Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'TK |
Entity Registrant Name | 'TEEKAY CORP |
Entity Central Index Key | '0000911971 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 70,729,399 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
REVENUES | $1,830,085 | $1,980,771 | $1,976,022 |
OPERATING EXPENSES | ' | ' | ' |
Voyage expenses | 112,218 | 138,283 | 176,614 |
Vessel operating expenses | 806,152 | 813,326 | 749,939 |
Time-charter hire expense | 103,646 | 130,739 | 214,179 |
Depreciation and amortization | 431,086 | 455,898 | 428,608 |
General and administrative (note 12) | 140,958 | 144,296 | 173,604 |
Asset impairments (note 18b) | 167,605 | 432,196 | 155,288 |
Loan loss provisions (note 18b) | 748 | 1,886 | 0 |
(Gain) loss on sale of vessels and equipment (note 18a) | -1,995 | 6,975 | -4,229 |
Bargain purchase gain (note 3a) | 0 | 0 | -68,535 |
Goodwill impairment charge (note 6) | 0 | 0 | 36,652 |
Restructuring charges (note 20) | 6,921 | 7,565 | 5,490 |
Total operating expenses | 1,767,339 | 2,131,164 | 1,867,610 |
Income (loss) from vessel operations | 62,746 | -150,393 | 108,412 |
OTHER ITEMS | ' | ' | ' |
Interest expense | -181,396 | -167,615 | -137,604 |
Interest income | 9,708 | 6,159 | 10,078 |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 15) | 18,414 | -80,352 | -342,722 |
Equity income (loss) (notes 18b and 23) | 136,538 | 79,211 | -35,309 |
Foreign exchange (loss) gain (notes 8 and 15) | -13,304 | -12,898 | 12,654 |
Other income (note 14) | 5,646 | 366 | 12,360 |
Net income (loss) before income taxes | 38,352 | -325,522 | -372,131 |
Income tax (expense) recovery (note 21) | -2,872 | 14,406 | -4,290 |
Net income (loss) | 35,480 | -311,116 | -376,421 |
Less: Net (income) loss attributable to non-controlling interests | -150,218 | 150,936 | 17,805 |
Net loss attributable to stockholders of Teekay Corporation | ($114,738) | ($160,180) | ($358,616) |
Per common share of Teekay Corporation (note 19) | ' | ' | ' |
Basic loss attributable to stockholders of Teekay Corporation | ($1.63) | ($2.31) | ($5.11) |
Diluted loss attributable to stockholders of Teekay Corporation | ($1.63) | ($2.31) | ($5.11) |
Cash dividends declared | $1.26 | $1.26 | $1.26 |
Weighted average number of common shares outstanding(note 19) | ' | ' | ' |
Basic | 70,457,968 | 69,263,369 | 70,234,817 |
Diluted | 70,457,968 | 69,263,369 | 70,234,817 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $35,480 | ($311,116) | ($376,421) |
Other comprehensive (loss) income before reclassifications | ' | ' | ' |
Unrealized loss on marketable securities | -2,233 | -1,904 | -4,357 |
Unrealized (loss) gain on qualifying cash flow hedging instruments | -431 | 2,412 | 2,019 |
Pension adjustments, net of taxes | -3,640 | 6,698 | -5,402 |
Foreign exchange gain on currency translation | 740 | 1,144 | 0 |
To other income: | ' | ' | ' |
Impairment of marketable securities | 2,062 | 2,560 | -3,372 |
To general and administrative expenses: | ' | ' | ' |
Realized loss (gain) on qualifying cash flow hedging instruments | 257 | -1,435 | -5,566 |
Settlement of defined benefit pension plan | 974 | 0 | 0 |
Other comprehensive (loss) income | -2,271 | 9,475 | -16,678 |
Comprehensive income (loss) | 33,209 | -301,641 | -393,099 |
Less: Comprehensive (income) loss attributable to non-controlling interests | -150,368 | 150,601 | 18,751 |
Comprehensive loss attributable to stockholders of Teekay Corporation | ($117,159) | ($151,040) | ($374,348) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Cash and cash equivalents (note 8) | $614,660 | $639,491 |
Restricted cash (note 10) | 4,748 | 39,390 |
Accounts receivable, including non-trade of $109,114 (2012 - $83,046) and related party balance of $16,371 (2012 - $9,101) | 528,594 | 491,656 |
Assets held for sale (notes 11 and 18) | 176,247 | 22,364 |
Net investment in direct financing leases (note 9) | 21,545 | 12,303 |
Prepaid expenses and other | 57,158 | 61,549 |
Current portion of loans to equity accounted investees | 37,019 | 139,183 |
Current portion of investment in term loans (note 4) | 211,579 | 117,820 |
Current portion of derivative assets (note 15) | 23,040 | 31,669 |
Total current assets | 1,674,590 | 1,555,425 |
Restricted cash - non-current (note 10) | 497,984 | 494,429 |
Vessels and equipment (note 8) | ' | ' |
At cost, less accumulated depreciation of $2,135,780 (2012 - $1,976,257) | 6,012,940 | 6,004,324 |
Vessels under capital leases, at cost, less accumulated amortization of $152,020 (2012 - $133,228) (note 10) | 571,692 | 624,059 |
Advances on new building contracts (note 16a) | 766,512 | 692,675 |
Total vessels and equipment | 7,351,144 | 7,321,058 |
Net investment in direct financing leases - non-current (note 9) | 705,717 | 424,298 |
Loans to equity accounted investees and joint venture partners, bearing interest between nil to 8% (note 23) | 132,229 | 67,720 |
Derivative assets (note 15) | 69,797 | 148,581 |
Equity accounted investments (note 16b, 18b and 23) | 690,309 | 480,043 |
Investment in term loans (note 4) | 0 | 68,114 |
Other non-current assets | 159,494 | 149,682 |
Intangible assets - net (note 6) | 107,898 | 126,136 |
Goodwill (note 6) | 166,539 | 166,539 |
Total assets | 11,555,701 | 11,002,025 |
Current | ' | ' |
Accounts payable | 98,415 | 111,474 |
Accrued liabilities (notes 7 and 15) | 466,824 | 367,282 |
Liabilities associated with assets held for sale (notes 8, 11 and 18) | 168,007 | 0 |
Current portion of derivative liabilities (note 15) | 143,999 | 115,835 |
Current portion of long-term debt (note 8) | 996,425 | 797,411 |
Current obligation under capital leases (note 10) | 31,668 | 70,272 |
Current portion of in-process revenue contracts | 40,176 | 60,627 |
Total current liabilities | 1,945,514 | 1,522,901 |
Long-term debt, including amounts due to joint venture partners of $13,282 (2012 - $13,282) (note 8) | 5,113,045 | 4,762,303 |
Long-term obligation under capital leases (note 10) | 566,661 | 567,302 |
Derivative liabilities (note 15) | 299,570 | 528,187 |
In-process revenue contracts | 139,676 | 180,964 |
Other long-term liabilities | 271,621 | 220,079 |
Total liabilities | 8,336,087 | 7,781,736 |
Commitments and contingencies (note 8, 9, 10, 15 and 16) | ' | ' |
Redeemable non-controlling interest (note 16d) | 16,564 | 28,815 |
Equity | ' | ' |
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 70,729,399 shares outstanding (2012 - 69,704,188); 71,528,599 shares issued (2012 - 70,203,388) (note 12) | 713,760 | 681,933 |
Retained earnings | 435,217 | 648,224 |
Non-controlling interest | 2,071,262 | 1,876,085 |
Accumulated other comprehensive loss (note 1) | -17,189 | -14,768 |
Total equity | 3,203,050 | 3,191,474 |
Total liabilities and equity | $11,555,701 | $11,002,025 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, non-trade | $109,114 | $83,046 |
Accounts receivable, related party balance | 16,371 | 9,101 |
Accumulated depreciation on vessels and equipment | 2,135,780 | 1,976,257 |
Accumulated amortization on Vessels under capital leases | 152,020 | 133,228 |
Range of interest | 0.25% | 0.31% |
Amounts due to joint venture partners | $13,282 | $13,282 |
Common stock, par value | $0.00 | $0.00 |
Common stock, share authorized | 725,000,000 | 725,000,000 |
Common Stock, share issued | 71,528,599 | 70,203,388 |
Common Stock, share outstanding | 70,729,399 | 69,704,188 |
Minimum [Member] | ' | ' |
Range of interest | 0.00% | 0.00% |
Maximum [Member] | ' | ' |
Range of interest | 8.00% | 8.00% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $35,480 | ($311,116) | ($376,421) |
Non-cash items: | ' | ' | ' |
Depreciation and amortization | 431,086 | 455,898 | 428,608 |
Amortization of in-process revenue contracts (note 6) | -61,700 | -72,933 | -46,436 |
(Gain) loss on sale of vessels and equipment (note 18a) | -1,995 | 6,975 | -4,229 |
Goodwill impairment charge | 0 | 0 | 36,652 |
Write-down of equity accounted investments (note 18b) | 0 | 1,767 | 19,411 |
Asset impairments and loan loss provisions (note 18b) | 168,353 | 434,082 | 155,288 |
Bargain purchase gain (note 3a) | 0 | 0 | -68,535 |
Equity (income) loss, net of dividends received | -121,144 | -65,639 | 31,376 |
Income tax expense (recovery) | 2,872 | -14,406 | 4,290 |
Employee stock option compensation | 7,320 | 9,393 | 16,262 |
Unrealized foreign exchange (gain) loss | -40,241 | 22,137 | -11,614 |
Unrealized (gain) loss on derivative instruments | -113,344 | -40,373 | 70,822 |
Other | -6,082 | 13,383 | -8,314 |
Change in operating assets and liabilities (note 17a) | 64,184 | -115,209 | -84,347 |
Expenditures for dry docking | -72,205 | -35,023 | -55,620 |
Net operating cash flow | 292,584 | 288,936 | 107,193 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of long-term debt (note 8) | 2,467,795 | 1,417,870 | 2,114,879 |
Debt issuance costs | -15,967 | -10,595 | -10,634 |
Scheduled repayments of long-term debt | -695,688 | -266,242 | -449,640 |
Prepayments of long-term debt | -1,017,818 | -1,060,169 | -881,207 |
Repayments of capital lease obligations | -10,315 | -10,161 | -89,145 |
Decrease (increase) in restricted cash (note 10) | 31,776 | -33,592 | 73,105 |
Net proceeds from equity issuances of subsidiaries (note 5) | 446,893 | 496,224 | 631,057 |
Equity contribution by joint venture partner | 4,934 | 86,350 | 0 |
Repurchase of Common Stock (note 12) | -12,000 | 0 | -122,195 |
Distribution from subsidiaries to non-controlling interests | -269,987 | -246,555 | -201,942 |
Cash dividends paid | -90,265 | -83,299 | -93,480 |
Other financing activities | 27,219 | 9,840 | 5,847 |
Net financing cash flow | 866,577 | 299,671 | 976,645 |
INVESTING ACTIVITIES | ' | ' | ' |
Expenditures for vessels and equipment | -753,755 | -523,597 | -755,045 |
Proceeds from sale of vessels and equipment | 47,704 | 250,807 | 33,424 |
Acquisition of FPSO units and Sevan Marine ASA, net of cash acquired (note 3a) | 0 | -92,303 | -322,500 |
Investment in term loans (note 4) | -12,552 | 0 | -70,000 |
Investment in equity accounted investees (note 23) | -157,762 | -183,554 | -38,496 |
Advances to equity accounted investees | -14,466 | -117,235 | -55,156 |
Investment in direct financing lease assets (note 9) | -307,950 | 0 | 0 |
Direct financing lease payments received | 17,289 | 23,307 | 27,608 |
Other investing activities | -2,500 | 1,332 | 8,706 |
Net investing cash flow | -1,183,992 | -641,243 | -1,171,459 |
Decrease in cash and cash equivalents | -24,831 | -52,636 | -87,621 |
Cash and cash equivalents, beginning of the year | 639,491 | 692,127 | 779,748 |
Cash and cash equivalents, end of the year | $614,660 | $639,491 | $692,127 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Total Equity (USD $) | Total | Thousands of Shares of Common Stock Outstanding [Member] | TOTAL EQUITY Common Stock and Additional Paid-in Capital [Member] | TOTAL EQUITY Retained Earnings [Member] | TOTAL EQUITY Accumulated Other Comprehensive Income (Loss) [Member] | TOTAL EQUITY Non-controlling Interest [Member] | Redeemable Non-controlling Interest [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning Balance at Dec. 31, 2010 | $3,332,008 | ' | $672,684 | $1,313,934 | ($8,171) | $1,353,561 | $41,725 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 72,013,000 | ' | ' | ' | ' | ' |
Net (loss) income | -376,421 | ' | ' | -358,616 | ' | -17,805 | ' |
Reclassification of redeemable non-controlling interest in net income | -6,601 | ' | ' | ' | ' | -6,601 | 6,601 |
Other comprehensive income (loss) | -16,678 | ' | ' | ' | -15,732 | -946 | ' |
Dividends declared | -295,431 | ' | ' | -93,489 | ' | -201,942 | -10,019 |
Reinvested dividends | 9 | ' | 9 | ' | ' | ' | ' |
Reinvested dividends, Shares | ' | 1,000 | ' | ' | ' | ' | ' |
Exercise of stock options and other (note 12) | 5,906 | ' | 5,906 | ' | ' | ' | ' |
Exercise of stock options and other, Shares | 363,000 | 641,000 | ' | ' | ' | ' | ' |
Repurchase of Common Stock (note 12) | -122,195 | ' | -33,944 | -88,251 | ' | ' | ' |
Repurchase of Common Stock (note 12), Shares | ' | 3,923,000 | ' | ' | ' | ' | ' |
Employee stock compensation (note 12) | 16,262 | ' | 16,262 | ' | ' | ' | ' |
Dilution gain on public offerings and unit/share issuance of Teekay Offshore, Teekay Tankers and Teekay LNG (note 5) | 124,247 | ' | ' | 124,247 | ' | ' | ' |
Sale of 49% interest of OPCO to Teekay Offshore | ' | ' | ' | -94,843 | ' | 94,843 | ' |
Acquisition of Voyageur FPSO unit (note 3a) | 144,600 | ' | ' | ' | ' | 144,600 | ' |
Additions to non-controlling interest from share and unit issuances of subsidiaries and other | 498,088 | ' | ' | ' | ' | 498,088 | ' |
Ending balance at Dec. 31, 2011 | 3,303,794 | ' | 660,917 | 802,982 | -23,903 | 1,863,798 | 38,307 |
Ending balance, Shares at Dec. 31, 2011 | ' | 68,732,000 | ' | ' | ' | ' | ' |
Net (loss) income | -311,116 | ' | ' | -160,180 | ' | -150,936 | ' |
Reclassification of redeemable non-controlling interest in net income | 4,520 | ' | ' | ' | ' | 4,520 | -4,520 |
Other comprehensive income (loss) | 9,475 | ' | ' | ' | 9,135 | 340 | ' |
Dividends declared | -324,888 | ' | ' | -83,305 | ' | -241,583 | -4,972 |
Reinvested dividends | 6 | ' | 6 | ' | ' | ' | ' |
Reinvested dividends, Shares | ' | 1,000 | ' | ' | ' | ' | ' |
Exercise of stock options and other (note 12) | 11,617 | ' | 11,617 | ' | ' | ' | ' |
Exercise of stock options and other, Shares | 733,000 | 971,000 | ' | ' | ' | ' | ' |
Employee stock compensation (note 12) | 9,393 | ' | 9,393 | ' | ' | ' | ' |
Dilution gain on public offerings and unit/share issuance of Teekay Offshore, Teekay Tankers and Teekay LNG (note 5) | 88,727 | ' | ' | 88,727 | ' | ' | ' |
Additions to non-controlling interest from share and unit issuances of subsidiaries and other | 399,946 | ' | ' | ' | ' | 399,946 | ' |
Ending balance at Dec. 31, 2012 | 3,191,474 | ' | 681,933 | 648,224 | -14,768 | 1,876,085 | 28,815 |
Ending balance, Shares at Dec. 31, 2012 | 69,704,188 | 69,704,188 | ' | ' | ' | ' | ' |
Net (loss) income | 35,480 | ' | ' | -114,738 | ' | 150,218 | ' |
Reclassification of redeemable non-controlling interest in net income | 6,391 | ' | ' | ' | ' | 6,391 | -6,391 |
Other comprehensive income (loss) | -2,271 | ' | ' | ' | -2,421 | 150 | ' |
Dividends declared | -353,414 | ' | ' | -90,273 | ' | -263,141 | -5,860 |
Reinvested dividends | 8 | ' | 8 | ' | ' | ' | ' |
Reinvested dividends, Shares | ' | 1,000 | ' | ' | ' | ' | ' |
Exercise of stock options and other (note 12) | 27,219 | ' | 27,219 | ' | ' | ' | ' |
Exercise of stock options and other, Shares | 1,039,000 | 1,324,000 | ' | ' | ' | ' | ' |
Repurchase of Common Stock (note 12) | -12,000 | ' | -2,722 | -9,278 | ' | ' | ' |
Repurchase of Common Stock (note 12), Shares | ' | 300,000 | ' | ' | ' | ' | ' |
Employee stock compensation (note 12) | 7,322 | ' | 7,322 | ' | ' | ' | ' |
Dilution gain on public offerings and unit/share issuance of Teekay Offshore, Teekay Tankers and Teekay LNG (note 5) | 36,703 | ' | ' | 36,703 | ' | ' | ' |
Excess of purchase price over the carrying value upon acquisition of Variable Interest Entity (note 3a) | -35,421 | ' | ' | -35,421 | ' | ' | ' |
Additions to non-controlling interest from share and unit issuances of subsidiaries and other | 301,559 | ' | ' | ' | ' | 301,559 | ' |
Ending balance at Dec. 31, 2013 | $3,203,050 | ' | $713,760 | $435,217 | ($17,189) | $2,071,262 | $16,564 |
Ending balance, Shares at Dec. 31, 2013 | 70,729,399 | 70,729,399 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Total Equity (Parenthetical) | Dec. 31, 2011 |
Statement Of Stockholders Equity [Abstract] | ' |
Percentage of sale of ownership interest | 49.00% |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||
1 | Summary of Significant Accounting Policies | ||||||||||||||||||||
Basis of presentation | |||||||||||||||||||||
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (or GAAP). They include the accounts of Teekay Corporation (or Teekay), which is incorporated under the laws of The Republic of the Marshall Islands, and its wholly-owned or controlled subsidiaries (collectively, the Company). Significant intercompany balances and transactions have been eliminated upon consolidation. | |||||||||||||||||||||
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 may differ from those estimates. Given the current credit markets, it is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts. | |||||||||||||||||||||
In order to more closely align the Company’s presentation to many of its peers, the cost of ship management activities of $80.9 million related to the Company’s fleet and to services provided to third parties for 2013 have been presented as vessel operating expenses. For 2013, revenues of $23.2 million from ship management activities provided to third parties have been presented in revenues. Prior to 2013, the Company included these amounts in general and administrative expenses. All such costs incurred and revenues recorded in comparative periods have been reclassified from general and administrative expenses to vessel operating expenses and revenues to conform to the presentation adopted in the current period. The amounts reclassified from general and administrative expenses to vessel operating expenses were $83.2 million and $72.3 million for 2012 and 2011, respectively. The amounts reclassified from general and administrative expenses to revenues were $24.5 million and $22.2 million for 2012 and 2011, respectively. | |||||||||||||||||||||
Reporting currency | |||||||||||||||||||||
The consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is the U.S. Dollar because the Company operates in the international shipping market, which typically utilizes the U.S. Dollar as the functional currency. 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 separately in the accompanying consolidated statements of income (loss). | |||||||||||||||||||||
Operating revenues and expenses | |||||||||||||||||||||
The Company recognizes revenues from time-charters and bareboat charters daily over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenue 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 revenue only after meeting the profit sharing or other contingent threshold. 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 and voyages servicing contracts of affreightment, whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. 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. Shuttle tanker voyages servicing contracts of affreightment with offshore oil fields commence with tendering of notice of readiness at a field, within the agreed lifting range, and ends with tendering of notice of readiness at a field for the next lifting. Revenues from floating production, storage and offloading (or FPSO) contracts are recognized as service is performed. Certain of the Company’s FPSO units receive incentive-based revenue, which is recognized when earned by fulfillment of the applicable performance criteria. Revenues and expenses relating to engineering studies are recognized when service is completed, unless the expenses are not recoverable in which case the expenses are recognized as incurred. The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned in subsequent periods. | |||||||||||||||||||||
Revenues and voyage expenses of the Company’s vessels operating in pool arrangements with unrelated parties are pooled with the revenues and voyage expenses of other pool participants. The resulting net pool revenues, calculated on the time-charter-equivalent basis, are allocated to the pool participants according to an agreed formula. The Company accounts for the net allocation from the pool as revenues and amounts due from the pool are included in accounts receivable. | |||||||||||||||||||||
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. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
The Company classifies all highly liquid investments with a maturity date of three months or less at inception as cash equivalents. | |||||||||||||||||||||
Accounts receivable and allowance for doubtful accounts | |||||||||||||||||||||
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 charged off against the allowance when the Company believes that the receivable will not be recovered. There was no significant amounts recorded as allowance for doubtful accounts as at December 31, 2013, 2012, and 2011. | |||||||||||||||||||||
Marketable securities | |||||||||||||||||||||
The Company’s investments in marketable securities are classified as available-for-sale securities and are carried at fair value. Net unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive loss. Realized gains and losses on available-for-sale securities are computed based upon the historical cost of these securities applied using the weighted-average historical cost method. | |||||||||||||||||||||
The Company analyzes its available-for-sale securities for impairment during each reporting period to evaluate whether an event or change in circumstances has occurred in that period that may have a significant adverse effect on the fair value of the investment. The Company records an impairment charge through current-period earnings and adjusts the cost basis for such other-than-temporary declines in fair value when the fair value is not anticipated to recover above cost within a three-month period after the measurement date, unless there are mitigating factors that indicate an impairment charge through earnings may not be required. If an impairment charge is recorded, subsequent recoveries in fair value are not reflected in earnings until sale of the security. | |||||||||||||||||||||
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. | |||||||||||||||||||||
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 for tankers carrying crude oil and refined product, 20 to 25 years for FPSO units, 35 years for liquefied natural gas (or LNG) and 30 years for liquefied petroleum gas (or LPG) carriers, commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for those periods of time. Floating storage and off take (or FSO) units are depreciated over the term of the contract. Depreciation includes depreciation on all owned vessels and amortization of vessels accounted for as capital leases. Depreciation of vessels and equipment, excluding amortization of dry docking expenditures, for the years ended December 31, 2013, 2012, and 2011 aggregated $346.5 million, $364.3 million and $356.0 million, respectively. Amortization of vessels accounted for as capital leases was $22.8 million, $30.1 million and $34.7 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. | |||||||||||||||||||||
Interest costs capitalized to vessels and equipment for the years ended December 31, 2013, 2012, and 2011, aggregated $14.6 million, $34.9 million and $8.1 million, respectively. | |||||||||||||||||||||
Generally, the Company dry docks each tanker and gas carrier 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 their 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, and for annual class survey costs on the Company’s FPSO units. | |||||||||||||||||||||
Dry docking activity for the three years ended December 31, 2013, 2012, and 2011, is summarized as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Balance at the beginning of the year | 100,928 | 128,987 | 143,103 | ||||||||||||||||||
Costs incurred for drydocking | 72,545 | 35,336 | 54,296 | ||||||||||||||||||
Dry-dock amortization | (50,325 | ) | (57,082 | ) | (67,180 | ) | |||||||||||||||
Write down / sale of vessels | (4,954 | ) | (6,313 | ) | (1,232 | ) | |||||||||||||||
Balance at the end of the year | 118,194 | 100,928 | 128,987 | ||||||||||||||||||
Vessels and equipment that are “held and used” 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. The estimated fair value for the Company’s impaired vessels is determined using 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 used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and based on second-hand sale and purchase data. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Gains on vessels sold and leased back under capital leases are deferred and amortized over the remaining term of the capital lease. Losses on vessels sold and leased back under capital leases are recognized immediately when the fair value of the vessel at the time of sale and lease-back is less than its book value. In such case, the Company would recognize a loss in the amount by which book value exceeds fair value. | |||||||||||||||||||||
Direct financing leases and other loan receivables | |||||||||||||||||||||
The Company (i) employs two vessels on long-term time charters and employs an FSO unit, and (ii) assembles, installs, operates and leases equipment that reduces volatile organic compound emissions (or VOC Equipment) during loading, transportation and storage of oil and oil products, all of which are accounted for as direct financing leases. The lease payments received by the Company under these lease arrangements are allocated between the net investments in the leases and revenues or other income using the effective interest method so as to produce a constant periodic rate of return over the lease terms. | |||||||||||||||||||||
The Company’s investments in loan receivables are recorded at cost. The premium paid over the outstanding principal amount was amortized to interest income over the term of the loan using the effective interest rate method. The Company analyzes its loans for collectability during each reporting period. A loan is impaired when, based on current information and events, 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 is impaired 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 is impaired, the Company measures the amount of the impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting impairment in the consolidated statements of income (loss). The carrying value of the loans will be adjusted each subsequent reporting period to reflect any changes in the present value of estimated future cash flows. | |||||||||||||||||||||
The following table contains a summary of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2013. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Class of Financing Receivable | Credit Quality | Grade | $ | $ | |||||||||||||||||
Indicator | |||||||||||||||||||||
Direct financing leases | Payment activity | Performing | 727,262 | 436,601 | |||||||||||||||||
Other loan receivables | |||||||||||||||||||||
Investment in term loans and interest receivable | Collateral | Non-Performing(2) | 211,579 | 188,756 | |||||||||||||||||
Loans to equity accounted investees and joint venture partners (1) | Other internal metrics | Performing | 169,248 | 206,903 | |||||||||||||||||
Long-term receivable included in other assets | Payment activity | Performing | 31,634 | 1,704 | |||||||||||||||||
1,139,723 | 833,964 | ||||||||||||||||||||
-1 | The Company’s subsidiary Teekay LNG Partners L.P. (or Teekay LNG) owns a 99% interest in Teekay Tangguh, which owns a 70% interest in the Teekay Tangguh Joint Venture. During the year ended December 31, 2012, the parent company of Teekay LNG‘s joint venture partner, BLT, suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The remaining loans to joint venture partner, BLT LNG Tangguh Corporation, totaling $28.5 million as at December 31, 2013 (December 31, 2012—$24.0 million) are collectible given a signed settlement agreement between the Company and BLT LNG Tangguh Corporation regarding repayment terms. In February 2014, the Teekay Tangguh Joint Venture declared dividends of $69.5 million of which $14.4 million was used to offset the total advances to BLT LNG Tangguh Corporation and P.T. Berlian Laju Tanker and $6.5 million was repaid to Teekay by BLT LNG Tangguh Corporation. In addition, $0.5 million was paid to Teekay by BLT as part of the settlement agreement. | ||||||||||||||||||||
-2 | On March 21, 2014, Teekay and its publicly-listed subsidiary Teekay Tankers Ltd. (or Teekay Tankers) took ownership of the vessels held as collateral in satisfaction of the loans and accrued interest. (See Note 4) | ||||||||||||||||||||
Joint ventures | |||||||||||||||||||||
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 investments in joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the consolidated statements of income (loss). | |||||||||||||||||||||
Debt issuance costs | |||||||||||||||||||||
Debt issuance costs, including fees, commissions and legal expenses, are deferred and presented as other non-current assets. Debt issuance costs of revolving credit facilities are amortized on a straight-line basis over the term of the relevant facility. Debt issuance costs of term loans 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. | |||||||||||||||||||||
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, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, except for certain foreign exchange currency contracts and certain types of interest rate swaps (See Note 15). | |||||||||||||||||||||
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, or repaid. | |||||||||||||||||||||
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 (loss) 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 income (loss). The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of income (loss). 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 (e.g. general and administrative expense) item in the consolidated statements of income (loss). 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 income (loss). | |||||||||||||||||||||
For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB) Accounting Standards Codification (or 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 interest rate swaps related to long-term debt, capital lease obligations, restricted cash deposits, non-designated bunker fuel swap contracts and forward freight agreements, and non-designated foreign exchange currency forward contracts are recorded in realized and unrealized gain (loss) on non-designated derivative instruments. Gains and losses from the Company’s hedge accounted foreign currency forward contracts are recorded primarily in vessel operating expenses and general and administrative expense. Gains and losses from the Company’s non-designated cross currency swap are recorded in foreign currency exchange (loss) gain in the consolidated statements of income (loss). | |||||||||||||||||||||
Goodwill and intangible assets | |||||||||||||||||||||
Goodwill is not amortized, but 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. 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. | |||||||||||||||||||||
The Company’s intangible assets consist primarily of acquired time-charter contracts and contracts of affreightment. The value ascribed to the time-charter contracts and contracts of affreightment are being amortized over the life of the associated contract, with the amount amortized each year being weighted based on the projected revenue to be earned under the contracts. | |||||||||||||||||||||
Asset retirement obligation | |||||||||||||||||||||
The Company has an asset retirement obligation (or ARO) relating to the sub-sea production facility associated with the Petrojarl Banff FPSO unit operating in the North Sea. This obligation generally involves restoration of the environment surrounding the facility and removal and disposal of all production equipment. This obligation is expected to be settled at the end of the contract under which the FPSO unit currently operates, which is anticipated no later than 2018. The ARO will be covered in part by contractual payments from FPSO contract counterparties. | |||||||||||||||||||||
The Company records the fair value of an ARO as a liability in the period when the obligation arises. The fair value of the ARO is measured using expected future cash outflows discounted at the Company’s credit-adjusted risk-free interest rate. When the liability is recorded, the Company capitalizes the cost by increasing the carrying amount of the related equipment. Each period, the liability is increased for the change in its present value, and the capitalized cost is depreciated over the useful life of the related asset. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related asset and liability. As at December 31, 2013, the ARO and associated receivable which is recorded in other non-current assets were $27.2 million and $7.5 million, respectively (2012—$24.7 million and $6.4 million, respectively). | |||||||||||||||||||||
Repurchase of common stock | |||||||||||||||||||||
The Company accounts for repurchases of common stock by decreasing common stock by the par value of the stock repurchased. In addition, the excess of the repurchase price over the par value is allocated between additional paid in capital and retained earnings. The amount allocated to additional paid in capital is the pro-rata share of the capital paid in and the balance is allocated to retained earnings. | |||||||||||||||||||||
Issuance of shares or units by subsidiaries | |||||||||||||||||||||
The Company accounts for dilution gains or losses from the issuance of shares or units by its publicly listed subsidiaries as an adjustment to retained earnings. | |||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||
The Company grants stock options, restricted stock units, performance share units and restricted stock awards as incentive-based compensation to certain employees and directors. 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 was one 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. | |||||||||||||||||||||
Compensation cost for awards with performance conditions is recognized when it is probable that the performance condition will be achieved. The compensation cost of the Company’s stock-based compensation awards are substantially reflected in general and administrative expense. | |||||||||||||||||||||
Income taxes | |||||||||||||||||||||
The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. | |||||||||||||||||||||
Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. 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 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 taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | |||||||||||||||||||||
The following table contains the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented. | |||||||||||||||||||||
Qualifying Cash | Pension | Unrealized Gain | Foreign | Total | |||||||||||||||||
Flow Hedging | Adjustments, | (Loss) on | Exchange Loss | $ | |||||||||||||||||
Instruments | net of tax | Available for | on Currency | ||||||||||||||||||
$ | $ | Sale Marketable | Translation | ||||||||||||||||||
Securities | $ | ||||||||||||||||||||
$ | |||||||||||||||||||||
Balance as of December 31, 2010 | 2,295 | (17,539 | ) | 7,073 | — | (8,171 | ) | ||||||||||||||
Other comprehensive loss | (2,601 | ) | (5,402 | ) | (7,729 | ) | — | (15,732 | ) | ||||||||||||
Balance as of December 31, 2011 | (306 | ) | (22,941 | ) | (656 | ) | — | (23,903 | ) | ||||||||||||
Other comprehensive income | 647 | 6,688 | 656 | 1,144 | 9,135 | ||||||||||||||||
Balance as of December 31, 2012 | 341 | (16,253 | ) | — | 1,144 | (14,768 | ) | ||||||||||||||
Other comprehensive (loss) income | (324 | ) | (2,666 | ) | (171 | ) | 740 | (2,421 | ) | ||||||||||||
Balance as of December 31, 2013 | 17 | (18,919 | ) | (171 | ) | 1,884 | (17,189 | ) | |||||||||||||
Employee pension plans | |||||||||||||||||||||
The Company has defined contribution pension plans covering the majority of its employees. Pension costs associated with the Company’s required contributions under its defined contribution pension plans are based on a percentage of employees’ salaries and are charged to earnings in the year incurred. The Company also has defined benefit pension plans covering certain of its employees. The Company accrues the costs and related obligations associated with its defined benefit pension plans based on actuarial computations using the projected benefits obligation method and management’s best estimates of expected plan investment performance, salary escalation, and other relevant factors. For the purpose of calculating the expected return on plan assets, those assets are valued at fair value. The overfunded or underfunded status of the defined benefit pension plans are recognized as assets or liabilities in the consolidated balance sheet. The Company recognizes as a component of other comprehensive loss, the gains or losses that arise during a period but that are not recognized as part of net periodic benefit costs. | |||||||||||||||||||||
Earnings (loss) per common share | |||||||||||||||||||||
The computation of basic earnings (loss) per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock awards using the treasury stock method. The computation of diluted loss per share does not assume such exercises. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
2 | Segment Reporting | ||||||||||||||||||||
The Company is a leading provider of international crude oil and gas marine transportation services and also offers offshore oil production storage and offloading services, primarily under long-term fixed-rate contracts. | |||||||||||||||||||||
The Company has four reportable segments: its shuttle tanker and FSO segment (or Teekay Shuttle and Offshore), its FPSO segment (or Teekay Petrojarl), its liquefied gas segment (or Teekay Gas Services) and its conventional tanker segment (or Teekay Tanker Services). The Company’s shuttle tanker and FSO segment consists of shuttle tankers and FSO units. The Company’s FPSO segment consists of FPSO units and other vessels used to service its FPSO contracts. The Company’s liquefied gas segment consists of LNG and LPG carriers. The Company’s conventional tanker segment consists of conventional crude oil and product tankers that: (i) are subject to long-term, fixed-rate time-charter contracts, which have an original term of one year or more; (ii) operate in the spot tanker market; or (iii) are subject to time-charters or contracts of affreightment that are priced on a spot-market basis or are short-term, fixed-rate contracts, which have an original term of less than one year. Segment results are evaluated based on income from vessel 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 tables present results for these segments for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||
Year ended December 31, 2013 | Shuttle | FPSO | Liquefied | Conventional | Total | ||||||||||||||||
Tanker and FSO | Segment | Gas | Tanker | $ | |||||||||||||||||
Segment | $ | Segment | Segment | ||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Revenues | 583,201 | 567,620 | 298,228 | 381,036 | 1,830,085 | ||||||||||||||||
Voyage expenses | 99,111 | — | 602 | 12,505 | 112,218 | ||||||||||||||||
Vessel operating expenses | 182,973 | 364,986 | 61,471 | 196,722 | 806,152 | ||||||||||||||||
Time-charter hire expense | 56,682 | — | — | 46,964 | 103,646 | ||||||||||||||||
Depreciation and amortization | 116,376 | 151,365 | 71,485 | 91,860 | 431,086 | ||||||||||||||||
General and administrative (1) | 37,529 | 51,891 | 19,597 | 31,941 | 140,958 | ||||||||||||||||
Asset impairments | 76,782 | — | — | 90,823 | 167,605 | ||||||||||||||||
Loan loss provisions | — | 2,634 | — | (1,886 | ) | 748 | |||||||||||||||
Net gain on sale of vessels and equipment | — | (1,338 | ) | — | (657 | ) | (1,995 | ) | |||||||||||||
Restructuring charges | 2,123 | — | — | 4,798 | 6,921 | ||||||||||||||||
