset becomes impaired. The Company expects that the cumulative right-of-use asset and corresponding lease liability to be recognized on January 1, 2018 will be approximately $16.0 million , based on the work performed to date. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09 ). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 became effective for the Company January 1, 2017. The impact of adopting this new accounting guidance resulted in a change in presentation of cash payments for tax withholdings on share settled equity awards from an operating cash outflow to financing cash outflow on the Company's statements of cash flows, and this change was applied retrospectively. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. This update is effective for the Company January 1, 2018, with a retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash, (or ASU 2016-18) . ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 is effective for the Company on January 1, 2018. Adoption of ASU 2016-18 will result in the Company’s cash flow statement to be modified to include changes in restricted cash in addition to changes in cash and cash equivalents. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business, (or ASU 2017-01) . ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. ASU 2017-01 also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. Unlike a business combination, no goodwill or bargain purchase gain is recognized as part of an asset acquisition. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. The Company adopted this standard effective October 1, 2017, and this standard was applied to the acquisition of TIL (note 22). |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Financing Receivables | The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade December 31, 2017 December 31, 2016 Advances to equity accounted investment Other internal metrics Performing 9,930 10,480 9,930 10,480 |
Summarizes Change in Capitalized Dry-Docking Activity | The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2015 to December 31, 2017 : Year Ended December 31, 2017 2016 2015 Balance at the beginning of the year 49,298 62,146 35,509 Cost incurred for dry docking 16,239 9,340 39,617 Dry-dock amortization (17,077 ) (18,736 ) (12,866 ) Vessel sales (note 19) — (3,452 ) (114 ) Balance at the end of the year 48,460 49,298 62,146 |
Public Offerings and Private 33
Public Offerings and Private Placements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Issuances of Common Shares | The following table summarizes the issuances of common shares over the three years ending December 31, 2017 : Date Number of Common Stock Issued Offering Price Gross Proceeds Net Proceeds Teekay's Ownership After the Offering Use of Proceeds January 2015 3,000,000 (1) $4.57 13,716 13,685 25.5 % Acquisition of conventional tankers July 2015 6,511,812 (2) $6.99 45,500 45,500 28.3 % Acquisition of the ship-to-ship transfer business August 2015 13,630,075 (3) $6.65 90,640 90,640 28.8 % Acquisition of conventional tankers August - October 2015 7,180,083 (3) $6.12 - $7.92 49,268 49,268 26.2 % Acquisition of conventional tankers Continuous offering program during 2015 13,391,100 (4) $6.04 - $7.70 94,594 92,439 (4 ) General purposes including acquisitions of conventional tankers Continuous offering program during 2016 3,020,000 (5) $2.38 - $2.75 7,747 7,558 (5 ) General corporate purposes January 2017 2,155,172 (6) $2.32 5,000 5,000 25.7 % General corporate purposes May 2017 13,775,224 (7) $1.88 25,897 25,897 31.4 % Acquisition of controlling interest in TTOL November 2017 88,977,544 (8) $1.70 151,262 151,262 24.1 % TIL Merger Continuous offering program during 2017 3,800,000 (9) $2.26 - $2.41 8,826 8,521 (9 ) General corporate purposes (1) In December 2014, the Company granted the underwriters a 30 -day option to purchase up to an additional 3.0 million shares of the Company’s Class A common stock from a December 2014 offering. The underwriters exercised this option and on January 2, 2015, the Company issued 3.0 million shares of Class A common stock for net proceeds of $13.7 million . (2) Represents Class B common shares issued to Teekay as consideration for the Company’s acquisition of the ship-to-ship transfer business. The shares had an approximate value of $45.5 million , or $6.99 per share, when the purchase price was agreed between the parties. (3) Represents 9.1 million shares of Class A common stock issued to the public and 4.5 million shares of Class A common stock issued to Teekay in a concurrent private placement. The proceeds from the issuances were used to acquire 12 modern Suezmax tankers from Principal Maritime Tankers (or Principal Maritime ) (note 19). The Company also issued approximately 7.2 million shares of Class A common stock to Principal Maritime as partial consideration for the vessels acquired. The shares had an approximate value of $49.3 million and were based on market prices of the shares at the time each vessel was delivered. (4) In June 2015, the Company implemented a continuous offering program (or COP ) under which the Company may issue shares of its Class A common stock at market prices up to a maximum aggregate amount of $80.0 million . The initial $80.0 million program was concluded in September 2015. The Company re-launched another $80.0 million COP in November 2015. The portion of the Company’s voting power and ownership held by Teekay at December 31, 2015 was 53.6% and 25.9% , respectively. (5) In December 2016, the Company re-opened its $80.0 million COP. The portion of the Company's voting power and ownership held by Teekay at December 31, 2016 was 52.9% and 25.4% , respectively. (6) Represents Class A common shares issued in a private placement to Teekay. The gross proceeds were used for general corporate purposes, including to strengthen the Company's liquidity position and to delever its balance sheet. (7) Represents Class B common shares issued to Teekay as consideration for the Company's acquisition of the remaining 50% interest in TTOL, which shares had an approximate value of $25.9 million , or $1.88 per share, on the closing date of the transaction (note 6). (8) Represents Class A common shares issued to the shareholders of Tanker Investment Ltd. ( TIL ) as consideration for the Company's acquisition of the remaining 88.7% interest in TIL. The shares had an approximate value of $151.3 million , or $1.70 per share, on the closing date of the transaction (notes 6 and 22). (9) In January 2017, the Company re-opened its $80.0 million COP. The portion of the Company's voting power and ownership held by Teekay at December 31, 2017 was 54.1% and 28.8% respectively. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Company's Revenue and Income From Operations by Segment | The following table includes results for the Company’s revenue and income from operations by segment for the years ended December 31, 2017 , 2016 and 2015. Year Ended December 31, 2017 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2) 391,267 50,422 (10,511 ) 431,178 Voyage expenses (87,879 ) — 10,511 (77,368 ) Vessel operating expenses (135,740 ) (39,649 ) — (175,389 ) Time-charter hire expense (25,666 ) (4,995 ) — (30,661 ) Depreciation and amortization (95,433 ) (5,048 ) — (100,481 ) General and administrative expenses (3) (29,539 ) (3,340 ) — (32,879 ) (Loss) gain on sale of vessels (13,034 ) 50 — (12,984 ) Income (loss) from operations 3,976 (2,560 ) — 1,416 Equity loss (25,370 ) — — (25,370 ) Year Ended December 31, 2016 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2) 512,608 41,136 (3,201 ) 550,543 Voyage expenses (56,805 ) — 3,201 (53,604 ) Vessel operating expenses (150,100 ) (32,498 ) — (182,598 ) Time-charter hire expense (57,368 ) (2,279 ) — (59,647 ) Depreciation and amortization (99,024 ) (5,125 ) — (104,149 ) General and administrative expenses (3) (29,432 ) (3,767 ) — (33,199 ) (Loss) gain on sale of vessel (20,926 ) 332 — (20,594 ) Income (loss) from operations 98,953 (2,201 ) — 96,752 Equity income 7,680 — — 7,680 Year Ended December 31, 2015 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2) 516,943 18,587 (849 ) 534,681 Voyage expenses (18,379 ) (348 ) — (18,727 ) Vessel operating expenses (123,572 ) (14,441 ) 849 (137,164 ) Time-charter hire expense (74,860 ) (38 ) — (74,898 ) Depreciation and amortization (72,118 ) (1,642 ) — (73,760 ) General and administrative expenses (3) (28,418 ) (1,985 ) — (30,403 ) Gain on sale of vessel 771 — — 771 Restructuring charge (6,468 ) (327 ) — (6,795 ) Income (loss) from operations 193,899 (194 ) — 193,705 Equity income 11,528 — — 11,528 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on actual costs incurred per voyage commencing January 1, 2017 (2016 - based on estimated costs of approximately $25,000 per voyage). (2) Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of (loss) income. (3) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). |
Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets | A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at As at Conventional Tanker 2,089,099 1,828,550 Ship-to-Ship Transfer 36,810 41,663 Cash and cash equivalents 71,439 94,157 Total assets 2,197,348 1,964,370 |
Investments in and advances t35
Investments in and advances to Equity Accounted Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Equity Accounted Investments | Year Ended December 31, 2017 2016 High-Q Joint Venture 24,546 22,025 Tanker Investments Ltd. — 47,710 Gemini Tankers L.L.C. 914 916 Total 25,460 70,651 A condensed summary of the Company’s financial information for equity accounted investments ( 11.3% to 50.0% owned) shown on a 100% basis are as follows: As at December 31, 2017 2016 Cash and cash equivalents 2,231 38,987 Other current assets 4,774 18,760 Vessels and equipment 83,417 815,961 Other non-current assets — 20,558 Current portion of long-term debt 5,616 43,677 Other current liabilities 572 10,442 Long-term debt 36,645 367,201 Other non-current liabilities 19,207 25,540 Year Ended December 31, 2017 2016 2015 Revenues 107,691 169,631 234,398 Income from operations 11,640 62,998 112,542 Realized and unrealized gain (loss) on derivative instruments 26 (244 ) (689 ) Net (loss) income (8,967 ) 39,536 85,647 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Year Ended December 31, 2017 2016 Voyage and vessel 19,404 16,341 Corporate accruals 1,244 1,233 Interest and dividends 3,984 2,527 Payroll and benefits (note 14h) 9,976 8,562 Total 34,608 28,663 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Year Ended December 31, 2017 2016 Revolving credit facilities due through 2022 539,735 466,195 Term loans due through 2021 423,512 475,466 Total principal 963,247 941,661 Less: unamortized discount and debt issuance costs (10,945 ) (8,645 ) Total debt 952,302 933,016 Less: current portion (166,745 ) (171,019 ) Non-current portion of long-term debt 785,557 761,997 |
Leases and Restricted Cash (Tab
Leases and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Capital Lease Obligations | Capital Lease Obligations As at December 31, 2017 $ Total obligations related to capital leases 148,908 Less: current portion (7,227 ) Long-term obligations related to capital leases 141,681 |
Schedule of Future Minimum Lease Payments for Capital Leases | As at December 31, 2017 , the remaining commitments under the four capital leases for Suezmax tankers was approximately $218.1 million , including imputed interest of $69.2 million , repayable from 2018 through 2029, as indicated below: Year Commitment 2018 $ 16,237 2019 $ 16,236 2020 $ 16,279 2021 $ 16,233 2022 $ 16,232 Thereafter $ 136,846 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Positions | As at December 31, 2017 , the Company was committed to the following interest rate swap agreements: Interest Rate Index Notional Amount Fair Value / Remaining Fixed Interest (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 138,844 1,258 3.0 1.46% U.S. Dollar-denominated interest rate swaps LIBOR 150,000 2,548 3.0 1.55% U.S. Dollar-denominated interest rate swaps LIBOR 50,000 1,436 3.0 1.16% (1) Excludes the margin the Company pays on its variable-rate debt, which, as of December 31, 2017 ranged from 0.30% to 2.75% . (2) Notional amount reduces quarterly. |