Income (loss) from vessel operations | 11,625 | (1,918 | ) | 145,073 | (92,034 | ) | 62,746 | ||||||||||||||
Total assets of operating segments at December 31, 2013 | 1,947,905 | 2,836,998 | 3,616,044 | 1,874,101 | 10,275,048 | ||||||||||||||||
Year ended December 31, 2012 | Shuttle | FPSO | Liquefied | Conventional | Total | ||||||||||||||||
Tanker and FSO | Segment | Gas | Tanker | $ | |||||||||||||||||
Segment | $ | Segment | Segment | ||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Revenues | 616,295 | 581,215 | 291,712 | 491,549 | 1,980,771 | ||||||||||||||||
Voyage expenses | 104,382 | 232 | 283 | 33,386 | 138,283 | ||||||||||||||||
Vessel operating expenses | 196,021 | 354,020 | 54,773 | 208,512 | 813,326 | ||||||||||||||||
Time-charter hire expense | 56,989 | — | — | 73,750 | 130,739 | ||||||||||||||||
Depreciation and amortization | 125,104 | 135,413 | 69,064 | 126,317 | 455,898 | ||||||||||||||||
General and administrative (1) | 36,484 | 45,139 | 18,643 | 44,030 | 144,296 | ||||||||||||||||
Asset impairments | 28,830 | — | — | 403,366 | 432,196 | ||||||||||||||||
Loan loss provisions | — | — | — | 1,886 | 1,886 | ||||||||||||||||
Net loss on sale of vessels and equipment | 1,112 | — | — | 5,863 | 6,975 | ||||||||||||||||
Restructuring charges | 652 | — | — | 6,913 | 7,565 | ||||||||||||||||
Income (loss) from vessel operations | 66,721 | 46,411 | 148,949 | (412,474 | ) | (150,393 | ) | ||||||||||||||
Total assets of operating segments at December 31, 2012 | 1,709,674 | 2,824,832 | 3,148,037 | 2,037,394 | 9,719,938 | ||||||||||||||||
Year ended December 31, 2011 | Shuttle | FPSO | Liquefied | Conventional | Total | ||||||||||||||||
Tanker and FSO | Segment | Gas | Tanker | $ | |||||||||||||||||
Segment | $ | Segment | Segment | ||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Revenues | 617,650 | 464,810 | 273,786 | 619,776 | 1,976,022 | ||||||||||||||||
Voyage expenses | 97,743 | — | 4,862 | 74,009 | 176,614 | ||||||||||||||||
Vessel operating expenses | 216,183 | 255,925 | 54,174 | 223,657 | 749,939 | ||||||||||||||||
Time-charter hire expense | 74,478 | — | — | 139,701 | 214,179 | ||||||||||||||||
Depreciation and amortization | 129,293 | 96,915 | 63,641 | 138,759 | 428,608 | ||||||||||||||||
General and administrative (1) | 44,594 | 39,261 | 16,315 | 73,434 | 173,604 | ||||||||||||||||
Asset impairments | 43,185 | — | — | 112,103 | 155,288 | ||||||||||||||||
Net loss (gain) on sale of vessels and equipment | 171 | (4,888 | ) | — | 488 | (4,229 | ) | ||||||||||||||
Bargain purchase gain | — | (68,535 | ) | — | — | (68,535 | ) | ||||||||||||||
Goodwill impairment | — | — | — | 36,652 | 36,652 | ||||||||||||||||
Restructuring charges | 5,351 | — | — | 139 | 5,490 | ||||||||||||||||
Income (loss) from vessel operations | 6,652 | 146,132 | 134,794 | (179,166 | ) | 108,412 | |||||||||||||||
-1 | 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 amounts presented in the accompanying consolidated balance sheets is as follows: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Total assets of all segments | 10,275,048 | 9,719,938 | |||||||||||||||||||
Cash | 614,660 | 639,491 | |||||||||||||||||||
Accounts receivable and other assets | 665,993 | 642,596 | |||||||||||||||||||
Consolidated total assets | 11,555,701 | 11,002,025 | |||||||||||||||||||
The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. All of these customers are international oil companies. | |||||||||||||||||||||
(U.S. dollars in millions) | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Statoil ASA (1) | $ | 250.5 or 14 | % | $ | 299.1 or 15 | % | $ | 283.7 or 14 | % | ||||||||||||
Petroleo Brasileiro SA (1) | $ | 244.3 or 13 | % | $ | 289.3 or 15 | % | $ | 224.9 or 11 | % | ||||||||||||
BP PLC (2) | $ | 182.5 or 10 | % | (3 | ) | (3 | ) | ||||||||||||||
-1 | Shuttle tanker and FSO, FPSO and conventional tanker segments | ||||||||||||||||||||
-2 | Shuttle tanker and FSO, FPSO, liquefied gas and conventional tanker segments | ||||||||||||||||||||
-3 | Less than 10% |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
3 | Acquisitions | ||||
a) | FPSO Units and Investment in Sevan Marine ASA | ||||
On November 30, 2011, the Company acquired from Sevan Marine ASA (or Sevan) the FPSO unit Sevan Hummingbird (or Hummingbird Spirit) and its existing customer contract for approximately $184 million (including an adjustment for working capital) and made an investment of approximately $25 million to obtain a 40% ownership interest in a recapitalized Sevan. The Company also entered into a cooperation agreement with Sevan relating to joint marketing of offshore projects, the development of future projects, and the financing of such projects. Concurrently, the Company’s subsidiary Teekay Offshore Partners L.P. (or Teekay Offshore) acquired from Sevan the FPSO unit Sevan Piranema (or Piranema Spirit) and its existing customer contract for approximately $164 million (including an adjustment for working capital). The purchase price for the acquisitions of the Hummingbird Spirit, the Piranema Spirit and the investment in Sevan were paid in cash and financed by a combination of new debt facilities, a private placement of Teekay Offshore common units and existing liquidity. | |||||
On November 30, 2011, Teekay entered into an agreement to acquire an FPSO unit, the Sevan Voyageur (or Voyageur Spirit), and its existing customer contract from Sevan. Teekay agreed to acquire the Voyageur Spirit once the existing upgrade project was completed and the Voyageur Spirit commenced operations under its customer contract. In September 2012, the Voyageur Spirit completed its upgrade at the Nymo shipyard and arrived at the Huntington Field in the U.K. sector of the North Sea in October 2012. Under the terms of the acquisition agreement, Teekay prepaid Sevan $94 million to acquire the Voyageur Spirit, assumed the Voyageur Spirit’s existing $230.0 million credit facility, which had an outstanding balance of $220.5 million on November 30, 2011, and was responsible for all upgrade costs incurred after November 30, 2011, which were estimated to be between $140 million and $150 million. Teekay had control over the upgrade project and had guaranteed the repayment of the existing credit facility. | |||||
On April 13, 2013, the Voyageur Spirit FPSO unit began production on the Huntington Field and commenced its five-year charter with E.ON Ruhrgas UK E&P Limited (or E.ON). On May 2, 2013, Teekay completed the acquisition of the Voyageur Spirit FPSO unit. The excess of the price paid over the carrying value of the non-controlling interest acquired was $35.4 million and has been accounted for as a reduction to equity. Immediately thereafter, the FPSO unit was sold by Teekay to Teekay Offshore for an initial purchase price of $540.0 million that was effectively reduced to $509.4 million as at December 31, 2013 (see below). The Voyageur Spirit FPSO unit has been consolidated by the Company since November 30, 2011, as the Voyageur Spirit FPSO unit was a variable interest entity (or VIE) and the Company was the primary beneficiary from November 30, 2011 until its purchase in May 2013. | |||||
Upon commencing production on April 13, 2013, the Voyageur Spirit FPSO unit had a specified time period to receive final acceptance from the charterer, E.ON, at which point the unit would commence full operations under the contract with E.ON. However, due to a defect encountered in one of its two gas compressors, the FPSO unit was unable to achieve final acceptance within the allowable timeframe, resulting in the FPSO unit being declared off-hire by the charterer retroactive to April 13, 2013. This resulted in $29.2 million of the charter rate being foregone from April 13, 2013 to August 26, 2013. | |||||
On August 27, 2013, repairs to the defective gas compressor on the Voyageur Spirit FPSO were completed and the unit achieved full production capacity. On September 30, 2013, Teekay Offshore entered into an interim agreement with E.ON whereby Teekay Offshore was compensated for production beginning August 27, 2013 through until final acceptance by E.ON. Compensation was based on actual production relative to the operating capacity of the FPSO unit; however, any restrictions on production as a result of the charterer were included in this compensation. Teekay has indemnified Teekay Offshore for a further $2.1 million for the production shortfall from August 27, 2013 to December 31, 2013. In addition, Teekay Offshore has been indemnified for a further $3.6 million associated with unrecovered repair costs to address the compressor issues. Teekay’s indemnification to Teekay Offshore for loss of the charter rate under the charter agreement with E.ON and unrecovered vessel operating expenses from the date of first oil on April 13, 2013 until receipt of the certificate of final acceptance from E.ON, is subject to a maximum of $54 million. | |||||
In April 2014, Teekay Offshore received the certificate of final acceptance from the charterer, which declared the unit on-hire retroactive to February 22, 2014. | |||||
Any amounts paid as indemnification from Teekay to Teekay Offshore are effectively treated for accounting purposes as a reduction in the purchase price paid by Teekay Offshore for the FPSO unit. Any compensation received by Teekay Offshore from the charterer related to the indemnification period reduces the amount of Teekay’s indemnification to Teekay Offshore. As at December 31, 2013, the $540 million original purchase price of the Voyageur Spirit FPSO unit has effectively been reduced to $509.3 million ($279.3 million net of assumed debt of $230.0 million) to reflect the $34.9 million indemnification amount for 2013, partially offset by the excess value of $4.3 million relating to the difference in fair value of the 1.4 million Teekay Offshore common units issued to Teekay as partial consideration for the FPSO unit on the date of closing of the transaction in May 2013 as compared to the fair value of the common units on the date Teekay offered to sell the FPSO unit to Teekay Offshore. | |||||
Teekay’s expectations were that the 2011 transactions with Sevan would consolidate the industry in the harsh environment FPSO space, broaden the Company’s FPSO offering to include both ship shape and cylindrical FPSO solutions and the transaction was concluded at an attractive price. The Company recognized a total bargain purchase gain of $68.5 million related to the acquisition of the FPSO units and the 40% equity investment in Sevan. The gain has been recorded in the consolidated statements of income (loss) for the year ended December 31, 2011. | |||||
During 2011, Sevan encountered severe financial difficulties following significant cost overruns on the upgrade of the Voyageur Spirit and was unable to service its existing financial obligations. The acceptance of the Company’s offer and the recognition of the bargain purchase gain, was in part due to the Company’s ability to structure the transaction in a way that would satisfy all the various stakeholders, including Sevan’s management, lenders, customers and shareholders, within a short time frame, the Company’s financial strength and limited competition in the transaction. As a result, the Company was able to purchase this business at a discount in this distressed acquisition situation. | |||||
The Company’s acquisition was accounted for using the purchase method of accounting, based upon estimates of fair value. The purchase price allocation was finalized in 2012. The operating results of the Hummingbird Spirit, Piranema Spirit and Voyageur Spirit are reflected in the Company’s consolidated financial statements from November 30, 2011, the effective date of acquisition. During the year ended December 31, 2011, the Company recognized $14.5 million of revenue and $68.4 million of net income, including the bargain purchase gain, resulting from these acquisitions. In addition, the Company incurred $1.1 million of acquisition-related expenses, which are reflected in general and administrative expenses. | |||||
The following table summarizes the final purchase price allocation, which included the Voyageur Spirit VIE, by the Company at November 30, 2011: | |||||
Final | |||||
$ | |||||
ASSETS | |||||
Cash and cash equivalents | 50,230 | ||||
Other current assets | 29,209 | ||||
Vessels and equipment | 892,352 | ||||
Deferred income taxes | 3,307 | ||||
Investment in Sevan Marine | 37,100 | ||||
Other assets - long-term | 659 | ||||
Total assets acquired | 1,012,857 | ||||
Current liabilities | 41,376 | ||||
In-process revenue contracts | 158,968 | ||||
Long-term debt (note 8) | 220,497 | ||||
Other long-term liabilities | 6,036 | ||||
Non-controlling interest | 144,600 | ||||
Total liabilities assumed | 571,477 | ||||
Net assets acquired | 441,380 | ||||
Bargain purchase gain | (68,535 | ) | |||
Cash consideration | 372,845 | ||||
b) | Teekay LNG – Exmar LPG BVBA Joint Venture | ||||
In February 2013, the Company’s subsidiary Teekay LNG Partners L.P. (or Teekay LNG) entered into a joint venture agreement with Belgium-based Exmar NV (or Exmar) to own and charter-in LPG carriers with a primary focus on the mid-size gas carrier segment. The joint venture entity, called Exmar LPG BVBA, took economic effect as of November 1, 2012 and included 19 owned LPG carriers (including eight newbuilding carriers scheduled for delivery between 2014 and 2016, and taking into effect the sale of the Donau LPG carrier in April 2013) and five chartered-in LPG carriers. For its 50% ownership interest in the joint venture, including newbuilding payments made prior to the November 1, 2012 economic effective date of the joint venture, Teekay LNG invested $133.1 million in exchange for equity and a shareholder loan and assumed approximately $108 million as its pro rata share of existing debt and lease obligations as of the economic effective date. These debt and lease obligations are secured by certain vessels in the Exmar LPG BVBA fleet. The excess of the book value of net assets acquired over Teekay LNG’s investment in Exmar LPG BVBA, which amounted to approximately $6.0 million, has been accounted for as an adjustment to the value of the vessels, charter agreements and lease obligations of Exmar LPG BVBA and as recognition of goodwill, in accordance with the finalized purchase price allocation. Control of Exmar LPG BVBA is shared jointly between Exmar and Teekay LNG. Consequently, Teekay LNG accounts for its investment in Exmar LPG BVBA using the equity method. In July and October 2013, Exmar LPG BVBA exercised its options with Hanjin Heavy Industries and Construction Co., Ltd. to construct four additional LPG carrier newbuildings scheduled for delivery in 2017 and 2018 (see Note 16b). | |||||
c) | Teekay LNG – Marubeni Joint Venture | ||||
In February 2012, a joint venture between Teekay LNG and Marubeni Corporation (or the Teekay LNG-Marubeni Joint Venture) acquired a 100% interest in six liquefied natural gas (or LNG) carriers (or the MALT LNG Carriers) from Denmark-based A.P. Moller-Maersk A/S for approximately $1.3 billion. Teekay LNG and Marubeni Corporation (or Marubeni) have 52% and 48% economic interests, respectively, but share control of the Teekay LNG-Marubeni Joint Venture. Since control of the Teekay LNG-Marubeni Joint Venture is shared jointly between Marubeni and Teekay LNG, Teekay LNG accounts for its investment in the Teekay LNG-Marubeni Joint Venture using the equity method. The Teekay LNG-Marubeni Joint Venture financed this acquisition with $1.06 billion from short-term secured loan facilities and $266 million from equity contributions from Teekay LNG and Marubeni. Teekay LNG has agreed to guarantee its 52% share of the secured loan facilities of the Teekay LNG-Marubeni Joint Venture, and as a result, deposited $30 million in a restricted cash account as security for the debt within the Teekay LNG-Marubeni Joint Venture and recorded a guarantee liability of $1.4 million. The carrying value of the guarantee liability as at December 31, 2013, was nil (December 31, 2012—$0.6 million) and was included as part of other long-term liabilities. Teekay LNG has a 52% economic interest in the Teekay LNG-Marubeni Joint Venture and, consequently, its share of the $266 million equity contribution was $138.2 million. Teekay LNG also contributed an additional $5.8 million for its share of legal and financing costs as part of the investment. Teekay LNG financed the equity contributions by borrowing under its existing credit facilities. The excess of Teekay LNG’s investment in the Teekay LNG-Marubeni Joint Venture over the book value of net assets acquired, which amounted to approximately $303 million, has been accounted for as an increase to the carrying value of the vessels and out-of-the-money charters of the Teekay LNG-Marubeni Joint Venture, in accordance with the purchase price allocation. During the period between June to July 2013, the Teekay-LNG Marubeni Joint Venture completed the refinancing of its short-term loan facilities by entering into separate long-term debt facilities totaling approximately $963 million. These debt facilities mature between 2017 and 2030. As a result of the completed refinancing, Teekay LNG is no longer required to have $30 million in a restricted cash account as security for the Teekay LNG-Marubeni Joint Venture. Teekay LNG has agreed to guarantee its 52% share of the secured loan facilities of the Teekay LNG-Marubeni Joint Venture and, as a result, recorded a guarantee liability of $0.7 million. The carrying value of the guarantee liability as at December 31, 2013, was $0.6 million and is included as part of other long-term liabilities in the Company’s consolidated balance sheets. | |||||
In July 2013, the Teekay LNG-Marubeni Joint Venture entered into an eight-year interest rate swap with a notional amount of $160.0 million, amortizing quarterly over the term of the interest rate swap to $70.4 million at maturity. The interest rate swap exchanges the receipt of LIBOR-based interest for the payment of a fixed rate of interest of 2.20% in the first two years and 2.36% in the last six years. This interest rate swap has been designated as a qualifying cash flow hedging instrument for accounting purposes. The Teekay LNG-Marubeni Joint Venture uses the same accounting policy for qualifying cash flow hedging instruments as Teekay LNG. |
Investment_in_Term_Loans
Investment in Term Loans | 12 Months Ended | |
Dec. 31, 2013 | ||
Investments All Other Investments [Abstract] | ' | |
Investment in Term Loans | ' | |
4 | Investment in Term Loans | |
In February 2011, Teekay made a $70 million term loan (or the TKC Loan) to a ship-owner of a 2011-built Very Large Crude Carrier (or VLCC), based in Asia. The TKC Loan bears interest at 9% per annum, which is payable quarterly. The TKC Loan was repayable in full in February 2014. The TKC Loan is collateralized by a first-priority mortgage on the VLCC, together with other related collateral. | ||
In July 2010, Teekay Tankers acquired two term loans, whose borrowers have the same ultimate parent company as the borrower under the TKC Loan, with a total principal amount outstanding of $115.0 million for a total cost of $115.6 million (or the TNK Loans). The TNK Loans had an annual interest rate of 9% per annum, and include a repayment premium feature which provides a total investment yield of approximately 10% per annum. The TNK Loans matured in July 2013. The TNK Loans are collateralized by first-priority mortgages on two 2010-built VLCCs, together with other related security. The principal amount of the TNK Loans and repayment premium were payable in full at maturity in July 2013. The TKC Loan and TNK Loans are collectively referred to as the Loans. | ||
The borrowers of the Loans have been in default on their interest payment obligations since the first quarter of 2013, and their loan principal and repayment premium repayment obligations on the TNK Loans from their maturity date in July 2013. As of December 31, 2013, the VLCC vessels that collateralize the Loans were trading in the spot tanker market under the Company’s management. | ||
As at December 31, 2013 and December 31, 2012, the repayment premium included in the investment in term loans balances was $3.4 million and $2.7 million, respectively. As at December 31, 2013 and December 31, 2012, accrued and unpaid interest on the Loans, including a portion of default interest, was $10.7 million and $2.8 million, respectively. Such amounts are presented in investment in term loans on the consolidated balance sheets as at December 31, 2013 and December 31, 2012. Interest income in respect of the Loans is included in revenues in the consolidated statements of income (loss). As of December 31, 2013, $11.2 million of interest income due under the Loans, including default interest, had not been recognized based on the Company‘s current estimates of amounts recoverable from future operating cash flows of the vessels and the net proceeds from the sale of the three VLCCs. During March 2014, the Company assumed ownership of the three VLCCs that collateralized the Loans. |
Financing_Transactions
Financing Transactions | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Financing Transactions | ' | ||||||||||||||||
5 | Financing Transactions | ||||||||||||||||
Teekay LNG and Teekay Offshore are limited partnerships formed by the Company as part of its strategy to expand its operations primarily in the LNG and LPG shipping sector (Teekay LNG) and to expand its operations in the offshore oil marine transportation, production, processing and storage sectors (Teekay Offshore). Teekay Tankers is a corporation formed by the Company to provide international marine transportation of crude oil and refined products. As of December 31, 2013, Teekay owned a 35.3% interest in Teekay LNG (37.5%—December 31, 2012), including common units and its 2% general partner interest, a 29.3% interest in Teekay Offshore (29.4%—December 31, 2012), including common units and its 2% general partner interest, and 25.1% of the capital stock of Teekay Tankers (25.1%—December 31, 2012), including Teekay Tankers’ outstanding shares of Class B common stock, which entitle the holders to five votes per share, subject to a 49% aggregate Class B Common Stock voting power maximum. Teekay maintains control of Teekay LNG and Teekay Offshore by virtue of its control of the general partner of each partnership, and maintains control of Teekay Tankers by virtue of its voting control through its ownership of Class B shares, and thus consolidates these subsidiaries. Teekay has entered into an omnibus agreement with Teekay LNG and Teekay Offshore to govern, among other things, when the Company, Teekay LNG and Teekay Offshore may compete with each other and to provide the applicable parties certain rights of first offer on LNG carriers, oil tankers, shuttle tankers, FSO units and FPSO units. In addition, Teekay has entered into a non-competition agreement with Teekay Tankers, which provides Teekay Tankers with a right of first refusal to participate in any future conventional crude oil tanker and product tanker opportunities developed by Teekay for a period of three years from June 2012. | |||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, the Company’s publicly traded subsidiaries, Teekay Tankers, Teekay Offshore and Teekay LNG completed the following public offerings and equity placements: | |||||||||||||||||
Total Proceeds | Less: | Offering | Net Proceeds | ||||||||||||||
Received | Teekay | Expenses | Received | ||||||||||||||
$ | Corporation | $ | $ | ||||||||||||||
Portion | |||||||||||||||||
($1) | |||||||||||||||||
2013 | |||||||||||||||||
Teekay Offshore Direct Equity Placements | 115,688 | (2,314 | ) | (188 | ) | 113,186 | |||||||||||
Teekay Offshore Preferred Units Offering | 150,000 | — | (5,200 | ) | 144,800 | ||||||||||||
Teekay Offshore Continuous Offering Program | 2,819 | (59 | ) | (449 | ) | 2,311 | |||||||||||
Teekay LNG Continuous Offering Program | 5,383 | (107 | ) | (457 | ) | 4,819 | |||||||||||
Teekay LNG Direct Equity Placement | 40,816 | (816 | ) | (40 | ) | 39,960 | |||||||||||
Teekay LNG Public Offering | 150,040 | (3,001 | ) | (5,222 | ) | 141,817 | |||||||||||
2012 | |||||||||||||||||
Teekay Offshore Public Offerings | 219,474 | (4,389 | ) | (8,164 | ) | 206,921 | |||||||||||
Teekay Offshore Direct Equity Placement | 45,919 | (919 | ) | — | 45,000 | ||||||||||||
Teekay Tankers Public Offerings | 69,000 | — | (3,229 | ) | 65,771 | ||||||||||||
Teekay LNG Public Offering | 189,243 | (3,784 | ) | (6,927 | ) | 178,532 | |||||||||||
2011 | |||||||||||||||||
Teekay Tankers Public Offerings | 112,054 | — | (4,820 | ) | 107,234 | ||||||||||||
Teekay Offshore Private Equity Placement | 420,145 | (230,144 | ) | (279 | ) | 189,722 | |||||||||||
Teekay LNG Public Offerings | 356,133 | (7,123 | ) | (14,909 | ) | 334,101 | |||||||||||
-1 | Consists of the portion Teekay Corporation subscribed for in the public offering or equity placement. | ||||||||||||||||
In April 2013, the Voyageur Spirit FPSO unit began production and on May 2, 2013, Teekay completed the acquisition of the Voyageur Spirit FPSO unit and, immediately thereafter, Teekay Offshore acquired the unit from Teekay for an original purchase price of $540.0 million (see Note 3(a)). Teekay Offshore financed the acquisition with the assumption of the $230.0 million debt facility secured by the unit, $253.0 million in cash and a $44.3 million equity private placement of common units to Teekay Corporation (including the general partner’s 2% proportionate capital contribution), which had a value of $40.0 million at the time Teekay offered to sell the units to Teekay Offshore. Upon completion of the private placement to Teekay, Teekay Offshore had 83.6 million common units outstanding. | |||||||||||||||||
As a result of the public offerings and equity placements of Teekay Tankers, Teekay Offshore and Teekay LNG, the Company recorded increases to retained earnings of $36.7 million (2013), $88.7 million (2012) and $124.2 million (2011). These amounts represent Teekay’s dilution gains from the issuance of units and shares in these consolidated subsidiaries. |
Goodwill_Intangible_Assets_and
Goodwill, Intangible Assets and In-Process Revenue Contracts | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Goodwill, Intangible Assets and In-Process Revenue Contracts | ' | ||||||||||||
6 | Goodwill, Intangible Assets and In-Process Revenue Contracts | ||||||||||||
Goodwill | |||||||||||||
The carrying amount of goodwill for the years ended December 31, 2013 and 2012, for the Company’s reportable segments are as follows: | |||||||||||||
Shuttle Tanker and | Liquefied Gas | Total | |||||||||||
FSO Segment | Segment | $ | |||||||||||
$ | $ | ||||||||||||
Balance as of December 31, 2012 and 2013 | 130,908 | 35,631 | 166,539 | ||||||||||
A goodwill impairment charge of $36.7 million was recognized in the Company’s consolidated statements of income (loss) for the year ended December 31, 2011 in respect of its Suezmax tanker reporting unit. The fair value of this reporting unit was determined using the present value of expected future cash flows discounted at a rate equivalent to a market participant’s weighted-average cost of capital. The estimates and assumptions regarding expected future cash flows and the appropriate discount rates are in part based upon existing contracts, estimated future tanker market rates, historical experience, financial forecasts and industry trends and conditions. The recognition of the goodwill impairment charge was driven by the continuing weak tanker market, which was impacted by an oversupply of vessels relative to demand. | |||||||||||||
Intangible Assets | |||||||||||||
As at December 31, 2013, the Company’s intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying Amount | |||||||||||
Amount | Amortization | $ | |||||||||||
$ | $ | ||||||||||||
Customer contracts | 316,684 | (209,786 | ) | 106,898 | |||||||||
Other intangible assets | 1,280 | (280 | ) | 1,000 | |||||||||
317,964 | (210,066 | ) | 107,898 | ||||||||||
As at December 31, 2012 the Company’s intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying Amount | |||||||||||
Amount | Amortization | $ | |||||||||||
$ | $ | ||||||||||||
Customer contracts | 316,684 | (191,587 | ) | 125,097 | |||||||||
Other intangible assets | 1,280 | (241 | ) | 1,039 | |||||||||
317,964 | (191,828 | ) | 126,136 | ||||||||||
Aggregate amortization expense of intangible assets for the year ended December 31, 2013, was $18.2 million (2012—$17.2 million, 2011—$19.1 million), which is included in depreciation and amortization. Amortization of intangible assets for the five years following 2013 is expected to be $13.0 million (2014), $11.9 million (2015), $10.9 million (2016), $9.9 million (2017), $8.9 million (2018) and $53.3 million (thereafter). | |||||||||||||
In-Process Revenue Contracts | |||||||||||||
As part of the Company’s acquisition of FPSO units from Sevan and its previous acquisitions of Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl), the Company assumed certain FPSO contracts and time charter-out contracts with terms that were less favorable than the then prevailing market terms. At the time of the acquisitions, the Company recognized a liability based on the estimated fair value of these contracts. The Company is amortizing this liability over the estimated remaining terms of the contracts on a weighted basis, based on the projected revenue to be earned under the contracts. | |||||||||||||
Amortization of in-process revenue contracts for the year ended December 31, 2013 was $61.7 million (2012— $72.9 million, 2011—$46.4 million), which is included in revenues on the consolidated statements of income (loss). Amortization for the five years following 2013 is expected to be $40.2 million (2014), $19.8 million (2015), $19.8 million (2016), $19.8 million (2017), $15.3 million (2018) and $65.0 million (thereafter). |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
7 | Accrued Liabilities | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
Voyage and vessel expenses | 250,557 | 144,250 | |||||||
Interest | 73,817 | 66,125 | |||||||
Payroll and benefits and other | 91,369 | 100,452 | |||||||
Deferred revenue | 49,486 | 52,391 | |||||||
Loan from affiliates | 1,595 | 4,064 | |||||||
466,824 | 367,282 | ||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
8 | Long-Term Debt | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
Revolving Credit Facilities | 1,919,086 | 1,627,979 | |||||||
Senior Notes (8.5%) due January 15, 2020 | 447,430 | 447,115 | |||||||
Norwegian Kroner-denominated Bonds due through September 2018 | 691,778 | 467,223 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 2,523,523 | 2,432,374 | |||||||
U.S. Dollar-denominated Term Loan Variable Interest Entity due October 2016 | — | 230,359 | |||||||
U.S. Dollar Bonds due through 2023 | 174,150 | — | |||||||
Euro-denominated Term Loans due through 2023 | 340,221 | 341,382 | |||||||
U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners | 13,282 | 13,282 | |||||||
Total | 6,109,470 | 5,559,714 | |||||||
Less current portion | 996,425 | 797,411 | |||||||
Long-term portion | 5,113,045 | 4,762,303 | |||||||
As of December 31, 2013, the Company had 14 revolving credit facilities (or the Revolvers) available, which, as at such date, provided for aggregate borrowings of up to $2.6 billion, of which $0.6 billion was undrawn. Interest payments are based on LIBOR plus margins. At December 31, 2013 and December 31, 2012, the margins ranged between 0.45% and 4.5% and 0.45% and 3.25%, respectively. At December 31, 2013 and December 31, 2012, the three-month LIBOR was 0.25% and 0.31%, respectively. The total amount available under the Revolvers reduces by $776.9 million (2014), $297.5 million (2015), $713.6 million (2016), $445.0 million (2017) and $321.0 million (2018). The Revolvers are collateralized by first-priority mortgages granted on 54 of the Company’s vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all outstanding amounts. | |||||||||
The Company’s 8.5% senior unsecured notes (or the 8.5% Notes) are due January 15, 2020 with a principal amount of $450 million. The 8.5% Notes were sold at a price equal to 99.181% of par and the discount is accreted through the maturity date of the notes using the effective interest rate of 8.625% per year. The Company capitalized issuance costs of $9.4 million, which is recorded in other non-current assets in the consolidated balance sheet and is amortized to interest expense over the term of the 8.5% Notes. The 8.5% Notes rank equally in right of payment with all of Teekay’s existing and future senior unsecured debt and senior to any future subordinated debt of Teekay. The 8.5% Notes are not guaranteed by any of Teekay’s subsidiaries and effectively rank behind all existing and future secured debt of Teekay and other liabilities of its subsidiaries. | |||||||||
The Company may redeem the 8.5% Notes in whole or in part at any time before their maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the 8.5% Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 8.5% Notes to be redeemed (excluding accrued interest), discounted to the redemption date on a semi-annual basis, at the treasury yield plus 50 basis points, plus accrued and unpaid interest to the redemption date. | |||||||||
Teekay Offshore had 211.5 million (of the original 600 million issued) in Norwegian Kroner (or NOK) senior unsecured bonds that matured in November 2013 in the Norwegian bond market, and as a result, the carrying amount of the bonds was nil at December 31, 2013. The bonds were listed on the Oslo Stock Exchange. Interest payments on the bonds were based on NIBOR plus a margin of 4.75%. Teekay Offshore entered into a cross currency swap to swap the interest payments from NIBOR plus a margin of 4.75% into LIBOR plus a margin of 5.04%, and to fix the transfer of the principal amount at $34.7 million upon maturity in exchange for NOK 211.5 million. Teekay Offshore also entered into an interest rate swap to swap the interest payments from LIBOR to a fixed rate of 1.12%. The floating LIBOR rate receivable from the interest rate swap was capped at 3.5%, which effectively resulted in a fixed rate of 1.12% unless LIBOR exceeded 3.5%, in which case Teekay Offshore’s related interest rate effectively floated at LIBOR, but was reduced by 2.38%. In January 2013, Teekay Offshore repurchased NOK 388.5 million of the above-mentioned NOK 600 million bond issue which matured in November 2013 at a premium in connection with the issuance of NOK 1.3 billion in senior unsecured bonds. The Company recorded a $1.8 million loss on bond repurchase and $6.6 million of realized losses included in foreign currency exchange (loss) gain in its consolidated statements of income (loss) for the year ended December 31, 2013. In connection with this bond repurchase, Teekay Offshore terminated a similar notional amount of the related cross currency swap and recorded $6.8 million of realized gains included in foreign currency exchange (loss) gain in its consolidated statements of income (loss) for the year ended December 31, 2013 (see Note 15). | |||||||||
During 2012, Teekay Offshore, Teekay LNG and Teekay issued in the Norwegian bond market a total of NOK 2 billion of senior unsecured bonds that mature between October 2015 and May 2017. As at December 31, 2013, the total carrying amount of the bonds was $329.4 million. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin, which ranges from 4.75% to 5.75%. The Company entered into cross currency rate swaps to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging from 5.52% to 7.49%, and the transfer of principal fixed at $349.2 million upon maturity in exchange for NOK 2 billion (see Note 15). | |||||||||
In January 2013, Teekay Offshore issued in the Norwegian bond market NOK 1.3 billion in senior unsecured bonds. The bonds were issued in two tranches maturing in January 2016 (NOK 500 million) and January 2018 (NOK 800 million). As at December 31, 2013, the carrying amount of the bonds was $214.1 million. The bonds are listed on the Oslo Stock Exchange. Interest payments on the tranche maturing in 2016 are based on NIBOR plus a margin of 4.00%. Interest payments on the tranche maturing in 2018 are based on NIBOR plus a margin of 4.75%. Teekay Offshore entered into cross currency rate swaps to swap all interest and principal payments into U.S. Dollars, with interest payments fixed at a rate of 4.80% on the tranche maturing in 2016 and 5.93% on the tranche maturing in 2018 and the transfer of the principal amount fixed at $89.7 million upon maturity in exchange for NOK 500 million on the tranche maturing in 2016 and fixed at $143.5 million upon maturity in exchange for NOK 800 million on the tranche maturing in 2018 (see Note 15). | |||||||||
In September 2013, Teekay LNG issued in the Norwegian bond market NOK 900 million in senior unsecured bonds that mature in September 2018. As at December 31, 2013, the carrying amount of the bonds was $148.2 million. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 4.35%. Teekay LNG entered into a cross currency swap, to swap all interest and principal payments into U.S. Dollars, with the interest payments fixed at a rate of 6.43% (see Note 15) and the transfer of principal fixed at $150.0 million upon maturity in exchange for NOK 900 million. | |||||||||
As of December 31, 2013, the Company had 19 U.S. Dollar-denominated term loans outstanding, which totaled $2.5 billion (December 31, 2012—$2.4 billion). Certain of the term loans with a total outstanding principal balance of $176.3 million as at December 31, 2013 (December 31, 2012—$328.0 million) bear interest at a weighted-average fixed rate of 5.2% (December 31, 2012—5.3%). Interest payments on the remaining term loans are based on LIBOR plus a margin. At December 31, 2013 and December 31, 2012, the margins ranged between 0.3% and 3.25%, and 0.3% and 4.25%, respectively. At December 31, 2013 and December 31, 2012, the three-month LIBOR was 0.25% and 0.31%, respectively. The term loan payments are made in quarterly or semi-annual payments commencing three or six months after delivery of each newbuilding vessel financed thereby, and 18 of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 35 (December 31, 2012—36) of the Company’s vessels, together with certain other security. In addition, at December 31, 2013, all but $94.4 million (December 31, 2012—$107.0 million) of the outstanding term loans were guaranteed by Teekay or its subsidiaries. | |||||||||
As of December 31, 2013, the Company had one U.S. Dollar-denominated term loan outstanding of $164.6 million, which is classified separately within current liabilities and is associated with assets held for sale on the Company’s consolidated balance sheets. A portion of the term loan, with a total outstanding principal balance of $107.0 million as at December 31, 2013, bears interest at a weighted-average fixed rate of 5.4%. Interest payments on the remaining portion of the term loan are based on LIBOR plus a margin of 0.5%. The term loan payments are made in semi-annual payments commencing six months after delivery of each newbuilding vessel financed thereby, and the term loan has balloon repayments due at maturity. The term loans are collateralized by first-priority mortgages on 4 of the Company’s vessels, together with certain other security. | |||||||||