Schedule of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Accrued liabilities Current portion of derivative liabilities As at December 31, 2017 Interest rate swap agreements 1,016 4,226 (39 ) — 1,016 4,226 (39 ) — As at December 31, 2016 Interest rate swap agreements — 4,251 (254 ) (1,108 ) Stock purchase warrant — 287 — — Time-charter swap agreement 875 — (667 ) — 875 4,538 (921 ) (1,108 ) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Realized and unrealized gains (losses) relating to interest rate swaps, stock purchase warrant, the time-charter swap and FFAs are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income as follows: Year Ended Year Ended Year Ended Realized gains (losses) relating to: Interest rate swaps agreements (994 ) (12,797 ) (9,790 ) Stock purchase warrant — — — Time-charter swap agreement 1,106 2,154 — Forward freight agreements 270 — — 382 (10,643 ) (9,790 ) Unrealized gains (losses) relating to: Interest rate swaps agreements 2,099 13,681 7,686 Stock purchase warrant (287 ) (4,877 ) 507 Time-charter swap agreement (875 ) 875 — 937 9,679 8,193 Total realized and unrealized gain (loss) on derivatives 1,319 (964 ) (1,597 ) |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Freight Tax Expenses (Recovery) Recorded in Other Long-Term Liabilities | The following is a roll-forward of the Company’s freight tax liabilities which are recorded in its consolidated balance sheets in other long-term liabilities, from January 1, 2016 to December 31, 2017 : Year Ended December 31, 2017 2016 Balance of unrecognized tax benefits as at January 1 12,882 7,597 Increases related to the TIL merger (note 22) 8,528 — Increases for positions related to the current year 1,910 6,777 Changes for positions taken in prior years 3,641 (800 ) Decreases related to statute of limitations (907 ) (692 ) Balance of unrecognized tax benefits as at December 31 26,054 12,882 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Changes in Fair Value of Stock Purchase Warrant | Changes in fair value during the years ended December 31, 2017 and 2016 for the TIL stock purchase warrant are as follows: Year Ended Year Ended Fair value at the beginning of the year 287 5,164 Unrealized loss included in earnings (287 ) (4,877 ) Fair value at the end of the year — 287 Changes in fair value during the years ended December 31, 2017 and 2016 for the Company's time-charter swap agreement, which is described below and was measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended Year Ended Fair value asset - beginning of the year 875 — Settlements (1,106 ) (2,154 ) Realized and unrealized gain 231 3,029 Fair value asset - at the end of the year — 875 |
Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis | The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value. December 31, 2017 December 31, 2016 Fair Value Hierarchy Level Carrying Amount Asset/ (Liability) Fair Value Asset/ (Liability) Carrying Amount Asset/ (Liability) Fair Value Asset/ (Liability) Recurring: Cash and cash equivalents and restricted cash Level 1 75,710 75,710 94,907 94,907 Derivative instruments ( note 10 ) Interest rate swap agreements (1) Level 2 5,242 5,242 3,143 3,143 Time-charter swap agreement (1) Level 3 — — 875 875 Stock purchase warrant Level 3 — — 287 287 Non-recurring: Vessels held for sale (note 19) Level 2 — — 33,802 33,802 Other: Advances to equity accounted investments Note (2) 9,930 Note (2) 10,480 Note (2) Long-term debt, including current portion Level 2 (952,302 ) (946,105 ) (933,016 ) (923,306 ) Obligations related to capital leases, including current portion Level 2 (148,908 ) (147,401 ) (1) The fair value of the Company's interest rate swap agreements and time-charter swap agreement at December 31, 2017 and 2016 exclude accrued interest expense which is recorded in accrued liabilities in these consolidated financial statements. (2) The advances to equity accounted investments together with the Company’s investments in the equity accounted investments form the net aggregate carrying value of the Company’s interests in the equity accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Stock Option Information | A summary of the Company’s stock option information for the years ended December 31, 2017 , 2016 , and 2015 is as follows: December 31, 2017 December 31, 2016 December 31, 2015 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 822,345 3.99 321,609 4.39 263,175 4.16 Granted 882,741 2.23 500,736 3.74 58,434 5.39 Forfeited / expired (34,781 ) 2.23 — — — — Outstanding - end of year 1,670,305 3.10 822,345 3.99 321,609 4.39 Exercisable - end of year 1,055,250 3.34 530,034 3.97 188,920 4.13 |
Summary of Non-Vested Stock Option Activity and Related Information | A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2017 , 2016 and 2015 is as follows: December 31, 2017 December 31, 2016 December 31, 2015 Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Outstanding non-vested stock options - beginning of year 292,311 4.02 132,689 4.75 110,829 4.25 Granted 486,329 2.23 216,043 3.74 58,434 5.39 Vested (128,804 ) 4.14 (56,421 ) 4.64 (36,574 ) 4.25 Forfeited / expired (34,781 ) 2.23 — — — — Outstanding non-vested stock options - end of year 615,055 2.68 292,311 4.02 132,689 4.75 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows: Year Ended December 31, 2017 2016 2015 Time-charter revenues (i) — 5,404 392 RSA pool management fees and commissions (ii) (2,799 ) (9,813 ) (10,445 ) Commercial management fees (iii) (1,187 ) (1,870 ) (1,236 ) Vessel operating expenses - technical management fee (iv) (8,775 ) (9,155 ) (7,039 ) Strategic and administrative service fees (v ) (21,185 ) (10,122 ) (8,356 ) Secondment fees (vi) (382 ) — — Lay-up services revenues (vii) 33 302 — LNG terminal services revenues (viii) 388 70 — Technical management fee revenue (ix) 7,666 — — Service revenues (x) 1,939 — — Entities under Common Control (note 3) Time-charter revenues (xi) — — 4,558 RSA pool management fees and commissions (ii) 2,799 9,813 10,445 Commercial management fees (iii) 1,187 1,870 1,236 Vessel operating expenses - technical management fee (iv) — — (430 ) Strategic and administrative service fees (v) (7,026 ) (15,508 ) (14,701 ) Secondment fees (vi) (248 ) (644 ) (675 ) Technical management fee revenues (ix) 4,890 11,742 10,413 Service revenues (x) 1,772 5,482 4,023 i In December 2015, immediately after the completion of the 2015 Acquired Business, the Company chartered-out the Navigator Spirit to Teekay under a fixed-rate time-charter contract, which was due to expire in July 2016. On May 18, 2016, the contract was transferred to the Americas Spirit , which subsequently expired on July 15, 2016. ii. The Company’s share of TTOL’s fees for revenue sharing arrangements are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of (loss) income. The Company acquired the remaining 50% interest in TTOL on May 31, 2017 (notes 3 and note 6c). Subsequent to the acquisition, the Company's share of TTOL's fees has been eliminated. iii. The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels are not included in the revenue sharing arrangement, which are reflected in voyage expenses on the Company’s consolidated statements of (loss) income. Subsequent to the Company's acquisition of the remaining 50% interest in TTOL, the Company's share of the Manager's commercial management fees has been eliminated. iv. The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company’s consolidated statements of (loss) income. v. The Manager’s strategic and administrative service fees have been presented in general and administrative fees on the Company’s consolidated statements of (loss) income. The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan described in note 13) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee. vi. The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses on the Company's consolidated statements of (loss) income. vii. The Company recorded revenue of $0.3 million for the year ended December 31, 2016 to provide lay-up services to Teekay for two of its in-chartered vessels. viii. In November 2016, the Company's ship-to-ship transfer business signed an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly owned by Teekay LNG Partners L.P. (or TGP ), for the Bahrain LNG Import Terminal. The terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly owned by TGP, has a 30% interest. ix. The Company receives reimbursements from Teekay who subcontracts technical management services from the Manager. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of (loss) income. x. The Company recorded revenue of $ 1.9 million for the year ended December 31, 2017 relating to TTOL's administration of certain revenue sharing arrangements and provision of certain commercial services to participants in the arrangements. The Company also recorded revenue of $1.8 million , $5.5 million and $4.0 million for the years ended December 31, 2017, 2016, and 2015, respectively, associated with the Entities under Common Control. xi. The Company recorded $4.6 million related to a time-charter out contract for the Explorer Spirit for the years ended December 31, 2015 , associated with the Entities under Common Control. The vessel was under a fixed-rate time-charter contract with SPT which expired in September 2015. |
Other Expense (Tables)
Other Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Summary of Other Expense | Year Ended December 31, 2017 2016 2015 Income tax expense (5,330 ) (7,511 ) (3,406 ) Foreign exchange gain 79 1,413 613 Other income 250 120 50 Total (5,001 ) (5,978 ) (2,743 ) |
Supplemental Cash Flow Inform45
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Changes in Non-cash Working Capital Items Related to Operating Activities | The changes in non-cash working capital items related to operating activities for the years ended December 31, 2017 , 2016 , and 2015 are as follows: Year Ended December 31, 2017 2016 2015 Accounts receivable 14,353 (108 ) (5,765 ) Pool receivables from affiliates 16,193 38,137 (27,448 ) Due from affiliates 17,562 18,371 32,801 Prepaid expenses and other current assets 8,767 2,313 (6,267 ) Accounts payable and accrued liabilities (13,996 ) (26,821 ) 27,473 Due to affiliates (32,641 ) (3,606 ) (12,735 ) Deferred revenue (3,898 ) 1,718 2,039 Other (599 ) — (8,443 ) Change in operating assets and liabilities 5,741 30,004 1,655 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) Per Share | The net (loss) income available for common shareholders and (loss) earnings per common share presented in the table below excludes the results of operations of the Entities under Common Control which were purchased solely with cash (note 3). Year Ended December 31, 2017 2016 2015 Net (loss) income (58,023 ) 67,823 183,626 Less: Net income attributable to the Entities under Common Control (1) — — (2,708 ) Net (loss) income available for common shareholders (58,023 ) 67,823 180,918 Weighted-average number of common shares - basic (2) 187,235,377 170,098,572 143,911,452 Dilutive effect of stock-based awards — 242,067 581,481 Weighted average number of common shares - diluted (2) 187,235,377 170,340,639 144,492,933 (Loss) earnings per common share: - Basic (0.31 ) 0.40 1.26 - Diluted (0.31 ) 0.40 1.25 (1) Includes net income of the 2015 Acquired Business of $2.7 million for the year ended December 31, 2015. (2) The weighted-average number of common shares outstanding for periods prior to May 2017 has been retroactively adjusted to include the approximately 13.8 million shares of the Company's Class B common stock issued to Teekay as consideration for the acquisition of 50% of TTOL in May 2017. |
Acquisition of SPT (Tables)
Acquisition of SPT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final estimates of fair values of the SPT assets acquired and liabilities assumed by the Company on the acquisition date. The acquisition of SPT was accounted for using the acquisition method of accounting, based upon estimates of fair value at the acquisition date as finalized in the final purchase price allocation in the first quarter of 2016. Such estimates of fair value resulted in an increase in goodwill of $8.1 million and a decrease in intangible assets by $8.4 million from preliminary estimates. Such changes did not have a material impact to the Company's consolidated statements of (loss) income for 2016. As at July 31, 2015 $ ASSETS Cash, cash equivalents and short-term restricted cash 1,292 Accounts receivable 10,332 Prepaid expenses and other current assets 3,763 Vessels and equipment 6,475 Other assets 143 Intangible assets subject to amortization Customer relationships (1) 17,901 Customer contracts (1) 4,599 Goodwill (2) 8,059 Total assets acquired 52,564 LIABILITIES Accounts payable (3,650 ) Accrued liabilities (3,276 ) Total liabilities assumed (6,926 ) Net assets acquired (3) 45,638 (1) The customer relationships and customer contracts are being amortized over a weighted average amortization period of 10 years and 7.6 years , respectively. As at December 31, 2017 , the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million , $8.0 million and $14.5 million (2016 - $22.5 million , $4.8 million and $17.7 million ; 2015 - $30.9 million , $1.3 million and $29.6 million ), respectively. Amortization of intangible assets for the five fiscal years subsequent to 2017 is expected to be $2.9 million (2018), $2.2 million (2019), $2.0 million (2020), $1.8 million (2021), $1.6 million (2022) and $4.0 million (thereafter). (2) Goodwill recognized from this acquisition attributed $1.9 million to the Company's conventional tanker segment and $6.2 million to the Company's ship-to-ship transfer segment. (3) Prior to the SPT acquisition date, SPT had in-chartered the Explorer Spirit (formerly known as the SPT Explorer ) from Teekay, which was acquired by the Company in December 2015. Retroactively adjusting the Company’s consolidated financial statements for the acquisition of the Explorer Spirit has resulted in $1.4 million of the SPT acquisition purchase price being characterized as the settlement of a pre-existing relationship. Such amount was accounted for as a reduction to revenue on the SPT acquisition date. |
Consolidated Pro forma Financial Information | The following table provides comparative summarized consolidated pro forma financial information for the Company for the year ended December 31, 2015, giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2015: Unaudited Pro Forma Year ended December 31, 2015 $ Revenues 570,381 Net income 178,266 Earnings per common share: Basic 1.33 Diluted 1.33 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2017contractvessel | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 27, 2017 | May 31, 2017 | Aug. 31, 2014 | |
Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 100.00% | ||||||
Vessels and equipment, useful life | 25 years | ||||||
Depreciation of vessels and equipment excluding amortization of dry-docking expenditure | $ | $ 80.1 | $ 81.5 | $ 59.5 | ||||
Minimum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 11.30% | ||||||
Maximum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 50.00% | ||||||
High-Q Joint Venture | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of vessels | 1 | ||||||
Ownership percentage | 50.00% | ||||||
TIL | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 11.30% | ||||||
Charters In | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of vessels | 1 | ||||||
Company's Fleet | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of vessels | 58 | ||||||
Dry-Docking Activity | Minimum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Vessels and equipment, useful life | 2 years 6 months | ||||||
Dry-Docking Activity | Maximum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Vessels and equipment, useful life | 5 years | ||||||
IPO | Aframax Tankers | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of vessels | 9 | ||||||
Teekay Tanker Operations Ltd | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Teekay Tanker Operations Ltd | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Capital Lease | Suezmax Tankers | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of vessels | 4 | ||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Variable Interest Entity, Primary Beneficiary | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of sales-lease back financing arrangements | contract | 4 | ||||||
Variable Interest Entity, Primary Beneficiary | Capital Lease | Suezmax Tankers | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of vessels | 4 | ||||||
Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | 50.00% | ||||
Percentage of assets, liabilities and results of business acquired | 100.00% |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Advances to equity accounted investments | $ 9,930 | $ 10,480 |
Other internal metrics | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Advances to equity accounted investments | $ 9,930 | $ 10,480 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Summarizes Change in Capitalized Dry-Docking Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | $ 1,605,372 | ||
Cost incurred for dry docking | 14,069 | $ 8,608 | $ 39,617 |
Balance at the end of the year | 1,737,792 | 1,605,372 | |
Dry-Docking Activity | |||
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | 49,298 | 62,146 | 35,509 |
Cost incurred for dry docking | 16,239 | 9,340 | 39,617 |
Dry-dock amortization | (17,077) | (18,736) | (12,866) |
Vessel sales (note 19) | 0 | (3,452) | (114) |
Balance at the end of the year | $ 48,460 | $ 49,298 | $ 62,146 |
Recent Accounting Pronounceme51
Recent Accounting Pronouncements (Details) - ASU 2016-02 - Subsequent Event $ in Millions | Jan. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right-of-use asset | $ 16 |
Lease liability | $ 16 |
Acquisition of Entities under52
Acquisition of Entities under Common Control (Detail) $ / shares in Units, $ in Thousands | May 31, 2017USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 18, 2015USD ($)vessel | May 31, 2017USD ($)$ / sharesshares | Jan. 31, 2017$ / sharesshares | Aug. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2015$ / shares | Jul. 31, 2015$ / shares | Jan. 31, 2015$ / shares |
Business Acquisition [Line Items] | |||||||||||||
Purchase price of acquisition | $ 0 | $ 0 | $ 31,870 | ||||||||||
Revenues | 431,178 | 550,543 | 534,681 | ||||||||||
Net (loss) income | (58,023) | 67,823 | 183,626 | ||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 2,155,172 | ||||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 2.32 | $ 6.65 | $ 6.99 | $ 4.57 | |||||||||
Cash from investing activities | (78,780) | (21,824) | 880,881 | ||||||||||
Cash from financing activities | 181,138 | 290,853 | (647,678) | ||||||||||
Entities Under Common Control | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net (loss) income | 1,304 | 4,968 | 6,699 | ||||||||||
Class B | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate amount of shares issued at market price | 45,500 | ||||||||||||
SPT Explorer LLC and Navigator Spirit LLC | Entities Under Common Control | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of vessels | vessel | 2 | ||||||||||||
Purchase price of acquisition | $ 39,000 | ||||||||||||
Revenues | 9,800 | ||||||||||||
Net (loss) income | 0 | 0 | 2,708 | ||||||||||
Teekay Tanker Operations Ltd | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 1.88 | $ 1.88 | |||||||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||||||||
Purchase price of acquisition | $ 39,000 | ||||||||||||
Revenues | 8,600 | 23,600 | 20,500 | ||||||||||
Net (loss) income | $ 1,300 | 5,000 | 4,000 | ||||||||||
Percentage of assets, liabilities and results of business acquired | 100.00% | 100.00% | |||||||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | Working Capital | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price of acquisition | $ 13,100 | $ 6,700 | |||||||||||
Teekay Tanker Operations Ltd | Class B | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 13,775,224 | ||||||||||||
Purchase price consideration | 25,900 | $ 25,900 | |||||||||||
Teekay Offshore | SPT Explorer LLC and Navigator Spirit LLC | Entities Under Common Control | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of vessels | vessel | 2 | ||||||||||||
Assumption of outstanding debt | $ 49,600 | ||||||||||||
Amount paid to acquire business | 30,400 | $ 8,600 | |||||||||||
Net assets acquired | $ 25,000 | $ 25,000 | |||||||||||
Teekay Offshore | SPT Explorer LLC and Navigator Spirit LLC | Entities Under Common Control | Working Capital | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price of acquisition | 8,600 | ||||||||||||
Teekay Corporation | SPT Explorer LLC and Navigator Spirit LLC | Entities Under Common Control | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amount to terminate time charters | 2,900 | ||||||||||||
Contractual amount | $ 1,500 | ||||||||||||
Return of capital from equity accounted investments | $ 14,000 | ||||||||||||
Teekay Corporation | Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||
Purchase price of acquisition | 39,000 | $ 23,700 | |||||||||||
Net assets acquired | 13,300 | $ 13,300 | |||||||||||
Return of capital from equity accounted investments | 25,700 | ||||||||||||
Cash from investing activities | 15,000 | ||||||||||||
Cash from financing activities | $ 15,000 | ||||||||||||
Teekay Corporation | Teekay Tanker Operations Ltd | Entities Under Common Control | Working Capital | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price of acquisition | $ 13,100 | ||||||||||||
Teekay Corporation | Teekay Tanker Operations Ltd | Class B | Entities Under Common Control | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 13,800,000 | 4,220,945 | |||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 4.03 | ||||||||||||
Aggregate amount of shares issued at market price | $ 17,000 | ||||||||||||
Teekay Corporation | Estimate of Fair Value Measurement | Teekay Tanker Operations Ltd | Class B | Entities Under Common Control | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price consideration | $ 15,600 | ||||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 3.70 |
Public Offerings and Private 53
Public Offerings and Private Placements - Summary of Issuances of Common Shares (Detail) $ / shares in Units, $ in Thousands | Nov. 27, 2017USD ($)vessel$ / sharesshares | May 31, 2017USD ($)$ / sharesshares | Jan. 02, 2015USD ($)shares | Nov. 30, 2017USD ($)$ / sharesshares | May 31, 2017USD ($)$ / sharesshares | Jan. 31, 2017USD ($)$ / sharesshares | Nov. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Aug. 31, 2015USD ($)vessel$ / sharesshares | Jul. 31, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($) | Jan. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014shares | Aug. 31, 2014USD ($)$ / sharesshares | Oct. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)vessel$ / sharesshares |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 2,155,172 | |||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 2.32 | $ 6.65 | $ 6.99 | $ 4.57 | ||||||||||||||
Gross Proceeds | $ 5,000 | $ 5,000 | $ 0 | $ 0 | ||||||||||||||
Net Proceeds | 5,000 | |||||||||||||||||
Proceeds from equity offerings, net of offering costs | 8,521 | 7,558 | 242,264 | |||||||||||||||
Class B | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Aggregate amount of shares issued at market price | 45,500 | |||||||||||||||||
Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Aggregate amount of shares issued at market price | $ 13,521 | $ 7,558 | $ 246,032 | |||||||||||||||
Continuous Offering | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 3,800,000 | 3,020,000 | ||||||||||||||||
Gross Proceeds | $ 8,826 | $ 7,747 | ||||||||||||||||
Net Proceeds | $ 8,521 | $ 7,558 | ||||||||||||||||
Continuous Offering | Minimum | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 2.26 | $ 2.38 | $ 6.04 | |||||||||||||||
Continuous Offering | Maximum | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 2.41 | $ 2.75 | $ 7.70 | |||||||||||||||
Continuous Offering | Maximum | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Aggregate amount of shares issued at market price | $ 80,000 | $ 80,000 | $ 80,000 | $ 80,000 | ||||||||||||||
Over-Allotment Option | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Grant period for option to purchase common shares | 30 days | |||||||||||||||||
Proceeds from equity offerings, net of offering costs | $ 13,700 | |||||||||||||||||
Over-Allotment Option | Maximum | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 3,000,000 | 3,000,000 | ||||||||||||||||
Ship to Ship Transfer Business | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Gross Proceeds | $ 45,500 | |||||||||||||||||
Net Proceeds | $ 45,500 | |||||||||||||||||
Ship to Ship Transfer Business | Class B | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 6,511,812 | |||||||||||||||||
TIL | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 1.70 | |||||||||||||||||
Gross Proceeds | $ 151,300 | $ 151,262 | ||||||||||||||||
Net Proceeds | $ 151,262 | |||||||||||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ / shares | $ 1.7 | |||||||||||||||||
Percentage of voting interests acquired | 88.70% | |||||||||||||||||
TIL | Suezmax Tankers | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of vessels | vessel | 10 | |||||||||||||||||
TIL | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 88,977,544 | 88,977,544 | ||||||||||||||||
Purchase price consideration | $ 151,300 | $ 151,300 | ||||||||||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ / shares | $ 1.70 | $ 1.70 | ||||||||||||||||
Principal Maritime Tankers | Suezmax Tankers | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of vessels | vessel | 12 | 12 | ||||||||||||||||