In September and November 2013, Teekay Offshore issued in the U.S. private placement market $174.2 million ten-year senior secured bonds to finance the Bossa Nova Spirit and Sertanejo Spirit BG shuttle tanker newbuildings. The bonds mature in December 2023 and interest payments are fixed at 4.96%. As at December 31, 2013, the carrying amount of the bonds were $174.2 million. The bonds are collateralized by first-priority mortgages on the Bossa Nova Spirit and Sertanejo Spirit, together with other related security. | |||||||||
The Company has two Euro-denominated term loans outstanding, which, as at December 31, 2013, totaled 247.6 million Euros ($340.2 million) (December 31, 2012—258.8 million Euros ($341.4 million)). The Company is repaying the loans with funds generated by two Euro-denominated, long-term time-charter contracts. Interest payments on the loans are based on EURIBOR plus margins. At December 31, 2013 and December 31, 2012, the margins ranged between 0.60% and 2.25% and the one-month EURIBOR at December 31, 2013 was 0.2% (December 31, 2012—0.1%). The Euro-denominated term loans reduce in monthly payments with varying maturities through 2023 and are collateralized by first-priority mortgages on two of the Company’s vessels, together with certain other security, and are guaranteed by a subsidiary of Teekay. | |||||||||
Both Euro-denominated term loans and the NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK-denominated bonds, the Company’s Euro-denominated term loans, capital leases and restricted cash, and the change in the valuation of the Company’s cross currency swaps, the recognized foreign exchange loss of $13.3 million (2012—$12.9 million loss, 2011—$12.7 million gain). | |||||||||
The Company has one U.S. Dollar-denominated loan outstanding owing to a joint venture partner, which, as at December 31, 2013, totaled $13.3 million (2012—$13.3 million). Interest payments on the loan are based on a fixed interest rate of 4.84%. This loan is repayable on demand. | |||||||||
The weighted-average effective interest rate on the Company’s aggregate long-term debt as at December 31, 2013 was 3.0% (December 31, 2012—2.9%). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 15). | |||||||||
Among other matters, the Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and five loan agreements require the maintenance of vessel market value to loan ratios. As at December 31, 2013, these ratios ranged from 122.9% to 388.9% compared to their minimum required ratios of 105% to 120%, respectively. The vessel values used in these ratios are the appraised values prepared by the Company based on second-hand sale and purchase market data. A further delay in the recovery of the conventional tanker market and a weakening of the LNG/LPG carrier market could negatively affect the ratios. Certain loan agreements require that a minimum level of free cash be maintained and, as at December 31, 2013 and December 31, 2012, this amount was $100.0 million. Most of the loan agreements also require that the Company maintain an aggregate minimum level of free liquidity and undrawn revolving credit lines with at least six months to maturity, in amounts ranging from 5% to 7.5% of total debt. As at December 31, 2013, this aggregate amount was $332.6 million (December 31, 2012—$319.1 million). As at December 31, 2013, the Company was in compliance with all covenants required by its credit facilities and other long-term debt. Certain of the Company’s long-term debt agreements restrict Teekay’s ability to access the net assets of certain of its subsidiaries, through restrictions on the distribution of cash and through financial covenants that require Teekay LNG to not exceed a maximum level of leverage. As at December 31, 2013, Teekay’s share of the restricted net assets of its consolidated subsidiaries was approximately $175.0 million. | |||||||||
The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to December 31, 2013 are $1.3 billion (2014), $535.6 million (2015), $811.0 million (2016), $977.2 million (2017), $1.2 billion (2018) and $1.4 billion (thereafter). |
Operating_and_Direct_Financing
Operating and Direct Financing Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Operating and Direct Financing Leases | ' | ||||||||
9 | Operating and Direct Financing Leases | ||||||||
Charters-in | |||||||||
As at December 31, 2013, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $78.7 million, comprised of $43.7 million (2014), $16.4 million (2015), $9.1 million (2016), $9.1 million (2017), and $0.4 million (2018). 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 | |||||||||
Time-charters and bareboat charters of the Company’s vessels to third parties (except as noted below) are accounted for as operating leases. Certain of these charters provide the charterer with the option to acquire the vessel or the option to extend the charter. As at December 31, 2013, minimum scheduled future revenues to be received by the Company on time-charters and bareboat charters then in place were approximately $9.6 billion, comprised of $1.2 billion (2014), $1.2 billion (2015), $1.2 billion (2016), $1.2 billion (2017), $1.0 billion (2018) and $3.8 billion (thereafter). 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, 2013, revenue from unexercised option periods of contracts that existed on December 31, 2013 or variable or contingent revenues. In addition, minimum scheduled future revenues presented in this paragraph have been reduced by estimated off-hire time for scheduled periodic maintenance. The amounts may vary given future events such as unscheduled vessel maintenance. | |||||||||
The carrying amount of the vessels accounted for as operating leases at December 31, 2013, was $6.4 billion (2012—$6.1 billion). The cost and accumulated depreciation of the vessels employed on operating leases as at December 31, 2013 were $8.2 billion (2012—$7.8 billion) and $1.8 billion (2012—$1.7 billion), respectively. | |||||||||
Operating Lease Obligations | |||||||||
Teekay Tangguh Subsidiary | |||||||||
The Company’s subsidiary Teekay LNG owns a 99% interest in Teekay Tangguh, which owns a 70% interest in Teekay Tangguh Subsidiary, essentially giving Teekay LNG a 69% interest in the Teekay Tangguh Subsidiary. As at December 31, 2013, the Teekay Tangguh Subsidiary was a party to operating leases whereby it is leasing its two LNG carriers (or the Tangguh LNG Carriers) to a third party company (or Head Leases). The Teekay Tangguh Subsidiary is then leasing back the LNG carriers from the same third party company (or Subleases). Under the terms of these leases, the third party company claims tax depreciation on the capital expenditures it incurred to lease the vessels. As is typical in these leasing arrangements, tax and change of law risks are assumed by the Teekay Tangguh Subsidiary. Lease payments under the Subleases are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lease payments are increased or decreased under the Sublease to maintain the agreed after-tax margin. The Teekay Tangguh Subsidiary’s carrying amount of this tax indemnification as at December 31, 2013 and December 31, 2012 was $8.9 million and $9.4 million, respectively, and is included as part of other long-term liabilities in the consolidated balance sheets of the Company. The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2033. Although there is no maximum potential amount of future payments, the Teekay Tangguh Subsidiary may terminate the lease arrangements on a voluntary basis at any time. If the lease arrangements terminate, the Teekay Tangguh Subsidiary will be required to pay termination sums to the third party company sufficient to repay the third party company’s investment in the vessels and to compensate it for the tax effect of the terminations, including recapture of any tax depreciation. The Head Leases and the Subleases have 20 year terms and are classified as operating leases. The Head Lease and the Sublease for the two Tangguh LNG Carriers commenced in November 2008 and March 2009, respectively. | |||||||||
As at December 31, 2013, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows: | |||||||||
Year | Head Lease | Sublease | |||||||
Receipts(1) | Payments(1)(2) | ||||||||
2014 | 28,828 | 24,779 | |||||||
2015 | 22,188 | 24,779 | |||||||
2016 | 21,242 | 24,779 | |||||||
2017 | 21,242 | 24,779 | |||||||
2018 | 21,242 | 24,779 | |||||||
Thereafter | 217,821 | 254,105 | |||||||
Total | $ | 332,563 | $ | 378,000 | |||||
-1 | The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2013, the Teekay Tangguh Subsidiary had received $177.8 million of aggregate Head Lease receipts and had paid $115.4 million of aggregate Sublease payments. The portion of the Head Lease receipts that haven’t been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and as at December 31, 2013, $43.0 million of Head Lease receipts had been deferred and included in other long-term liabilities in the Company’s consolidated balance sheets. | ||||||||
-2 | The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. | ||||||||
Net Investment in Direct Financing Leases | |||||||||
The time-charters for two of the Company’s LNG carriers, one FSO unit and equipment that reduce volatile organic compound emissions (or VOC equipment) are accounted for as direct financing leases. In addition, in September and November 2013, Teekay LNG acquired two 155,900-cubic meter LNG carriers (or Awilco LNG Carriers) from Norway-based Awilco LNG ASA (or Awilco) and chartered them back to Awilco on a five- and four-year fixed-rate bareboat charter contract (plus a one year extension option), respectively, with Awilco holding a fixed-price purchase obligation at the end of the charter. The bareboat charters with Awilco are accounted for as direct financing leases. The purchase price of each vessel was $205 million less a $51.0 million upfront prepayment of charter hire by Awilco (inclusive of a $1.0 million upfront fee), which is in addition to the daily bareboat charter rate. The following table lists the components of the net investments in direct financing leases: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Total minimum lease payments to be received | 1,024,187 | 675,013 | |||||||
Estimated unguaranteed residual value of leased properties | 203,465 | 203,465 | |||||||
Initial direct costs and other | 1,379 | 1,409 | |||||||
Less unearned revenue | (501,769 | ) | (443,286 | ) | |||||
Total | 727,262 | 436,601 | |||||||
Less current portion | 21,545 | 12,303 | |||||||
Long-term portion | 705,717 | 424,298 | |||||||
As at December 31, 2013, minimum lease payments to be received by the Company in each of the next five years following 2013 were $81.5 million (2014), $83.6 million (2015), $83.9 million (2016), $207.9 million (2017), and $173.7 million (2018). The VOC equipment leases are scheduled to expire in 2014, the FSO contract is scheduled to expire in 2017, the LNG time-charters are both scheduled to expire in 2029 and the two LNG carriers under the Awilco LNG carrier leases expire in 2017 and 2018. |
Capital_Lease_Obligations_and_
Capital Lease Obligations and Restricted Cash | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Capital Lease Obligations and Restricted Cash | ' | ||||||||
10 | Capital Lease Obligations and Restricted Cash | ||||||||
Capital Lease Obligations | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
RasGas II LNG Carriers | 472,806 | 472,085 | |||||||
Suezmax Tankers | 125,523 | 165,489 | |||||||
Total | 598,329 | 637,574 | |||||||
Less current portion | 31,668 | 70,272 | |||||||
Long-term portion | 566,661 | 567,302 | |||||||
RasGas II LNG Carriers. As at December 31, 2013, Teekay LNG was a party, as lessee, to 30-year capital lease arrangements relating to three LNG carriers (or the RasGas II LNG Carriers) that operate under time-charter contracts with Ras Laffan Liquefied Natural Gas Company Limited (II) (or RasGas II), a joint venture between Qatar Petroleum and ExxonMobil RasGas Inc., a subsidiary of Exxon Mobil Corporation. Teekay LNG has a 70% share in the leases for the RasGas II LNG Carriers. | |||||||||
Under the terms of the RasGas II LNG Carriers capital lease arrangements, the lessor claims tax depreciation on the capital expenditures it incurred to acquire these vessels. As is typical in these leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin. The Company’s carrying amount of the tax indemnification guarantee as at December 31, 2013 and 2012 was $15.0 million and $15.5 million, respectively, and is included as part of other long-term liabilities in the Company’s consolidated balance sheets. | |||||||||
The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2041. Although there is no maximum potential amount of future payments, the Company may terminate the lease arrangements on a voluntary basis at any time. If the lease arrangements terminate, the Company will be required to pay termination sums to the lessor sufficient to repay the lessor’s investment in the vessels and to compensate it for the tax-effect of the terminations, including recapture of any tax depreciation (see Note 16c). | |||||||||
At their inception, the weighted-average interest rate implicit in these leases was 5.2%. These capital leases are variable-rate capital leases. As at December 31, 2013, the commitments under these capital leases approximated $953.1 million, including imputed interest of $480.3 million, repayable as follows: | |||||||||
Year | Commitment | ||||||||
2014 | $ | 24,000 | |||||||
2015 | $ | 24,000 | |||||||
2016 | $ | 24,000 | |||||||
2017 | $ | 24,000 | |||||||
2018 | $ | 24,000 | |||||||
Thereafter | $ | 833,128 | |||||||
As the payments in the next five years only cover a portion of the estimated interest expense, the lease obligation will continue to increase. Starting in 2024, the lease payments will increase to cover both interest and principal to commence reduction of the principal portion of the lease obligations. | |||||||||
Suezmax Tankers. During 2013, the Company was a party to capital leases on five Suezmax tankers. Under these capital leases, the owner has the option to require the Company to purchase the five vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts. For two of the five Suezmax tankers, the cancellation options were first exercisable in August 2013 and November 2013, respectively. In July 2013, the Company received notification of termination from the owner for these two vessels. The owner reached an agreement to sell both vessels, the Tenerife Spirit and the Algeciras Spirit, to a third party. The Tenerife Spirit was sold in December 2013 and the Algeciras Spirit was sold in February 2014. Upon sale of the vessels, the Company was not required to pay the balance of the capital lease obligations, as the vessels under capital leases were returned to the owner and the capital lease obligations were concurrently extinguished. | |||||||||
The amounts in the table above assume the owner will not exercise its options to require the Company to purchase any of the three remaining vessels from the owner, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable (April 2014, October 2017 and July 2018, respectively), which is the 13th year anniversary of each respective contract and sell the vessel to a third party, upon which the lease obligation will be extinguished. At the inception of these leases, the weighted-average interest rate implicit in these leases was 7.4%. These capital leases are variable-rate capital leases. However, any change in the lease payments resulting from changes in interest rates is offset by a corresponding change in the charter hire payments received by the Company. | |||||||||
Restricted Cash | |||||||||
Under the terms of the capital leases for the RasGas II LNG Carriers, the Company is required to have on deposit with financial institutions an amount of cash that, together with interest earned on the deposits, will equal the remaining amounts owing under the leases. These cash deposits are restricted to being used for capital lease payments and have been fully funded primarily with term loans (see Note 8). | |||||||||
As at December 31, 2013 and 2012, the amount of restricted cash on deposit for the three RasGas II LNG Carriers was $475.6 million and $475.5 million, respectively. As at December 31, 2013 and 2012, the weighted-average interest rates earned on the deposits were 0.3% and 0.4%, respectively. These rates do not reflect the effect of related interest rate swaps (see Note 15). | |||||||||
The Company also maintains restricted cash deposits relating to certain term loans and other obligations, which totaled $27.1 million and $58.3 million as at December 31, 2013 and 2012, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
11 | Fair Value Measurements | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other non-financial assets. | |||||||||||||||||||||
Cash and cash equivalents, restricted cash and marketable securities – The fair value of the Company’s cash and cash equivalents restricted cash, and marketable securities approximates their carrying amounts reported in the accompanying consolidated balance sheets. | |||||||||||||||||||||
Vessels and equipment and assets held for sale – The estimated fair value of the Company’s vessels and equipment and vessels held for sale 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 the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company. Other assets held for sale include working capital balances and the fair value of such amounts generally approximate their carrying value. | |||||||||||||||||||||
Investment in term loans –The fair value of the Company’s investment in term loans is estimated using a discounted cash flow analysis, based on current rates currently available for debt with similar terms and remaining maturities. In addition, an assessment of the credit worthiness of the borrower and the value of the collateral is taken into account when determining the fair value. | |||||||||||||||||||||
Loans to equity accounted investees and joint venture partners – The fair value of the Company’s loans to joint ventures and joint venture partners approximates their carrying amounts reported in the accompanying consolidated balance sheets. | |||||||||||||||||||||
Long-term debt and liabilities associated with assets held for sale – The fair value of the Company’s fixed-rate and variable-rate long-term debt is either based on quoted market prices or 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. Alternatively, if the fixed-rate and variable-rate long-term debt is held for sale the fair value is based on the estimated sales price. Other liabilities held for sale include working capital balances and the fair value of such amounts generally approximate their carrying value. | |||||||||||||||||||||
Derivative instruments – The fair value of the Company’s derivative instruments is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, foreign exchange rates, and the current credit worthiness of both the Company and the derivative counterparties. The estimated amount is the present value of future cash flows. The Company transacts all of its derivative instruments through investment-grade rated financial institutions at the time of the transaction and requires no collateral from these institutions. 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. | |||||||||||||||||||||
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 and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis. | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Value | Amount | Value | Amount | Value | |||||||||||||||||
Hierarchy | Asset | Asset | Asset | Asset | |||||||||||||||||
Level | (Liability) | (Liability) | (Liability) | (Liability) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Recurring | |||||||||||||||||||||
Cash and cash equivalents, restricted cash, and marketable securities | Level 1 | 1,119,966 | 1,119,966 | 1,178,118 | 1,178,118 | ||||||||||||||||
Derivative instruments (note 15) | |||||||||||||||||||||
Interest rate swap agreements - assets (1) | Level 2 | 91,415 | 91,415 | 165,688 | 165,688 | ||||||||||||||||
Interest rate swap agreements - liabilities (1) | Level 2 | (410,470 | ) | (410,470 | ) | (667,825 | ) | (667,825 | ) | ||||||||||||
Cross currency interest swap agreement | Level 2 | (52,219 | ) | (52,219 | ) | 13,886 | 13,886 | ||||||||||||||
Foreign currency contracts | Level 2 | (1,480 | ) | (1,480 | ) | 2,885 | 2,885 | ||||||||||||||
Non-recurring | |||||||||||||||||||||
Vessels and equipment (note 18b) | Level 2 | 17,250 | 17,250 | 287,983 | 287,983 | ||||||||||||||||
Assets held for sale (2) (note 18b) | Level 2 | 176,247 | 176,247 | 22,364 | 22,364 | ||||||||||||||||
Other | |||||||||||||||||||||
Investment in term loans | Level 3 | 211,579 | 209,570 | 188,756 | 186,048 | ||||||||||||||||
Loans to equity accounted investees and joint venture partners - Current | Level 3 | 37,019 | 37,019 | 139,183 | 139,183 | ||||||||||||||||
Loans to equity accounted investees and joint venture partners - Long-term | (3 | ) | 132,229 | (3 | ) | 67,720 | (3 | ) | |||||||||||||
Liabilities associated with assets held for sale (2) (note 8) | Level 2 | (168,007 | ) | (168,007 | ) | — | — | ||||||||||||||
Long-term debt - public (note 8) | Level 1 | (1,313,358 | ) | (1,376,829 | ) | (914,338 | ) | (949,326 | ) | ||||||||||||
Long-term debt - non-public (note 8) | Level 2 | (4,796,112 | ) | (4,582,274 | ) | (4,645,376 | ) | (4,329,117 | ) | ||||||||||||
-1 | The fair value of the Company’s interest rate swap agreements at December 31, 2013 includes $22.0 million (December 31, 2012- $21.6 million) of net accrued interest which is recorded in accrued liabilities and accounts receivable on the consolidated balance sheets. | ||||||||||||||||||||
-2 | The fair value of the Company’s assets held for sale and liabilities associated with assets held for sale include vessels held for sale, long-term debt and other working capital balances. | ||||||||||||||||||||
-3 | In these consolidated financial statements, the Company’s loans to and equity investments in equity accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the loans to joint venture partners together with the joint venture partner’s equity investment in joint venture form the net aggregate carrying value of the joint venture partner’s interest in the joint venture. The fair value of the individual components of such aggregate interests is not determinable. |
Capital_Stock
Capital Stock | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Capital Stock | ' | ||||||||||||||||||||||||
12 | Capital Stock | ||||||||||||||||||||||||
The authorized capital stock of Teekay at December 31, 2013 and 2012, was 25,000,000 shares of Preferred Stock, with a par value of $1 per share, and 725,000,000 shares of Common Stock, with a par value of $0.001 per share. During 2013, the Company issued 1.3 million common shares upon the exercise of stock options and restricted stock units and awards, and had share repurchases of 0.3 million common shares. During 2012, the Company issued 1.0 million common shares upon the exercise of stock options and restricted stock units and awards, and had no share repurchases of common shares. As at December 31, 2013, Teekay had issued 71,528,599 shares of Common Stock (2012—70,203,388) and no shares of Preferred Stock issued. As at December 31, 2013, Teekay had 70,729,399 shares of Common Stock outstanding (2012—69,704,188). | |||||||||||||||||||||||||
Dividends may be declared and paid out of surplus only, but if there is no surplus, dividends may be declared or paid out of the net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year. Surplus is the excess of the net assets of the Company over the aggregated par value of the issued shares of the Teekay. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of common stock are entitled to share equally in any dividends that the board of directors may declare from time to time out of funds legally available for dividends. | |||||||||||||||||||||||||
During 2008, Teekay announced that its Board of Directors had authorized the repurchase of up to $200 million of shares of its Common Stock in the open market, subject to cancellation upon approval by the Board of Directors. As at December 31, 2013, Teekay had repurchased approximately 5.2 million shares of Common Stock for $162.3 million pursuant to such authorizations. The total remaining share repurchase authorization at December 31, 2013, was $37.7 million. The shares of Common Stock repurchased during 2013 were under a separate authorization. | |||||||||||||||||||||||||
On July 2, 2010, the Company amended and restated its Stockholder Rights Agreement (the Rights Agreement), which was originally adopted by the Board of Directors in September 2000. In September 2000, the Board of Directors declared a dividend of one common share purchase right (a Right) for each outstanding share of the Company’s common stock. These Rights continue to remain outstanding and will not be exercisable and will trade with the shares of the Company’s common stock until after such time, if any, as a person or group becomes an “acquiring person” as set forth in the amended Rights Agreement. A person or group will be deemed to be an “acquiring person,” and the Rights generally will become exercisable, if a person or group acquires 20% or more of the Company’s common stock, or if a person or group commences a tender offer that could result in that person or group owning more than 20% of the Company’s common stock, subject to certain higher thresholds for existing stockholders that currently own in excess of 15% of the Company’s common stock. Once exercisable, each Right held by a person other than the “acquiring person” would entitle the holder to purchase, at the then-current exercise price, a number of shares of common stock of the Company having a value of twice the exercise price of the Right. In addition, if the Company is acquired in a merger or other business combination transaction after any such event, each holder of a Right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the Right. The amended Rights Agreement will expire on July 1, 2020, unless the expiry date is extended or the Rights are earlier redeemed or exchanged by the Company. | |||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||
In March 2013, the Company adopted the 2013 Equity Incentive Plan (or the 2013 Plan) and suspended the 1995 Stock Option Plan and the 2003 Equity Incentive Plan (collectively referred to as the Plans). As at December 31, 2013, the Company had reserved pursuant to its 2013 Plan 4,133,987 shares of Common Stock, and at December 31, 2012, the Company had reserved pursuant to its Plans 8,924,470 shares of Common Stock, for issuance upon exercise of options or equity awards granted or to be granted. | |||||||||||||||||||||||||
During the year ended December 31, 2013, the Company granted options under the 2013 Plan to acquire up to 72,810 shares of Common Stock, and during the years ended December 31, 2012 and 2011, the Company granted options under the Plans to acquire up to 432,971 and 95,604 shares of Common Stock, respectively, to certain eligible officers, employees and directors of the Company. The options under the Plans have ten-year terms and vest equally over three years from the grant date. All options outstanding as of December 31, 2013, expire between March 12, 2014 and March 12, 2023, ten years after the date of each respective grant. | |||||||||||||||||||||||||
A summary of the Company’s stock option activity and related information for the years ended December 31, 2013, 2012, and 2011, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Options | Weighted- | Options | Weighted- | Options | Weighted- | ||||||||||||||||||||
(000’s) | Average | (000’s) | Average | (000’s) | Average | ||||||||||||||||||||
# | Exercise | # | Exercise | # | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Outstanding - beginning of year | 5,285 | 34.4 | 5,713 | 32.47 | 6,123 | 31.54 | |||||||||||||||||||
Granted | 73 | 34.07 | 433 | 27.69 | 96 | 34.93 | |||||||||||||||||||
Exercised | (1,039 | ) | 26.21 | (733 | ) | 15.85 | (363 | ) | 16.14 | ||||||||||||||||
Forfeited / expired | (82 | ) | 38.46 | (128 | ) | 31.81 | (143 | ) | 33.11 | ||||||||||||||||
Outstanding - end of year | 4,237 | 36.33 | 5,285 | 34.4 | 5,713 | 32.47 | |||||||||||||||||||
Exercisable - end of year | 3,848 | 37.03 | 4,561 | 35.54 | 4,656 | 35.4 | |||||||||||||||||||
A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2013, 2012 and 2011, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Options | Weighted- | Options | Weighted- | Options | Weighted- | ||||||||||||||||||||
(000’s) | Average | (000’s) | Average | (000’s) | Average | ||||||||||||||||||||
# | Grant | # | Grant | # | Grant | ||||||||||||||||||||
Date Fair | Date Fair | Date Fair | |||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Outstanding non-vested stock options - beginning of year | 723 | 8.74 | 1,057 | 6.4 | 2,160 | 6.36 | |||||||||||||||||||
Granted | 73 | 10.54 | 433 | 8.72 | 96 | 11.27 | |||||||||||||||||||
Vested | (401 | ) | 8.57 | (747 | ) | 5.44 | (1,071 | ) | 6.18 | ||||||||||||||||
Forfeited | (6 | ) | 9.46 | (20 | ) | 8.24 | (128 | ) | 11.47 | ||||||||||||||||
Outstanding non-vested stock options - end of year | 389 | 9.24 | 723 | 8.74 | 1,057 | 6.4 | |||||||||||||||||||
The weighted average grant date fair value for non-vested options forfeited in 2013 was $0.1 million (2012—$0.8 million). | |||||||||||||||||||||||||
As of December 31, 2013, there was $1.2 million of total unrecognized compensation cost related to non-vested stock options granted under the Plans. Recognition of this compensation is expected to be $1.0 million (2014), and $0.2 million (2015). During the years ended December 31, 2013, 2012, and 2011, the Company recognized $1.8 million, $2.9 million and $5.3 million, respectively, of compensation cost relating to stock options granted under the Plans. The intrinsic value of options exercised during 2013 was $22.6 million (2012—$11.9 million; 2011—$3.8 million). | |||||||||||||||||||||||||
As at December 31, 2013, the intrinsic value of the outstanding in–the-money stock options was $51.7 million (2012—$22.0 million) and exercisable stock options was $44.5 million (2012—$18.3 million). As at December 31, 2013, the weighted-average remaining life of options vested and expected to vest was 4.2 years (2012—5.0 years). | |||||||||||||||||||||||||
Further details regarding the Company’s outstanding and exercisable stock options at December 31, 2013 are as follows: | |||||||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||||||
Range of Exercise Prices | Options | Weighted- | Weighted- | Options | Weighted- | Weighted- | |||||||||||||||||||
(000’s) | Average | Average | (000’s) | Average | Average | ||||||||||||||||||||
# | Remaining | Exercise | # | Remaining | Exercise | ||||||||||||||||||||
Life | Price | Life | Price | ||||||||||||||||||||||
(Years) | $ | (Years) | $ | ||||||||||||||||||||||
$10.00 – $19.99 | 435 | 5.2 | 11.84 | 435 | 5.2 | 11.84 | |||||||||||||||||||
$20.00 – $24.99 | 440 | 6.2 | 24.42 | 440 | 6.2 | 24.42 | |||||||||||||||||||
$25.00 – $29.99 | 400 | 8.2 | 27.69 | 111 | 8.2 | 27.69 | |||||||||||||||||||
$30.00 – $34.99 | 188 | 6.1 | 34.26 | 88 | 3.3 | 34.2 | |||||||||||||||||||
$35.00 – $39.99 | 639 | 2.3 | 38.98 | 639 | 2.3 | 38.98 | |||||||||||||||||||
$40.00 – $44.99 | 1,150 | 4.2 | 40.41 | 1,150 | 4.2 | 40.41 | |||||||||||||||||||
$45.00 – $49.99 | 334 | 1.2 | 46.8 | 334 | 1.2 | 46.8 | |||||||||||||||||||
$50.00 – $59.99 | 648 | 3.2 | 51.4 | 648 | 3.2 | 51.4 | |||||||||||||||||||
$60.00 – $64.99 | 3 | 3.3 | 60.96 | 3 | 3.3 | 60.96 | |||||||||||||||||||
4,237 | 4.3 | 36.33 | 3,848 | 3.9 | 37.03 | ||||||||||||||||||||
The weighted-average grant-date fair value of options granted during 2013 was $10.54 per option (2012—$8.72, 2011—$11.27). The fair value of each option granted was estimated on the date of the grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the options granted: expected volatility of 53.7% in 2013, 54.8% in 2012 and 53.6% in 2011; expected life of four years; dividend yield of 4.8% in 2013, 4.4% in 2012 and 3.8% in 2011; risk-free interest rate of 0.8% in 2013, 2.1% in 2012, and 2.1% in 2011; and estimated forfeiture rate of 12% in 2013, 12% in 2012 and 11.2% in 2011. The expected life of the options granted was estimated using the historical exercise behavior of employees. The expected volatility was generally based on historical volatility as calculated using historical data during the five years prior to the grant date. | |||||||||||||||||||||||||
The Company grants restricted stock units and performance share units to certain eligible officers, employees and directors of the Company. Each restricted stock unit and performance share unit is equivalent in value to one share of the Company’s common stock plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over two or three years from the grant date and the performance share units vest three years from the grant date. Upon vesting, the value of the restricted stock units and performance share units are paid to each grantee in the form of shares. For performance share units granted prior to 2013, the number of performance share units that vest will range from zero to three times the original number granted, based on certain performance and market conditions. For performance share units granted beginning 2013, there is no cap on the number of performance share units vesting. | |||||||||||||||||||||||||
During 2013, the Company granted 158,957 restricted stock units with a fair value of $5.4 million and 54,773 performance share units with a fair value of $2.3 million, based on the quoted market price and a Monte Carlo valuation model, to certain of the Company’s employees and directors. During 2013, 296,798 restricted stock units with a market value of $8.8 million vested and that amount was paid to grantees by issuing 175,206 shares of common stock, net of withholding taxes. During 2012, the Company granted 268,595 restricted stock units with a fair value of $7.4 million and 67,870 performance share units with a fair value of $2.5 million, based on the quoted market price and a Monte Carlo valuation model, to certain of the Company’s employees and directors. During 2012, 334,256 restricted stock units with a market value of $9.0 million vested and that amount was paid to grantees by issuing 200,024 shares of common stock, net of withholding taxes. During 2011, the Company granted 358,180 restricted stock units with a fair value of $12.5 million and 73,349 performance share units with a fair value of $3.7 million, based on the quoted market price and a Monte Carlo valuation model, to certain of the Company’s employees and directors. During 2011, 214,863 restricted stock units with a market value of $4.9 million vested and that amount was paid to grantees by issuing 131,682 shares of common stock, net of withholding taxes. For the year ended December 31, 2013, the Company recorded an expense of $8.1 million (2012—$7.7 million, 2011—$12.5 million) related to the restricted stock units. | |||||||||||||||||||||||||
During 2013, the Company also granted 26,412 (2012—23,563 and 2011—29,663) shares of restricted stock awards with a fair value of $0.9 million, based on the quoted market price, to certain of the Company’s directors. The shares of restricted stock are issued when granted. | |||||||||||||||||||||||||
In March 2011, the Company incurred a one-time $11.0 million increase to the pension plan benefits of Bjorn Moller, who retired from his position as the Company’s President and Chief Executive Officer on April 1, 2011. The additional pension benefit was in recognition of Mr. Moller’s service to the Company. In addition, the Company recognized a compensation expense of approximately $4.7 million which related to the portion of Mr. Moller’s previously unvested outstanding stock-based compensation grants that vested on the date of his retirement. The total compensation expense related to Mr. Moller’s retirement of $15.7 million was recorded in general and administrative expense in the consolidated statements of income (loss) for the year ended December 31, 2011. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
13 | Related Party Transactions | |
As at December 31, 2013, Resolute Investments, Ltd. (or Resolute) owned 35.7% (2012—44.9%, 2011—45.5%) of the Company’s outstanding Common Stock. One of the Company’s directors, Thomas Kuo-Yuen Hsu, is the President and a director of Resolute. Another of the Company’s directors, Axel Karlshoej, is among the directors of Path Spirit Limited, which is the trust protector for the trust that indirectly owns all of Resolute’s outstanding equity. The Company’s Chairman, C. Sean Day, is engaged as a consultant to Kattegat Limited, the parent company of Resolute, to oversee its investments, including that in the Teekay group of companies. |
Other_Income
Other Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Other Income | ' | ||||||||||||
14 | Other Income | ||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Gain on sale of other assets | — | 2,217 | — | ||||||||||
Volatile organic compound emission plant lease income | 238 | 1,220 | 2,900 | ||||||||||
Impairment and (loss) gain on sale of marketable securities | (2,062 | ) | (2,560 | ) | 3,372 | ||||||||
Miscellaneous income (loss) | 9,229 | (511 | ) | 6,088 | |||||||||
Loss on bond repurchase | (1,759 | ) | — | — | |||||||||
Other income | 5,646 | 366 | 12,360 | ||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
15 | Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||
The Company uses derivatives to manage certain risks in accordance with its overall risk management policies. | |||||||||||||||||||||||||
Foreign Exchange Risk | |||||||||||||||||||||||||
The Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. | |||||||||||||||||||||||||
As at December 31, 2013, the Company was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||
Contract Amount | Average Forward | Fair Value / | |||||||||||||||||||||||
in Foreign | Rate(1) | Carrying Amount | |||||||||||||||||||||||
Currency | of Asset (Liability) | Expected Maturity | |||||||||||||||||||||||
$ | 2014 | 2015 | |||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||
Norwegian Kroner | 641,100 | 6.03 | (1,424 | ) | 92,772 | 13,541 | |||||||||||||||||||
Canadian Dollar | 10,000 | 1.06 | (56 | ) | 9,457 | — | |||||||||||||||||||
(1,480 | ) | 102,229 | 13,541 | ||||||||||||||||||||||
-1 | Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||
The Company enters into cross currency swaps, and pursuant to these swaps the Company receives the principal amount in NOK on the maturity date of the swap, in exchange for payment of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal at maturity of the Company’s NOK-denominated bonds due in 2015 through 2018. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2015 through 2018. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2015 through 2018. As at December 31, 2013, the Company was committed to the following cross currency swaps: | |||||||||||||||||||||||||
Notional | Notional | Floating Rate Receivable | Fixed Rate | Fair Value / | Remaining | ||||||||||||||||||||
Amount | Amount | Payable | Carrying | Term | |||||||||||||||||||||
NOK | USD | Amount of | (years) | ||||||||||||||||||||||
Reference | Margin | Asset / | |||||||||||||||||||||||
Rate | Liability | ||||||||||||||||||||||||
700,000 | 122,800 | NIBOR | 4.75 | % | 5.52 | % | (8,550 | ) | 1.8 | ||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (8,185 | ) | 2.1 | ||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (5,503 | ) | 3.1 | ||||||||||||||||
700,000 | 125,000 | NIBOR | 5.25 | % | 6.88 | % | (13,247 | ) | 3.3 | ||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (11,744 | ) | 4.1 | ||||||||||||||||
900,000 | 150,000 | NIBOR | 4.35 | % | 6.43 | % | (4,990 | ) | 4.7 | ||||||||||||||||
(52,219 | ) | ||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||
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. In addition, the Company holds interest rate swaps which exchange a payment of floating rate interest for a receipt of fixed interest in order to reduce the Company’s exposure to the variability of interest income on its restricted cash deposits. The Company has not designated any of its interest rate swap agreements in its consolidated entities as cash flow hedges for accounting purposes. | |||||||||||||||||||||||||
As at December 31, 2013, the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt, restricted cash deposits and EURIBOR-based debt, whereby certain of the Company’s floating-rate debt and restricted cash deposits were swapped with fixed-rate obligations or fixed-rate deposits: | |||||||||||||||||||||||||
Interest | Principal | Fair Value / | Weighted- | Fixed | |||||||||||||||||||||
Rate | Amount | Carrying | Average | Interest | |||||||||||||||||||||
Index | $ | Amount of | Remaining | Rate | |||||||||||||||||||||
Asset / | Term | (%)(1) | |||||||||||||||||||||||
(Liability) | (years) | ||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
LIBOR-Based Debt: | |||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 404,464 | (66,829 | ) | 23.1 | 4.9 | |||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (3) | LIBOR | 3,217,495 | (306,428 | ) | 6.5 | 3.8 | |||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (4) | LIBOR | 300,000 | 4,735 | 0.2 | 1.7 | ||||||||||||||||||||
LIBOR-Based Restricted Cash Deposit: | |||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 469,011 | 81,118 | 23.1 | 4.8 | ||||||||||||||||||||
EURIBOR-Based Debt: | |||||||||||||||||||||||||
Euro-denominated interest rate swaps (5) (6) | EURIBOR | 340,221 | (31,651 | ) | 7 | 3.1 | |||||||||||||||||||
(319,055 | ) | ||||||||||||||||||||||||
-1 | Excludes the margins the Company pays on its variable-rate debt, which, as of December 31, 2013, ranged from 0.3% to 4.5%. | ||||||||||||||||||||||||
-2 | Principal amount reduces quarterly. | ||||||||||||||||||||||||
-3 | Principal amount of $200 million is fixed at 2.14%, unless LIBOR exceeds 6%, in which case the Company pays a floating rate of interest. | ||||||||||||||||||||||||
-4 | Inception date of swap is March 2014 ($300.0 million). | ||||||||||||||||||||||||
-5 | Principal amount reduces monthly to 70.1 million Euros ($96.3 million) by the maturity dates of the swap agreements. | ||||||||||||||||||||||||
-6 | Principal amount is the U.S. Dollar equivalent of 247.6 million Euros. | ||||||||||||||||||||||||
Tabular Disclosure | |||||||||||||||||||||||||
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 | Derivative | Accrued | Current | Derivative | |||||||||||||||||||||
Portion of | Assets | Liabilities | Portion of | Liabilities | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||||||
Foreign currency contracts | 482 | 12 | — | (1,819 | ) | (155 | ) | ||||||||||||||||||
Interest rate swap agreements | 21,779 | 69,785 | (22,025 | ) | (140,503 | ) | (248,091 | ) | |||||||||||||||||
Cross currency swap agreements | 779 | — | 3 | (1,677 | ) | (51,324 | ) | ||||||||||||||||||
23,040 | 69,797 | (22,022 | ) | (143,999 | ) | (299,570 | ) | ||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||
Derivatives designated as a cash flow hedge: | |||||||||||||||||||||||||
Foreign currency contracts | 441 | — | — | (1 | ) | — | |||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||||||
Foreign currency contracts | 2,506 | — | — | (60 | ) | — | |||||||||||||||||||
Interest rate swap agreements | 16,927 | 144,247 | (22,312 | ) | (115,774 | ) | (525,225 | ) | |||||||||||||||||
Cross currency swap agreements | 11,795 | 4,334 | 719 | — | (2,962 | ) | |||||||||||||||||||
31,669 | 148,581 | (21,593 | ) | (115,835 | ) | (528,187 | ) | ||||||||||||||||||
As at December 31, 2013, the Company had multiple interest rate swaps and cross currency swaps with the same counterparty that are subject to the same master agreement. Each of these master agreements provides for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these interest rate swaps and cross currency swaps are presented on a gross basis in the Company’s consolidated balance sheets. As at December 31, 2013, these interest rate swaps and cross currency swaps had an aggregate fair value asset amount of $85.2 million and an aggregate fair value liability amount of $361.1 million. | |||||||||||||||||||||||||
Realized and unrealized gains (losses) from derivative instruments that are not designated for accounting purposes as cash flow hedges, are recognized in earnings and reported in realized and unrealized gains (losses) on non-designated derivatives in the consolidated statements of income (loss). The effect of the gain (loss) on derivatives not designated as hedging instruments in the statements of income (loss) are as follows: | |||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||
Interest rate swap agreements | (122,439 | ) | (123,277 | ) | (132,931 | ) | |||||||||||||||||||
Interest rate swap agreement amendments and terminations | (35,985 | ) | — | (149,666 | ) | ||||||||||||||||||||
Foreign currency forward contracts | (2,027 | ) | 1,155 | 9,965 | |||||||||||||||||||||
Forward freight agreements and bunker fuel swap contracts | — | — | 36 | ||||||||||||||||||||||
Foinaven embedded derivative | — | 11,452 | — | ||||||||||||||||||||||
(160,451 | ) | (110,670 | ) | (272,596 | ) | ||||||||||||||||||||
Unrealized gains (losses) relating to: | |||||||||||||||||||||||||
Interest rate swap agreements | 182,800 | 26,770 | (58,405 | ) | |||||||||||||||||||||
Foreign currency forward contracts | (3,935 | ) | 6,933 | (11,399 | ) | ||||||||||||||||||||
Foinaven embedded derivative | — | (3,385 | ) | (322 | ) | ||||||||||||||||||||
178,865 | 30,318 | (70,126 | ) | ||||||||||||||||||||||
Total realized and unrealized gains (losses) on derivative instruments | 18,414 | (80,352 | ) | (342,722 | ) | ||||||||||||||||||||
Realized and unrealized (losses) gains of the cross currency swaps are recognized in earnings and reported in foreign currency exchange (loss) gain in the consolidated statements of income (loss). The effect of the (loss) gain on cross currency swaps on the consolidated statements of income (loss) is as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2010 | |||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Realized gain on partial termination of cross currency swap | 6,800 | — | — | ||||||||||||||||||||||
Realized gains | 2,089 | 3,628 | 2,881 | ||||||||||||||||||||||
Unrealized (losses) gains | (65,387 | ) | 10,715 | (1,583 | ) | ||||||||||||||||||||
Total realized and unrealized (losses) gains on cross currency swaps | (56,498 | ) | 14,343 | 1,298 | |||||||||||||||||||||
The Company is exposed to credit loss to the extent the fair value represents an asset (see above) in the event of non-performance by the counterparties to the foreign currency forward contracts, and cross currency and interest rate swap agreements; however, the Company does not anticipate non-performance by any of the counterparties. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A—or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
16 | Commitments and Contingencies | ||
a) | Vessels under Construction | ||
As at December 31, 2013, the Company was committed to the construction of five LNG carriers, two floating, storage and offloading (or FSO) conversions and one FPSO unit for a total cost of approximately $2.2 billion, excluding capitalized interest and other miscellaneous construction costs. Two LNG carriers are scheduled for delivery in 2016, and three LNG carriers are scheduled for delivery in 2017, the two FSO conversions are scheduled for completion in the third quarter of 2014 and 2016, respectively, and the FPSO unit is scheduled for delivery in mid-2014. As at December 31, 2013, payments made towards these commitments totaled $696.8 million (excluding $49.0 million of capitalized interest and other miscellaneous construction costs). As at December 31, 2013, the estimated remaining payments required to be made under these newbuilding and conversion contracts were $482.2 million (2014), $154.2 million (2015), $425.4 million (2016) and $399.0 million (2017). | |||
b) | Joint Ventures | ||
As at December 31, 2013, Exmar LPG BVBA, in which Teekay LNG has a 50% ownership interest, was committed to the construction of 12 LPG newbuilding carriers for a total cost of $537.4 million, excluding capitalized interest and other miscellaneous construction costs. The 12 newbuildings are scheduled for delivery between 2014 and 2018. As at December 31, 2013, payments made by Exmar LPG BVBA towards these commitments totaled $68.6 million. As at December 31, 2013, the remaining payments required to be made by Exmar LPG BVBA under these newbuilding contracts was $130.5 million in 2014, $76.6 million in 2015, $113.4 million in 2016, $78.5 million in 2017 and $69.8 million in 2018. Teekay LNG owns a 50% interest in Exmar LPG BVBA. | |||
c) | Legal Proceedings and Claims | ||
The Company may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. The Company believes that any adverse outcome of existing claims, individually or in the aggregate, would not have a material effect on its financial position, results of operations or cash flows, when taking into account its insurance coverage and indemnifications from charterers. | |||
On November 13, 2006, one of Teekay Offshore’s shuttle tankers, the Navion Hispania, collided with the Njord Bravo, an FSO unit, while preparing to load an oil cargo from the Njord Bravo. The Njord Bravo services the Njord field, which is operated by Statoil Petroleum AS (or Statoil) and is located off the Norwegian coast. At the time of the incident, Statoil was chartering the Navion Hispania from Teekay Offshore. The Navion Hispania and the Njord Bravo both incurred damage as a result of the collision. In November 2007, Navion Offshore Loading AS (or NOL) and Teekay Navion Offshore Loading Pte Ltd. (or TNOL), subsidiaries of Teekay Offshore, and Teekay Shipping Norway AS (or TSN), a subsidiary of Teekay, were named as co-defendants in a legal action filed by Norwegian Hull Club (the hull and machinery insurers of the Njord Bravo), several other insurance underwriters and various licensees in the Njord field. The plaintiffs sought damages for vessel repairs, expenses for a replacement vessel and other amounts related to production stoppage on the field, totaling NOK 213,000,000 (approximately $35.1 million). | |||
In December 2011, the Stavanger District Court ruling in the first instance found that NOL was liable for damages except for damages related to certain indirect or consequential losses. The court also found that Statoil ASA was liable to NOL for the same amount of damages to NOL. As a result of this ruling, as at December 31, 2012, Teekay Offshore reported a liability in the total amount of NOK 76,000,000 (approximately $12.5 million) to the plaintiffs and a corresponding receivable from Statoil ASA recorded in other long-term liabilities and other assets, respectively. | |||
The plaintiffs appealed the decision and the appellate court in June 2013 held that NOL, TNOL and TSN are jointly and severally responsible towards the plaintiffs for all the losses as a result of the collision, plus interest accrued on the amount of damages. In addition, Statoil ASA was held not to be under an obligation to indemnify NOL, TNOL and TSN for the losses. NOL, TNOL and TSN were also held liable for legal costs associated with court proceedings. As a result of this judgment, in the second quarter of 2013, Teekay Offshore recognized a liability in the amount of NOK 213,000,000 in respect of damages, NOK 66,000,000 in respect of interest and NOK 11,000,000 in respect of legal costs, totaling NOK 290,000,000 (approximately $47.8 million), to the plaintiffs recorded in accrued liabilities. The receivable from Statoil ASA previously recorded in other assets was reversed in the second quarter of 2013. In the fourth quarter of 2013, Teekay Offshore recognized an additional liability of NOK 4,000,000 in respect of interest, bringing the total liability to NOK 294,000,000 (approximately $48.4 million). The judgment rendered deals with liability only and the ultimate amount of damages may be reduced compared to the NOK 213,000,000 claimed by the plaintiffs. | |||
Teekay Offshore and Teekay maintain protection and indemnity insurance for damages to the Navion Hispania and insurance for collision-related costs and claims. These insurance policies are expected to cover the costs related to this incident, including any costs not indemnified by Statoil, and thus a receivable of NOK 294,000,000 (approximately $48.4 million) was concurrently recorded in accounts receivable, which equals the total cost of the claim. In addition, Teekay has agreed to indemnify Teekay Offshore for any losses it may incur in connection with this incident. | |||
In 2013, the insurer made payments directly to the plaintiffs in full settlement of interest and partial settlement of legal costs and thus Teekay Offshore, as at December 31, 2013, reduced its liability and related receivable to NOK 213,000,000 in respect of damages and approximately NOK 3,400,000 in respect of legal costs, totaling approximately NOK 216,400,000 (approximately $35.6 million). | |||
Teekay Nakilat Corporation (or Teekay Nakilat), a subsidiary of Teekay LNG, is the lessee under 30-year capital lease arrangements with a third party for the three LNG carriers (or the RasGas II Leases). The UK taxing authority (or HMRC) has been urging the lessor as well as other lessors under capital lease arrangements that have tax benefits similar to the ones provided by the RasGas II Leases, to terminate such finance lease arrangements, and has in other circumstances challenged the use of similar structures. As a result, the lessor has requested that the Teekay Nakilat enter into negotiations to terminate the RasGas II Leases. The Teekay Nakilat has declined this request as it does not believe that HMRC would be able to successfully challenge the availability of the tax benefits of these leases to the lessor. This assessment is partially based on a January 2012 court decision by the First Tribunal, regarding a similar financial lease of an LNG carrier that ruled in favor of the taxpayer as well as a 2013 decision from the Upper Tribunal which upheld the 2012 verdict. HMRC has been granted leave to further appeal the 2013 decision to the Court of Appeal. If the HMRC were able to successfully challenge the RasGas II Leases, the Teekay Nakilat could be subject to significant costs associated with the termination of the lease or increased lease payments to compensate the lessor for the lost tax benefits. Teekay LNG estimates its 70% share of the potential exposure to be approximately $34 million, exclusive of potential financing costs and interest rate swap termination costs. | |||
The lessor for the three RasGas II LNG Carriers has communicated to Teekay Nakilat that the credit rating of the bank (or LC Bank) that is providing the letter of credit to Teekay Nakilat’s lease has been downgraded. As a result, in January 2014, the lessor notified Teekay Nakilat of an increase in the lease payments over the remaining term of the RasGas II Leases of approximately $12.3 million on a net present value basis effective April 2014. Teekay LNG’s 70% share of the present value of the lease payment increase claim is approximately $8.6 million. Teekay Nakilat is looking at alternatives to mitigate the impact of the downgrade to the LC Bank’s credit rating to avoid a prolonged increase to lease payments. | |||
On December 7, 2011, the Petrojarl Banff FPSO unit (or Banff), which operates on the Banff field in the U.K. sector of the North Sea, suffered a severe storm event and sustained damage to its moorings, turret and subsea equipment, which necessitated the shutdown of production on the unit. Due to the damage, the Company declared force majeure under the customer contract on December 8, 2011 and the Banff FPSO unit commenced a period of off-hire which is currently expected to continue until the second quarter of 2014 while the necessary repairs and upgrades are completed and the weather permits re-installation of the unit on the Banff field. The Company does not have off-hire insurance covering the Banff FPSO. After the repairs and upgrades are completed, the Banff FPSO unit is expected to resume production on the Banff field, where it is expected to remain under contract until the end of 2018. | |||
The Company expects that repair costs to the Banff FPSO unit and equipment and costs associated with the emergency response to prevent loss or further damage during the December 7, 2011 storm event will be primarily reimbursed through its insurance coverage, subject to a $0.8 million deductible and the other terms and conditions of the applicable policies. In addition, the Company will also incur certain capital upgrade costs for the Banff FPSO unit and the Apollo Spirit related to upgrades to the mooring system required by the relevant regulatory authorities due to the extreme weather and sea states experienced during the December 7, 2011 storm. The Apollo Spirit was operating on the Banff field as a storage tanker and is expected to return to the Banff field at the same time as the Banff FPSO unit. The total of these capital upgrade costs is expected to be approximately $155 million. The recovery of the capital upgrade costs from the charterer is subject to commercial negotiations or, failing agreement, the responsibility for these costs will be determined by an expedited arbitration procedure already agreed to by the parties. Any capital upgrade costs not recovered from the charterer will be capitalized to the vessel cost. | |||
d) | Redeemable Non-Controlling Interest | ||
During 2010, an unrelated party contributed a shuttle tanker with a value of $35.0 million to a subsidiary of Teekay Offshore for a 33% equity interest in the subsidiary. The non-controlling interest owner of Teekay Offshore’s 67% owned subsidiary holds a put option which, if exercised, would obligate Teekay Offshore to purchase the non-controlling interest owner’s 33% share in the entity for cash in accordance with a defined formula. The redeemable non-controlling interest is subject to remeasurement if the formulaic redemption amount exceeds the carrying value. No remeasurement was required as at December 31, 2013. | |||
e) | Other | ||
The Company enters into indemnification agreements with certain officers and directors. In addition, the Company enters into other indemnification agreements in the ordinary course of business. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains what it believes is appropriate liability insurance that reduces its exposure and enables the Company to recover future amounts paid up to the maximum amount of the insurance coverage, less any deductible amounts pursuant to the terms of the respective policies, the amounts of which are not considered material. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
17 | Supplemental Cash Flow Information | ||||||||||||
a) | The changes in operating assets and liabilities for the years ended December 31, 2013, 2012, and 2011, are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Accounts receivable | (77,837 | ) | (132,873 | ) | (68,914 | ) | |||||||
Prepaid expenses and other assets | (2,386 | ) | 19,741 | (8,225 | ) | ||||||||
Accounts payable | (10,877 | ) | 18,408 | 12,216 | |||||||||
Accrued and other liabilities | 155,284 | (20,485 | ) | (19,424 | ) | ||||||||
64,184 | (115,209 | ) | (84,347 | ) | |||||||||
b) | Cash interest paid, including realized interest rate swap settlements, during the years ended December 31, 2013, 2012, and 2011, totaled $282.4 million, $274.2 million and $279.1 million, respectively. In addition, during the years ended December 31, 2013, 2012, and 2011, cash interest paid relating to interest rate swap amendments and terminations totaled $36.0, $nil and $149.7 million, respectively. | ||||||||||||
c) | During 2013, Teekay LNG acquired two LNG carriers from Awilco for a purchase price of $205.0 million per vessel. The upfront prepayment of charter hire of $51.0 million (inclusive of a $1.0 million upfront fee) per vessel was used to offset the purchase price and was treated as a non-cash transaction in the consolidated statements of cash flows. | ||||||||||||
d) | As described in Note 10, the sale of the Tenerife Spirit resulted in the vessel under capital lease being returned to the owner and the capital lease obligation concurrently extinguished. Therefore, the sale of the vessel under capital lease of $29.7 million and the concurrent extinguishment of the corresponding capital lease obligation of $29.7 million was treated as a non-cash transaction in the consolidated statements of cash flows. |
Vessel_Sales_Asset_Impairments
Vessel Sales, Asset Impairments and Provisions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Property Plant And Equipment [Abstract] | ' | ||||
Vessel Sales, Asset Impairments and Provisions | ' | ||||
18 | Vessel Sales, Asset Impairments and Provisions | ||||
a) Vessel Sales | |||||
During 2013, the Company sold a 1992-built shuttle tanker, a 1992-built conventional tanker, two 1995-built conventional tankers and a 1998-built conventional tanker that were part of the Company’s shuttle tanker and conventional tanker segments. The Company realized a net gain of $0.7 million from the sale of these vessels. Three of these vessels were classified as held for sale on the consolidated balance sheet as at December 31, 2012, with their net book values written down to their sale proceeds net of cash outlays to complete the sales. All of the vessels were older vessels that the Company disposed of in the ordinary course of business. During 2013, the Company sold sub-sea equipment from the Petrojarl I FPSO unit that is part of the Company’s FPSO segment. The Company realized a gain of $1.3 million from the sale of the equipment. | |||||
During 2012, the Company sold two shuttle tankers and three conventional tankers, resulting in a loss on sale of $1.1 million (shuttle tanker segment) and $5.9 million (conventional tanker segment). In addition, the Company sold its joint venture interest in the Ikdam FPSO unit and realized a gain of $10.8 million, which has been recorded in equity income (loss) on the Company’s consolidated statements of income (loss) for the year ended December 31, 2012. During 2011, the Company sold one FSO unit and one conventional tanker, resulting in a loss on sale of $0.2 million (shuttle tanker and FSO segment). | |||||
b) Asset Impairments and Provisions | |||||
During December 2013, the Company commenced a process to dispose of four vessel owning companies (or LLCs), each of which owns one 2009-built Suezmax tanker, through the sale to a new entity. This new entity, Tanker Investments Ltd. (or TIL), was ultimately incorporated on January 10, 2014. On January 23, 2014, TIL completed a $250 million equity private placement which Teekay Tankers and Teekay co-invested $25 million each for a combined 20% ownership interest in the new company. Concurrent with this equity private placement, Teekay entered into an agreement to sell the four Suezmax tankers to TIL for $163.2 million plus working capital less outstanding debt of the LLCs on closing, which occurred on February 28, 2014. The Company has presented the assets and liabilities of the LLCs as assets held for sale and liabilities held for sale on the Company’s December 31, 2013 balance sheet as follows: | |||||
$ | |||||
Assets Held for Sale | |||||
Accounts receivable | 11,179 | ||||
Prepaid expenses | 1,220 | ||||
Vessels and equipment | 163,200 | ||||
Other long-term assets | 648 | ||||
Total assets | 176,247 | ||||
Liabilities Associated with Assets Held for Sale | |||||
Accounts payable | 37 | ||||
Accrued liabilities | 3,362 | ||||
Current portion of long-term debt (note 8) | 11,698 | ||||
Long-term debt (note 8) | 152,910 | ||||
Total liabilities | 168,007 | ||||
The Company wrote down the four Suezmax tankers to their estimated fair value of $163.2 million, which consists of their sale price, resulting in the recognition of an asset impairment of $90.8 million in the Company’s consolidated statement of income (loss) for the year ended December 31, 2013. The vessels were part of the Company’s conventional tanker segment. | |||||
In 2013, the carrying value of six of the Company’s 1990s-built shuttle tankers were written down to their estimated fair values, using an appraised value. The Company’s consolidated statement of income (loss) for the year ended December 31, 2013, includes a $76.8 million write-down related to these six vessels, of which $56.5 million relates to four shuttle tankers which Teekay Offshore owns through subsidiaries with ownership interests ranging from 50% to 67%. During the third quarter of 2013, four of these six shuttle tankers were written down as the result of the re-contracting of one of the vessels at lower rates than expected during the third quarter of 2013, the cancellation of a short-term contract which occurred in September 2013 and a change in expectations for the contract renewal for two of the shuttle tankers. In the fourth quarter of 2013, the remaining two of the six shuttle tankers were written down due to a cancellation in their contract renewal. The $76.8 million write-down is included within the Company’s shuttle tanker segment. | |||||
During 2013, the Company increased the net carrying amount of the investments in term loans, which includes accrued interest income, by $1.9 million as the estimated future cash flows, which primarily reflects the estimated value of the underlying collateral, increased during 2013. The investments in term loans are part of the Company’s conventional tanker segment. The net carrying amount of the loans consists of the present value of estimated future cash flows at December 31, 2013, and will be adjusted each subsequent reporting period to reflect any changes in the present value of estimated future cash flows (see Note 4). However, as at December 31, 2013, $11.2 million of interest receivable under the term loans, including default interest, was not recorded in respect of its investments in the three term loans based on the Company’s estimates of amounts receivable from its collateral. | |||||
During 2013, the Company recorded a $2.6 million of loss provision relating to a receivable for an FPSO front-end engineering and design study which was completed during the year. | |||||
In 2012, 19 conventional tankers were written down to their estimated fair value using an appraised value, resulting in a total write down of $405.3 million within the conventional tanker segment. The appraised values were determined based on second-hand sale and purchase market data. This write-down includes ten Suezmax tankers ($335.0 million), seven Aframax tankers ($66.0 million), and two other conventional tankers ($4.3 million). When comparing seven of the ten Suezmax tankers to each other and when comparing four of the seven Aframax tankers to each other, the vessels have a similar age, had a similar carrying value before the impairment and a similar estimated fair value, and are all being employed in the spot market or on short term time-charters. The total write down of $405.3 million includes $350.2 million from these eleven vessels. The primary factors that occurred in during the fourth quarter of 2012 that caused the write downs were the effects on our estimated future cash flows from negative changes in the outlook for the crude tanker market, delays in the recovery of the crude tanker market as well as the expected discrimination impact from more fuel efficient vessels being constructed. One of the seven Aframax tankers was held for sale at December 31, 2012 and was subsequently sold in January 2013. | |||||
In 2012, four older shuttle tankers and one FSO unit were written down to their estimated fair value, resulting in a total write down of $28.8 million within the shuttle tanker and FSO segment. The write-downs were the result of the Company entering into agreements in the fourth quarter of 2012 to sell two shuttle tankers and a change in the operating plans for the remaining vessels. Excluding one shuttle tanker, the estimated fair value for all five vessels was determined using an appraised value, based on second hand sale and purchase market data. The estimated fair value for the remaining vessel was determined using a discounted cash flow approach. Such a technique used estimates of future operating life (2.2 years based on the estimated remaining trading life of this vessel), future revenues ($37.2 million based on field production forecasts and the availability of contracts of affreightment suitable for the vessel), operating and dry-dock expenditures ($20.5 million), a residual value ($6.5 million based on the vessel’s light weight tonnage and the price of steel), and a discount rate (7.9%) that approximates the weighted average cost of capital of a market participant. | |||||
In 2011, eight older conventional tankers were written down to their estimated fair value using an appraised value, resulting in a total write down of $112.1 million within the conventional tanker segment. The write downs were the result of a change in the operating plans for certain vessels, escalating dry dock costs, a general decline in the future outlook for shipping and the global economy combined with delayed optimism on when economic recovery may occur. | |||||
In 2011, three older shuttle tankers and one FSO unit were written down to their estimated fair value using an appraised value, resulting in a total write down of $43.2 million within the shuttle tanker and FSO segment. The write downs were the result of the age of the vessels, the requirements of operating in the North Sea and Brazil, a change in the operating plans for certain vessels, and escalating dry dock costs. | |||||
During the year ended December 31, 2011, the Company incurred a $19.4 million write-down of its investment in Petrotrans Holdings Ltd. (or PTH), a 50% joint venture which provides ship-to-ship lightering services. The write-down was recorded in equity income (loss) on the Company’s consolidated statements of income (loss) for the year ended December 31, 2011. The Company’s investment in PTH is part of the Company’s conventional tanker segment and was written down to its estimated fair value, which is based upon the estimated liquidation values of the underlying net assets of PTH. The recognition of this write-down was driven by the continuing weak tanker market. | |||||
See Note 2—Segment Reporting for the total write down of vessels by segment for 2013, 2012 and 2011. |
Loss_Per_Share
Loss Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Loss Per Share | ' | ||||||||||||
19 | Loss Per Share | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net loss attributable to stockholders’ of Teekay Corporation | (114,738 | ) | (160,180 | ) | (358,616 | ) | |||||||
Weighted average number of common shares | 70,457,968 | 69,263,369 | 70,234,817 | ||||||||||
Dilutive effect of stock-based compensation | — | — | — | ||||||||||
Common stock and common stock equivalents | 70,457,968 | 69,263,369 | 70,234,817 | ||||||||||
Loss per common share: | |||||||||||||
- Basic | (1.63 | ) | (2.31 | ) | (5.11 | ) | |||||||
- Diluted | (1.63 | ) | (2.31 | ) | (5.11 | ) | |||||||
The anti-dilutive effect attributable to outstanding stock-based compensation excluded from the calculation of diluted loss per common share, for the years ended December 31, 2013, 2012, and 2011 was 1.0 million, 3.9 million and 5.7 million shares, respectively. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |
Dec. 31, 2013 | ||
Restructuring And Related Activities [Abstract] | ' | |
Restructuring Charges | ' | |
20 | Restructuring Charges | |
During 2013, the Company recorded restructuring charges of $6.9 million ($7.6 million—2012, $5.5 million—2011). | ||
A portion of the restructuring charges in 2013 relate to the termination of the employment of certain seafarers from the sale of two vessels and the reflagging of one shuttle tanker. The restructuring charges in 2012 and a portion of the restructuring charges in 2013 primarily relate to the reorganization of the Company’s marine operations and certain of its commercial and administrative functions. The purpose of this restructuring is to create better alignment between certain of the Company’s business units and its three publicly-listed subsidiaries, as well as a lower cost organization. The Company does not expect to incur further restructuring charges associated with this reorganization. The restructuring charges in 2011 were primarily related to the sale of an FSO unit, the Karratha Spirit, and the termination of the time-charter for the shuttle tanker, Basker Spirit, resulting in the termination of the employment of certain seafarers of the two vessels. | ||
At December 31, 2013 and 2012, $4.9 million and $3.4 million, respectively, of restructuring liabilities were recorded in accrued liabilities on the consolidated balance sheets. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
21 | Income Taxes | ||||||||||||
Teekay and a majority of its subsidiaries are not subject to income tax in the jurisdictions in which they are incorporated because they do not conduct business or operate in those jurisdictions. However, among others, the Company’s Australian ship-owing subsidiaries and its Norwegian subsidiaries are subject to income taxes. | |||||||||||||
The significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Deferred tax assets: | |||||||||||||
Vessels and equipment | 73,750 | 58,825 | |||||||||||
Tax losses carried forward(1) | 427,656 | 427,443 | |||||||||||
Other | 32,012 | 64,194 | |||||||||||
Total deferred tax assets | 533,418 | 550,462 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Vessels and equipment | 19,555 | 26,503 | |||||||||||
Long-term debt | 22,008 | 33,764 | |||||||||||
Other | 30,519 | 40,117 | |||||||||||
Total deferred tax liabilities | 72,082 | 100,384 | |||||||||||
Net deferred tax assets | 461,336 | 450,078 | |||||||||||
Valuation allowance | (442,504 | ) | (421,343 | ) | |||||||||
Net deferred tax assets | 18,832 | 28,735 | |||||||||||
Net deferred tax assets are presented in other non-current assets in the accompanying consolidated balance sheets. | |||||||||||||
-1 | Substantially all of the Company’s net operating loss carryforwards of $1.74 billion relate to its Australian ship-owning subsidiaries and its Norwegian subsidiaries. These net operating loss carryforwards are available to offset future taxable income in the respective jurisdictions, and can be carried forward indefinitely. The Company also has $20.8 million in disallowed finance costs that relate to its Spanish subsidiaries and are available to offset future finance costs and can be carried forward for 18 years. | ||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Current | 2,742 | 9,167 | (6,768 | ) | |||||||||
Deferred | (5,614 | ) | 5,239 | 2,478 | |||||||||
Income tax (expense) recovery | (2,872 | ) | 14,406 | (4,290 | ) | ||||||||
The Company operates in countries that have differing tax laws and rates. Consequently, a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net income (loss) before taxes | 38,352 | (325,522 | ) | (372,131 | ) | ||||||||
Net loss not subject to taxes | (267,665 | ) | (129,307 | ) | (341,473 | ) | |||||||
Net income (loss) subject to taxes | 306,017 | (196,215 | ) | (30,658 | ) | ||||||||
At applicable statutory tax rates | 12,719 | (15,808 | ) | (8,987 | ) | ||||||||
Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions | (8,173 | ) | (2,817 | ) | 7,307 | ||||||||
Other | (1,675 | ) | 4,218 | 5,970 | |||||||||
Income tax expense (recovery) related to the current year | 2,872 | (14,406 | ) | 4,290 | |||||||||
The following is a roll-forward of the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from January 1, 2011 to December 31, 2013: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance of unrecognized tax benefits - beginning of the year | 29,364 | 39,804 | 45,302 | ||||||||||
Increases for positions related to the current year | 1,141 | 4,560 | 3,308 | ||||||||||
Changes for positions taken in prior years | (1,284 | ) | (5,085 | ) | 83 | ||||||||
Decreases related to statute of limitations | (8,917 | ) | (9,915 | ) | (8,889 | ) | |||||||
Balance of unrecognized tax benefits - end of the year | 20,304 | 29,364 | 39,804 | ||||||||||
The majority of the net decrease for positions for the year ended December 31, 2013 relates to potential tax on freight income becoming statute barred. | |||||||||||||
The Company does not presently anticipate such 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 2009 through 2013 remain open to examination by some of the major taxing jurisdictions in which the Company is subject to tax. | |||||||||||||
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above and are approximately a reduction of $7.2 million in 2013, net of statute barred liabilities, and $0.8 million in 2012 and $1.8 million in 2011. |
Pension_Benefits
Pension Benefits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Pension Benefits | ' | ||||||||||||
22 | Pension Benefits | ||||||||||||
a) | Defined Contribution Pension Plans | ||||||||||||
With the exception of the Company’s employees in Norway and certain of its employees in Australia, the Company’s employees are generally eligible to participate in defined contribution plans. These plans allow for the employees to contribute a certain percentage of their base salaries into the plans. The Company matches all or a portion of the employees’ contributions, depending on how much each employee contributes. During the years ended December 31, 2013, 2012, and 2011, the amount of cost recognized for the Company’s defined contribution pension plans was $14.8 million, $14.5 million and $18.3 million, respectively. | |||||||||||||
b) | Defined Benefit Pension Plans | ||||||||||||
The Company has a number of defined benefit pension plans (or the Benefit Plans) which primarily cover its employees in Norway and certain employees in Australia. As at December 31, 2013, approximately 71% of the defined benefit pension assets were held by the Norwegian plans and approximately 29% are held by the Australian plan. The pension assets in the Norwegian plans have been guaranteed a minimum rate of return by the provider, thus reducing potential exposure to the Company to the extent the counterparty honors its obligations. Potential exposure to the Company has also been reduced, particularly for the Australian plans, as a result of certain of its time-charter and management contracts that allow the Company, under certain conditions, to recover pension plan costs from its customers. | |||||||||||||