Principal Maritime Tankers | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 7,200,000 | 7,200,000 | ||||||||||||||||
Number of common shares issued, non cash consideration | $ 49,300 | $ 49,300 | ||||||||||||||||
Principal Maritime Tankers | Public Offering | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 9,100,000 | |||||||||||||||||
TTOL | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 1.88 | $ 1.88 | ||||||||||||||||
Gross Proceeds | $ 25,897 | |||||||||||||||||
Net Proceeds | $ 25,897 | |||||||||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | ||||||||||||||||
TTOL | Class B | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 13,775,224 | |||||||||||||||||
Purchase price consideration | $ 25,900 | $ 25,900 | ||||||||||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ / shares | $ 1.88 | $ 1.88 | ||||||||||||||||
Conventional Tankers | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 13,630,075 | 3,000,000 | ||||||||||||||||
Gross Proceeds | $ 90,640 | $ 13,716 | ||||||||||||||||
Net Proceeds | $ 90,640 | $ 13,685 | ||||||||||||||||
Conventional Tankers | Continuous Offering | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 13,391,100 | |||||||||||||||||
Gross Proceeds | $ 94,594 | |||||||||||||||||
Net Proceeds | $ 92,439 | |||||||||||||||||
Conventional Tankers | Principal Maritime Tankers | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 7,180,083 | |||||||||||||||||
Gross Proceeds | $ 49,268 | |||||||||||||||||
Net Proceeds | $ 49,268 | |||||||||||||||||
Conventional Tankers | Principal Maritime Tankers | Minimum | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 6.12 | |||||||||||||||||
Conventional Tankers | Principal Maritime Tankers | Maximum | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 7.92 | |||||||||||||||||
Teekay Corporation | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Teekay's Ownership After the Offering | 25.70% | 28.80% | 25.40% | 25.90% | ||||||||||||||
Percentage of voting power held by parent | 54.10% | 52.90% | 53.60% | |||||||||||||||
Teekay Corporation | Private Placement | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 2,155,172 | |||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 2.32 | |||||||||||||||||
Proceeds from equity offerings, net of offering costs | $ 5,000 | |||||||||||||||||
Teekay Corporation | Ship to Ship Transfer Business | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Teekay's Ownership After the Offering | 28.30% | |||||||||||||||||
Teekay Corporation | Ship to Ship Transfer Business | Class B | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 6.99 | |||||||||||||||||
Purchase price consideration | $ 45,500 | |||||||||||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ / shares | $ 6.99 | |||||||||||||||||
Teekay Corporation | TIL | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Teekay's Ownership After the Offering | 24.10% | |||||||||||||||||
Teekay Corporation | TIL | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 8,250,000 | |||||||||||||||||
Teekay Corporation | Principal Maritime Tankers | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 4,500,000 | |||||||||||||||||
Teekay Corporation | Principal Maritime Tankers | Class A | Suezmax Tankers | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 13,600,000 | |||||||||||||||||
Net Proceeds | $ 90,600 | |||||||||||||||||
Teekay Corporation | Principal Maritime Tankers | Private Placement | Class A | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 4,500,000 | |||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 6.65 | |||||||||||||||||
Proceeds from equity offerings, net of offering costs | $ 30,000 | |||||||||||||||||
Teekay Corporation | TTOL | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Teekay's Ownership After the Offering | 31.40% | |||||||||||||||||
Teekay Corporation | Conventional Tankers | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Teekay's Ownership After the Offering | 28.80% | 25.50% | ||||||||||||||||
Teekay Corporation | Conventional Tankers | Principal Maritime Tankers | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Teekay's Ownership After the Offering | 26.20% | |||||||||||||||||
Entities Under Common Control | TTOL | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | ||||||||||||||||
Entities Under Common Control | Teekay Corporation | TTOL | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | 50.00% | |||||||||||||||
Entities Under Common Control | Teekay Corporation | TTOL | Class B | ||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
Number of Common Stock Issued | shares | 13,800,000 | 4,220,945 | ||||||||||||||||
Offering Price (In dollars per share) | $ / shares | $ 4.03 | |||||||||||||||||
Aggregate amount of shares issued at market price | $ 17,000 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Company's Revenue and Income From Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 431,178 | $ 550,543 | $ 534,681 |
Voyage expenses | (77,368) | (53,604) | (18,727) |
Vessel operating expenses | (175,389) | (182,598) | (137,164) |
Time-charter hire expense | (30,661) | (59,647) | (74,898) |
Depreciation and amortization | (100,481) | (104,149) | (73,760) |
General and administrative expenses | (32,879) | (33,199) | (30,403) |
(Loss) gain on sale of vessels | (12,984) | (20,594) | 771 |
Restructuring charge | 0 | 0 | (6,795) |
Income from operations | 1,416 | 96,752 | 193,705 |
Equity income | (25,370) | 7,680 | 11,528 |
Ship-to-Ship Transfer | |||
Segment Reporting Information [Line Items] | |||
Revenues | 39,900 | 37,900 | 17,700 |
Operating Segments | Conventional Tankers | |||
Segment Reporting Information [Line Items] | |||
Revenues | 391,267 | 512,608 | 516,943 |
Voyage expenses | (87,879) | (56,805) | (18,379) |
Vessel operating expenses | (135,740) | (150,100) | (123,572) |
Time-charter hire expense | (25,666) | (57,368) | (74,860) |
Depreciation and amortization | (95,433) | (99,024) | (72,118) |
General and administrative expenses | (29,539) | (29,432) | (28,418) |
(Loss) gain on sale of vessels | (13,034) | (20,926) | 771 |
Restructuring charge | (6,468) | ||
Income from operations | 3,976 | 98,953 | 193,899 |
Equity income | (25,370) | 7,680 | 11,528 |
Operating Segments | Ship-to-Ship Transfer | |||
Segment Reporting Information [Line Items] | |||
Revenues | 50,422 | 41,136 | 18,587 |
Voyage expenses | 0 | 0 | (348) |
Vessel operating expenses | (39,649) | (32,498) | (14,441) |
Time-charter hire expense | (4,995) | (2,279) | (38) |
Depreciation and amortization | (5,048) | (5,125) | (1,642) |
General and administrative expenses | (3,340) | (3,767) | (1,985) |
(Loss) gain on sale of vessels | 50 | 332 | 0 |
Restructuring charge | (327) | ||
Income from operations | (2,560) | (2,201) | (194) |
Equity income | 0 | 0 | 0 |
Inter-segment Adjustment | |||
Segment Reporting Information [Line Items] | |||
Revenues | (10,511) | (3,201) | (849) |
Voyage expenses | 10,511 | 3,201 | 0 |
Vessel operating expenses | 0 | 0 | 849 |
Time-charter hire expense | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
(Loss) gain on sale of vessels | 0 | 0 | 0 |
Restructuring charge | 0 | ||
Income from operations | 0 | 0 | 0 |
Equity income | $ 0 | 0 | $ 0 |
Estimated costs incurred | $ 25 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 71,439 | $ 94,157 | $ 156,520 | $ 187,757 |
Total assets | 2,197,348 | 1,964,370 | ||
Conventional Tankers | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total assets | 2,089,099 | 1,828,550 | ||
Ship-to-Ship Transfer | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total assets | $ 36,810 | $ 41,663 |
Investments in and advances t57
Investments in and advances to Equity Accounted Investments - Schedule of Investments in and Advances to Equity Accounted Investments (Detail) | Nov. 27, 2017$ / sharesshares | May 31, 2017shares | Oct. 31, 2014USD ($)shares | Jan. 31, 2014USD ($)shares | Dec. 31, 2017USD ($)vesselmembershares | Nov. 30, 2017$ / shares | Dec. 31, 2016USD ($) | Oct. 31, 2014kr / shares | Aug. 31, 2014pool |
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in and advances to equity accounted investments | $ 25,460,000 | $ 70,651,000 | |||||||
Ownership percentage | 100.00% | ||||||||
Long term debt | $ 963,247,000 | 941,661,000 | |||||||
Derivative assets (note 10) | $ 4,226,000 | 4,538,000 | |||||||
TIL | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 11.30% | ||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ / shares | $ 1.7 | ||||||||
Business acquisition, number of shares (in shares) | shares | 27,000,000 | 27,000,000 | |||||||
Percentage of voting interests acquired | 88.70% | ||||||||
TIL | Class A | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ / shares | $ 1.70 | $ 1.70 | |||||||
Share exchange (in shares) | shares | 3.3 | ||||||||
Maximum | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 50.00% | ||||||||
High-Q Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Long term debt | $ 42,700,000 | 48,500,000 | |||||||
Percentage of exposure to loan guarantee | 50.00% | ||||||||
TIL | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 11.30% | ||||||||
Investment in equity accounted investment | $ 10,000,000 | $ 25,000,000 | |||||||
Number of board members | member | 1 | ||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | kr / shares | kr 69 | ||||||||
Derivative assets (note 10) | $ 0 | 300,000 | |||||||
TIL | Maximum | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of shares available through exercise of stock purchase warrant (in shares) | shares | 750,000 | ||||||||
TIL | Common Stock | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity number of common stock purchased (in shares) | shares | 900,000 | 2,500,000 | |||||||
TIL | Preferred Stock | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity number of common stock purchased (in shares) | shares | 1 | ||||||||
Teekay Tanker Operations Ltd | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of voting interests acquired | 50.00% | ||||||||
Number of commercially managed tanker pools | pool | 4 | ||||||||
Teekay Tanker Operations Ltd | Teekay Corporation | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Remaining ownership percentage | 50.00% | ||||||||
Joint Venture Interest Rate Derivative | High-Q Joint Venture Partner Wah Kwong | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of exposure to derivative | 50.00% | ||||||||
Joint Venture Interest Rate Derivative | High-Q Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Notional amount | $ 42,700,000 | ||||||||
Interest rate swaps fixed rate | 1.47% | ||||||||
High-Q Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in and advances to equity accounted investments | $ 24,546,000 | 22,025,000 | |||||||
Ownership percentage | 50.00% | ||||||||
Number of vessels | vessel | 1 | ||||||||
TIL | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in and advances to equity accounted investments | $ 0 | 47,710,000 | |||||||
Ownership percentage | 11.30% | ||||||||
Gemini Tankers L.L.C. | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in and advances to equity accounted investments | $ 914,000 | $ 916,000 |
Investments in and advances t58
Investments in and advances to Equity Accounted Investments - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 27, 2017 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 100.00% | |||||||
Purchase price of acquisition | $ 0 | $ 0 | $ 31,870 | |||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 2,155,172 | |||||||
Equity income | $ (25,370) | $ 7,680 | $ 11,528 | |||||
TIL | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 11.30% | |||||||
Teekay Tanker Operations Ltd | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Minimum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 11.30% | |||||||
Maximum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 50.00% | |||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Teekay Tanker Operations Ltd | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Purchase price of acquisition | $ 39,000 | |||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | Teekay Corporation | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | 50.00% | |||||
Purchase price of acquisition | 39,000 | $ 23,700 | ||||||
Working Capital | Teekay Tanker Operations Ltd | Entities Under Common Control | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase price of acquisition | 13,100 | $ 6,700 | ||||||
Working Capital | Teekay Tanker Operations Ltd | Entities Under Common Control | Teekay Corporation | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase price of acquisition | $ 13,100 | |||||||