The following table provides information about changes in the benefit obligation and the fair value of the Benefit Plans assets, a statement of the funded status, and amounts recognized on the Company’s balance sheets: | |||||||||||||
Year Ended | Year Ended | ||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
$ | $ | ||||||||||||
Change in benefit obligation: | |||||||||||||
Beginning balance | 148,490 | 137,172 | |||||||||||
Service cost | 9,768 | 10,004 | |||||||||||
Interest cost | 4,974 | 4,436 | |||||||||||
Contributions by plan participants | 481 | 692 | |||||||||||
Actuarial (gain) loss | 3,396 | (12,059 | ) | ||||||||||
Benefits paid | (9,501 | ) | (3,216 | ) | |||||||||
Plan settlements and amendments | (3,126 | ) | 6,549 | ||||||||||
Benefit obligations assumed on acquisition | 3,125 | — | |||||||||||
Foreign currency exchange rate changes | (6,515 | ) | 7,962 | ||||||||||
Other | (96 | ) | (3,050 | ) | |||||||||
Ending balance | 150,996 | 148,490 | |||||||||||
Change in fair value of plan assets: | |||||||||||||
Beginning balance | 134,408 | 110,698 | |||||||||||
Actual return on plan assets | 4,453 | 2,094 | |||||||||||
Contributions by the employer | 14,609 | 13,404 | |||||||||||
Contributions by plan participants | 481 | 692 | |||||||||||
Benefits paid | (9,470 | ) | (3,166 | ) | |||||||||
Plan settlements and amendments | (2,118 | ) | 4,328 | ||||||||||
Plan assets assumed on acquisition | 2,502 | — | |||||||||||
Foreign currency exchange rate changes | (5,564 | ) | 6,848 | ||||||||||
Other | (425 | ) | (490 | ) | |||||||||
Ending balance | 138,876 | 134,408 | |||||||||||
Funded status deficiency | (12,120 | ) | (14,082 | ) | |||||||||
Amounts recognized in the balance sheets: | |||||||||||||
Other long-term liabilities | 12,120 | 14,082 | |||||||||||
Accumulated other comprehensive loss: | |||||||||||||
Net actuarial losses | (20,922 | ) | (19,449 | ) | |||||||||
-1 | As at December 31, 2013, the estimated amount that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit cost in 2014 is $(1.0) million. | ||||||||||||
As of December 31, 2013 and 2012, the accumulated benefit obligation for the Benefit Plans was $116.1 million and $115.0 million, respectively. The following table provides information for those pension plans with a benefit obligation in excess of plan assets and those pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
$ | $ | ||||||||||||
Benefit obligation | 88,140 | 125,945 | |||||||||||
Fair value of plan assets | 71,955 | 106,616 | |||||||||||
Accumulated benefit obligation | 1,319 | 4,350 | |||||||||||
Fair value of plan assets | 689 | 2,795 | |||||||||||
The components of net periodic pension cost relating to the Benefit Plans for the years ended December 31, 2013, 2012 and 2011 consisted of the following: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net periodic pension cost: | |||||||||||||
Service cost | 9,768 | 9,921 | 8,978 | ||||||||||
Interest cost | 4,974 | 4,392 | 5,250 | ||||||||||
Expected return on plan assets | (5,688 | ) | (5,270 | ) | (5,805 | ) | |||||||
Amortization of net actuarial loss | 1,484 | 1,980 | 371 | ||||||||||
Plan settlement | 973 | — | — | ||||||||||
Other | 425 | 577 | 421 | ||||||||||
Net cost | 11,936 | 11,600 | 9,215 | ||||||||||
The components of other comprehensive loss relating to the Plans for the years ended December 31, 2013, 2012 and 2011 consisted of the following: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Other comprehensive income (loss): | |||||||||||||
Net (loss) gain arising during the period | (3,930 | ) | 6,143 | (12,052 | ) | ||||||||
Amortization of net actuarial loss (gain) | 1,484 | 1,979 | 319 | ||||||||||
Plan settlement | 973 | — | — | ||||||||||
Total (loss) income before income taxes | (1,473 | ) | 8,122 | (11,733 | ) | ||||||||
The Company estimates that it will make contributions into the Benefit Plans of $11.2 million during 2014. The following table provides the estimated future benefit payments, which reflect expected future service, to be paid by the Benefit Plans: | |||||||||||||
Year | Pension | ||||||||||||
Benefit | |||||||||||||
Payments | |||||||||||||
$ | |||||||||||||
2014 | 9,542 | ||||||||||||
2015 | 7,561 | ||||||||||||
2016 | 6,855 | ||||||||||||
2017 | 8,363 | ||||||||||||
2018 | 6,666 | ||||||||||||
2019 - 2023 | 40,429 | ||||||||||||
Total | 79,416 | ||||||||||||
The fair value of the plan assets, by category, as of December 31, 2013 and 2012 were as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Pooled Funds (1) | 98,338 | 94,981 | |||||||||||
Mutual Funds (2) | |||||||||||||
Equity investments | 18,080 | 19,907 | |||||||||||
Debt securities | 3,811 | 4,298 | |||||||||||
Real estate | 2,108 | 3,843 | |||||||||||
Cash and money market | 8,796 | 672 | |||||||||||
Other | 7,743 | 10,707 | |||||||||||
Total | 138,876 | 134,408 | |||||||||||
-1 | The Company has no control over the investment mix or strategy of the pooled funds. The pooled funds guarantee a minimum rate of return. If actual investment returns are less than the guarantee minimum rate, then the provider’s statutory reserves are used to top up the shortfall. The pooled funds primarily invest in hold to maturity bonds, real estate and other fixed income investments, which are expected to provide a stable rate of return. | ||||||||||||
-2 | The mutual funds primary aim is to provide investors with an exposure to a diversified mix of predominantly growth oriented assets (70%) with moderate to high volatility and some defensive assets (30%). | ||||||||||||
The investment strategy for all plan assets is generally to actively manage a portfolio that is diversified among asset classes, markets and regions. Certain of the investment funds do not invest in companies that do not meet certain socially responsible investment criteria. In addition to diversification, other risk management strategies employed by the investment funds include gradual implementation of portfolio adjustments and hedging currency risks. | |||||||||||||
The Company’s plan assets are primarily invested in commingled funds holding equity and debt securities, which are valued using the net asset value (or NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares or units outstanding. Commingled funds are classified within Level 2 of the fair value hierarchy as the NAVs are not publicly available. | |||||||||||||
The Company has a pension committee that is comprised of various members of senior management. Among other things, the Company’s pension committee oversees the investment and management of the plan assets, with a view to ensuring the prudent and effective management of such plans. In addition, the pension committee reviews investment manager performance results annually and approves changes to the investment managers. | |||||||||||||
The weighted average assumptions used to determine benefit obligations at December 31, 2013 and 2012 were as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Discount rates | 3.9 | % | 3 | % | |||||||||
Rate of compensation increase | 4.7 | % | 5.5 | % | |||||||||
The weighted average assumptions used to determine net pension expense for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Discount rates | 3.9 | % | 3 | % | 3.2 | % | |||||||
Rate of compensation increase | 4.7 | % | 5.5 | % | 4.4 | % | |||||||
Expected long-term rates of return (1) | 4.8 | % | 4.8 | % | 5 | % | |||||||
-1 | To the extent the expected return on plan assets varies from the actual return, an actuarial gain or loss results. The expected long-term rates of return on plan assets are based on the estimated weighted-average long-term returns of major asset classes. In determining asset class returns, the Company takes into account long-term returns of major asset classes, historical performance of plan assets, as well as the current interest rate environment. The asset class returns are weighted based on the target asset allocations. |
Equity_Accounted_Investments
Equity Accounted Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Equity Accounted Investments | ' | ||||||||||||
23 | Equity Accounted Investments | ||||||||||||
In June 2013, Teekay Offshore completed the acquisition from Teekay of its 50% interest in a FPSO unit, the Cidade de Itajai (or Itajai), The Itajai FPSO has been operating on the Baúna and Piracaba (previously named Tiro and Sidon) fields in the Santos Basin offshore Brazil since February 2013 under a nine-year fixed-rate time-charter contract, plus extension options, with Petrobras. The remaining 50% interest in the Itajai FPSO unit is owned by Brazilian-based Odebrecht Oil & Gas S.A. (a member of the Odebrecht group) (or Odebrecht). | |||||||||||||
In February 2013, Teekay LNG entered into a joint venture agreement with Exmar to own and charter-in LPG carriers with a primary focus on the mid-size gas carrier segment. Exmar LPG BVBA, took economic effect as of November 1, 2012 and, as of December 31, 2013, included 23 owned LPG carriers (including 12 newbuilding carriers scheduled for delivery between 2014 and 2018) and five chartered-in LPG carriers. Teekay LNG and Exmar each have a 50% economic interest in Exmar LPG BVBA. Since control of the Exmar LPG BVBA is shared jointly between Exmar and Teekay LNG, Teekay LNG accounts for its investment in the Exmar LPG BVBA using the equity method (see note 3b). | |||||||||||||
In February 2012, the Teekay LNG-Marubeni Joint Venture acquired a 100% interest in the six LNG Carriers from Denmark-based A.P. Moller-Maersk A/S for approximately $1.3 billion. Teekay LNG and Marubeni Corporation (or Marubeni) have 52% and 48% economic interests, respectively, but share control of Teekay LNG-Marubeni Joint Venture. Since control of the Teekay LNG-Marubeni Joint Venture is shared jointly between Marubeni and Teekay LNG, Teekay LNG accounts for its investment in the Teekay LNG-Marubeni Joint Venture using the equity method (see note 3c). | |||||||||||||
Teekay LNG has a 33% ownership interest in four newbuilding 160,400-cubic meter LNG carriers (or the Angola LNG Carriers). The Angola LNG Carriers are chartered at fixed rates to the Angola LNG Project. The Wah Kwong Joint Venture is a joint venture arrangement between Teekay Tankers and Wah Kwong whereby Teekay Tankers holds a 50% interest. SkaugenPetrotrans Joint Venture is a joint venture arrangement between Teekay and I.M. Skaugen Marine Services Pte Ltd. whereby Teekay holds a 50% interest. Teekay has a joint venture interest of 49% in Remora AS (or Remora) a Norway-based offshore marine technology company, from which Teekay Offshore acquired a 2010-built HiLoad Dynamic Positioning (or DP) unit. The RasGas 3 Joint Venture is a joint venture arrangement between Teekay LNG and QGTC 3 whereby Teekay LNG holds a 40% interest. The RasGas 3 Joint Venture owns four LNG carriers and related long-term fixed-rate time-charters to service the expansion of a LNG project in Qatar. Teekay LNG has a 50% interest in a joint venture with Exmar (or the Excalibur and Excelsior Joint Ventures) which owns two LNG carriers that are chartered out under long term contracts. | |||||||||||||
In November 2011, Teekay acquired a 40% interest in a recapitalized Sevan for approximately $25 million (see Note 3a). Sevan owns (i) two partially-completed hulls available for upgrade to FPSOs or other offshore projects; (ii) a licensing agreement with ENI SpA; (iii) an engineering and offshore project development business; and (iv) intellectual property rights, including offshore unit design patents. As at November 30, 2011, the fair value of the Company’s interest in Sevan was determined to be $37.1 million. The difference between the fair value of the Company’s 40% interest in Sevan and the price paid has been recognized as a bargain purchase gain in the Company’s consolidated statements of income (loss). As of December 31, 2013, the aggregate value of the Company’s 43% interest (43% interest —December 31, 2012) in Sevan, based on the quoted market price of Sevan’s common stock on the Oslo Stock Exchange was $94.3 million ($83.1 million – December 31, 2012). | |||||||||||||
A condensed summary of the Company’s investments in and advances to equity accounted investments are as follows (in thousands of U.S. dollars, except percentages): | |||||||||||||
As at December 31, | |||||||||||||
Investments in Equity Accounted Investments | Ownership | 2013 | 2012 | ||||||||||
Percentage | $ | $ | |||||||||||
Teekay LNG-Marubeni Joint Venture (note 3b) | 52% | 228,183 | 183,724 | ||||||||||
RasGas 3 Joint Venture | 40% | 125,648 | 107,386 | ||||||||||
Exmar Joint Venture | 50% | 86,387 | 82,737 | ||||||||||
Exmar LPG Joint Venture | 50% | 82,576 | — | ||||||||||
Angola Joint Venture (note 3a) | 33% | 54,168 | 28,699 | ||||||||||
Tiro and Sidon Joint Venture | 50% | 52,118 | 30,024 | ||||||||||
Sevan Marine Equity Investment | 43% | 40,740 | 39,223 | ||||||||||
Other | 33% - 50% | 20,489 | 8,250 | ||||||||||
Total | 690,309 | 480,043 | |||||||||||
Ownership | As at December 31, | ||||||||||||
Loans to Equity Accounted Investees | Percentage | 2013 | 2012 | ||||||||||
Sevan Marine Equity Investment | 43% | — | 133,000 | ||||||||||
Exmar LPG Joint Venture | 50% | 82,068 | — | ||||||||||
Tiro and Sidon Joint Venture | 50% | 12,781 | 18,121 | ||||||||||
SkaugenPetroTrans Joint Venture | 50% | 16,079 | 9,500 | ||||||||||
Other | 33% - 52% | 29,844 | 22,233 | ||||||||||
Total (1) | 140,772 | 182,854 | |||||||||||
-1 | The Company also has loans to joint venture partners of $28.5 million as at December 31, 2013 (2012—$24.0 million). | ||||||||||||
A condensed summary of the Company’s financial information for equity accounted investments (33% to 52% owned) shown on a 100% basis are as follows: | |||||||||||||
As at December 31, | |||||||||||||
2013(1) | 2012(2)(3) | ||||||||||||
Cash and restricted cash | 323,065 | 229,963 | |||||||||||
Other assets - current | 168,537 | 125,152 | |||||||||||
Vessels and equipment | 2,598,690 | 2,114,435 | |||||||||||
Net investment in direct financing leases | 1,907,458 | 1,938,011 | |||||||||||
Other assets - non-current | 310,649 | 228,887 | |||||||||||
Current portion of long-term debt | 500,831 | 1,106,706 | |||||||||||
Other liabilities - current | 217,511 | 193,785 | |||||||||||
Long-term debt | 2,807,153 | 1,911,419 | |||||||||||
Other liabilities - non-current | 422,482 | 469,220 | |||||||||||
Year ended December 31, | |||||||||||||
2013(1) | 2012(2)(3) | 2011(3) | |||||||||||
Revenues | 940,187 | 659,030 | 303,607 | ||||||||||
Income from vessel operations | 327,748 | 241,702 | 118,408 | ||||||||||
Realized and unrealized loss on derivative instruments | 16,334 | (56,307 | ) | (127,230 | ) | ||||||||
Net income (loss) | 287,628 | 120,395 | (48,996 | ) | |||||||||
-1 | The results included for the Exmar LPG BVBA are from the date of acquisition in February 2013. | ||||||||||||
-2 | The results included for the Teekay LNG-Marubeni Joint Venture are from the date of acquisition of the MALT LNG Carriers which were acquired in February 2012. | ||||||||||||
-3 | The results included for the Angola Joint Venture are from the time the vessels were delivered in August, September, October 2011 and January 2012, respectively. | ||||||||||||
For the year ended December 31, 2013, the Company recorded equity income (loss) of $136.5 million (2012—$79.2 million and 2011—$(35.3) million). The income or loss was primarily comprised of the Company’s share of net income (loss) from the Teekay LNG-Marubeni Joint Venture, Angola LNG Project, the RasGas 3 Joint Venture, Sevan, Exmar Joint Venture, Exmar LPG BVBA, and from the interest in the Itajai. For the year ended December 31, 2013, $31.2 million of the equity gain related to the Company’s share of unrealized gain (loss) on interest rate swaps associated with these projects (2012—$5.3 million and 2011—$(35.2) million). |
Change_in_Accounting_Estimate
Change in Accounting Estimate | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Change in Accounting Estimate | ' | |
24 | Change in Accounting Estimate | |
Effective January 1, 2012, the Company reduced the estimated useful life of six of its older shuttle tankers from 25 years to 20 years. As a result of the change in useful life, the Company increased its estimate of the residual value of these vessels to reflect the more recent average scrap prices. As a result, depreciation and amortization expense has increased by $14.9 million for the year ended December 31, 2012, and net income attributable to the stockholders of Teekay has decreased by $4.4 million, or $0.06 per share, for the year ended December 31, 2012. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Dec. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events | ' | ||
25 | Subsequent Events | ||
a) | In January 2014, Teekay Offshore issued in the Norwegian bond market NOK 1,000 million in senior unsecured bonds, maturing in January 2019. The aggregate principal amount of the bonds was equivalent to $162.2 million and all interest and principal payments have been swapped into U.S. dollars at fixed rates of 6.28%. The proceeds from the bonds are to be used for general partnership purposes. Teekay Offshore is applying to list the bonds on the Oslo Stock Exchange. | ||
b) | In January 2014, Teekay and Teekay Tankers formed TIL. The Company purchased 5.0 million shares of common stock, representing a 20% interest in TIL, as part of a $250 million private placement by TIL, which represents a total investment of $50.0 million. In addition, the Company received stock purchase warrants entitling it to purchase up to 1,500,000 shares of common stock of TIL at a fixed price of $10 per share. The stock purchase warrants expire on January 23, 2019. For purposes of vesting, the stock purchase warrants are divided into four equally sized tranches. Each tranche will vest and become exercisable when and if the fair market value of a share of the Common Stock equals or exceeds $12.50, $15.00, $17.50 and $20.00, respectively (or equivalent amounts in NOK converted using an exchange rate of 6.17) for such tranche for any ten consecutive trading days. The Company also received one Series A-1 preferred share and one Series A-2 preferred share, each of which entitles the holder to elect one board member of TIL. The preferred shares do not give the holder a right any dividends or distributions of TIL. In March 2014, TIL issued additional common shares and listed its shares on the Oslo Stock Exchange. As of March 31, 2014, the combined interest of Teekay Tankers and Teekay in TIL was 13.0%. TIL will seek to opportunistically acquire, operate and sell modern second hand tankers to benefit from an expected recovery in the current cyclical low of the tanker market. A portion of the net proceeds from the equity issuances by TIL was used to acquire four modern Suezmax crude oil tankers from Teekay and will be used to acquire five modern Aframax crude oil tankers from third parties. TIL shares were listed on the Oslo Stock Exchange effective March 25, 2014. | ||
c) | In March 2014, Teekay Offshore acquired 100% of the shares of ALP Maritime Services B.V. (or ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. Concurrent with this transaction, Teekay Offshore and ALP entered into an agreement with Niigata Shipbuilding & Repair of Japan for the construction of four state-of-the-art SX-157 Ulstein Design ultra-long distance towing and anchor handling vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery in 2015 and 2016. Teekay Offshore is committed to acquire these newbuildings for a total cost of approximately $258 million. Teekay Offshore acquired ALP for a purchase price of $6.1 million, of which $2.6 million was paid in cash on closing and a further $3.5 million representing the fair value of contingent consideration. The contingent consideration consists of $2.4 million which is contingently payable upon the delivery and employment of ALP’s four newbuildings. In addition, the contingent consideration includes a further amount of up to $2.6 million, based on ALP’s annual operating results from 2017 to 2021. Teekay Offshore has the option to pay up to one half of the contingent consideration through the issuance of common units of Teekay Offshore. Teekay Offshore also incurred $1.0 million of acquisition-related costs which have been recognized in general and administrative expenses in March 2014. Teekay Offshore financed the ALP acquisition and initial newbuilding payments through its existing liquidity and expects to secure long-term debt financing for the newbuildings prior to their deliveries. This acquisition represents Teekay Offshore’s entrance into the long-haul ocean towage and offshore installation services business. This acquisition allows Teekay Offshore to combine its infrastructure and access to capital with ALP’s experienced management team to further grow this niche business that is in an adjacent sector to Teekay Offshore’s FPSO and shuttle tanker businesses. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Basis of presentation | ' | ||||||||||||||||||||
Basis of presentation | |||||||||||||||||||||
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (or GAAP). They include the accounts of Teekay Corporation (or Teekay), which is incorporated under the laws of The Republic of the Marshall Islands, and its wholly-owned or controlled subsidiaries (collectively, the Company). Significant intercompany balances and transactions have been eliminated upon consolidation. | |||||||||||||||||||||
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 may differ from those estimates. Given the current credit markets, it is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts. | |||||||||||||||||||||
In order to more closely align the Company’s presentation to many of its peers, the cost of ship management activities of $80.9 million related to the Company’s fleet and to services provided to third parties for 2013 have been presented as vessel operating expenses. For 2013, revenues of $23.2 million from ship management activities provided to third parties have been presented in revenues. Prior to 2013, the Company included these amounts in general and administrative expenses. All such costs incurred and revenues recorded in comparative periods have been reclassified from general and administrative expenses to vessel operating expenses and revenues to conform to the presentation adopted in the current period. The amounts reclassified from general and administrative expenses to vessel operating expenses were $83.2 million and $72.3 million for 2012 and 2011, respectively. The amounts reclassified from general and administrative expenses to revenues were $24.5 million and $22.2 million for 2012 and 2011, respectively. | |||||||||||||||||||||
Reporting currency | ' | ||||||||||||||||||||
Reporting currency | |||||||||||||||||||||
The consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is the U.S. Dollar because the Company operates in the international shipping market, which typically utilizes the U.S. Dollar as the functional currency. 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 separately in the accompanying consolidated statements of income (loss). | |||||||||||||||||||||
Operating revenues | ' | ||||||||||||||||||||
Operating revenues and expenses | |||||||||||||||||||||
The Company recognizes revenues from time-charters and bareboat charters daily over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenue 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 revenue only after meeting the profit sharing or other contingent threshold. 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 and voyages servicing contracts of affreightment, whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. 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. Shuttle tanker voyages servicing contracts of affreightment with offshore oil fields commence with tendering of notice of readiness at a field, within the agreed lifting range, and ends with tendering of notice of readiness at a field for the next lifting. Revenues from floating production, storage and offloading (or FPSO) contracts are recognized as service is performed. Certain of the Company’s FPSO units receive incentive-based revenue, which is recognized when earned by fulfillment of the applicable performance criteria. Revenues and expenses relating to engineering studies are recognized when service is completed, unless the expenses are not recoverable in which case the expenses are recognized as incurred. The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned in subsequent periods. | |||||||||||||||||||||
Revenues and voyage expenses of the Company’s vessels operating in pool arrangements with unrelated parties are pooled with the revenues and voyage expenses of other pool participants. The resulting net pool revenues, calculated on the time-charter-equivalent basis, are allocated to the pool participants according to an agreed formula. The Company accounts for the net allocation from the pool as revenues and amounts due from the pool are included in accounts receivable. | |||||||||||||||||||||
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. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||||||||||
Operating expenses | ' | ||||||||||||||||||||
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. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||||||||||
Cash and cash equivalents | ' | ||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
The Company classifies all highly liquid investments with a maturity date of three months or less at inception as cash equivalents. | |||||||||||||||||||||
Accounts receivable and allowance for doubtful accounts | ' | ||||||||||||||||||||
Accounts receivable and allowance for doubtful accounts | |||||||||||||||||||||
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 charged off against the allowance when the Company believes that the receivable will not be recovered. There was no significant amounts recorded as allowance for doubtful accounts as at December 31, 2013, 2012, and 2011. | |||||||||||||||||||||
Marketable securities | ' | ||||||||||||||||||||
Marketable securities | |||||||||||||||||||||
The Company’s investments in marketable securities are classified as available-for-sale securities and are carried at fair value. Net unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive loss. Realized gains and losses on available-for-sale securities are computed based upon the historical cost of these securities applied using the weighted-average historical cost method. | |||||||||||||||||||||
The Company analyzes its available-for-sale securities for impairment during each reporting period to evaluate whether an event or change in circumstances has occurred in that period that may have a significant adverse effect on the fair value of the investment. The Company records an impairment charge through current-period earnings and adjusts the cost basis for such other-than-temporary declines in fair value when the fair value is not anticipated to recover above cost within a three-month period after the measurement date, unless there are mitigating factors that indicate an impairment charge through earnings may not be required. If an impairment charge is recorded, subsequent recoveries in fair value are not reflected in earnings until sale of the security. | |||||||||||||||||||||
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. | |||||||||||||||||||||
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 for tankers carrying crude oil and refined product, 20 to 25 years for FPSO units, 35 years for liquefied natural gas (or LNG) and 30 years for liquefied petroleum gas (or LPG) carriers, commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for those periods of time. Floating storage and off take (or FSO) units are depreciated over the term of the contract. Depreciation includes depreciation on all owned vessels and amortization of vessels accounted for as capital leases. Depreciation of vessels and equipment, excluding amortization of dry docking expenditures, for the years ended December 31, 2013, 2012, and 2011 aggregated $346.5 million, $364.3 million and $356.0 million, respectively. Amortization of vessels accounted for as capital leases was $22.8 million, $30.1 million and $34.7 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. | |||||||||||||||||||||
Interest costs capitalized to vessels and equipment for the years ended December 31, 2013, 2012, and 2011, aggregated $14.6 million, $34.9 million and $8.1 million, respectively. | |||||||||||||||||||||
Generally, the Company dry docks each tanker and gas carrier 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 their 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, and for annual class survey costs on the Company’s FPSO units. | |||||||||||||||||||||
Dry docking activity for the three years ended December 31, 2013, 2012, and 2011, is summarized as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Balance at the beginning of the year | 100,928 | 128,987 | 143,103 | ||||||||||||||||||
Costs incurred for drydocking | 72,545 | 35,336 | 54,296 | ||||||||||||||||||
Dry-dock amortization | (50,325 | ) | (57,082 | ) | (67,180 | ) | |||||||||||||||
Write down / sale of vessels | (4,954 | ) | (6,313 | ) | (1,232 | ) | |||||||||||||||
Balance at the end of the year | 118,194 | 100,928 | 128,987 | ||||||||||||||||||
Vessels and equipment that are “held and used” 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. The estimated fair value for the Company’s impaired vessels is determined using 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 used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and based on second-hand sale and purchase data. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Gains on vessels sold and leased back under capital leases are deferred and amortized over the remaining term of the capital lease. Losses on vessels sold and leased back under capital leases are recognized immediately when the fair value of the vessel at the time of sale and lease-back is less than its book value. In such case, the Company would recognize a loss in the amount by which book value exceeds fair value. | |||||||||||||||||||||
Direct financing leases and other loan receivables | ' | ||||||||||||||||||||
Direct financing leases and other loan receivables | |||||||||||||||||||||
The Company (i) employs two vessels on long-term time charters and employs an FSO unit, and (ii) assembles, installs, operates and leases equipment that reduces volatile organic compound emissions (or VOC Equipment) during loading, transportation and storage of oil and oil products, all of which are accounted for as direct financing leases. The lease payments received by the Company under these lease arrangements are allocated between the net investments in the leases and revenues or other income using the effective interest method so as to produce a constant periodic rate of return over the lease terms. | |||||||||||||||||||||
The Company’s investments in loan receivables are recorded at cost. The premium paid over the outstanding principal amount was amortized to interest income over the term of the loan using the effective interest rate method. The Company analyzes its loans for collectability during each reporting period. A loan is impaired when, based on current information and events, 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 is impaired 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 is impaired, the Company measures the amount of the impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting impairment in the consolidated statements of income (loss). The carrying value of the loans will be adjusted each subsequent reporting period to reflect any changes in the present value of estimated future cash flows. | |||||||||||||||||||||
The following table contains a summary of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2013. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Class of Financing Receivable | Credit Quality | Grade | $ | $ | |||||||||||||||||
Indicator | |||||||||||||||||||||
Direct financing leases | Payment activity | Performing | 727,262 | 436,601 | |||||||||||||||||
Other loan receivables | |||||||||||||||||||||
Investment in term loans and interest receivable | Collateral | Non-Performing(2) | 211,579 | 188,756 | |||||||||||||||||
Loans to equity accounted investees and joint venture partners (1) | Other internal metrics | Performing | 169,248 | 206,903 | |||||||||||||||||
Long-term receivable included in other assets | Payment activity | Performing | 31,634 | 1,704 | |||||||||||||||||
1,139,723 | 833,964 | ||||||||||||||||||||
-1 | The Company’s subsidiary Teekay LNG Partners L.P. (or Teekay LNG) owns a 99% interest in Teekay Tangguh, which owns a 70% interest in the Teekay Tangguh Joint Venture. During the year ended December 31, 2012, the parent company of Teekay LNG‘s joint venture partner, BLT, suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The remaining loans to joint venture partner, BLT LNG Tangguh Corporation, totaling $28.5 million as at December 31, 2013 (December 31, 2012—$24.0 million) are collectible given a signed settlement agreement between the Company and BLT LNG Tangguh Corporation regarding repayment terms. In February 2014, the Teekay Tangguh Joint Venture declared dividends of $69.5 million of which $14.4 million was used to offset the total advances to BLT LNG Tangguh Corporation and P.T. Berlian Laju Tanker and $6.5 million was repaid to Teekay by BLT LNG Tangguh Corporation. In addition, $0.5 million was paid to Teekay by BLT as part of the settlement agreement. | ||||||||||||||||||||
-2 | On March 21, 2014, Teekay and its publicly-listed subsidiary Teekay Tankers Ltd. (or Teekay Tankers) took ownership of the vessels held as collateral in satisfaction of the loans and accrued interest. (See Note 4) | ||||||||||||||||||||
Joint ventures | ' | ||||||||||||||||||||
Joint ventures | |||||||||||||||||||||
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 investments in joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the consolidated statements of income (loss). | |||||||||||||||||||||
Debt issuance costs | ' | ||||||||||||||||||||
Debt issuance costs | |||||||||||||||||||||
Debt issuance costs, including fees, commissions and legal expenses, are deferred and presented as other non-current assets. Debt issuance costs of revolving credit facilities are amortized on a straight-line basis over the term of the relevant facility. Debt issuance costs of term loans 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. | |||||||||||||||||||||
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, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, except for certain foreign exchange currency contracts and certain types of interest rate swaps (See Note 15). | |||||||||||||||||||||
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, or repaid. | |||||||||||||||||||||
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 (loss) 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 income (loss). The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of income (loss). 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 (e.g. general and administrative expense) item in the consolidated statements of income (loss). 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 income (loss). | |||||||||||||||||||||
For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB) Accounting Standards Codification (or 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 interest rate swaps related to long-term debt, capital lease obligations, restricted cash deposits, non-designated bunker fuel swap contracts and forward freight agreements, and non-designated foreign exchange currency forward contracts are recorded in realized and unrealized gain (loss) on non-designated derivative instruments. Gains and losses from the Company’s hedge accounted foreign currency forward contracts are recorded primarily in vessel operating expenses and general and administrative expense. Gains and losses from the Company’s non-designated cross currency swap are recorded in foreign currency exchange (loss) gain in the consolidated statements of income (loss). | |||||||||||||||||||||
Goodwill and intangible assets | ' | ||||||||||||||||||||
Goodwill and intangible assets | |||||||||||||||||||||
Goodwill is not amortized, but 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. 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. | |||||||||||||||||||||
The Company’s intangible assets consist primarily of acquired time-charter contracts and contracts of affreightment. The value ascribed to the time-charter contracts and contracts of affreightment are being amortized over the life of the associated contract, with the amount amortized each year being weighted based on the projected revenue to be earned under the contracts. | |||||||||||||||||||||
Asset retirement obligation | ' | ||||||||||||||||||||
Asset retirement obligation | |||||||||||||||||||||
The Company has an asset retirement obligation (or ARO) relating to the sub-sea production facility associated with the Petrojarl Banff FPSO unit operating in the North Sea. This obligation generally involves restoration of the environment surrounding the facility and removal and disposal of all production equipment. This obligation is expected to be settled at the end of the contract under which the FPSO unit currently operates, which is anticipated no later than 2018. The ARO will be covered in part by contractual payments from FPSO contract counterparties. | |||||||||||||||||||||
The Company records the fair value of an ARO as a liability in the period when the obligation arises. The fair value of the ARO is measured using expected future cash outflows discounted at the Company’s credit-adjusted risk-free interest rate. When the liability is recorded, the Company capitalizes the cost by increasing the carrying amount of the related equipment. Each period, the liability is increased for the change in its present value, and the capitalized cost is depreciated over the useful life of the related asset. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related asset and liability. As at December 31, 2013, the ARO and associated receivable which is recorded in other non-current assets were $27.2 million and $7.5 million, respectively (2012—$24.7 million and $6.4 million, respectively). | |||||||||||||||||||||
Stockholders' equity | ' | ||||||||||||||||||||
Repurchase of common stock | |||||||||||||||||||||
The Company accounts for repurchases of common stock by decreasing common stock by the par value of the stock repurchased. In addition, the excess of the repurchase price over the par value is allocated between additional paid in capital and retained earnings. The amount allocated to additional paid in capital is the pro-rata share of the capital paid in and the balance is allocated to retained earnings. | |||||||||||||||||||||