Class B | Teekay Tanker Operations Ltd | Entities Under Common Control | Teekay Corporation | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 13,800,000 | |||||||
TIL | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Other than Temporary Impairment | $ 28,100 | |||||||
Realized Gain (Loss) on Disposal | $ 1,400 |
Investments in and advances t59
Investments in and advances to Equity Accounted Investments - Summary of the Company’s Financial Information for Equity Accounted Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity accounted investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 107,691 | $ 169,631 | $ 234,398 |
Income from operations | 11,640 | 62,998 | 112,542 |
Realized and unrealized gain (loss) on derivative instruments | 26 | (244) | (689) |
Net (loss) income | (8,967) | 39,536 | $ 85,647 |
Equity accounted investments | Other current assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 4,774 | 18,760 | |
Equity accounted investments | Other non-current assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Non current assets | 0 | 20,558 | |
Equity accounted investments | Other current liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 572 | 10,442 | |
Equity accounted investments | Other non-current liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | 19,207 | 25,540 | |
Equity accounted investments | Vessels and equipment | |||
Schedule of Equity Method Investments [Line Items] | |||
Non current assets | 83,417 | 815,961 | |
Equity accounted investments | Cash and cash equivalents | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 2,231 | 38,987 | |
Current portion of long-term debt | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 5,616 | 43,677 | |
Long-term debt | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | $ 36,645 | $ 367,201 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Voyage and vessel | $ 19,404 | $ 16,341 |
Corporate accruals | 1,244 | 1,233 |
Interest and dividends | 3,984 | 2,527 |
Payroll and benefits (note 14h) | 9,976 | 8,562 |
Total | $ 34,608 | $ 28,663 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total principal | $ 963,247 | $ 941,661 |
Less: unamortized discount and debt issuance costs | (10,945) | (8,645) |
Total debt | 952,302 | 933,016 |
Less: current portion | (166,745) | (171,019) |
Non-current portion of long-term debt | 785,557 | 761,997 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Total principal | 423,512 | 475,466 |
Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Total principal | $ 539,735 | $ 466,195 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)credit_facilityvessel | Jan. 31, 2016USD ($)credit_facility | Dec. 31, 2017USD ($)SecurityLoancredit_facilityvessel | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Total principal | $ 963,247,000 | $ 963,247,000 | $ 941,661,000 | |
Repayments of short-term debt | $ 845,800,000 | |||
Interest at a weighted-average fixed rate | 3.50% | 3.50% | 2.40% | |
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 423,512,000 | $ 423,512,000 | $ 475,466,000 | |
Fixed rate percentage | 5.40% | 5.40% | ||
Secured Debt | Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Debt term | 6 months | |||
Maintain the greater of free cash liquidity | $ 50,000,000 | |||
Minimum liquidity as a percentage of debt | 5.00% | 5.00% | ||
Secured Debt Two | Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Maintain the greater of free cash liquidity | $ 100,000,000 | |||
Minimum liquidity as a percentage of debt | 7.50% | 7.50% | ||
Term Loan Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | SecurityLoan | 2 | |||
Term Loan Due 2021 | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | SecurityLoan | 3 | |||
2017 Revolver | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_facility | 2 | |||
Secured long-term debt facility | $ 270,000,000 | $ 270,000,000 | ||
Repayments of debt | $ 215,800,000 | |||
Collateral, number of vessels | vessel | 14 | 14 | ||
Minimum hull coverage ratios | 125.00% | |||
Actual hull coverage ratio | 191.00% | 191.00% | ||
2017 Revolver | Not Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Debt term | 6 months | |||
Minimum liquidity covenant requirement | $ 35,000,000 | $ 35,000,000 | ||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | 5.00% | ||
2016 Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt facility | $ 894,400,000 | |||
Collateral, number of vessels | vessel | 29 | 29 | ||
Minimum hull coverage ratios | 125.00% | |||
Actual hull coverage ratio | 145.00% | 145.00% | ||
2016 Debt Facility | Not Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Debt term | 6 months | |||
Minimum liquidity covenant requirement | $ 35,000,000 | $ 35,000,000 | ||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | 5.00% | ||
Revolving Credit Facility | Revolving Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 0 | $ 0 | 55,100,000 | |
Remaining Revolving Credit Facilities | Revolving Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 65,600,000 | $ 65,600,000 | $ 72,000,000 | |
Debt term | 6 months | |||
Remaining Secured Debt | Remaining Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_facility | 2 | |||
Remaining Secured Debt | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Collateral, number of vessels | vessel | 6 | 6 | ||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 0.30% | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 2.75% | |||
LIBOR | Minimum | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 0.30% | 0.30% | ||
LIBOR | Maximum | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 2.00% | 2.00% | ||
Secured Debt Two | Minimum | Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Debt term | 6 months | |||
Revolving Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_facility | 3 | |||
Revolving credit facilities borrowing capacity | $ 628,300,000 | $ 628,300,000 | $ 500,500,000 | |
Undrawn amount of revolving credit facility | 88,600,000 | 88,600,000 | 34,300,000 | |
Total principal | $ 539,735,000 | 539,735,000 | $ 466,195,000 | |
Revolving Credit Facilities | Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Maintain the greater of free cash liquidity | $ 50,000,000 | |||
Minimum liquidity as a percentage of debt | 5.00% | 5.00% | ||
Revolving Credit Facilities | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Aggregate annual long-term principal repayments, 2018 | $ 167,200,000 | $ 167,200,000 | ||
Aggregate annual long-term principal repayments, 2019 | 105,700,000 | 105,700,000 | ||
Aggregate annual long-term principal repayments, 2020 | 131,900,000 | 131,900,000 | ||
Aggregate annual long-term principal repayments, 2021 | 402,900,000 | 402,900,000 | ||
Aggregate annual long-term principal repayments, 2022 | $ 155,500,000 | 155,500,000 | ||
Revolving Credit Facilities | 2018 | ||||
Debt Instrument [Line Items] | ||||
Reduction in the total amount available under Revolvers | 89,500,000 | |||
Revolving Credit Facilities | 2019 | ||||
Debt Instrument [Line Items] | ||||
Reduction in the total amount available under Revolvers | 30,200,000 | |||
Revolving Credit Facilities | 2020 | ||||
Debt Instrument [Line Items] | ||||
Reduction in the total amount available under Revolvers | 30,200,000 | |||
Revolving Credit Facilities | 2021 | ||||
Debt Instrument [Line Items] | ||||
Reduction in the total amount available under Revolvers | 322,900,000 | |||
Revolving Credit Facilities | 2022 | ||||
Debt Instrument [Line Items] | ||||
Reduction in the total amount available under Revolvers | $ 155,500,000 | |||
Revolving Credit Facilities | January 2021 | Term Loan | Bridge Loan | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_facility | 2 | |||
Revolving Credit Facilities | Remaining Revolving Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Collateral, number of vessels | vessel | 3 | 3 | ||
Minimum hull coverage ratios | 105.00% | |||
Actual hull coverage ratio | 118.00% | 118.00% | 117.00% | |
Revolving Credit Facilities | LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 0.45% | 0.45% | ||
Revolving Credit Facilities | LIBOR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 2.75% | 2.00% |
Leases and Restricted Cash - Op
Leases and Restricted Cash - Operating Leases (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | |
Operating Leased Assets [Line Items] | ||
Minimum commitment to be incurred by Company, 2018 | $ 11.7 | |
Minimum commitment to be incurred by Company, 2019 | 8.3 | |
Minimum commitment to be incurred by Company, 2020 | 8.3 | |
Minimum commitment to be incurred by Company, 2021 | 1.4 | |
Minimum scheduled future revenues to be received by Company | 54.5 | |
Minimum scheduled future revenues to be received by Company in current year | 51.9 | |
Minimum scheduled future revenues to be received by Company in second year | 2.6 | |
Carrying amount of vessels employed on operating leases | 517.9 | $ 471.7 |
Cost of the vessels | 754.2 | 683.2 |
Accumulated depreciation of the vessels | $ 236.3 | $ 211.5 |
Charters In | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 1 | |
Charters In | Commitments | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 4 | |
Charters In | Commitments | Ship-to-ship Support Vessel | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 3 | |
Charters Out | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 16 | |
Charters Out | Time Charter Contract Expiration 2018 | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 15 | |
Charters Out | Time Charter Contract Expiration 2019 | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 1 |
Leases and Restricted Cash - Ad
Leases and Restricted Cash - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2017USD ($)vessel | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Capital Leased Assets [Line Items] | ||||
Proceeds from financing related to sales and leaseback of vessels | $ 153,000,000 | $ 0 | $ 0 | |
Restricted cash | $ 4,300,000 | $ 800,000 | ||
Suezmax Tankers | ||||
Capital Leased Assets [Line Items] | ||||
Actual hull coverage ratio | 105.00% | |||
Capital Lease | ||||
Capital Leased Assets [Line Items] | ||||
Proceeds from financing related to sales and leaseback of vessels | $ 153,000,000 | |||
Capital Lease | Suezmax Tankers | ||||
Capital Leased Assets [Line Items] | ||||
Number of vessels | vessel | 4 | |||
Minimum liquidity covenant requirement | $ 35,000,000 | |||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | |||
Minimum hull coverage ratios | 90.00% | |||
Period required to maintain 90% hull coverage ratio | 3 years | |||
Minimum hull coverage ratios, thereafter | 100.00% | |||
Number of capital leases | vessel | 4 | |||
Commitments under the capital leases | $ 218,100,000 | |||
Imputed interest | $ 69,200,000 | |||
Capital Lease | Minimum | Suezmax Tankers | ||||
Capital Leased Assets [Line Items] | ||||
Debt term | 6 months | |||
Option to Purchase July 2020-2029 | Suezmax Tankers | ||||
Capital Leased Assets [Line Items] | ||||
Number of vessels | vessel | 4 | |||
Variable Interest Entity, Primary Beneficiary | Capital Lease | ||||
Capital Leased Assets [Line Items] | ||||
Sale-leaseback, term of contract | 12 years | |||
Variable Interest Entity, Primary Beneficiary | Capital Lease | Suezmax Tankers | ||||
Capital Leased Assets [Line Items] | ||||
Number of vessels | vessel | 4 |
Leases and Restricted Cash - Ca
Leases and Restricted Cash - Capital Lease Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leased Assets [Line Items] | ||
Less: current portion | $ (7,227) | $ 0 |
Long-term obligations related to capital leases | 141,681 | $ 0 |
Suezmax Tankers | ||
Capital Leased Assets [Line Items] | ||
Total obligations related to capital leases | 148,908 | |
Less: current portion | (7,227) | |
Long-term obligations related to capital leases | $ 141,681 |
Leases and Restricted Cash - Fu
Leases and Restricted Cash - Future Minimum Lease Payments (Details) - Suezmax Tankers $ in Thousands | Dec. 31, 2017USD ($) |
Year | |
2,018 | $ 16,237 |
2,019 | 16,236 |
2,020 | 16,279 |
2,021 | 16,233 |
2,022 | 16,232 |
Thereafter | $ 136,846 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | Jun. 01, 2016USD ($)vessel | Dec. 31, 2017shares | Mar. 31, 2016USD ($)agreement | Feb. 29, 2016USD ($)agreement | Jan. 31, 2014shares |
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives held | agreement | 9 | ||||
Interest Rate Swap, October 2016 Through December 2020 | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives held | agreement | 4 | ||||
Notional amount | $ | $ 50,000,000 | ||||
Interest rate swaps fixed rate | 1.462% | ||||
Interest Rate Swap, Q1 2016 Through January 2021 | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives held | agreement | 5 | ||||