Issuance of shares or units by subsidiaries | |||||||||||||||||||||
The Company accounts for dilution gains or losses from the issuance of shares or units by its publicly listed subsidiaries as an adjustment to retained earnings. | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | |||||||||||||||||||||
The following table contains the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented. | |||||||||||||||||||||
Qualifying Cash | Pension | Unrealized Gain | Foreign | Total | |||||||||||||||||
Flow Hedging | Adjustments, | (Loss) on | Exchange Loss | $ | |||||||||||||||||
Instruments | net of tax | Available for | on Currency | ||||||||||||||||||
$ | $ | Sale Marketable | Translation | ||||||||||||||||||
Securities | $ | ||||||||||||||||||||
$ | |||||||||||||||||||||
Balance as of December 31, 2010 | 2,295 | (17,539 | ) | 7,073 | — | (8,171 | ) | ||||||||||||||
Other comprehensive loss | (2,601 | ) | (5,402 | ) | (7,729 | ) | — | (15,732 | ) | ||||||||||||
Balance as of December 31, 2011 | (306 | ) | (22,941 | ) | (656 | ) | — | (23,903 | ) | ||||||||||||
Other comprehensive income | 647 | 6,688 | 656 | 1,144 | 9,135 | ||||||||||||||||
Balance as of December 31, 2012 | 341 | (16,253 | ) | — | 1,144 | (14,768 | ) | ||||||||||||||
Other comprehensive (loss) income | (324 | ) | (2,666 | ) | (171 | ) | 740 | (2,421 | ) | ||||||||||||
Balance as of December 31, 2013 | 17 | (18,919 | ) | (171 | ) | 1,884 | (17,189 | ) | |||||||||||||
Share-based compensation | ' | ||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||
The Company grants stock options, restricted stock units, performance share units and restricted stock awards as incentive-based compensation to certain employees and directors. 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 was one 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. | |||||||||||||||||||||
Compensation cost for awards with performance conditions is recognized when it is probable that the performance condition will be achieved. The compensation cost of the Company’s stock-based compensation awards are substantially reflected in general and administrative expense. | |||||||||||||||||||||
Income taxes | ' | ||||||||||||||||||||
Income taxes | |||||||||||||||||||||
The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. | |||||||||||||||||||||
Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. 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 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 taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. | |||||||||||||||||||||
Employee pension plans | ' | ||||||||||||||||||||
Employee pension plans | |||||||||||||||||||||
The Company has defined contribution pension plans covering the majority of its employees. Pension costs associated with the Company’s required contributions under its defined contribution pension plans are based on a percentage of employees’ salaries and are charged to earnings in the year incurred. The Company also has defined benefit pension plans covering certain of its employees. The Company accrues the costs and related obligations associated with its defined benefit pension plans based on actuarial computations using the projected benefits obligation method and management’s best estimates of expected plan investment performance, salary escalation, and other relevant factors. For the purpose of calculating the expected return on plan assets, those assets are valued at fair value. The overfunded or underfunded status of the defined benefit pension plans are recognized as assets or liabilities in the consolidated balance sheet. The Company recognizes as a component of other comprehensive loss, the gains or losses that arise during a period but that are not recognized as part of net periodic benefit costs. | |||||||||||||||||||||
Earnings (loss) per common share | ' | ||||||||||||||||||||
Earnings (loss) per common share | |||||||||||||||||||||
The computation of basic earnings (loss) per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock awards using the treasury stock method. The computation of diluted loss per share does not assume such exercises. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Summarized Dry Docking Activity | ' | ||||||||||||||||||||
Dry docking activity for the three years ended December 31, 2013, 2012, and 2011, is summarized as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Balance at the beginning of the year | 100,928 | 128,987 | 143,103 | ||||||||||||||||||
Costs incurred for drydocking | 72,545 | 35,336 | 54,296 | ||||||||||||||||||
Dry-dock amortization | (50,325 | ) | (57,082 | ) | (67,180 | ) | |||||||||||||||
Write down / sale of vessels | (4,954 | ) | (6,313 | ) | (1,232 | ) | |||||||||||||||
Balance at the end of the year | 118,194 | 100,928 | 128,987 | ||||||||||||||||||
Summary of Financing Receivables | ' | ||||||||||||||||||||
The following table contains a summary of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2013. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Class of Financing Receivable | Credit Quality | Grade | $ | $ | |||||||||||||||||
Indicator | |||||||||||||||||||||
Direct financing leases | Payment activity | Performing | 727,262 | 436,601 | |||||||||||||||||
Other loan receivables | |||||||||||||||||||||
Investment in term loans and interest receivable | Collateral | Non-Performing(2) | 211,579 | 188,756 | |||||||||||||||||
Loans to equity accounted investees and joint venture partners (1) | Other internal metrics | Performing | 169,248 | 206,903 | |||||||||||||||||
Long-term receivable included in other assets | Payment activity | Performing | 31,634 | 1,704 | |||||||||||||||||
1,139,723 | 833,964 | ||||||||||||||||||||
-1 | The Company’s subsidiary Teekay LNG Partners L.P. (or Teekay LNG) owns a 99% interest in Teekay Tangguh, which owns a 70% interest in the Teekay Tangguh Joint Venture. During the year ended December 31, 2012, the parent company of Teekay LNG‘s joint venture partner, BLT, suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The remaining loans to joint venture partner, BLT LNG Tangguh Corporation, totaling $28.5 million as at December 31, 2013 (December 31, 2012—$24.0 million) are collectible given a signed settlement agreement between the Company and BLT LNG Tangguh Corporation regarding repayment terms. In February 2014, the Teekay Tangguh Joint Venture declared dividends of $69.5 million of which $14.4 million was used to offset the total advances to BLT LNG Tangguh Corporation and P.T. Berlian Laju Tanker and $6.5 million was repaid to Teekay by BLT LNG Tangguh Corporation. In addition, $0.5 million was paid to Teekay by BLT as part of the settlement agreement. | ||||||||||||||||||||
-2 | On March 21, 2014, Teekay and its publicly-listed subsidiary Teekay Tankers Ltd. (or Teekay Tankers) took ownership of the vessels held as collateral in satisfaction of the loans and accrued interest. (See Note 4) | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The following table contains the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented. | |||||||||||||||||||||
Qualifying Cash | Pension | Unrealized Gain | Foreign | Total | |||||||||||||||||
Flow Hedging | Adjustments, | (Loss) on | Exchange Loss | $ | |||||||||||||||||
Instruments | net of tax | Available for | on Currency | ||||||||||||||||||
$ | $ | Sale Marketable | Translation | ||||||||||||||||||
Securities | $ | ||||||||||||||||||||
$ | |||||||||||||||||||||
Balance as of December 31, 2010 | 2,295 | (17,539 | ) | 7,073 | — | (8,171 | ) | ||||||||||||||
Other comprehensive loss | (2,601 | ) | (5,402 | ) | (7,729 | ) | — | (15,732 | ) | ||||||||||||
Balance as of December 31, 2011 | (306 | ) | (22,941 | ) | (656 | ) | — | (23,903 | ) | ||||||||||||
Other comprehensive income | 647 | 6,688 | 656 | 1,144 | 9,135 | ||||||||||||||||
Balance as of December 31, 2012 | 341 | (16,253 | ) | — | 1,144 | (14,768 | ) | ||||||||||||||
Other comprehensive (loss) income | (324 | ) | (2,666 | ) | (171 | ) | 740 | (2,421 | ) | ||||||||||||
Balance as of December 31, 2013 | 17 | (18,919 | ) | (171 | ) | 1,884 | (17,189 | ) | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Results Information | ' | ||||||||||||||||||||
The following tables present results for these segments for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||
Year ended December 31, 2013 | Shuttle | FPSO | Liquefied | Conventional | Total | ||||||||||||||||
Tanker and FSO | Segment | Gas | Tanker | $ | |||||||||||||||||
Segment | $ | Segment | Segment | ||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Revenues | 583,201 | 567,620 | 298,228 | 381,036 | 1,830,085 | ||||||||||||||||
Voyage expenses | 99,111 | — | 602 | 12,505 | 112,218 | ||||||||||||||||
Vessel operating expenses | 182,973 | 364,986 | 61,471 | 196,722 | 806,152 | ||||||||||||||||
Time-charter hire expense | 56,682 | — | — | 46,964 | 103,646 | ||||||||||||||||
Depreciation and amortization | 116,376 | 151,365 | 71,485 | 91,860 | 431,086 | ||||||||||||||||
General and administrative (1) | 37,529 | 51,891 | 19,597 | 31,941 | 140,958 | ||||||||||||||||
Asset impairments | 76,782 | — | — | 90,823 | 167,605 | ||||||||||||||||
Loan loss provisions | — | 2,634 | — | (1,886 | ) | 748 | |||||||||||||||
Net gain on sale of vessels and equipment | — | (1,338 | ) | — | (657 | ) | (1,995 | ) | |||||||||||||
Restructuring charges | 2,123 | — | — | 4,798 | 6,921 | ||||||||||||||||
Income (loss) from vessel operations | 11,625 | (1,918 | ) | 145,073 | (92,034 | ) | 62,746 | ||||||||||||||
Total assets of operating segments at December 31, 2013 | 1,947,905 | 2,836,998 | 3,616,044 | 1,874,101 | 10,275,048 | ||||||||||||||||
Year ended December 31, 2012 | Shuttle | FPSO | Liquefied | Conventional | Total | ||||||||||||||||
Tanker and FSO | Segment | Gas | Tanker | $ | |||||||||||||||||
Segment | $ | Segment | Segment | ||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Revenues | 616,295 | 581,215 | 291,712 | 491,549 | 1,980,771 | ||||||||||||||||
Voyage expenses | 104,382 | 232 | 283 | 33,386 | 138,283 | ||||||||||||||||
Vessel operating expenses | 196,021 | 354,020 | 54,773 | 208,512 | 813,326 | ||||||||||||||||
Time-charter hire expense | 56,989 | — | — | 73,750 | 130,739 | ||||||||||||||||
Depreciation and amortization | 125,104 | 135,413 | 69,064 | 126,317 | 455,898 | ||||||||||||||||
General and administrative (1) | 36,484 | 45,139 | 18,643 | 44,030 | 144,296 | ||||||||||||||||
Asset impairments | 28,830 | — | — | 403,366 | 432,196 | ||||||||||||||||
Loan loss provisions | — | — | — | 1,886 | 1,886 | ||||||||||||||||
Net loss on sale of vessels and equipment | 1,112 | — | — | 5,863 | 6,975 | ||||||||||||||||
Restructuring charges | 652 | — | — | 6,913 | 7,565 | ||||||||||||||||
Income (loss) from vessel operations | 66,721 | 46,411 | 148,949 | (412,474 | ) | (150,393 | ) | ||||||||||||||
Total assets of operating segments at December 31, 2012 | 1,709,674 | 2,824,832 | 3,148,037 | 2,037,394 | 9,719,938 | ||||||||||||||||
Year ended December 31, 2011 | Shuttle | FPSO | Liquefied | Conventional | Total | ||||||||||||||||
Tanker and FSO | Segment | Gas | Tanker | $ | |||||||||||||||||
Segment | $ | Segment | Segment | ||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Revenues | 617,650 | 464,810 | 273,786 | 619,776 | 1,976,022 | ||||||||||||||||
Voyage expenses | 97,743 | — | 4,862 | 74,009 | 176,614 | ||||||||||||||||
Vessel operating expenses | 216,183 | 255,925 | 54,174 | 223,657 | 749,939 | ||||||||||||||||
Time-charter hire expense | 74,478 | — | — | 139,701 | 214,179 | ||||||||||||||||
Depreciation and amortization | 129,293 | 96,915 | 63,641 | 138,759 | 428,608 | ||||||||||||||||
General and administrative (1) | 44,594 | 39,261 | 16,315 | 73,434 | 173,604 | ||||||||||||||||
Asset impairments | 43,185 | — | — | 112,103 | 155,288 | ||||||||||||||||
Net loss (gain) on sale of vessels and equipment | 171 | (4,888 | ) | — | 488 | (4,229 | ) | ||||||||||||||
Bargain purchase gain | — | (68,535 | ) | — | — | (68,535 | ) | ||||||||||||||
Goodwill impairment | — | — | — | 36,652 | 36,652 | ||||||||||||||||
Restructuring charges | 5,351 | — | — | 139 | 5,490 | ||||||||||||||||
Income (loss) from vessel operations | 6,652 | 146,132 | 134,794 | (179,166 | ) | 108,412 | |||||||||||||||
-1 | 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 | ' | ||||||||||||||||||||
A reconciliation of total segment assets to amounts presented in the accompanying consolidated balance sheets is as follows: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Total assets of all segments | 10,275,048 | 9,719,938 | |||||||||||||||||||
Cash | 614,660 | 639,491 | |||||||||||||||||||
Accounts receivable and other assets | 665,993 | 642,596 | |||||||||||||||||||
Consolidated total assets | 11,555,701 | 11,002,025 | |||||||||||||||||||
Revenues and Percentage of Consolidated Revenues | ' | ||||||||||||||||||||
The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. All of these customers are international oil companies. | |||||||||||||||||||||
(U.S. dollars in millions) | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Statoil ASA (1) | $ | 250.5 or 14 | % | $ | 299.1 or 15 | % | $ | 283.7 or 14 | % | ||||||||||||
Petroleo Brasileiro SA (1) | $ | 244.3 or 13 | % | $ | 289.3 or 15 | % | $ | 224.9 or 11 | % | ||||||||||||
BP PLC (2) | $ | 182.5 or 10 | % | (3 | ) | (3 | ) | ||||||||||||||
-1 | Shuttle tanker and FSO, FPSO and conventional tanker segments | ||||||||||||||||||||
-2 | Shuttle tanker and FSO, FPSO, liquefied gas and conventional tanker segments | ||||||||||||||||||||
-3 | Less than 10% |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Preliminary and Final Fair Values of Assets Acquired and Liabilities Assumed, Including VIE | ' | ||||
The following table summarizes the final purchase price allocation, which included the Voyageur Spirit VIE, by the Company at November 30, 2011: | |||||
Final | |||||
$ | |||||
ASSETS | |||||
Cash and cash equivalents | 50,230 | ||||
Other current assets | 29,209 | ||||
Vessels and equipment | 892,352 | ||||
Deferred income taxes | 3,307 | ||||
Investment in Sevan Marine | 37,100 | ||||
Other assets - long-term | 659 | ||||
Total assets acquired | 1,012,857 | ||||
Current liabilities | 41,376 | ||||
In-process revenue contracts | 158,968 | ||||
Long-term debt (note 8) | 220,497 | ||||
Other long-term liabilities | 6,036 | ||||
Non-controlling interest | 144,600 | ||||
Total liabilities assumed | 571,477 | ||||
Net assets acquired | 441,380 | ||||
Bargain purchase gain | (68,535 | ) | |||
Cash consideration | 372,845 | ||||
Financing_Transactions_Tables
Financing Transactions (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Summary of Proceeds Received from Financial Transactions | ' | ||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, the Company’s publicly traded subsidiaries, Teekay Tankers, Teekay Offshore and Teekay LNG completed the following public offerings and equity placements: | |||||||||||||||||
Total Proceeds | Less: | Offering | Net Proceeds | ||||||||||||||
Received | Teekay | Expenses | Received | ||||||||||||||
$ | Corporation | $ | $ | ||||||||||||||
Portion | |||||||||||||||||
($1) | |||||||||||||||||
2013 | |||||||||||||||||
Teekay Offshore Direct Equity Placements | 115,688 | (2,314 | ) | (188 | ) | 113,186 | |||||||||||
Teekay Offshore Preferred Units Offering | 150,000 | — | (5,200 | ) | 144,800 | ||||||||||||
Teekay Offshore Continuous Offering Program | 2,819 | (59 | ) | (449 | ) | 2,311 | |||||||||||
Teekay LNG Continuous Offering Program | 5,383 | (107 | ) | (457 | ) | 4,819 | |||||||||||
Teekay LNG Direct Equity Placement | 40,816 | (816 | ) | (40 | ) | 39,960 | |||||||||||
Teekay LNG Public Offering | 150,040 | (3,001 | ) | (5,222 | ) | 141,817 | |||||||||||
2012 | |||||||||||||||||
Teekay Offshore Public Offerings | 219,474 | (4,389 | ) | (8,164 | ) | 206,921 | |||||||||||
Teekay Offshore Direct Equity Placement | 45,919 | (919 | ) | — | 45,000 | ||||||||||||
Teekay Tankers Public Offerings | 69,000 | — | (3,229 | ) | 65,771 | ||||||||||||
Teekay LNG Public Offering | 189,243 | (3,784 | ) | (6,927 | ) | 178,532 | |||||||||||
2011 | |||||||||||||||||
Teekay Tankers Public Offerings | 112,054 | — | (4,820 | ) | 107,234 | ||||||||||||
Teekay Offshore Private Equity Placement | 420,145 | (230,144 | ) | (279 | ) | 189,722 | |||||||||||
Teekay LNG Public Offerings | 356,133 | (7,123 | ) | (14,909 | ) | 334,101 | |||||||||||
-1 | Consists of the portion Teekay Corporation subscribed for in the public offering or equity placement. |
Goodwill_Intangible_Assets_and1
Goodwill, Intangible Assets and In-Process Revenue Contracts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Carrying Amount of Goodwill for Company's Reportable Segment | ' | ||||||||||||
The carrying amount of goodwill for the years ended December 31, 2013 and 2012, for the Company’s reportable segments are as follows: | |||||||||||||
Shuttle Tanker and | Liquefied Gas | Total | |||||||||||
FSO Segment | Segment | $ | |||||||||||
$ | $ | ||||||||||||
Balance as of December 31, 2012 and 2013 | 130,908 | 35,631 | 166,539 | ||||||||||
Summary of Intangible Assets | ' | ||||||||||||
As at December 31, 2013, the Company’s intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying Amount | |||||||||||
Amount | Amortization | $ | |||||||||||
$ | $ | ||||||||||||
Customer contracts | 316,684 | (209,786 | ) | 106,898 | |||||||||
Other intangible assets | 1,280 | (280 | ) | 1,000 | |||||||||
317,964 | (210,066 | ) | 107,898 | ||||||||||
As at December 31, 2012 the Company’s intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying Amount | |||||||||||
Amount | Amortization | $ | |||||||||||
$ | $ | ||||||||||||
Customer contracts | 316,684 | (191,587 | ) | 125,097 | |||||||||
Other intangible assets | 1,280 | (241 | ) | 1,039 | |||||||||
317,964 | (191,828 | ) | 126,136 | ||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
Voyage and vessel expenses | 250,557 | 144,250 | |||||||
Interest | 73,817 | 66,125 | |||||||
Payroll and benefits and other | 91,369 | 100,452 | |||||||
Deferred revenue | 49,486 | 52,391 | |||||||
Loan from affiliates | 1,595 | 4,064 | |||||||
466,824 | 367,282 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
Revolving Credit Facilities | 1,919,086 | 1,627,979 | |||||||
Senior Notes (8.5%) due January 15, 2020 | 447,430 | 447,115 | |||||||
Norwegian Kroner-denominated Bonds due through September 2018 | 691,778 | 467,223 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 2,523,523 | 2,432,374 | |||||||
U.S. Dollar-denominated Term Loan Variable Interest Entity due October 2016 | — | 230,359 | |||||||
U.S. Dollar Bonds due through 2023 | 174,150 | — | |||||||
Euro-denominated Term Loans due through 2023 | 340,221 | 341,382 | |||||||
U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners | 13,282 | 13,282 | |||||||
Total | 6,109,470 | 5,559,714 | |||||||
Less current portion | 996,425 | 797,411 | |||||||
Long-term portion | 5,113,045 | 4,762,303 | |||||||
Operating_and_Direct_Financing1
Operating and Direct Financing Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts | ' | ||||||||
As at December 31, 2013, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows: | |||||||||
Year | Head Lease | Sublease | |||||||
Receipts(1) | Payments(1)(2) | ||||||||
2014 | 28,828 | 24,779 | |||||||
2015 | 22,188 | 24,779 | |||||||
2016 | 21,242 | 24,779 | |||||||
2017 | 21,242 | 24,779 | |||||||
2018 | 21,242 | 24,779 | |||||||
Thereafter | 217,821 | 254,105 | |||||||
Total | $ | 332,563 | $ | 378,000 | |||||
-1 | The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2013, the Teekay Tangguh Subsidiary had received $177.8 million of aggregate Head Lease receipts and had paid $115.4 million of aggregate Sublease payments. The portion of the Head Lease receipts that haven’t been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and as at December 31, 2013, $43.0 million of Head Lease receipts had been deferred and included in other long-term liabilities in the Company’s consolidated balance sheets. | ||||||||
-2 | The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. | ||||||||
Net Investments in Direct Financing Leases | ' | ||||||||
The following table lists the components of the net investments in direct financing leases: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Total minimum lease payments to be received | 1,024,187 | 675,013 | |||||||
Estimated unguaranteed residual value of leased properties | 203,465 | 203,465 | |||||||
Initial direct costs and other | 1,379 | 1,409 | |||||||
Less unearned revenue | (501,769 | ) | (443,286 | ) | |||||
Total | 727,262 | 436,601 | |||||||
Less current portion | 21,545 | 12,303 | |||||||
Long-term portion | 705,717 | 424,298 | |||||||
Capital_Lease_Obligations_and_1
Capital Lease Obligations and Restricted Cash (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Capital Lease Obligations | ' | ||||||||
Capital Lease Obligations | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
RasGas II LNG Carriers | 472,806 | 472,085 | |||||||
Suezmax Tankers | 125,523 | 165,489 | |||||||
Total | 598,329 | 637,574 | |||||||
Less current portion | 31,668 | 70,272 | |||||||
Long-term portion | 566,661 | 567,302 | |||||||
Schedule of Repayments of Capital Leases Including Imputed Interest | ' | ||||||||
As at December 31, 2013, the commitments under these capital leases approximated $953.1 million, including imputed interest of $480.3 million, repayable as follows: | |||||||||
Year | Commitment | ||||||||
2014 | $ | 24,000 | |||||||
2015 | $ | 24,000 | |||||||
2016 | $ | 24,000 | |||||||
2017 | $ | 24,000 | |||||||
2018 | $ | 24,000 | |||||||
Thereafter | $ | 833,128 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments and Other Non-Financial Assets | ' | ||||||||||||||||||||
The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis. | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Value | Amount | Value | Amount | Value | |||||||||||||||||
Hierarchy | Asset | Asset | Asset | Asset | |||||||||||||||||
Level | (Liability) | (Liability) | (Liability) | (Liability) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Recurring | |||||||||||||||||||||
Cash and cash equivalents, restricted cash, and marketable securities | Level 1 | 1,119,966 | 1,119,966 | 1,178,118 | 1,178,118 | ||||||||||||||||
Derivative instruments (note 15) | |||||||||||||||||||||
Interest rate swap agreements - assets (1) | Level 2 | 91,415 | 91,415 | 165,688 | 165,688 | ||||||||||||||||
Interest rate swap agreements - liabilities (1) | Level 2 | (410,470 | ) | (410,470 | ) | (667,825 | ) | (667,825 | ) | ||||||||||||
Cross currency interest swap agreement | Level 2 | (52,219 | ) | (52,219 | ) | 13,886 | 13,886 | ||||||||||||||
Foreign currency contracts | Level 2 | (1,480 | ) | (1,480 | ) | 2,885 | 2,885 | ||||||||||||||
Non-recurring | |||||||||||||||||||||
Vessels and equipment (note 18b) | Level 2 | 17,250 | 17,250 | 287,983 | 287,983 | ||||||||||||||||
Assets held for sale (2) (note 18b) | Level 2 | 176,247 | 176,247 | 22,364 | 22,364 | ||||||||||||||||
Other | |||||||||||||||||||||
Investment in term loans | Level 3 | 211,579 | 209,570 | 188,756 | 186,048 | ||||||||||||||||
Loans to equity accounted investees and joint venture partners - Current | Level 3 | 37,019 | 37,019 | 139,183 | 139,183 | ||||||||||||||||
Loans to equity accounted investees and joint venture partners - Long-term | (3 | ) | 132,229 | (3 | ) | 67,720 | (3 | ) | |||||||||||||
Liabilities associated with assets held for sale (2) (note 8) | Level 2 | (168,007 | ) | (168,007 | ) | — | — | ||||||||||||||
Long-term debt - public (note 8) | Level 1 | (1,313,358 | ) | (1,376,829 | ) | (914,338 | ) | (949,326 | ) | ||||||||||||
Long-term debt - non-public (note 8) | Level 2 | (4,796,112 | ) | (4,582,274 | ) | (4,645,376 | ) | (4,329,117 | ) | ||||||||||||
-1 | The fair value of the Company’s interest rate swap agreements at December 31, 2013 includes $22.0 million (December 31, 2012- $21.6 million) of net accrued interest which is recorded in accrued liabilities and accounts receivable on the consolidated balance sheets. | ||||||||||||||||||||
-2 | The fair value of the Company’s assets held for sale and liabilities associated with assets held for sale include vessels held for sale, long-term debt and other working capital balances. | ||||||||||||||||||||
-3 | In these consolidated financial statements, the Company’s loans to and equity investments in equity accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the loans to joint venture partners together with the joint venture partner’s equity investment in joint venture form the net aggregate carrying value of the joint venture partner’s interest in the joint venture. The fair value of the individual components of such aggregate interests is not determinable. |
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Stock Option Activity and Related Information | ' | ||||||||||||||||||||||||
A summary of the Company’s stock option activity and related information for the years ended December 31, 2013, 2012, and 2011, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Options | Weighted- | Options | Weighted- | Options | Weighted- | ||||||||||||||||||||
(000’s) | Average | (000’s) | Average | (000’s) | Average | ||||||||||||||||||||
# | Exercise | # | Exercise | # | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Outstanding - beginning of year | 5,285 | 34.4 | 5,713 | 32.47 | 6,123 | 31.54 | |||||||||||||||||||
Granted | 73 | 34.07 | 433 | 27.69 | 96 | 34.93 | |||||||||||||||||||
Exercised | (1,039 | ) | 26.21 | (733 | ) | 15.85 | (363 | ) | 16.14 | ||||||||||||||||
Forfeited / expired | (82 | ) | 38.46 | (128 | ) | 31.81 | (143 | ) | 33.11 | ||||||||||||||||
Outstanding - end of year | 4,237 | 36.33 | 5,285 | 34.4 | 5,713 | 32.47 | |||||||||||||||||||
Exercisable - end of year | 3,848 | 37.03 | 4,561 | 35.54 | 4,656 | 35.4 | |||||||||||||||||||
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, 2013, 2012 and 2011, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Options | Weighted- | Options | Weighted- | Options | Weighted- | ||||||||||||||||||||
(000’s) | Average | (000’s) | Average | (000’s) | Average | ||||||||||||||||||||
# | Grant | # | Grant | # | Grant | ||||||||||||||||||||
Date Fair | Date Fair | Date Fair | |||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Outstanding non-vested stock options - beginning of year | 723 | 8.74 | 1,057 | 6.4 | 2,160 | 6.36 | |||||||||||||||||||
Granted | 73 | 10.54 | 433 | 8.72 | 96 | 11.27 | |||||||||||||||||||
Vested | (401 | ) | 8.57 | (747 | ) | 5.44 | (1,071 | ) | 6.18 | ||||||||||||||||
Forfeited | (6 | ) | 9.46 | (20 | ) | 8.24 | (128 | ) | 11.47 | ||||||||||||||||
Outstanding non-vested stock options - end of year | 389 | 9.24 | 723 | 8.74 | 1,057 | 6.4 | |||||||||||||||||||
Details Regarding Outstanding and Exercisable Stock Options | ' | ||||||||||||||||||||||||
Further details regarding the Company’s outstanding and exercisable stock options at December 31, 2013 are as follows: | |||||||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||||||
Range of Exercise Prices | Options | Weighted- | Weighted- | Options | Weighted- | Weighted- | |||||||||||||||||||
(000’s) | Average | Average | (000’s) | Average | Average | ||||||||||||||||||||
# | Remaining | Exercise | # | Remaining | Exercise | ||||||||||||||||||||
Life | Price | Life | Price | ||||||||||||||||||||||
(Years) | $ | (Years) | $ | ||||||||||||||||||||||
$10.00 – $19.99 | 435 | 5.2 | 11.84 | 435 | 5.2 | 11.84 | |||||||||||||||||||
$20.00 – $24.99 | 440 | 6.2 | 24.42 | 440 | 6.2 | 24.42 | |||||||||||||||||||
$25.00 – $29.99 | 400 | 8.2 | 27.69 | 111 | 8.2 | 27.69 | |||||||||||||||||||
$30.00 – $34.99 | 188 | 6.1 | 34.26 | 88 | 3.3 | 34.2 | |||||||||||||||||||
$35.00 – $39.99 | 639 | 2.3 | 38.98 | 639 | 2.3 | 38.98 | |||||||||||||||||||
$40.00 – $44.99 | 1,150 | 4.2 | 40.41 | 1,150 | 4.2 | 40.41 | |||||||||||||||||||
$45.00 – $49.99 | 334 | 1.2 | 46.8 | 334 | 1.2 | 46.8 | |||||||||||||||||||
$50.00 – $59.99 | 648 | 3.2 | 51.4 | 648 | 3.2 | 51.4 | |||||||||||||||||||
$60.00 – $64.99 | 3 | 3.3 | 60.96 | 3 | 3.3 | 60.96 | |||||||||||||||||||
4,237 | 4.3 | 36.33 | 3,848 | 3.9 | 37.03 | ||||||||||||||||||||
Other_Income_Tables
Other Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Summary of Other Income | ' | ||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Gain on sale of other assets | — | 2,217 | — | ||||||||||
Volatile organic compound emission plant lease income | 238 | 1,220 | 2,900 | ||||||||||
Impairment and (loss) gain on sale of marketable securities | (2,062 | ) | (2,560 | ) | 3,372 | ||||||||
Miscellaneous income (loss) | 9,229 | (511 | ) | 6,088 | |||||||||
Loss on bond repurchase | (1,759 | ) | — | — | |||||||||
Other income | 5,646 | 366 | 12,360 | ||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Commitment of Foreign Currency Forward Contracts | ' | ||||||||||||||||||||||||
As at December 31, 2013, the Company was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||
Contract Amount | Average Forward | Fair Value / | |||||||||||||||||||||||
in Foreign | Rate(1) | Carrying Amount | |||||||||||||||||||||||
Currency | of Asset (Liability) | Expected Maturity | |||||||||||||||||||||||
$ | 2014 | 2015 | |||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||
Norwegian Kroner | 641,100 | 6.03 | (1,424 | ) | 92,772 | 13,541 | |||||||||||||||||||
Canadian Dollar | 10,000 | 1.06 | (56 | ) | 9,457 | — | |||||||||||||||||||
(1,480 | ) | 102,229 | 13,541 | ||||||||||||||||||||||
-1 | Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||
Commitment of Cross Currency Swaps | ' | ||||||||||||||||||||||||
As at December 31, 2013, the Company was committed to the following cross currency swaps: | |||||||||||||||||||||||||
Notional | Notional | Floating Rate Receivable | Fixed Rate | Fair Value / | Remaining | ||||||||||||||||||||
Amount | Amount | Payable | Carrying | Term | |||||||||||||||||||||
NOK | USD | Amount of | (years) | ||||||||||||||||||||||
Reference | Margin | Asset / | |||||||||||||||||||||||
Rate | Liability | ||||||||||||||||||||||||
700,000 | 122,800 | NIBOR | 4.75 | % | 5.52 | % | (8,550 | ) | 1.8 | ||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (8,185 | ) | 2.1 | ||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (5,503 | ) | 3.1 | ||||||||||||||||
700,000 | 125,000 | NIBOR | 5.25 | % | 6.88 | % | (13,247 | ) | 3.3 | ||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (11,744 | ) | 4.1 | ||||||||||||||||
900,000 | 150,000 | NIBOR | 4.35 | % | 6.43 | % | (4,990 | ) | 4.7 | ||||||||||||||||
(52,219 | ) | ||||||||||||||||||||||||
Interest Rate Swap Agreements | ' | ||||||||||||||||||||||||
As at December 31, 2013, the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt, restricted cash deposits and EURIBOR-based debt, whereby certain of the Company’s floating-rate debt and restricted cash deposits were swapped with fixed-rate obligations or fixed-rate deposits: | |||||||||||||||||||||||||
Interest | Principal | Fair Value / | Weighted- | Fixed | |||||||||||||||||||||
Rate | Amount | Carrying | Average | Interest | |||||||||||||||||||||
Index | $ | Amount of | Remaining | Rate | |||||||||||||||||||||
Asset / | Term | (%)(1) | |||||||||||||||||||||||
(Liability) | (years) | ||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
LIBOR-Based Debt: | |||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 404,464 | (66,829 | ) | 23.1 | 4.9 | |||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (3) | LIBOR | 3,217,495 | (306,428 | ) | 6.5 | 3.8 | |||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (4) | LIBOR | 300,000 | 4,735 | 0.2 | 1.7 | ||||||||||||||||||||
LIBOR-Based Restricted Cash Deposit: | |||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 469,011 | 81,118 | 23.1 | 4.8 | ||||||||||||||||||||
EURIBOR-Based Debt: | |||||||||||||||||||||||||
Euro-denominated interest rate swaps (5) (6) | EURIBOR | 340,221 | (31,651 | ) | 7 | 3.1 | |||||||||||||||||||
(319,055 | ) | ||||||||||||||||||||||||
-1 | Excludes the margins the Company pays on its variable-rate debt, which, as of December 31, 2013, ranged from 0.3% to 4.5%. | ||||||||||||||||||||||||
-2 | Principal amount reduces quarterly. | ||||||||||||||||||||||||
-3 | Principal amount of $200 million is fixed at 2.14%, unless LIBOR exceeds 6%, in which case the Company pays a floating rate of interest. | ||||||||||||||||||||||||
-4 | Inception date of swap is March 2014 ($300.0 million). | ||||||||||||||||||||||||
-5 | Principal amount reduces monthly to 70.1 million Euros ($96.3 million) by the maturity dates of the swap agreements. | ||||||||||||||||||||||||
-6 | Principal amount is the U.S. Dollar equivalent of 247.6 million Euros. | ||||||||||||||||||||||||
Location and Fair Value Amounts 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 | Derivative | Accrued | Current | Derivative | |||||||||||||||||||||
Portion of | Assets | Liabilities | Portion of | Liabilities | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||||||
Foreign currency contracts | 482 | 12 | — | (1,819 | ) | (155 | ) | ||||||||||||||||||
Interest rate swap agreements | 21,779 | 69,785 | (22,025 | ) | (140,503 | ) | (248,091 | ) | |||||||||||||||||
Cross currency swap agreements | 779 | — | 3 | (1,677 | ) | (51,324 | ) | ||||||||||||||||||
23,040 | 69,797 | (22,022 | ) | (143,999 | ) | (299,570 | ) | ||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||
Derivatives designated as a cash flow hedge: | |||||||||||||||||||||||||
Foreign currency contracts | 441 | — | — | (1 | ) | — | |||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||||||
Foreign currency contracts | 2,506 | — | — | (60 | ) | — | |||||||||||||||||||
Interest rate swap agreements | 16,927 | 144,247 | (22,312 | ) | (115,774 | ) | (525,225 | ) | |||||||||||||||||
Cross currency swap agreements | 11,795 | 4,334 | 719 | — | (2,962 | ) | |||||||||||||||||||
31,669 | 148,581 | (21,593 | ) | (115,835 | ) | (528,187 | ) | ||||||||||||||||||
Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | ' | ||||||||||||||||||||||||
The effect of the gain (loss) on derivatives not designated as hedging instruments in the statements of income (loss) are as follows: | |||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||
Interest rate swap agreements | (122,439 | ) | (123,277 | ) | (132,931 | ) | |||||||||||||||||||
Interest rate swap agreement amendments and terminations | (35,985 | ) | — | (149,666 | ) | ||||||||||||||||||||
Foreign currency forward contracts | (2,027 | ) | 1,155 | 9,965 | |||||||||||||||||||||
Forward freight agreements and bunker fuel swap contracts | — | — | 36 | ||||||||||||||||||||||
Foinaven embedded derivative | — | 11,452 | — | ||||||||||||||||||||||
(160,451 | ) | (110,670 | ) | (272,596 | ) | ||||||||||||||||||||
Unrealized gains (losses) relating to: | |||||||||||||||||||||||||
Interest rate swap agreements | 182,800 | 26,770 | (58,405 | ) | |||||||||||||||||||||
Foreign currency forward contracts | (3,935 | ) | 6,933 | (11,399 | ) | ||||||||||||||||||||
Foinaven embedded derivative | — | (3,385 | ) | (322 | ) | ||||||||||||||||||||
178,865 | 30,318 | (70,126 | ) | ||||||||||||||||||||||
Total realized and unrealized gains (losses) on derivative instruments | 18,414 | (80,352 | ) | (342,722 | ) | ||||||||||||||||||||
Effect of (Loss) Gain on Cross Currency Swaps | ' | ||||||||||||||||||||||||
The effect of the (loss) gain on cross currency swaps on the consolidated statements of income (loss) is as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2010 | |||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Realized gain on partial termination of cross currency swap | 6,800 | — | — | ||||||||||||||||||||||
Realized gains | 2,089 | 3,628 | 2,881 | ||||||||||||||||||||||
Unrealized (losses) gains | (65,387 | ) | 10,715 | (1,583 | ) | ||||||||||||||||||||
Total realized and unrealized (losses) gains on cross currency swaps | (56,498 | ) | 14,343 | 1,298 | |||||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Changes in Operating Assets and Liabilities | ' | ||||||||||||
a) | The changes in operating assets and liabilities for the years ended December 31, 2013, 2012, and 2011, are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Accounts receivable | (77,837 | ) | (132,873 | ) | (68,914 | ) | |||||||
Prepaid expenses and other assets | (2,386 | ) | 19,741 | (8,225 | ) | ||||||||
Accounts payable | (10,877 | ) | 18,408 | 12,216 | |||||||||
Accrued and other liabilities | 155,284 | (20,485 | ) | (19,424 | ) | ||||||||
64,184 | (115,209 | ) | (84,347 | ) | |||||||||
Vessel_Sales_Asset_Impairments1
Vessel Sales, Asset Impairments and Provisions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Property Plant And Equipment [Abstract] | ' | ||||
Schedule of Assets and Liabilities Held for Sale | ' | ||||
The Company has presented the assets and liabilities of the LLCs as assets held for sale and liabilities held for sale on the Company’s December 31, 2013 balance sheet as follows: | |||||
$ | |||||
Assets Held for Sale | |||||
Accounts receivable | 11,179 | ||||
Prepaid expenses | 1,220 | ||||
Vessels and equipment | 163,200 | ||||
Other long-term assets | 648 | ||||
Total assets | 176,247 | ||||
Liabilities Associated with Assets Held for Sale | |||||
Accounts payable | 37 | ||||
Accrued liabilities | 3,362 | ||||
Current portion of long-term debt (note 8) | 11,698 | ||||
Long-term debt (note 8) | 152,910 | ||||
Total liabilities | 168,007 | ||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Loss Per Share | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net loss attributable to stockholders’ of Teekay Corporation | (114,738 | ) | (160,180 | ) | (358,616 | ) | |||||||
Weighted average number of common shares | 70,457,968 | 69,263,369 | 70,234,817 | ||||||||||
Dilutive effect of stock-based compensation | — | — | — | ||||||||||
Common stock and common stock equivalents | 70,457,968 | 69,263,369 | 70,234,817 | ||||||||||
Loss per common share: | |||||||||||||
- Basic | (1.63 | ) | (2.31 | ) | (5.11 | ) | |||||||
- Diluted | (1.63 | ) | (2.31 | ) | (5.11 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Company's Deferred Tax Assets and Liabilities | ' | ||||||||||||
The significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Deferred tax assets: | |||||||||||||
Vessels and equipment | 73,750 | 58,825 | |||||||||||
Tax losses carried forward(1) | 427,656 | 427,443 | |||||||||||
Other | 32,012 | 64,194 | |||||||||||
Total deferred tax assets | 533,418 | 550,462 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Vessels and equipment | 19,555 | 26,503 | |||||||||||
Long-term debt | 22,008 | 33,764 | |||||||||||
Other | 30,519 | 40,117 | |||||||||||
Total deferred tax liabilities | 72,082 | 100,384 | |||||||||||
Net deferred tax assets | 461,336 | 450,078 | |||||||||||
Valuation allowance | (442,504 | ) | (421,343 | ) | |||||||||
Net deferred tax assets | 18,832 | 28,735 | |||||||||||
-1 | Substantially all of the Company’s net operating loss carryforwards of $1.74 billion relate to its Australian ship-owning subsidiaries and its Norwegian subsidiaries. These net operating loss carryforwards are available to offset future taxable income in the respective jurisdictions, and can be carried forward indefinitely. The Company also has $20.8 million in disallowed finance costs that relate to its Spanish subsidiaries and are available to offset future finance costs and can be carried forward for 18 years. | ||||||||||||
Components of Provision for Income Taxes | ' | ||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Current | 2,742 | 9,167 | (6,768 | ) | |||||||||
Deferred | (5,614 | ) | 5,239 | 2,478 | |||||||||
Income tax (expense) recovery | (2,872 | ) | 14,406 | (4,290 | ) | ||||||||
Reconciliations of Income Tax Rates and Actual Tax Charge | ' | ||||||||||||
Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net income (loss) before taxes | 38,352 | (325,522 | ) | (372,131 | ) | ||||||||
Net loss not subject to taxes | (267,665 | ) | (129,307 | ) | (341,473 | ) | |||||||
Net income (loss) subject to taxes | 306,017 | (196,215 | ) | (30,658 | ) | ||||||||
At applicable statutory tax rates | 12,719 | (15,808 | ) | (8,987 | ) | ||||||||
Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions | (8,173 | ) | (2,817 | ) | 7,307 | ||||||||
Other | (1,675 | ) | 4,218 | 5,970 | |||||||||
Income tax expense (recovery) related to the current year | 2,872 | (14,406 | ) | 4,290 | |||||||||
Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities | ' | ||||||||||||
The following is a roll-forward of the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from January 1, 2011 to December 31, 2013: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance of unrecognized tax benefits - beginning of the year | 29,364 | 39,804 | 45,302 | ||||||||||
Increases for positions related to the current year | 1,141 | 4,560 | 3,308 | ||||||||||
Changes for positions taken in prior years | (1,284 | ) | (5,085 | ) | 83 | ||||||||
Decreases related to statute of limitations | (8,917 | ) | (9,915 | ) | (8,889 | ) | |||||||
Balance of unrecognized tax benefits - end of the year | 20,304 | 29,364 | 39,804 | ||||||||||
Pension_Benefits_Tables
Pension Benefits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Changes in Benefit Obligation and Fair Value of Benefit Plans Assets | ' | ||||||||||||
The following table provides information about changes in the benefit obligation and the fair value of the Benefit Plans assets, a statement of the funded status, and amounts recognized on the Company’s balance sheets: | |||||||||||||
Year Ended | Year Ended | ||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
$ | $ | ||||||||||||
Change in benefit obligation: | |||||||||||||
Beginning balance | 148,490 | 137,172 | |||||||||||
Service cost | 9,768 | 10,004 | |||||||||||
Interest cost | 4,974 | 4,436 | |||||||||||
Contributions by plan participants | 481 | 692 | |||||||||||
Actuarial (gain) loss | 3,396 | (12,059 | ) | ||||||||||
Benefits paid | (9,501 | ) | (3,216 | ) | |||||||||
Plan settlements and amendments | (3,126 | ) | 6,549 | ||||||||||
Benefit obligations assumed on acquisition | 3,125 | — | |||||||||||
Foreign currency exchange rate changes | (6,515 | ) | 7,962 | ||||||||||
Other | (96 | ) | (3,050 | ) | |||||||||
Ending balance | 150,996 | 148,490 | |||||||||||
Change in fair value of plan assets: | |||||||||||||
Beginning balance | 134,408 | 110,698 | |||||||||||
Actual return on plan assets | 4,453 | 2,094 | |||||||||||
Contributions by the employer | 14,609 | 13,404 | |||||||||||
Contributions by plan participants | 481 | 692 | |||||||||||
Benefits paid | (9,470 | ) | (3,166 | ) | |||||||||
Plan settlements and amendments | (2,118 | ) | 4,328 | ||||||||||
Plan assets assumed on acquisition | 2,502 | — | |||||||||||
Foreign currency exchange rate changes | (5,564 | ) | 6,848 | ||||||||||
Other | (425 | ) | (490 | ) | |||||||||
Ending balance | 138,876 | 134,408 | |||||||||||
Funded status deficiency | (12,120 | ) | (14,082 | ) | |||||||||
Amounts recognized in the balance sheets: | |||||||||||||
Other long-term liabilities | 12,120 | 14,082 | |||||||||||
Accumulated other comprehensive loss: | |||||||||||||
Net actuarial losses | (20,922 | ) | (19,449 | ) | |||||||||
-1 | As at December 31, 2013, the estimated amount that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit cost in 2014 is $(1.0) million. | ||||||||||||
Pension Plans with Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets | ' | ||||||||||||
The following table provides information for those pension plans with a benefit obligation in excess of plan assets and those pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
$ | $ | ||||||||||||
Benefit obligation | 88,140 | 125,945 | |||||||||||
Fair value of plan assets | 71,955 | 106,616 | |||||||||||
Accumulated benefit obligation | 1,319 | 4,350 | |||||||||||
Fair value of plan assets | 689 | 2,795 | |||||||||||
Components of Net Periodic Pension Cost Relating to Benefit Plans | ' | ||||||||||||
The components of net periodic pension cost relating to the Benefit Plans for the years ended December 31, 2013, 2012 and 2011 consisted of the following: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net periodic pension cost: | |||||||||||||
Service cost | 9,768 | 9,921 | 8,978 | ||||||||||
Interest cost | 4,974 | 4,392 | 5,250 | ||||||||||
Expected return on plan assets | (5,688 | ) | (5,270 | ) | (5,805 | ) | |||||||
Amortization of net actuarial loss | 1,484 | 1,980 | 371 | ||||||||||
Plan settlement | 973 | — | — | ||||||||||
Other | 425 | 577 | 421 | ||||||||||
Net cost | 11,936 | 11,600 | 9,215 | ||||||||||
Components of Other Comprehensive Loss Relating to Plans | ' | ||||||||||||
The components of other comprehensive loss relating to the Plans for the years ended December 31, 2013, 2012 and 2011 consisted of the following: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Other comprehensive income (loss): | |||||||||||||
Net (loss) gain arising during the period | (3,930 | ) | 6,143 | (12,052 | ) | ||||||||
Amortization of net actuarial loss (gain) | 1,484 | 1,979 | 319 | ||||||||||
Plan settlement | 973 | — | — | ||||||||||
Total (loss) income before income taxes | (1,473 | ) | 8,122 | (11,733 | ) | ||||||||
Estimated Future Benefit Payments which Reflect Expected Future Service to be Paid by Benefit Plans | ' | ||||||||||||
The following table provides the estimated future benefit payments, which reflect expected future service, to be paid by the Benefit Plans: | |||||||||||||
Year | Pension | ||||||||||||
Benefit | |||||||||||||
Payments | |||||||||||||
$ | |||||||||||||
2014 | 9,542 | ||||||||||||
2015 | 7,561 | ||||||||||||
2016 | 6,855 | ||||||||||||
2017 | 8,363 | ||||||||||||
2018 | 6,666 | ||||||||||||
2019 - 2023 | 40,429 | ||||||||||||
Total | 79,416 | ||||||||||||
Fair Value of Plan Assets | ' | ||||||||||||
The fair value of the plan assets, by category, as of December 31, 2013 and 2012 were as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Pooled Funds (1) | 98,338 | 94,981 | |||||||||||
Mutual Funds (2) | |||||||||||||
Equity investments | 18,080 | 19,907 | |||||||||||
Debt securities | 3,811 | 4,298 | |||||||||||
Real estate | 2,108 | 3,843 | |||||||||||
Cash and money market | 8,796 | 672 | |||||||||||
Other | 7,743 | 10,707 | |||||||||||
Total | 138,876 | 134,408 | |||||||||||
-1 | The Company has no control over the investment mix or strategy of the pooled funds. The pooled funds guarantee a minimum rate of return. If actual investment returns are less than the guarantee minimum rate, then the provider’s statutory reserves are used to top up the shortfall. The pooled funds primarily invest in hold to maturity bonds, real estate and other fixed income investments, which are expected to provide a stable rate of return. | ||||||||||||
-2 | The mutual funds primary aim is to provide investors with an exposure to a diversified mix of predominantly growth oriented assets (70%) with moderate to high volatility and some defensive assets (30%). | ||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||
The weighted average assumptions used to determine benefit obligations at December 31, 2013 and 2012 were as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Discount rates | 3.9 | % | 3 | % | |||||||||
Rate of compensation increase | 4.7 | % | 5.5 | % | |||||||||
The weighted average assumptions used to determine net pension expense for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Discount rates | 3.9 | % | 3 | % | 3.2 | % | |||||||
Rate of compensation increase | 4.7 | % | 5.5 | % | 4.4 | % | |||||||
Expected long-term rates of return (1) | 4.8 | % | 4.8 | % | 5 | % | |||||||
-1 | To the extent the expected return on plan assets varies from the actual return, an actuarial gain or loss results. The expected long-term rates of return on plan assets are based on the estimated weighted-average long-term returns of major asset classes. In determining asset class returns, the Company takes into account long-term returns of major asset classes, historical performance of plan assets, as well as the current interest rate environment. The asset class returns are weighted based on the target asset allocations. |
Equity_Accounted_Investments_T
Equity Accounted Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Condensed Summary of Company's Investments in and Advances to Joint Ventures | ' | ||||||||||||
A condensed summary of the Company’s investments in and advances to equity accounted investments are as follows (in thousands of U.S. dollars, except percentages): | |||||||||||||
As at December 31, | |||||||||||||
Investments in Equity Accounted Investments | Ownership | 2013 | 2012 | ||||||||||
Percentage | $ | $ | |||||||||||
Teekay LNG-Marubeni Joint Venture (note 3b) | 52% | 228,183 | 183,724 | ||||||||||
RasGas 3 Joint Venture | 40% | 125,648 | 107,386 | ||||||||||
Exmar Joint Venture | 50% | 86,387 | 82,737 | ||||||||||
Exmar LPG Joint Venture | 50% | 82,576 | — | ||||||||||
Angola Joint Venture (note 3a) | 33% | 54,168 | 28,699 | ||||||||||
Tiro and Sidon Joint Venture | 50% | 52,118 | 30,024 | ||||||||||
Sevan Marine Equity Investment | 43% | 40,740 | 39,223 | ||||||||||
Other | 33% - 50% | 20,489 | 8,250 | ||||||||||
Total | 690,309 | 480,043 | |||||||||||
Ownership | As at December 31, | ||||||||||||
Loans to Equity Accounted Investees | Percentage | 2013 | 2012 | ||||||||||
Sevan Marine Equity Investment | 43% | — | 133,000 | ||||||||||
Exmar LPG Joint Venture | 50% | 82,068 | — | ||||||||||
Tiro and Sidon Joint Venture | 50% | 12,781 | 18,121 | ||||||||||
SkaugenPetroTrans Joint Venture | 50% | 16,079 | 9,500 | ||||||||||
Other | 33% - 52% | 29,844 | 22,233 | ||||||||||
Total (1) | 140,772 | 182,854 | |||||||||||
-1 | The Company also has loans to joint venture partners of $28.5 million as at December 31, 2013 (2012—$24.0 million). | ||||||||||||
Condensed Summary of Company's Financial Information for Joint Venture | ' | ||||||||||||
A condensed summary of the Company’s financial information for equity accounted investments (33% to 52% owned) shown on a 100% basis are as follows: | |||||||||||||
As at December 31, | |||||||||||||
2013(1) | 2012(2)(3) | ||||||||||||
Cash and restricted cash | 323,065 | 229,963 | |||||||||||
Other assets - current | 168,537 | 125,152 | |||||||||||
Vessels and equipment | 2,598,690 | 2,114,435 | |||||||||||
Net investment in direct financing leases | 1,907,458 | 1,938,011 | |||||||||||
Other assets - non-current | 310,649 | 228,887 | |||||||||||
Current portion of long-term debt | 500,831 | 1,106,706 | |||||||||||
Other liabilities - current | 217,511 | 193,785 | |||||||||||
Long-term debt | 2,807,153 | 1,911,419 | |||||||||||
Other liabilities - non-current | 422,482 | 469,220 | |||||||||||
Year ended December 31, | |||||||||||||
2013(1) | 2012(2)(3) | 2011(3) | |||||||||||
Revenues | 940,187 | 659,030 | 303,607 | ||||||||||
Income from vessel operations | 327,748 | 241,702 | 118,408 | ||||||||||
Realized and unrealized loss on derivative instruments | 16,334 | (56,307 | ) | (127,230 | ) | ||||||||
Net income (loss) | 287,628 | 120,395 | (48,996 | ) | |||||||||
-1 | The results included for the Exmar LPG BVBA are from the date of acquisition in February 2013. | ||||||||||||
-2 | The results included for the Teekay LNG-Marubeni Joint Venture are from the date of acquisition of the MALT LNG Carriers which were acquired in February 2012. | ||||||||||||
-3 | The results included for the Angola Joint Venture are from the time the vessels were delivered in August, September, October 2011 and January 2012, respectively. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Vessel operating expenses | $806,152,000 | $813,326,000 | $749,939,000 |
REVENUES | 1,830,085,000 | 1,980,771,000 | 1,976,022,000 |
Condition for claiming depreciation vessel's estimated useful life | 'Commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for those periods of time. | ' | ' |
Depreciation and amortization | 431,086,000 | 455,898,000 | 428,608,000 |
Amortization of vessels accounted for as capital leases | 22,800,000 | 30,100,000 | 34,700,000 |
Interest costs capitalized to vessels and equipment | 14,600,000 | 34,900,000 | 8,100,000 |
Asset retirement obligation | 27,200,000 | 24,700,000 | ' |
Other non-current assets | 159,494,000 | 149,682,000 | ' |
Crude oil tanker [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '25 years | ' | ' |
Refined product tanker [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '25 years | ' | ' |
FPSO [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '20 years | ' | ' |
FPSO [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '25 years | ' | ' |
Liquefied Natural Gas [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '35 years | ' | ' |
Liquefied Petroleum Gas [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '30 years | ' | ' |
Excluding amortization of Drydocking expenditure [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | 346,500,000 | 364,300,000 | 356,000,000 |
Dry docking activity [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '2 years 6 months | ' | ' |
Dry docking activity [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '5 years | ' | ' |
Asset retirement obligation [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Other non-current assets | 7,500,000 | 6,400,000 | ' |
Technical Management Fee [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Vessel operating expenses | 80,900,000 | ' | ' |
REVENUES | 23,200,000 | ' | ' |
Prior period reclassification from general and administrative expense [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Vessel operating expenses | ' | 83,200,000 | 72,300,000 |
REVENUES | ' | $24,500,000 | $22,200,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summarized Dry Docking Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Balance at the end of the year | $7,351,144 | $7,321,058 | ' |
Dry docking activity [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Balance at the beginning of the year | 100,928 | 128,987 | 143,103 |
Costs incurred for drydocking | 72,545 | 35,336 | 54,296 |
Dry-dock amortization | -50,325 | -57,082 | -67,180 |
Write down / sale of vessels | -4,954 | -6,313 | -1,232 |
Balance at the end of the year | $118,194 | $100,928 | $128,987 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Financing Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other loan receivables | ' | ' |
Loans to equity accounted investees and joint venture partners | $140,772 | $182,854 |
Total direct financing leases and other loan receivables | 1,139,723 | 833,964 |
Payment activity [Member] | Performing [Member] | ' | ' |
Summary of financing receivables | ' | ' |
Direct financing leases | 727,262 | 436,601 |
Other loan receivables | ' | ' |
Long term receivable included in other assets | 31,634 | 1,704 |
Collateral [Member] | ' | ' |
Other loan receivables | ' | ' |
Investment in term loans and interest receivable | 211,579 | 188,756 |
Other internal metrics [Member] | Performing [Member] | ' | ' |
Other loan receivables | ' | ' |
Loans to equity accounted investees and joint venture partners | $169,248 | $206,903 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Summary of Financing Receivables (Parenthetical) (Detail) (USD $) | Dec. 31, 2011 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Teekay Tangguh Joint Venture [Member] | Teekay BLT Corporation [Member] | Teekay BLT Corporation [Member] | Teekay BLT Corporation [Member] | Teekay Tangguh Borrower LLC [Member] | Teekay Tangguh Borrower LLC [Member] | |
Subsequent Events [Member] | Subsequent Events [Member] | Teekay LNG [Member] | Teekay Tangguh Joint Venture [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | 49.00% | ' | ' | ' | ' | 99.00% | 70.00% |
Loans to equity accounted investees and joint venture partners carrying value | ' | ' | $28.50 | $24 | ' | ' | ' |
Advances repaid | ' | ' | ' | ' | 6.5 | ' | ' |
Additional amount repaid as part of settlement agreement | ' | ' | ' | ' | 0.5 | ' | ' |
Dividends declared | ' | 69.5 | ' | ' | ' | ' | ' |
Amount offset to total advances | ' | $14.40 | ' | ' | ' | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Qualifying Cash Flow Hedging Instruments | $17 | $341 | ($306) | $2,295 |
Accumulated Other Comprehensive Income (Loss), Pension Adjustments, net of tax | -18,919 | -16,253 | -22,941 | -17,539 |
Accumulated Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Available for Sale Marketable Securities | -171 | 0 | -656 | 7,073 |
Accumulated Other Comprehensive Income (Loss), Foreign Exchange Gain (Loss) on Currency Translation | 1,884 | 1,144 | 0 | ' |
Accumulated Other Comprehensive Income (Loss), Total | -17,189 | -14,768 | -23,903 | -8,171 |
Other comprehensive (loss) income, Qualifying cash flow hedging instruments | -324 | 647 | -2,601 | ' |
Other comprehensive (loss) income, Pension Adjustments, net of tax | -2,666 | 6,688 | -5,402 | ' |
Other Comprehensive (loss) income, Unrealized gain on available for sale marketable securities | -171 | 656 | -7,729 | ' |
Other Comprehensive (loss) income, Foreign Exchange Gain (Loss) on Currency Translation | 740 | 1,144 | 0 | ' |
Other comprehensive income (loss) | ($2,421) | $9,135 | ($15,732) | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 4 |
Conventional tanker [Member] | Maximum [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Operating lease arrangement period, lessee | '1 year |
Conventional tanker [Member] | Minimum [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Operating lease arrangement period, lessee | '1 year |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
REVENUES | $1,830,085 | $1,980,771 | $1,976,022 |
Voyage expenses | 112,218 | 138,283 | 176,614 |
Vessel operating expenses | 806,152 | 813,326 | 749,939 |
Time-charter hire expense | 103,646 | 130,739 | 214,179 |
Depreciation and amortization | 431,086 | 455,898 | 428,608 |
General and administrative | 140,958 | 144,296 | 173,604 |
Asset impairments | 167,605 | 432,196 | 155,288 |
Loan loss provisions | 748 | 1,886 | 0 |
Net loss (gain) on sale of vessels and equipment | -1,995 | 6,975 | -4,229 |
Bargain purchase gain | 0 | 0 | -68,535 |
Goodwill impairment | 0 | 0 | 36,652 |
Restructuring charges | 6,921 | 7,565 | 5,490 |
Income (loss) from vessel operations | 62,746 | -150,393 | 108,412 |
Total assets of operating segments | 10,275,048 | 9,719,938 | ' |
Shuttle Tanker and FSO Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
REVENUES | 583,201 | 616,295 | 617,650 |
Voyage expenses | 99,111 | 104,382 | 97,743 |
Vessel operating expenses | 182,973 | 196,021 | 216,183 |
Time-charter hire expense | 56,682 | 56,989 | 74,478 |
Depreciation and amortization | 116,376 | 125,104 | 129,293 |
General and administrative | 37,529 | 36,484 | 44,594 |
Asset impairments | 76,782 | 28,830 | 43,185 |
Loan loss provisions | 0 | 0 | ' |
Net loss (gain) on sale of vessels and equipment | 0 | 1,112 | 171 |
Bargain purchase gain | ' | ' | 0 |
Goodwill impairment | ' | ' | 0 |
Restructuring charges | 2,123 | 652 | 5,351 |
Income (loss) from vessel operations | 11,625 | 66,721 | 6,652 |
Total assets of operating segments | 1,947,905 | 1,709,674 | ' |
FPSO Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
REVENUES | 567,620 | 581,215 | 464,810 |
Voyage expenses | 0 | 232 | 0 |
Vessel operating expenses | 364,986 | 354,020 | 255,925 |
Time-charter hire expense | 0 | 0 | 0 |
Depreciation and amortization | 151,365 | 135,413 | 96,915 |
General and administrative | 51,891 | 45,139 | 39,261 |
Asset impairments | 0 | 0 | 0 |
Loan loss provisions | 2,634 | 0 | ' |
Net loss (gain) on sale of vessels and equipment | -1,338 | 0 | -4,888 |
Bargain purchase gain | ' | ' | -68,535 |
Goodwill impairment | ' | ' | 0 |
Restructuring charges | 0 | 0 | 0 |
Income (loss) from vessel operations | -1,918 | 46,411 | 146,132 |
Total assets of operating segments | 2,836,998 | 2,824,832 | ' |
Liquefied Gas Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
REVENUES | 298,228 | 291,712 | 273,786 |
Voyage expenses | 602 | 283 | 4,862 |
Vessel operating expenses | 61,471 | 54,773 | 54,174 |
Time-charter hire expense | 0 | 0 | 0 |
Depreciation and amortization | 71,485 | 69,064 | 63,641 |
General and administrative | 19,597 | 18,643 | 16,315 |
Asset impairments | 0 | 0 | 0 |
Loan loss provisions | 0 | 0 | ' |
Net loss (gain) on sale of vessels and equipment | 0 | 0 | 0 |
Bargain purchase gain | ' | ' | 0 |
Goodwill impairment | ' | ' | 0 |
Restructuring charges | 0 | 0 | 0 |
Income (loss) from vessel operations | 145,073 | 148,949 | 134,794 |
Total assets of operating segments | 3,616,044 | 3,148,037 | ' |
Conventional tanker [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
REVENUES | 381,036 | 491,549 | 619,776 |
Voyage expenses | 12,505 | 33,386 | 74,009 |
Vessel operating expenses | 196,722 | 208,512 | 223,657 |
Time-charter hire expense | 46,964 | 73,750 | 139,701 |
Depreciation and amortization | 91,860 | 126,317 | 138,759 |
General and administrative | 31,941 | 44,030 | 73,434 |
Asset impairments | 90,823 | 403,366 | 112,103 |
Loan loss provisions | -1,886 | 1,886 | ' |
Net loss (gain) on sale of vessels and equipment | -657 | 5,863 | 488 |
Bargain purchase gain | ' | ' | 0 |
Goodwill impairment | ' | ' | 36,652 |
Restructuring charges | 4,798 | 6,913 | 139 |
Income (loss) from vessel operations | -92,034 | -412,474 | -179,166 |
Total assets of operating segments | $1,874,101 | $2,037,394 | ' |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Total Segment Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Segment Reporting [Abstract] | ' | ' | ' | ' |
Total assets of all segments | $10,275,048 | $9,719,938 | ' | ' |
Cash | 614,660 | 639,491 | 692,127 | 779,748 |
Accounts receivable and other assets | 665,993 | 642,596 | ' | ' |
Total assets | $11,555,701 | $11,002,025 | ' | ' |
Segment_Reporting_Revenues_and
Segment Reporting - Revenues and Percentage of Consolidated Revenues (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue of Significant Customer | $1,830,085 | $1,980,771 | $1,976,022 |
BP PLC [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue of Significant Customer | 182,500 | ' | ' |
BP PLC [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of Revenue of Significant Customer | 10.00% | ' | ' |
Statoil ASA [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue of Significant Customer | 250,500 | 299,100 | 283,700 |
Statoil ASA [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of Revenue of Significant Customer | 14.00% | 15.00% | 14.00% |
Petroleo Brasileiro SA [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue of Significant Customer | $244,300 | $289,300 | $224,900 |
Petroleo Brasileiro SA [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of Revenue of Significant Customer | 13.00% | 15.00% | 11.00% |
Segment_Reporting_Revenues_and1
Segment Reporting - Revenues and Percentage of Consolidated Revenues (Parenthetical) (Detail) (Maximum [Member], BP PLC [Member], Sales Revenue, Net [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum [Member] | BP PLC [Member] | Sales Revenue, Net [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Percentage of revenue for BP PLC | 10.00% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Share data in Millions, unless otherwise specified | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | 2-May-13 | Apr. 13, 2013 | Aug. 26, 2013 | Dec. 31, 2013 | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Feb. 29, 2012 | Feb. 28, 2013 | Dec. 31, 2013 | Nov. 01, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Nov. 01, 2012 | Nov. 01, 2012 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Dec. 31, 2013 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 |
Maximum [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Secured debt [Member] | Secured debt [Member] | FPSO unit Sevan Hummingbird [Member] | Sevan Marine [Member] | Sevan Marine [Member] | Sevan Marine [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | FPSO Segment [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | |||||
Derivative Instrument Interest Payment Period One [Member] | Derivative Instrument Interest Payment Period Two [Member] | Initial [Member] | Adjusted [Member] | Indemnification Agreement [Member] | Indemnification Agreement [Member] | Vessel | Shareholders' Equity [Member] | Shareholders' Equity [Member] | Secured debt [Member] | Vessel | Vessel | Newbuildings [Member] | Newbuildings [Member] | Charters-in [Member] | Sevan Marine [Member] | Minimum [Member] | Maximum [Member] | Capital Addition Purchase Commitments [Member] | Piranema Spirit [Member] | Newbuildings [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | |||||||||||||||||||||||
Vessel | Vessel | Vessel | Vessel | ||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost | ' | $279,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $184,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $441,380,000 | ' | ' | ' | ' | $164,000,000 | ' | ' | ' |
Investment in Sevan Marine | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.00% | 43.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | 52.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | 50.00% | ' |
Acquisition cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | ' | ' | 266,000,000 | ' | 1,060,000,000 | ' | ' | ' | ' | ' | ' | ' | 372,845,000 | ' | ' | 94,000,000 | 253,000,000 | ' | ' | ' | ' |
Assumed debt | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' |
Assumed debt, outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,497,000 | ' | ' | 220,500,000 | 230,000,000 | ' | ' | ' | ' |
Purchase price of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' |
Operating lease arrangement period,lessee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess price paid for the carrying value of non-controlling interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 509,400,000 | 540,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,000,000 | ' | ' | ' | ' |
Amount of charter rate being forgone | ' | 103,646,000 | 130,739,000 | 214,179,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification of revenue loss | ' | ' | ' | ' | 54,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value in excess of fair value | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bargain purchase gain | ' | 0 | 0 | 68,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,535,000 | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from acquisition, including bargain purchase gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 19 | ' | 12 | 8 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in joint venture | ' | 157,762,000 | 183,554,000 | 38,496,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | 138,200,000 | ' | 133,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro rata share of existing debt and lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess investment over the book value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 303,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Percentage of ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of secured debt guaranteed by the Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Percentage of secured debt guaranteed by the Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash deposits relating to certain term loans | ' | 4,748,000 | 39,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the guarantee liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | 6,109,470,000 | 5,559,714,000 | ' | ' | ' | ' | ' | ' | 2,500,000,000 | 2,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 963,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Teekay LNG-Marubeni Joint Venture entered in to an interest rate swap | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizing quarterly over the term of the interest rate swap to million at maturity | ' | ' | ' | ' | ' | ' | $70,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR-based interest for the payment of a fixed rate of interest | ' | ' | ' | ' | ' | ' | ' | 2.20% | 2.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Summary_of_Prelim
Acquisitions - Summary of Preliminary and Final Fair Values of Assets Acquired and Liabilities Assumed, Including VIE (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 | Nov. 30, 2011 |
Sevan Marine [Member] | Sevan Marine [Member] | ||||
Voyageur Spirit [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | $50,230 |
Other current assets | ' | ' | ' | ' | 29,209 |
Vessels and equipment | ' | ' | ' | ' | 892,352 |
Deferred income taxes | ' | ' | ' | ' | 3,307 |
Investment in Sevan Marine | ' | ' | ' | 25,000 | 37,100 |
Other assets - long-term | ' | ' | ' | ' | 659 |
Total assets acquired | ' | ' | ' | ' | 1,012,857 |
Current liabilities | ' | ' | ' | ' | 41,376 |
In-process revenue contracts | ' | ' | ' | ' | 158,968 |
Long-term debt (note 8) | ' | ' | ' | ' | 220,497 |
Other long-term liabilities | 139,676 | 180,964 | ' | ' | 6,036 |
Non-controlling interest | ' | ' | ' | ' | 144,600 |
Total liabilities assumed | ' | ' | ' | ' | 571,477 |
Net assets acquired | 279,300 | ' | ' | ' | 441,380 |
Bargain purchase gain | 0 | 0 | -68,535 | ' | -68,535 |
Cash consideration | ' | ' | ' | ' | $372,845 |
Investment_in_Term_Loans_Addit
Investment in Term Loans - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2010 | Dec. 31, 2013 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Teekay Tankers [Member] | Teekay Tankers [Member] | Loans receivable [Member] | Loans receivable [Member] | Loans receivable [Member] | ||||
Term_loan | ||||||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan | $12,552,000 | $0 | $70,000,000 | $115,600,000 | ' | $70,000,000 | ' | ' |
Interest rate on term loan | ' | ' | ' | 9.00% | ' | 9.00% | ' | ' |
Acquired term loans | ' | ' | ' | 2 | ' | ' | ' | ' |
Principal amount outstanding of term loan | ' | ' | ' | 115,000,000 | ' | ' | ' | ' |
Investment yield | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Investment, Interest Rate Reflects Current Yield Flag | ' | ' | ' | 'true | ' | ' | ' | ' |
Debt instrument collateral, description | ' | ' | ' | ' | 'The TNK Loans are collateralized by first-priority mortgages on two 2010-built VLCCs, together with other related security. | ' | ' | ' |
Repayment premium included in investment in term loans | 3,400,000 | 2,700,000 | ' | ' | ' | ' | ' | ' |
Accrued and unpaid interest on loans | ' | ' | ' | ' | ' | ' | 10,700,000 | 2,800,000 |
Interest income from loans | $11,200,000 | ' | ' | ' | ' | ' | ' | ' |
Financing_Transactions_Additio
Financing Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay LNG [Member] | Teekay LNG [Member] | ||||
Common Class B [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minority interest ownership percentage | ' | ' | 49.00% | 29.30% | 29.40% | 67.00% | 25.10% | 25.10% | ' | 35.30% | 37.50% |
Interest of Company's general partner | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | 2.00% | ' |
Common stock number of votes per share | ' | ' | ' | ' | ' | ' | ' | ' | 'Five votes per share | ' | ' |
Common Stock, maximum voting power | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' |
Total purchase price | ' | ' | ' | $540,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, debt assumed | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid | ' | ' | ' | 253,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, value of common units | ' | ' | ' | 44,300,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, fair value of common units | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common units outstanding | ' | ' | ' | 83.6 | ' | ' | ' | ' | ' | ' | ' |
Amount increases to retained earnings | $36,703,000 | $88,727,000 | $124,247,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Transactions_Summary
Financing Transactions - Summary of Proceeds Received from Financial Transactions (Detail) (USD $) | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | ||||
Direct/Private Equity Placement [Member] | Direct/Private Equity Placement [Member] | Direct/Private Equity Placement [Member] | Preferred Units Offering [Member] | Continuous Offering Program [Member] | Public Offerings [Member] | Direct/Private Equity Placement [Member] | Continuous Offering Program [Member] | Public Offerings [Member] | Public Offerings [Member] | Public Offerings [Member] | Public Offerings [Member] | Public Offerings [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Proceeds Received | ' | ' | ' | $35,000 | $115,688 | $45,919 | $420,145 | $150,000 | $2,819 | $219,474 | $40,816 | $5,383 | $150,040 | $189,243 | $356,133 | $69,000 | $112,054 |
Less: Teekay Corporation Portion | ' | ' | ' | ' | -2,314 | -919 | -230,144 | 0 | -59 | -4,389 | -816 | -107 | -3,001 | -3,784 | -7,123 | 0 | 0 |
Offering Expenses | ' | ' | ' | ' | -188 | 0 | -279 | -5,200 | -449 | -8,164 | -40 | -457 | -5,222 | -6,927 | -14,909 | -3,229 | -4,820 |
Net Proceeds Received | $446,893 | $496,224 | $631,057 | ' | $113,186 | $45,000 | $189,722 | $144,800 | $2,311 | $206,921 | $39,960 | $4,819 | $141,817 | $178,532 | $334,101 | $65,771 | $107,234 |
Goodwill_Intangible_Assets_and2
Goodwill, Intangible Assets and In-Process Revenue Contracts - Carrying Amount of Goodwill for Company's Reportable Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Goodwill, Beginning balance | $166,539 | $166,539 |
Goodwill, Ending balance | 166,539 | 166,539 |
Shuttle Tanker and FSO Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill, Beginning balance | 130,908 | 130,908 |
Goodwill, Ending balance | 130,908 | 130,908 |
Liquefied Gas Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill, Beginning balance | 35,631 | 35,631 |
Goodwill, Ending balance | $35,631 | $35,631 |
Goodwill_Intangible_Assets_and3
Goodwill, Intangible Assets and In-Process Revenue Contracts - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill impairment charge (note 6) | $0 | $0 | $36,652,000 |
Aggregate amortization expense | 18,200,000 | 17,200,000 | 19,100,000 |
Amortization of intangible assets, 2014 | 13,000,000 | ' | ' |
Amortization of intangible assets, 2015 | 11,900,000 | ' | ' |
Amortization of intangible assets, 2016 | 10,900,000 | ' | ' |
Amortization of intangible assets, 2017 | 9,900,000 | ' | ' |
Amortization of intangible assets, 2018 | 8,900,000 | ' | ' |
Amortization of intangible assets, thereafter | 53,300,000 | ' | ' |
Amortization of in-process revenue | -61,700,000 | -72,933,000 | -46,436,000 |
Teekay Petrojarl And Omi Corporation [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Amortization of in-process revenue | 61,700,000 | 72,933,000 | 46,436,000 |
Amortization of in-process revenue contracts, 2014 | 40,200,000 | ' | ' |
Amortization of in-process revenue contracts, 2015 | 19,800,000 | ' | ' |
Amortization of in-process revenue contracts, 2016 | 19,800,000 | ' | ' |
Amortization of in-process revenue contracts, 2017 | 19,800,000 | ' | ' |
Amortization of in-process revenue contracts, 2018 | 15,300,000 | ' | ' |
Amortization of in-process revenue contracts, thereafter | 65,000,000 | ' | ' |
Conventional tanker [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill impairment charge (note 6) | ' | ' | $36,652,000 |
Goodwill_Intangible_Assets_and4
Goodwill, Intangible Assets and In-Process Revenue Contracts - Summary of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $317,964 | $317,964 |
Accumulated Amortization | -210,066 | -191,828 |
Net Carrying Amount | 107,898 | 126,136 |
Customer contracts [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 316,684 | 316,684 |
Accumulated Amortization | -209,786 | -191,587 |
Net Carrying Amount | 106,898 | 125,097 |
Other intangible assets [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,280 | 1,280 |
Accumulated Amortization | -280 | -241 |
Net Carrying Amount | $1,000 | $1,039 |
Accrued_Liabilities_Schedule_o
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities Current [Abstract] | ' | ' |
Voyage and vessel expenses | $250,557 | $144,250 |
Interest | 73,817 | 66,125 |
Payroll and benefits and other | 91,369 | 100,452 |
Deferred revenue | 49,486 | 52,391 |
Loan from affiliates | 1,595 | 4,064 |
Accrued Liabilities | $466,824 | $367,282 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Norwegian Kroner-denominated Bonds due through September 2018 [Member] | Norwegian Kroner-denominated Bonds due through September 2018 [Member] | U.S. Dollar-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Term Loan Variable Interest Entity due October 2016 [Member] | U.S. Dollar-denominated Term Loan Variable Interest Entity due October 2016 [Member] | U.S. Dollar Bonds due through 2023 [Member] | U.S. Dollar Bonds due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | Teekay Nakilat Corporation [Member] | Teekay Nakilat Corporation [Member] | |||
USD ($) | USD ($) | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $6,109,470 | $5,559,714 | $1,919,086 | $1,627,979 | $447,430 | $447,115 | $691,778 | $467,223 | $2,523,523 | $2,432,374 | $0 | $230,359 | $174,150 | $0 | $340,221 | € 247,600 | $341,382 | € 258,800 | $13,300 | $13,300 | $13,282 | $13,282 |
Less current portion | 996,425 | 797,411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term portion | $5,113,045 | $4,762,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner Bond [Member] | Norwegian Kroner Bond [Member] | Norwegian Kroner Bond [Member] | Cross currency swap agreement partial termination [Member] | Norwegian Kroner-denominated bonds due between October 2015 and May 2017 [Member] | Norwegian Kroner Bond Maturing in January 2016 [Member] | Norwegian Kroner Bond Maturing in January 2016 [Member] | Norwegian Kroner Bond Maturing in January 2018 [Member] | Norwegian Kroner Bond Maturing in January 2018 [Member] | Norwegian Kroner Bonds Maturing September 2018 [Member] | Norwegian Kroner Bonds Maturing September 2018 [Member] | Norwegian Kroner Bonds Maturing September 2018 [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Ten-year senior secured bonds [Member] | Ten-year senior secured bonds [Member] | Ten-year senior secured bonds [Member] | 5.4% term loan [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | |
SecurityLoan | USD ($) | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Cross Currency Interest Rate Contract [Member] | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | NOK | Cross Currency Interest Rate Contract [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Tranches | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | USD ($) | USD ($) | Certain Term Loans [Member] | Certain Term Loans [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | USD ($) | USD ($) | USD ($) | |||||||