Interest Rate Swap, Q1 2016 Through January 2021, $75 Million Notional Amount | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives held | agreement | 1 | ||||
Notional amount | $ | $ 75,000,000 | ||||
Interest rate swaps fixed rate | 1.549% | ||||
Interest Rate Swap, Q1 2016 Through January 2021, $50 Million Notional Amount | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives held | agreement | 1 | ||||
Notional amount | $ | $ 50,000,000 | ||||
Interest rate swaps fixed rate | 1.155% | ||||
Interest Rate Swap, Q1 2016 Through January 2021, $25 Million Notional Amount | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives held | agreement | 3 | ||||
Notional amount | $ | $ 25,000,000 | ||||
Interest rate swaps fixed rate | 1.549% | ||||
Time-charter Swap | |||||
Derivative [Line Items] | |||||
Aframax equivalent vessel percent | 55.00% | ||||
Aframax equivalent vessel | vessel | 2 | ||||
Daily payments received | $ | $ 27,776 | ||||
Brokerage commission | 1.25% | ||||
Deduction from daily payments made | $ | $ 500 | ||||
Derivative, term of contract | 11 months | ||||
Term of contract extension, counterparty option | 2 months | ||||
TIL | Maximum | |||||
Derivative [Line Items] | |||||
Number of shares available through exercise of stock purchase warrant (in shares) | shares | 750,000 | ||||
TIL | Warrant | |||||
Derivative [Line Items] | |||||
Number of stock purchase warrants (in shares) | shares | 1 | ||||
TIL | Warrant | Maximum | |||||
Derivative [Line Items] | |||||
Number of shares available through exercise of stock purchase warrant (in shares) | shares | 750,000 | 750,000 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Interest Rate Swap Positions (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Minimum | |
Derivative [Line Items] | |
Margin on variable-rate debt | 0.30% |
Maximum | |
Derivative [Line Items] | |
Margin on variable-rate debt | 2.75% |
U.S. Dollar-denominated interest rate swaps one | |
Derivative [Line Items] | |
Notional Amount | $ 138,844,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 1,258,000 |
Remaining Term (years) | 3 years |
Fixed Interest Rate | 1.46% |
U.S. Dollar-denominated interest rate swaps two | |
Derivative [Line Items] | |
Notional Amount | $ 150,000,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 2,548,000 |
Remaining Term (years) | 3 years |
Fixed Interest Rate | 1.55% |
U.S. Dollar-denominated interest rate swaps three | |
Derivative [Line Items] | |
Notional Amount | $ 50,000,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 1,436,000 |
Remaining Term (years) | 3 years |
Fixed Interest Rate | 1.16% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Current portion of derivative assets (note 10) | $ 1,016 | $ 875 |
Accrued liabilities | (34,608) | (28,663) |
Current portion of derivative liabilities | 0 | (1,108) |
Reported Value Measurement | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 10) | 1,016 | 875 |
Derivative assets | 4,226 | 4,538 |
Accrued liabilities | (39) | (921) |
Current portion of derivative liabilities | (1,108) | |
Reported Value Measurement | Interest Rate Swap Agreements | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 10) | 1,016 | |
Derivative assets | 4,226 | 4,251 |
Accrued liabilities | $ (39) | (254) |
Current portion of derivative liabilities | (1,108) | |
Reported Value Measurement | Stock Purchase Warrant | ||
Derivative [Line Items] | ||
Derivative assets | 287 | |
Reported Value Measurement | Time-charter Swap Agreement | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 10) | 875 | |
Accrued liabilities | $ (667) |
Derivative Instruments - Sche70
Derivative Instruments - Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Realized (losses) gains | $ 382 | $ (10,643) | $ (9,790) |
Unrealized gains (losses) | 937 | 9,679 | 8,193 |
Total realized and unrealized gain (loss) on derivatives | 1,319 | (964) | (1,597) |
Interest Rate Swap Agreements | |||
Derivative [Line Items] | |||
Realized (losses) gains | (994) | (12,797) | (9,790) |
Unrealized gains (losses) | 2,099 | 13,681 | 7,686 |
Time-charter Swap Agreement | |||
Derivative [Line Items] | |||
Realized (losses) gains | 1,106 | 2,154 | 0 |
Unrealized gains (losses) | (875) | 875 | 0 |
Forward freight agreements | |||
Derivative [Line Items] | |||
Realized (losses) gains | 270 | 0 | 0 |
Stock Purchase Warrant | |||
Derivative [Line Items] | |||
Realized (losses) gains | 0 | 0 | 0 |
Unrealized gains (losses) | $ (287) | $ (4,877) | $ 507 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Summary of Freight Tax Expenses (Recovery) Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance of unrecognized tax benefits as at January 1 | $ 12,882 | $ 7,597 |
Increases related to the TIL merger (note 22) | 8,528 | 0 |
Increases for positions related to the current year | 1,910 | 6,777 |
Changes for positions taken in prior years | 3,641 | (800) |
Decreases related to statute of limitations | (907) | (692) |
Balance of unrecognized tax benefits as at December 31 | $ 26,054 | $ 12,882 |
Other Long-Term Liabilities - A
Other Long-Term Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | ||
Interest and penalties on freight tax expenses (recoveries) | $ 4.2 | $ 0.8 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)shares | Jun. 01, 2016vessel | Jan. 31, 2014shares | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative assets | $ 4,538,000 | $ 4,226,000 | ||
TIL | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative assets | 300,000 | $ 0 | ||
Maximum | TIL | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Number of shares available through exercise of stock purchase warrant (in shares) | shares | 750,000 | |||
Time-charter Swap | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Aframax equivalent vessel percent | 55.00% | |||
Aframax equivalent vessel | vessel | 2 | |||
Estimated average daily tanker rate | $ 18,000 | |||
Warrant | Maximum | TIL | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Number of shares available through exercise of stock purchase warrant (in shares) | shares | 750,000 | 750,000 | ||
Warrant | TIL | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Volatility rate | 47.83% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Stock Purchase Warrant (Detail) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Time-charter Swap | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair value asset - beginning of the year | $ 875 | $ 0 |
Settlements | (1,106) | (2,154) |
Realized and unrealized gain | 231 | 3,029 |
Fair value asset - at the end of the year | 0 | 875 |
Warrant | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair value asset - beginning of the year | 287 | 5,164 |
Realized and unrealized gain | (287) | (4,877) |
Fair value asset - at the end of the year | $ 0 | $ 287 |
Fair Value Measurements - Sum75
Fair Value Measurements - Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (note 10) | $ 4,226 | $ 4,538 |
Advances to equity accounted investments | 9,930 | 10,480 |
Long-term debt, including current portion | (963,247) | (941,661) |
Reported Value Measurement | Equity accounted investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Advances to equity accounted investments | 9,930 | 10,480 |
Reported Value Measurement | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | (952,302) | (933,016) |
Obligations related to capital leases, including current portion | (148,908) | |
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents and restricted cash | 75,710 | 94,907 |
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 2 | Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 5,242 | 3,143 |
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 3 | Time-charter Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (note 10) | 0 | 875 |
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 3 | Warrant | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (note 10) | 0 | 287 |
Reported Value Measurement | Fair Value, Measurements, Non-recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Vessels held for sale | 0 | 33,802 |
Fair Value Asset/(Liability) | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | (946,105) | (923,306) |
Obligations related to capital leases, including current portion | (147,401) | |
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents and restricted cash | 75,710 | 94,907 |
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 2 | Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 5,242 | 3,143 |
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 3 | Time-charter Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (note 10) | 0 | 875 |
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 3 | Warrant | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (note 10) | 0 | 287 |
Fair Value Asset/(Liability) | Fair Value, Measurements, Non-recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Vessels held for sale | $ 0 | $ 33,802 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017shares | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)vote$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Nov. 30, 2015$ / shares | |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Common stock, shares authorized (in shares) | 385,000,000 | 300,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||
Dividend rate (in dollars per share) | $ / shares | $ 0.12 | |||||
Minimum percentage of common stock | 15.00% | |||||
Conversion basis (in shares) | 1 | |||||
Stock based compensation expense | $ | $ 1,014,000 | $ 872,000 | $ 692,000 | |||
Proceeds from issuance of common stock, net of offering costs (in shares) | 2,155,172 | |||||
Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Unrecognized compensation cost related to non-vested stock options granted | $ | $ 200,000 | 300,000 | 200,000 | 200,000 | ||
Stock based compensation expense | $ | 200,000 | 100,000 | 100,000 | |||
Intrinsic value of outstanding in-the-money stock options | $ | 800,000 | 0 | 0 | 800,000 | ||
Intrinsic value of exercisable stock options | $ | $ 500,000 | $ 0 | $ 0 | $ 500,000 | ||
Weighted-average remaining life of options vested and expected to vest | 8 years 3 months 18 days | 8 years 6 months | 8 years 7 months 6 days | |||
Exercisable stock options with weighted-average remaining life | 8 years | 8 years 3 months 18 days | 8 years 2 months 12 days | |||
Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Restricted stock units vested (in shares) | 300,000 | 400,000 | 400,000 | |||
Market value of restricted stock units | $ | $ 600,000 | $ 1,500,000 | $ 2,300,000 | |||
2007 Long-Term Incentive Plan | Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Weighted-average grant date fair value of stock options granted (in dollars per share) | $ / shares | $ 0.67 | $ 0.87 | $ 1.97 | |||
Expected volatility rate | 50.20% | 51.30% | 49.00% | |||
Expected life | 5 years | 5 years | 5 years | |||
Dividend yield | 5.00% | 7.80% | 2.10% | |||
Risk-free interest rate | 2.10% | 1.20% | 1.40% | |||
General and Administrative Expense | Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Share-based compensation expense recorded in general and administrative expenses | $ | $ 800,000 | $ 1,400,000 | $ 1,400,000 | |||
Non Management Directors | 2007 Long-Term Incentive Plan | Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Grants in period (shares) | 400,000 | 300,000 | 0 | |||
Exercise price of stock options granted (in dollars per share) | $ / shares | $ 2.23 | $ 3.74 | ||||
Term of stock options | 10 years | |||||
Officers and Certain Subsidiaries Employees | 2007 Long-Term Incentive Plan | Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Grants in period (shares) | 500,000 | 200,000 | 58,000 | |||
Exercise price of stock options granted (in dollars per share) | $ / shares | $ 2.23 | $ 3.74 | $ 5.39 | |||
Term of stock options | 10 years | |||||
Vesting period | 3 years | |||||
Officer | 2007 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Subsidiaries Employees | ||||||
Class of Stock [Line Items] | ||||||
Vesting period | 3 years | |||||
Restricted stock units aggregate value, granted (in shares) | $ | $ 800,000 | $ 1,000,000 | $ 1,000,000 | |||
2007 Long-Term Incentive Plan | Officer | Restricted Stock Units (RSUs) | Subsidiaries Employees | ||||||
Class of Stock [Line Items] | ||||||
Common stock, granted (in shares) | 400,000 | 300,000 | 200,000 | |||
Maximum | ||||||
Class of Stock [Line Items] | ||||||
Dividend range under dividend policy | 50.00% | |||||
Minimum | ||||||
Class of Stock [Line Items] | ||||||
Dividend range under dividend policy | 30.00% | |||||
Dividends per quarter (USD per share) | $ / shares | $ 0.03 | |||||
Class A | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized (in shares) | 285,000,000 | 200,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Votes per share owned | vote | 1 | |||||
Common stock, shares issued (in shares) | 231,200,000 | 136,100,000 | ||||
Common stock, shares outstanding (in shares) | 231,200,000 | 136,100,000 | ||||
Class A | Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 200,000 | 200,000 | 200,000 | |||
Class A | General and Administrative Expense | ||||||
Class of Stock [Line Items] | ||||||
Share-based compensation expense recorded in general and administrative expenses | $ | $ 0 | $ 35,000 | $ 300,000 | |||
Class A | Non Management Directors | 2007 Long-Term Incentive Plan | ||||||
Class of Stock [Line Items] | ||||||
Shares issued (in shares) | 0 | 9,358 | 51,948 | |||
Class A | 2007 Long-Term Incentive Plan | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares reserved for issuance upon awards to be granted (in shares) | 4,000,000 | 4,000,000 | ||||
Class B | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Votes per share owned | vote | 5 | |||||
Maximum percentage of voting power | 49.00% | |||||
Common stock, shares issued (in shares) | 37,000,000 | 23,200,000 | ||||
Common stock, shares outstanding (in shares) | 37,000,000 | 23,200,000 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Option Information (Detail) - Stock Option - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options | |||
Outstanding - beginning of year (in shares) | 822,345 | 321,609 | 263,175 |
Granted (in shares) | 882,741 | 500,736 | 58,434 |
Forfeited / expired (in shares) | (34,781) | 0 | 0 |
Outstanding - end of year (in shares) | 1,670,305 | 822,345 | 321,609 |
Exercisable - end of year (in shares) | 1,055,250 | 530,034 | 188,920 |
Weighted-Average Exercise Price ($) | |||
Outstanding - beginning of year (in dollars per share) | $ 3.99 | $ 4.39 | $ 4.16 |
Granted (in dollars per share) | 2.23 | 3.74 | 5.39 |
Forfeited / expired (in dollars per share) | 2.23 | 0 | 0 |
Outstanding - end of year (in dollars per share) | 3.10 | 3.99 | 4.39 |
Exercisable - end of year (in dollars per share) | $ 3.34 | $ 3.97 | $ 4.13 |
Capital Stock - Summary of Non-
Capital Stock - Summary of Non-Vested Stock Option Activity and Related Information (Detail) - Nonvested [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options | |||
Outstanding non-vested stock options - beginning of year (in shares) | 292,311 | 132,689 | 110,829 |
Granted (in shares) | 486,329 | 216,043 | 58,434 |
Vested (in shares) | (128,804) | (56,421) | (36,574) |
Forfeited / expired (in shares) | (34,781) | 0 | 0 |
Outstanding non-vested stock options - end of year (in shares) | 615,055 | 292,311 | 132,689 |
Weighted-Average Grant Date Fair Value | |||
Outstanding non-vested stock options - beginning of year (in dollars per share) | $ 4.02 | $ 4.75 | $ 4.25 |
Granted (in dollars per share) | 2.23 | 3.74 | 5.39 |
Vested (in dollars per share) | 4.14 | 4.64 | 4.25 |
Forfeited / expired (in dollars per share) | 2.23 | 0 | 0 |
Outstanding non-vested stock options - end of year (in dollars per share) | $ 2.68 | $ 4.02 | $ 4.75 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Nov. 27, 2017USD ($)vessel$ / sharesshares | Nov. 30, 2017USD ($)$ / sharesshares | Jan. 31, 2017USD ($)$ / sharesshares | Aug. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares$ / d | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)shares | Nov. 30, 2016 | Jul. 31, 2015$ / shares | Jan. 31, 2015$ / shares | Aug. 31, 2014pool |
Related Party Transaction [Line Items] | |||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 2,155,172 | ||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 2.32 | $ 6.65 | $ 6.99 | $ 4.57 | |||||||
Proceeds from equity offerings, net of offering costs | $ 8,521,000 | $ 7,558,000 | $ 242,264,000 | ||||||||
Reimbursement of Manager's crewing and manning costs | 19,717,000 | 36,299,000 | |||||||||
Working capital advanced to Pool Managers | $ 49,103,000 | 48,714,000 | |||||||||
Minimum threshold for payment of performance fee to Manager (in dollars per share) | $ / shares | $ 3.2 | ||||||||||
Percentage of performance fee payable on Gross Cash Available for Distribution | 20.00% | ||||||||||
Performance fees | $ 0 | 0 | 0 | ||||||||
Percentage of commercial services fee | 1.25% | ||||||||||
Pool receivable from affiliates | $ 15,550,000 | 24,598,000 | |||||||||
Minimum | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fixed amount of management fee chargeable per vessel payable per day | $ / d | 275 | ||||||||||
Maximum | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Fixed amount of management fee chargeable per vessel payable per day | $ / d | 350 | ||||||||||
Teekay Tanker Operations Ltd | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of voting interests acquired | 50.00% | ||||||||||
Number of commercially managed tanker pools | pool | 4 | ||||||||||
Revenue Sharing Arrangements | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Working capital advanced to Pool Managers | $ 45,100,000 | 35,700,000 | |||||||||
RSA Participants | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Pool receivable from affiliates | 15,600,000 | 24,600,000 | |||||||||
Lay-up Services | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 33,000 | $ 302,000 | 0 | ||||||||
Number of vessels | vessel | 2 | ||||||||||
Other Income | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 1,939,000 | $ 0 | 0 | ||||||||
Other Income | Entities Under Common Control | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 1,772,000 | 5,482,000 | 4,023,000 | ||||||||
Technical management fee revenue | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 7,666,000 | 0 | 0 | ||||||||
Payable to Manager | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Reimbursement of Manager's crewing and manning costs | 8,700,000 | 8,600,000 | |||||||||
Vessels Hire | RSA Participants | Aframax Tankers | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Expenses due to hiring vessels | $ 14,100,000 | $ 13,100,000 | $ 2,100,000 | ||||||||
Teekay LNG Operating LLC | Bahrain LNG W.I.L. | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ownership percentage | 30.00% | ||||||||||
Principal Maritime Tankers | Class A | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 7,200,000 | 7,200,000 | |||||||||
Principal Maritime Tankers | Class A | Teekay Corporation | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 4,500,000 | ||||||||||
TIL | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 1.7 | ||||||||||
Percentage of voting interests acquired | 88.70% | ||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 1.70 | ||||||||||
TIL | Aframax Tankers | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of vessels | vessel | 6 | ||||||||||
TIL | Class A | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 88,977,544 | 88,977,544 | |||||||||
Purchase price consideration | $ 151,300,000 | $ 151,300,000 | |||||||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 1.70 | $ 1.70 | |||||||||
TIL | Class A | Teekay Corporation | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 8,250,000 | ||||||||||
Private Placement | Class A | Teekay Corporation | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 2,155,172 | ||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 2.32 | ||||||||||
Proceeds from equity offerings, net of offering costs | $ 5,000,000 | ||||||||||
Private Placement | Principal Maritime Tankers | Class A | Teekay Corporation | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 4,500,000 | ||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 6.65 | ||||||||||
Proceeds from equity offerings, net of offering costs | $ 30,000,000 | ||||||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of voting interests acquired | 50.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
RSA pool management fees and commissions | $ (2,799) | $ (9,813) | $ (10,445) |
Commercial management fees | (1,187) | (1,870) | (1,236) |
Vessel operating expenses | (175,389) | (182,598) | (137,164) |
Strategic and administrative service fees | (21,185) | (10,122) | (8,356) |
Entities Under Common Control | |||
Related Party Transaction [Line Items] | |||
RSA pool management fees and commissions | 2,799 | 9,813 | 10,445 |
Commercial management fees | 1,187 | 1,870 | 1,236 |
Strategic and administrative service fees | (7,026) | (15,508) | (14,701) |
Time-charter | |||
Related Party Transaction [Line Items] | |||
Revenues | 0 | 5,404 | 392 |
Time-charter | Entities Under Common Control | |||
Related Party Transaction [Line Items] | |||
Revenues | 0 | 0 | 4,558 |
Technical management fee | |||
Related Party Transaction [Line Items] | |||
Vessel operating expenses | (8,775) | (9,155) | (7,039) |
Technical management fee | Entities Under Common Control | |||
Related Party Transaction [Line Items] | |||
Revenues | 4,890 | 11,742 | 10,413 |
Vessel operating expenses | 0 | 0 | (430) |
Secondment fees | |||
Related Party Transaction [Line Items] | |||
Strategic and administrative service fees | (382) | 0 | 0 |
Secondment fees | Entities Under Common Control | |||
Related Party Transaction [Line Items] | |||
Strategic and administrative service fees | (248) | (644) | (675) |
Lay-up Services | |||
Related Party Transaction [Line Items] | |||
Revenues | 33 | 302 | 0 |
LNG terminal services | |||
Related Party Transaction [Line Items] | |||
Revenues | 388 | 70 | 0 |
Technical management fee revenue | |||
Related Party Transaction [Line Items] | |||
Revenues | 7,666 | 0 | 0 |
Service revenue | |||
Related Party Transaction [Line Items] | |||
Revenues | 1,939 | 0 | 0 |
Service revenue | Entities Under Common Control | |||
Related Party Transaction [Line Items] | |||
Revenues | $ 1,772 | $ 5,482 | $ 4,023 |
Other Expense - Summary of Oth
Other Expense - Summary of Other Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Income tax expense | $ (5,330) | $ (7,511) | $ (3,406) |
Foreign exchange gain | 79 | 1,413 | 613 |
Other income | 250 | 120 | 50 |
Total | $ (5,001) | $ (5,978) | $ (2,743) |
Supplemental Cash Flow Inform82
Supplemental Cash Flow Information - Changes in Non-cash Working Capital Items Related to Operating Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | $ 14,353 | $ (108) | $ (5,765) |
Pool receivables from affiliates | 16,193 | 38,137 | (27,448) |
Due from affiliates | 17,562 | 18,371 | 32,801 |
Prepaid expenses and other current assets | 8,767 | 2,313 | (6,267) |
Accounts payable and accrued liabilities | (13,996) | (26,821) | 27,473 |
Due to affiliates | (32,641) | (3,606) | (12,735) |
Deferred revenue | (3,898) | 1,718 | 2,039 |
Other | (599) | 0 | (8,443) |
Change in operating assets and liabilities | $ 5,741 | $ 30,004 | $ 1,655 |
Supplemental Cash Flow Inform83
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 27, 2017 | Nov. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Supplemental Cash Flow Information [Line Items] | ||||||
Cash interest paid including realized losses on the interest rate swap agreements | $ 26,400 | $ 38,500 | $ 22,800 | |||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | 2,155,172 | |||||
TIL | ||||||
Supplemental Cash Flow Information [Line Items] | ||||||
Cash acquired in TIL acquisition | $ 37,600 | $ 30,831 | $ 0 | $ 0 | ||
Transaction costs | $ 6,800 | |||||
TIL | Class A | ||||||
Supplemental Cash Flow Information [Line Items] | ||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | 88,977,544 | 88,977,544 |
(Loss) Earnings Per Share - Sch
(Loss) Earnings Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 31, 2017 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net (loss) income | $ (58,023) | $ 67,823 | $ 183,626 | ||||
Net (loss) income available for common shareholders | $ (58,023) | $ 67,823 | $ 180,918 | ||||
Weighted average number of common shares - basic (in shares) | 187,235,377 | 170,098,572 | 143,911,452 | ||||
Dilutive effect of stock-based awards (in shares) | 0 | 242,067 | 581,481 | ||||
Weighted average number of common shares - diluted (in shares) | 187,235,377 | 170,340,639 | 144,492,933 | ||||
(Loss) earnings per common share: | |||||||
Basic (in dollars per share) | $ (0.31) | $ 0.40 | $ 1.26 | ||||
Diluted (in dollars per share) | $ (0.31) | $ 0.40 | $ 1.25 | ||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 2,155,172 | ||||||
TTOL | |||||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
TTOL | |||||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Class B | TTOL | |||||||
(Loss) earnings per common share: | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 13,775,224 | ||||||
Entities Under Common Control | |||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net (loss) income | $ 1,304 | $ 4,968 | $ 6,699 | ||||
Entities Under Common Control | TTOL | |||||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Entities Under Common Control | SPT Explorer LLC and Navigator Spirit LLC | |||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net (loss) income | 0 | 0 | 2,708 | ||||
Entities Under Common Control | TTOL | |||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net (loss) income | $ 1,300 | $ 5,000 | $ 4,000 | ||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Teekay Corporation | Entities Under Common Control | TTOL | |||||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | 50.00% | ||||
Teekay Corporation | Entities Under Common Control | Class B | TTOL | |||||||
(Loss) earnings per common share: | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 13,800,000 | 4,220,945 |
(Loss) Earnings Per Share - Add
(Loss) Earnings Per Share - Additional Information (Detail) - Class A - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards (in shares) | 14,000 | 0 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards (in shares) | 700,000 | 44,000 |
Vessel Sales and Vessel Acqui86
Vessel Sales and Vessel Acquisitions (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jul. 31, 2017USD ($)vessel | Feb. 28, 2017USD ($) | Jan. 31, 2017USD ($)vesselshares | Nov. 30, 2016USD ($)vessel | Oct. 31, 2016USD ($)vessel | Aug. 31, 2016USD ($) | Nov. 30, 2015USD ($)vessel | Aug. 31, 2015USD ($)vesselshares | Jan. 31, 2015USD ($)shares | Mar. 31, 2017USD ($) | Oct. 31, 2015USD ($)shares | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vesselshares | Jan. 29, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ (12,984) | $ (20,594) | $ 771 | ||||||||||||
Proceeds from financing related to sales and leaseback of vessels | 153,000 | 0 | 0 | ||||||||||||
Aggregate proceeds received | $ 52,131 | 27,550 | $ 11,080 | ||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 2,155,172 | ||||||||||||||
Net proceeds from common stock | $ 5,000 | ||||||||||||||
Principal Maritime Tankers | Class A | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 7,200,000 | 7,200,000 | |||||||||||||
Number of common shares issued, non cash consideration | $ 49,300 | $ 49,300 | |||||||||||||
Principal Maritime Tankers | Class A | Teekay Corporation | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 4,500,000 | ||||||||||||||
Suezmax Tankers | Principal Maritime Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels | vessel | 12 | 12 | |||||||||||||
Number of vessels, acquired | vessel | 12 | ||||||||||||||
Aggregate purchase price | $ 661,300 | ||||||||||||||
Aggregate purchase price, cash | $ 612,000 | ||||||||||||||
Suezmax Tankers | Principal Maritime Tankers | Due January 2016 | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Loan facility, amount | $ 397,200 | ||||||||||||||
Suezmax Tankers | Principal Maritime Tankers | Class A | Teekay Corporation | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 13,600,000 | ||||||||||||||
Net proceeds from common stock | $ 90,600 | ||||||||||||||
Suezmax Tanker 1 | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of tankers sold | vessel | 1 | ||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ (300) | ||||||||||||||
Suezmaxes Tanker 2 | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ (1,500) | ||||||||||||||
Reduction in sales price | $ 1,300 | ||||||||||||||
Aframax Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of tankers sold | vessel | 3 | ||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ (11,200) | ||||||||||||||
MR Tanker 2 | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ (6,600) | ||||||||||||||
Aggregate proceeds received | $ 14,000 | ||||||||||||||
MR Tanker 1 | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ (8,100) | ||||||||||||||
Aggregate proceeds received | 13,200 | ||||||||||||||
Ship-to-ship Support Vessel | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ 300 | ||||||||||||||
Number of vessels sold | vessel | 2 | ||||||||||||||
Proceeds from sale of property, plant, and equipment | $ 400 | ||||||||||||||
Suezmax Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ (6,200) | ||||||||||||||
Aggregate proceeds received | $ 33,800 | ||||||||||||||
Conventional Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of tankers sold | vessel | 1 | ||||||||||||||
(Loss) gain on sale of vessels (note 19) | $ 800 | ||||||||||||||
Aggregate proceeds received | $ 11,200 | ||||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 13,630,075 | 3,000,000 | |||||||||||||
Net proceeds from common stock | $ 90,640 | $ 13,685 | |||||||||||||
Conventional Tankers | Principal Maritime Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 7,180,083 | ||||||||||||||
Net proceeds from common stock | $ 49,268 | ||||||||||||||
Held-for-sale | Conventional Tankers | Suezmax Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels | vessel | 2 | ||||||||||||||
Suezmax Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of tankers sold | vessel | 2 | ||||||||||||||
Suezmax Tankers | Conventional Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels | vessel | 2 | ||||||||||||||
MR Tanker | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of tankers sold | vessel | 2 | ||||||||||||||
MR Tanker 1 | Conventional Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of tankers sold | vessel | 1 | ||||||||||||||
Capital Lease | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 153,000 | ||||||||||||||
Capital Lease | Suezmax Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels | vessel | 4 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | Capital Lease | Suezmax Tankers | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels | vessel | 4 |
Other Revenues and Restructur87
Other Revenues and Restructuring Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Revenue earned | $ 431,178 | $ 550,543 | $ 534,681 | |
Profit sharing revenue | 600 | |||
Amortization of in-process revenue contracts | 1,200 | 4,800 | ||
Restructuring charges | 0 | 0 | 6,795 | |
Special Termination Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4,400 | |||
Reimbursement revenue | 4,400 | |||
Contract Termination | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 2,000 | |||
Teekay Marine Ltd | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Percentage of voting interests acquired | 49.00% | |||
Ship to Ship Transfer Business | Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs related to severance payments made in relation to acquisition | 300 | |||
Ship-to-Ship Transfer | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Revenue earned | 39,900 | 37,900 | 17,700 | |
Ship Management | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Revenue earned | $ 12,900 | $ 13,800 | $ 9,500 |
Acquisition of SPT - Additional
Acquisition of SPT - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 31, 2015USD ($)vessel$ / shares | Jan. 31, 2017$ / sharesshares | Jul. 31, 2015$ / sharesshares | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2015$ / shares | Jan. 31, 2015$ / shares |
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 0 | $ 0 | $ 31,870 | ||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 2,155,172 | ||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 6.99 | $ 2.32 | $ 6.99 | $ 6.65 | $ 4.57 | ||||
Ship to Ship Transfer Business | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 47,300 | ||||||||
Increase of goodwill | $ 8,100 | ||||||||
Decrease in intangible assets | $ 8,400 | ||||||||
Ship to Ship Transfer Business | Class B | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 6,511,812 | ||||||||
Ship to Ship Transfer Business | Teekay Corporation | Class B | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 6.99 | $ 6.99 | |||||||
Ship to Ship Transfer Business | Ship-to-ship Support Vessel | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of vessels | vessel | 6 | ||||||||
Ship to Ship Transfer Business | Time-charter | Aframax Tankers | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of vessels | vessel | 1 | ||||||||
Ship to Ship Transfer Business | Working Capital | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 1,800 |
Acquisition of SPT - Summary of
Acquisition of SPT - Summary of Preliminary Estimates of Fair Values of SPT Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | |||||
Goodwill | $ 8,059 | $ 8,059 | |||
LIABILITIES | |||||
Purchase price of acquisition | 0 | 0 | $ 31,870 | ||
Ship to Ship Transfer Business | |||||
ASSETS | |||||
Cash, cash equivalents and short-term restricted cash | $ 1,292 | ||||
Accounts receivable | 10,332 | ||||
Prepaid expenses and other current assets | 3,763 | ||||
Vessels and equipment | 6,475 | ||||
Other assets | 143 | ||||
Goodwill | 8,059 | ||||
Total assets acquired | 52,564 | ||||
LIABILITIES | |||||
Accounts payable | (3,650) | ||||
Accrued liabilities | (3,276) | ||||
Total liabilities assumed | (6,926) | ||||
Net assets acquired | 45,638 | ||||
Gross carrying amount | $ 30,900 | 22,500 | 22,500 | 30,900 | |
Accumulated amortization | 1,300 | 8,000 | 4,800 | 1,300 | |
Net carrying amount | 29,600 | 14,500 | $ 17,700 | $ 29,600 | |
Amortization expense, 2018 | 2,900 | ||||
Amortization expense, 2019 | 2,200 | ||||
Amortization expense, 2020 | 2,000 | ||||
Amortization expense, 2021 | 1,800 | ||||
Amortization expense, 2022 | 1,600 | ||||
Amortization expense, thereafter | $ 4,000 | ||||
Purchase price of acquisition | 47,300 | ||||
Ship to Ship Transfer Business | Settlement of Preexisting Obligation | |||||
LIABILITIES | |||||
Purchase price of acquisition | $ 1,400 | ||||
Ship-to-Ship Transfer | Conventional Tanker | |||||
ASSETS | |||||
Goodwill | 1,900 | ||||
Ship-to-Ship Transfer | Ship-to-Ship Transfer | |||||
ASSETS | |||||
Goodwill | 6,200 | ||||
Customer Relationships | Ship to Ship Transfer Business | |||||
ASSETS | |||||
Intangible assets subject to amortization | 17,901 | ||||
LIABILITIES | |||||
Amortization period | 10 years | ||||
Customer Contracts | Ship to Ship Transfer Business | |||||
ASSETS | |||||
Intangible assets subject to amortization | $ 4,599 | ||||
LIABILITIES | |||||
Amortization period | 7 years 7 months 6 days |
Acquisition of SPT - Summarized
Acquisition of SPT - Summarized Consolidated Pro forma Financial Information (Detail) - Ship to Ship Transfer Business $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ | $ 570,381 |
Net income | $ | $ 178,266 |
Earnings per common share: | |
Basic (in dollars per share) | $ / shares | $ 1.33 |
Diluted (in dollars per share) | $ / shares | $ 1.33 |
Acquisition of Tanker Investm91
Acquisition of Tanker Investments Ltd. (Details) $ / shares in Units, $ in Thousands | Nov. 27, 2017USD ($)vessel$ / sharesshares | May 31, 2017shares | Nov. 30, 2017USD ($)$ / sharesshares | Jan. 31, 2017USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 2,155,172 | ||||||
Purchase price consideration | $ 5,000 | $ 5,000 | $ 0 | $ 0 | |||
Percentage of voting interests acquired | 100.00% | ||||||
TIL | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, number of shares (in shares) | shares | 27,000,000 | 27,000,000 | |||||
Purchase price consideration | $ 151,300 | $ 151,262 | |||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 1.7 | ||||||
Secured debt | $ 338,900 | ||||||
Assumed long-term debt | 337,100 | ||||||
Transaction costs | $ 6,800 | ||||||
Percentage of voting interests acquired | 11.30% | ||||||
Fair value | $ 19,200 | ||||||
Total acquisition cost | 177,300 | ||||||
Working capital | 47,100 | ||||||
Liabilities, excluding banking debt | 47,100 | ||||||
Vessels | 467,100 | ||||||
Existing time-charter contracts | $ 200 | ||||||
TIL | Suezmax Tankers | |||||||
Business Acquisition [Line Items] | |||||||
Number of vessels | vessel | 10 | ||||||
TIL | Aframax Tankers | |||||||
Business Acquisition [Line Items] | |||||||
Number of vessels | vessel | 6 | ||||||
TIL | Long Range 2 | |||||||
Business Acquisition [Line Items] | |||||||
Number of vessels | vessel | 2 | ||||||
TIL | Vessels | |||||||
Business Acquisition [Line Items] | |||||||
Average age of acquired vessels | 7 years 4 months | ||||||
TIL | Class A | |||||||
Business Acquisition [Line Items] | |||||||
Share exchange (in shares) | shares | 3.3 | ||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 88,977,544 | 88,977,544 | |||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 1.70 | $ 1.70 |
Subsequent Events (Details)
Subsequent Events (Details) shares in Millions | Mar. 21, 2018shares |
2007 Long-Term Incentive Plan | Subsequent Event | Class A | |
Subsequent Event [Line Items] | |
Number of shares authorized (in shares) | 6 |