CreditFacility | Derivatives not designated as a cash flow hedge [Member] | NOK | Cross Currency Interest Rate Contract [Member] | USD ($) | NOK | USD ($) | NOK | NOK | Cross Currency Interest Rate Contract [Member] | NOK | Cross Currency Interest Rate Contract [Member] | NOK | USD ($) | Foreign currency contracts [Member] | Term_loan | USD ($) | USD ($) | Term_loan | USD ($) | USD ($) | USD ($) | Term_loan | Term_loan | ||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | Derivatives not designated as a cash flow hedge [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate borrowings | ' | ' | ' | ' | ' | ' | ' | $2,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undrawn amount of revolving credit facility | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reference rate for the variable rate of the debt instrument | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | 'NIBOR | 'NIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 'NIBOR | ' | 'LIBOR | ' | ' | 'NIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | 'EURIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' |
Number of debt instruments | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' |
Percentage of margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.45% | 0.45% | 4.50% | 3.25% | ' | ' | ' | ' | ' | ' | 4.75% | 5.75% | ' | ' | 4.75% | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | 4.75% | ' | 4.35% | ' | ' | ' | ' | ' | ' | 0.30% | 0.30% | 3.25% | 4.25% | ' | ' | ' | ' | ' | 0.60% | 0.60% | 2.25% | 2.25% | ' | ' | ' | 0.50% | ' | ' |
Debt instrument interest | 0.25% | 0.31% | ' | 0.00% | 0.00% | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.31% | ' | ' | ' | ' | ' | ' | 0.20% | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in 2014 | ' | ' | ' | ' | ' | ' | ' | 776,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in 2015 | ' | ' | ' | ' | ' | ' | ' | 297,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in 2016 | ' | ' | ' | ' | ' | ' | ' | 713,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in 2017 | ' | ' | ' | ' | ' | ' | ' | 445,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in 2018 | ' | ' | ' | ' | ' | ' | ' | 321,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument collateral, description | ' | ' | ' | ' | ' | ' | ' | 'The Revolvers are collateralized by first-priority mortgages granted on 54 of the Company's vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all outstanding amounts. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The term loans are collateralized by first-priority mortgages on 35 (December 31, 2012 - 36) of the Company's vessels, together with certain other security. | ' | ' | ' | ' | ' | ' | ' | 'Collateralized by first-priority mortgages on two of the Company's vessels, together with certain other security, and are guaranteed by a subsidiary of Teekay. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The term loans are collateralized by first-priority mortgages on 4 of the Company's vessels, together with certain other security. | ' | ' |
Fixed interest rate on the portion of U. S. Dollar-denominated term loans outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.84% | 4.84% |
Debt Instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage over par at which notes sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized cost included in other non-current asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price as percentage of principle amount | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury yield plus 50 basis points | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of investment in term loans | 6,109,470,000 | 5,559,714,000 | ' | ' | ' | ' | ' | 1,919,086,000 | 1,627,979,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 447,430,000 | 447,115,000 | ' | 211,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000,000 | 2,400,000,000 | 176,300,000 | 328,000,000 | ' | ' | ' | ' | 340,221,000 | 341,382,000 | ' | 247,600,000 | 258,800,000 | ' | ' | ' | ' | ' | ' | ' | 107,000,000 | 13,300,000 | 13,300,000 |
Debt instrument, carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 329,400,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 214,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 148,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,200,000 | ' | ' | ' | ' | ' |
Interest rate index | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.04% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349,200,000 | ' | ' | ' | ' | ' | ' | 34,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 89,700,000 | ' | 143,500,000 | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Index | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rates based on interest rate and cross currency swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.52% | 7.49% | ' | ' | ' | ' | ' | ' | 1.12% | ' | ' | ' | ' | ' | ' | 4.80% | ' | 5.93% | 6.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate on interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR rate receivable variable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The floating LIBOR rate receivable from the interest rate swap was capped at 3.5%, which effectively resulted in a fixed rate of 1.12% unless LIBOR exceeded 3.5%, in which case Teekay Offshorebs related interest rate effectively floated at LIBOR, but was reduced by 2.38%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | ' | 2,000,000,000 | 500,000,000 | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,200,000 | 174,200,000 | ' | ' | ' |
Repurchase of bond | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on bond repurchase | -1,759,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gains (losses) included in foreign currency exchange gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,089,000 | 3,628,000 | 2,881,000 | -6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest at a weighted-average fixed rate | 3.00% | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.20% | 5.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.96% | ' | ' | 5.40% | ' | ' |
Number of term loans which have balloon or bullet repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding term loans not guaranteed by Teekay or its subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,400,000 | 107,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Quarterly or semi-annual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities associated with assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164,600,000 | ' | ' |
Unrealized foreign exchange gain (loss) | 40,241,000 | -22,137,000 | 11,614,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,300,000 | -12,900,000 | 12,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel market value to loan ratio | ' | ' | ' | 122.90% | ' | 388.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel market value to loan minimum required ratio | ' | ' | ' | 105.00% | ' | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loan agreement | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum level of free cash be maintained as per loan agreements | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Free liquidity and undrawn revolving credit line as percentage of debt | ' | ' | ' | ' | 5.00% | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of free liquidity and undrawn revolving credit line | 332,600,000 | 319,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit lines maturity period | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share of restricted net assets of consolidated subsidiaries | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in first year | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in second year | 535,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in third year | 811,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in fourth year | 977,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in fifth year | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility thereafter | $1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating_and_Direct_Financing2
Operating and Direct Financing Leases - Charters-in - Additional Information (Detail) (Charters-in [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Charters-in [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Minimum commitments to be incurred by the company | $78,700 |
Minimum commitments to be incurred by the company in current year | 43,700 |
Minimum commitments to be incurred by the company in second year | 16,400 |
Minimum commitments to be incurred by the company in third year | 9,100 |
Minimum commitments to be incurred by the company in fourth year | 9,100 |
Minimum commitments to be incurred by the company thereafter | $400 |
Operating_and_Direct_Financing3
Operating and Direct Financing Leases - Charter-out - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Carrying amount of the vessels accounted for as operating leases | $6,400,000,000 | $6,100,000,000 |
Cost of the vessels | 8,200,000,000 | 7,800,000,000 |
Accumulated depreciation of the vessels | 1,800,000,000 | 1,700,000,000 |
Property Available for Operating Lease [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Minimum scheduled future revenues to be received by the company | 9,600,000,000 | ' |
Minimum scheduled future revenues to be received by the company in current year | 1,200,000,000 | ' |
Minimum scheduled future revenues to be received by the company in second year | 1,200,000,000 | ' |
Minimum scheduled future revenues to be received by the company in third year | 1,200,000,000 | ' |
Minimum scheduled future revenues to be received by the company in fourth year | 1,200,000,000 | ' |
Minimum scheduled future revenues to be received by the company in fifth year | 1,000,000,000 | ' |
Minimum scheduled future revenues to be received by the company thereafter | $3,800,000,000 | ' |
Operating_and_Direct_Financing4
Operating and Direct Financing Leases - Operating Lease Obligations - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Vessel | ||
Teekay Tangguh Borrower LLC [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Ownership interest held by partnership | 99.00% | ' |
Teekay Tangguh Borrower LLC [Member] | Teekay BLT Corporation [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Percentage of ownership interest held by Teekay Tangguh Borrower LLC in Teekay BLT Corporation | 70.00% | ' |
Teekay Tangguh Joint Venture [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Ownership interest held by partnership | 69.00% | ' |
Number of vessels | 2 | ' |
Tax indemnification | $8.90 | $9.40 |
Tax indemnification of lease contracts | 'The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2033. | ' |
Operating lease arrangement period, lessor | '20 year | ' |
Operating lease arrangement period, lessee | '20 years | ' |
Operating_and_Direct_Financing5
Operating and Direct Financing Leases - Schedule of Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Head Lease Receipts [Member] | ' |
Operating Leases [Line Items] | ' |
2014 | $28,828 |
2015 | 22,188 |
2016 | 21,242 |
2017 | 21,242 |
2018 | 21,242 |
Thereafter | 217,821 |
Total | 332,563 |
Sublease Payments [Member] | ' |
Operating Leases [Line Items] | ' |
2014 | 24,779 |
2015 | 24,779 |
2016 | 24,779 |
2017 | 24,779 |
2018 | 24,779 |
Thereafter | 254,105 |
Total | $378,000 |
Operating_and_Direct_Financing6
Operating and Direct Financing Leases - Schedule of Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts (Parenthetical) (Detail) (Teekay Tangguh Joint Venture [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Teekay Tangguh Joint Venture [Member] | ' |
Operating Leases [Line Items] | ' |
Head lease payment received | $177.80 |
Sublease payment made | 115.4 |
Deferred Head Lease receipts | $43 |
Operating_and_Direct_Financing7
Operating and Direct Financing Leases - Net Investment in Direct Financing Leases - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Direct Financing Leases [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Purchase price of each vessel less upfront prepayment | $205 |
Upfront prepayment | 51 |
Upfront fee | 1 |
Minimum scheduled future revenues to be received by company in next 12 months | 81.5 |
Minimum scheduled future revenues to be received by company in second year | 83.6 |
Minimum scheduled future revenues to be received by company in third year | 83.9 |
Minimum scheduled future revenues to be received by company in fourth year | 207.9 |
Minimum scheduled future revenues to be received by company in fifth year | $173.70 |
Liquefied Natural Gas [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Number of capital lease assets | 2 |
FSO [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Number of capital lease assets | 1 |
Awilco LNG carriers [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Number of vessels | 2 |
Volume of vessels | 155,900 |
Fixed-rate charter period, extension | '1 year |
Awilco LNG carriers [Member] | Maximum [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Capital lease arrangement period, lessor | 'five-year fixed rate |
Awilco LNG carriers [Member] | Minimum [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Capital lease arrangement period, lessor | 'four-year fixed rate |
Operating_and_Direct_Financing8
Operating and Direct Financing Leases - Components of Net Investments in Direct Financing Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Leases [Abstract] | ' | ' |
Total minimum lease payments to be received | $1,024,187 | $675,013 |
Estimated unguaranteed residual value of leased properties | 203,465 | 203,465 |
Initial direct costs and other | 1,379 | 1,409 |
Less unearned revenue | -501,769 | -443,286 |
Total | 727,262 | 436,601 |
Less current portion | 21,545 | 12,303 |
Long-term portion | $705,717 | $424,298 |
Capital_Lease_Obligations_and_2
Capital Lease Obligations and Restricted Cash - Capital Lease Obligations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ' | ' |
Capital Lease Obligations | $598,329 | $637,574 |
Less current portion | 31,668 | 70,272 |
Long-term portion | 566,661 | 567,302 |
RasGas II LNG Carriers [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital Lease Obligations | 472,806 | 472,085 |
Suezmax Tankers [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital Lease Obligations | $125,523 | $165,489 |
Capital_Lease_Obligations_and_3
Capital Lease Obligations and Restricted Cash - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2013 |
Assets held-for-sale [Member] | Certain Term Loans and Other Obligations [Member] | Certain Term Loans and Other Obligations [Member] | RasGas II LNG Carriers [Member] | RasGas II LNG Carriers [Member] | Suezmax Tankers [Member] | Suezmax Tankers [Member] | |||
Vessel | Vessel | Vessel | Assets held-for-sale [Member] | ||||||
Vessel | |||||||||
Capital Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease arrangement period, lessee | ' | ' | ' | ' | ' | '30-year | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' |
Number of capital leased assets | ' | ' | ' | ' | ' | 3 | ' | 5 | ' |
Tax indemnification | ' | ' | ' | ' | ' | $15,000,000 | $15,500,000 | ' | ' |
Weighted-average interest rate on leases | ' | ' | ' | ' | ' | 5.20% | ' | 7.40% | ' |
Approximate capital leases future minimum payments due | ' | ' | ' | ' | ' | 953,100,000 | ' | ' | ' |
Interest expenses included in capital leases payment obligation | ' | ' | ' | ' | ' | 480,300,000 | ' | ' | ' |
Number of vessels | ' | ' | 2 | ' | ' | ' | ' | ' | 2 |
Restricted cash on deposits | 497,984,000 | 494,429,000 | ' | ' | ' | 475,600,000 | 475,500,000 | ' | ' |
Weighted-average interest rates earned on deposits | ' | ' | ' | ' | ' | 0.30% | 0.40% | ' | ' |
Restricted cash deposits related to certain term loans and other obligations | ' | ' | ' | $27,100,000 | $58,300,000 | ' | ' | ' | ' |
Capital_Lease_Obligations_and_4
Capital Lease Obligations and Restricted Cash - Schedule of Repayments of Capital Leases Including Imputed Interest (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Commitment, 2014 | $24,000 |
Commitment, 2015 | 24,000 |
Commitment, 2016 | 24,000 |
Commitment, 2017 | 24,000 |
Commitment, 2018 | 24,000 |
Thereafter | $833,128 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Foreign currency contracts | $1,480 | ' |
Assets held for sale | 176,247 | 22,364 |
Investment in term loans | 211,579 | 117,820 |
Loans to equity accounted investees and joint venture partners | 37,019 | 139,183 |
Loans to equity accounted investees and joint venture partners - Long-term | 132,229 | 67,720 |
Liabilities associated with assets held for sale | 168,007 | 0 |
Long-term debt | -6,109,470 | -5,559,714 |
Fair Value Asset (Liability) [Member] | Level 1 [Member] | Public [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -1,376,829 | -949,326 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities associated with assets held for sale | 168,007 | 0 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Private [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -4,582,274 | -4,329,117 |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in term loans | 209,570 | 186,048 |
Loans to equity accounted investees and joint venture partners | 37,019 | 139,183 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents, restricted cash, and marketable securities | 1,119,966 | 1,178,118 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap agreements - assets | 91,415 | 165,688 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap agreements - liabilities | -410,470 | -667,825 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Cross currency swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cross currency interest swap agreement | -52,219 | 13,886 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Foreign currency contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Foreign currency contracts | -1,480 | 2,885 |
Fair Value Asset (Liability) [Member] | Non-recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Vessels and equipment | 17,250 | 287,983 |
Assets held for sale | 176,247 | 22,364 |
Carrying Amount Asset (Liability) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans to equity accounted investees and joint venture partners - Long-term | 132,229 | 67,720 |
Carrying Amount Asset (Liability) [Member] | Level 1 [Member] | Public [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -1,313,358 | -914,338 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities associated with assets held for sale | 168,007 | 0 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Private [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -4,796,112 | -4,645,376 |
Carrying Amount Asset (Liability) [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in term loans | 211,579 | 188,756 |
Loans to equity accounted investees and joint venture partners - Current | 37,019 | 139,183 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents, restricted cash, and marketable securities | 1,119,966 | 1,178,118 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap agreements - assets | 91,415 | 165,688 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap agreements - liabilities | -410,470 | -667,825 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Cross currency swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cross currency interest swap agreement | -52,219 | 13,886 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Foreign currency contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Foreign currency contracts | -1,480 | 2,885 |
Carrying Amount Asset (Liability) [Member] | Non-recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Vessels and equipment | 17,250 | 287,983 |
Assets held for sale | $176,247 | $22,364 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value of Financial Instruments and Other Non-Financial Assets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of interest rate swap agreements | $22 | $21.60 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2010 | |
President and Chief Executive Officer [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Performance shares [Member] | Performance shares [Member] | Performance shares [Member] | Restricted stock [Member] | Restricted stock [Member] | Restricted stock [Member] | Net period pension cost [Member] | Thousands of Shares of Common Stock Outstanding [Member] | Thousands of Shares of Common Stock Outstanding [Member] | Thousands of Shares of Common Stock Outstanding [Member] | Thousands of Shares of Common Stock Outstanding [Member] | Thousands of Shares of Common Stock Outstanding [Member] | Thousands of Shares of Common Stock Outstanding [Member] | Tender Offers [Member] | |||||
Nonvested [Member] | Nonvested [Member] | Minimum [Member] | Maximum [Member] | Times | President and Chief Executive Officer [Member] | Share Repurchase Program Two Thousand And Eight [Member] | Two Thousand Thirteen Repurchase Authorization [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, share authorized | 25,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, par value | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, share authorized | 725,000,000 | 725,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares issued related to the exercise of share based compensation during the period | 1,300,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Common Stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | 0 | ' | ' | ' | ' |
Common Stock, share issued | 71,528,599 | 70,203,388 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, share issued | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, share outstanding | 70,729,399 | 69,704,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,729,399 | 68,732,000 | 69,704,188 | 72,013,000 | ' | ' | ' |
Common stock repurchase, amount authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' |
Common stock repurchase, total remaining amount authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,700,000 | ' |
Repurchase of common stock, amount | 12,000,000 | ' | 122,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,300,000 | ' |
Repurchase of common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 3,923,000 | ' | ' | ' | 5,200,000 | ' |
Minimum percentage of shares acquired in exercisable Rights | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% |
Minimum percentage of common stock acquired by stockholders for higher thresholds | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares reserved for issuance upon exercise of options or equity awards granted or to be granted | ' | ' | ' | ' | ' | 4,133,987 | 8,924,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of options under Plans | ' | ' | ' | ' | ' | 'Ten-year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted options under the Plans | ' | ' | ' | ' | ' | 72,810 | 432,971 | 95,604 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of non-vested options forfeited | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested stock options granted under the Plans | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected recognition of compensation related to non-vested stock options granted under the Plans in 2014 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected recognition of compensation related to non-vested stock options granted under the Plans in 2015 | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted stock awards | ' | ' | ' | ' | ' | 1,800,000 | 2,900,000 | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | ' | ' | ' | ' | ' | 22,600,000 | 11,900,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of outstanding in-the-money stock options | ' | ' | ' | ' | ' | 51,700,000 | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of exercisable stock options | ' | ' | ' | ' | ' | 44,500,000 | 18,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining life of options vested and expected to vest | ' | ' | ' | ' | ' | '4 years 2 months 12 days | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant-date fair value of options granted | $10.54 | $8.72 | $11.27 | ' | ' | $10.54 | $8.72 | $11.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility used in computing fair value of options granted | ' | ' | ' | ' | ' | 53.70% | 54.80% | 53.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life used in computing fair value of options granted, years | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield used in computing fair value of options granted | ' | ' | ' | ' | ' | 4.80% | 4.40% | 3.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate used in computing fair value of options granted | ' | ' | ' | ' | ' | 0.80% | 2.10% | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated forfeiture rate used in computing fair value of options granted | ' | ' | ' | ' | ' | 12.00% | 12.00% | 11.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of historical data used to calculate expected volatility in years | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of each restricted stock unit and performance share unit in shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Each restricted stock unit and performance share unit is equivalent in value to one share of the Company's common stock plus reinvested dividends from the grant date to the vesting date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times performance units to vest, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times performance units to vest, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,957 | 268,595 | 358,180 | ' | ' | 54,773 | 67,870 | 73,349 | 26,412 | 23,563 | 29,663 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of granted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | 7,400,000 | 12,500,000 | ' | ' | 2,300,000 | 2,500,000 | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296,798 | 334,256 | 214,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market value of vested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | 9,000,000 | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock or unit expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | 7,700,000 | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,206 | 200,024 | 131,682 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-time increase in pension plan benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to Mr. Moller's grants | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative | $140,958,000 | $144,296,000 | $173,604,000 | ' | $15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Stock_Summary_of_Stock
Capital Stock - Summary of Stock Option Activity and Related Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Options Outstanding-beginning of year | 5,285 | 5,713 | 6,123 |
Options Granted | 73 | 433 | 96 |
Options Exercised | -1,039 | -733 | -363 |
Options Forfeited/Expired | -82 | -128 | -143 |
Options Outstanding-end of year | 4,237 | 5,285 | 5,713 |
Options Exercisable-end of year | 3,848 | 4,561 | 4,656 |
Weighted-Average Exercise Price, Outstanding-beginning of year | $34.40 | $32.47 | $31.54 |
Weighted-Average Exercise Price, Granted | $34.07 | $27.69 | $34.93 |
Weighted-Average Exercise Price, Exercised | $26.21 | $15.85 | $16.14 |
Weighted-Average Exercise Price, Forfeited/Expired | $38.46 | $31.81 | $33.11 |
Weighted-Average Exercise Price, Outstanding-end of year | $36.33 | $34.40 | $32.47 |
Weighted-Average Exercise Price, Exercisable-end of year | $37.03 | $35.54 | $35.40 |
Capital_Stock_NonVested_Stock_
Capital Stock - Non-Vested Stock Option Activity and Related Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Options Outstanding Non-Vested Stock Options-beginning of year | 723 | 1,057 | 2,160 |
Options, Granted | 73 | 433 | 96 |
Options, Vested | -401 | -747 | -1,071 |
Options, Forfeited | -6 | -20 | -128 |
Options Outstanding Non-Vested Stock Options-end of year | 389 | 723 | 1,057 |
Weighted-Average Grant Date Fair Value, Outstanding non-vested stock options-beginning of Year | $8.74 | $6.40 | $6.36 |
Weighted-Average Grant Date Fair Value, Granted | $10.54 | $8.72 | $11.27 |
Weighted-Average Grant Date Fair Value, Vested | $8.57 | $5.44 | $6.18 |
Weighted-Average Grant Date Fair Value, Forfeited | $9.46 | $8.24 | $11.47 |
Weighted-Average Grant Date Fair Value, outstanding non-vested stock options-end of year | $9.24 | $8.74 | $6.40 |
Capital_Stock_Details_Regardin
Capital Stock - Details Regarding Outstanding and Exercisable Stock Options (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number of Outstanding Options | 4,237 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '4 years 3 months 18 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $36.33 | $34.40 | $32.47 | $31.54 |
Number of Exercisable Options | 3,848 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '3 years 10 months 24 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $37.03 | $35.54 | $35.40 | ' |
$10.00 - $19.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $10 | ' | ' | ' |
Range of Exercise Prices, upper limit | $19.99 | ' | ' | ' |
Number of Outstanding Options | 435 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '5 years 2 months 12 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $11.84 | ' | ' | ' |
Number of Exercisable Options | 435 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '5 years 2 months 12 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $11.84 | ' | ' | ' |
$20.00 - $24.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $20 | ' | ' | ' |
Range of Exercise Prices, upper limit | $24.99 | ' | ' | ' |
Number of Outstanding Options | 440 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '6 years 2 months 12 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $24.42 | ' | ' | ' |
Number of Exercisable Options | 440 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '6 years 2 months 12 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $24.42 | ' | ' | ' |
$25.00 - $29.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $25 | ' | ' | ' |
Range of Exercise Prices, upper limit | $29.99 | ' | ' | ' |
Number of Outstanding Options | 400 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '8 years 2 months 12 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $27.69 | ' | ' | ' |
Number of Exercisable Options | 111 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '8 years 2 months 12 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $27.69 | ' | ' | ' |
$30.00 - $34.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $30 | ' | ' | ' |
Range of Exercise Prices, upper limit | $34.99 | ' | ' | ' |
Number of Outstanding Options | 188 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '6 years 1 month 6 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $34.26 | ' | ' | ' |
Number of Exercisable Options | 88 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '3 years 3 months 18 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $34.20 | ' | ' | ' |
$35.00 - $39.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $35 | ' | ' | ' |
Range of Exercise Prices, upper limit | $39.99 | ' | ' | ' |
Number of Outstanding Options | 639 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '2 years 3 months 18 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $38.98 | ' | ' | ' |
Number of Exercisable Options | 639 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '2 years 3 months 18 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $38.98 | ' | ' | ' |
$40.00 - $44.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $40 | ' | ' | ' |
Range of Exercise Prices, upper limit | $44.99 | ' | ' | ' |
Number of Outstanding Options | 1,150 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '4 years 2 months 12 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $40.41 | ' | ' | ' |
Number of Exercisable Options | 1,150 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '4 years 2 months 12 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $40.41 | ' | ' | ' |
$45.00 - $49.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $45 | ' | ' | ' |
Range of Exercise Prices, upper limit | $49.99 | ' | ' | ' |
Number of Outstanding Options | 334 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '1 year 2 months 12 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $46.80 | ' | ' | ' |
Number of Exercisable Options | 334 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '1 year 2 months 12 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $46.80 | ' | ' | ' |
$50.00 - $59.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $50 | ' | ' | ' |
Range of Exercise Prices, upper limit | $59.99 | ' | ' | ' |
Number of Outstanding Options | 648 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '3 years 2 months 12 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $51.40 | ' | ' | ' |
Number of Exercisable Options | 648 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '3 years 2 months 12 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $51.40 | ' | ' | ' |
$60.00 - $64.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | $60 | ' | ' | ' |
Range of Exercise Prices, upper limit | $64.99 | ' | ' | ' |
Number of Outstanding Options | 3 | ' | ' | ' |
Outstanding Options, Weighted-Average Remaining Life (Years) | '3 years 3 months 18 days | ' | ' | ' |
Outstanding Options, Weighted-Average Exercise Price | $60.96 | ' | ' | ' |
Number of Exercisable Options | 3 | ' | ' | ' |
Exercisable Options, Weighted-Average Remaining Life (Years) | '3 years 3 months 18 days | ' | ' | ' |
Exercisable Options, Weighted-Average Exercise Price | $60.96 | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Resolute Investments, Ltd. [Member]) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Resolute Investments, Ltd. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Share of Resolute in outstanding common stock | 35.70% | 44.90% | 45.50% |
Other_Income_Summary_of_Other_
Other Income - Summary of Other Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Gain on sale of other assets | $0 | $2,217 | $0 |
Volatile organic compound emission plant lease income | 238 | 1,220 | 2,900 |
Impairment and (loss) gain on sale of marketable securities | -2,062 | -2,560 | 3,372 |
Miscellaneous income (loss) | 9,229 | -511 | 6,088 |
Loss on bond repurchase | -1,759 | ' | ' |
Other income | $5,646 | $366 | $12,360 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Commitment of Foreign Currency Forward Contracts (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Norwegian Kroner [Member] | Norwegian Kroner [Member] | Canadian Dollar [Member] | Canadian Dollar [Member] |
USD ($) | Foreign currency forward contracts [Member] | USD ($) | Foreign currency forward contracts [Member] | ||
NOK | CAD | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Contract Amount in Foreign Currency | ' | ' | 641,100 | ' | 10,000 |
Average Forward Rate | ' | 6.03 | ' | 1.06 | ' |
Fair Value / Carrying Amount of Asset (Liability) | -1,480 | -1,424 | ' | -56 | ' |
Expected Maturity Amount of Foreign Currency Derivatives in Current Year | 102,229 | 92,772 | ' | 9,457 | ' |
Expected Maturity Amount of Foreign Currency Derivatives in Next Fiscal Year | $13,541 | $13,541 | ' | $0 | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) (Cross Currency Interest Rate Contract [Member]) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Maturing In October 2015 [Member] | Maturing In October 2015 [Member] | Maturing In January 2016 [Member] | Maturing In January 2016 [Member] | Maturing In January 2017 [Member] | Maturing In January 2017 [Member] | Maturing In May 2017 [Member] | Maturing In May 2017 [Member] | Maturing In 2018 [Member] | Maturing In 2018 [Member] | Maturing In September 2018 [Member] | Maturing In September 2018 [Member] |
USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value / Carrying Amount of R Asset / Liability | ($52,219) | ($8,550) | ' | ($8,185) | ' | ($5,503) | ' | ($13,247) | ' | ($11,744) | ' | ($4,990) | ' |
Notional Amount NOK | ' | $122,800 | 700,000 | $89,710 | 500,000 | $101,351 | 600,000 | $125,000 | 700,000 | $143,536 | 800,000 | $150,000 | 900,000 |
Floating Rate Reference Rate | ' | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR |
Receivable Margin | ' | 4.75% | 4.75% | 4.00% | 4.00% | 5.75% | 5.75% | 5.25% | 5.25% | 4.75% | 4.75% | 4.35% | 4.35% |
Fixed Rate Payable | ' | 5.52% | 5.52% | 4.80% | 4.80% | 7.49% | 7.49% | 6.88% | 6.88% | 5.93% | 5.93% | 6.43% | 6.43% |
Remaining Term (years) | ' | '1 year 9 months 18 days | '1 year 9 months 18 days | '2 years 1 month 6 days | '2 years 1 month 6 days | '3 years 1 month 6 days | '3 years 1 month 6 days | '3 years 3 months 18 days | '3 years 3 months 18 days | '4 years 1 month 6 days | '4 years 1 month 6 days | '4 years 8 months 12 days | '4 years 8 months 12 days |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
U.S. Dollar-denominated interest rate swaps 1 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | $404,464 |
Fair Value / Carrying Amount of Asset / (Liability) | -66,829 |
Weighted-Average Remaining Term (Years) | '23 years 1 month 6 days |
Fixed Interest Rate | 4.90% |
U.S. Dollar-denominated interest rate swaps 2 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 3,217,495 |
Fair Value / Carrying Amount of Asset / (Liability) | -306,428 |
Weighted-Average Remaining Term (Years) | '6 years 6 months |
Fixed Interest Rate | 3.80% |
U.S. Dollar-denominated interest rate swaps 3 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 300,000 |
Fair Value / Carrying Amount of Asset / (Liability) | 4,735 |
Weighted-Average Remaining Term (Years) | '2 months 12 days |
Fixed Interest Rate | 1.70% |
U.S. Dollar-denominated interest rate swaps 4 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 469,011 |
Fair Value / Carrying Amount of Asset / (Liability) | 81,118 |
Weighted-Average Remaining Term (Years) | '23 years 1 month 6 days |
Fixed Interest Rate | 4.80% |
Euro-denominated interest rate swaps [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'EURIBOR |
Principal Amount | 340,221 |
Fair Value / Carrying Amount of Asset / (Liability) | -31,651 |
Weighted-Average Remaining Term (Years) | '7 years |
Fixed Interest Rate | 3.10% |
Interest rate swap agreements [Member] | ' |
Derivative [Line Items] | ' |
Fair Value / Carrying Amount of Asset / (Liability) | ($319,055) |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | EUR (€) | Interest rate swap agreements [Member] | Floating Rate Payable [Member] | Inception date of swap 2014 [Member] | |
EUR (€) | USD ($) | USD ($) | |||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Minimum variable interest rate on debt | 0.30% | 0.30% | ' | ' | ' |
Maximum variable interest rate on debt | 4.50% | 4.50% | ' | ' | ' |
Principal Amount | ' | ' | € 247,600,000 | $200,000,000 | $300,000,000 |
LIBOR rate receivable fixed | ' | ' | ' | 2.14% | ' |
Floating LIBOR rate receivable/payable cap | ' | ' | ' | 6.00% | ' |
Reducing principal amount of Euro-denominated interest rate swaps | $96,300,000 | € 70,100,000 | ' | ' | ' |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | $23,040 | $31,669 |
Derivative Assets | 69,797 | 148,581 |
Accrued Liabilities | -22,022 | -21,593 |
Current Portion of Derivative Liabilities | -143,999 | -115,835 |
Derivative Liabilities | -299,570 | -528,187 |
Derivatives not designated as a cash flow hedge [Member] | Foreign currency contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 482 | 2,506 |
Derivative Assets | 12 | 0 |
Accrued Liabilities | 0 | 0 |
Current Portion of Derivative Liabilities | -1,819 | -60 |
Derivative Liabilities | -155 | 0 |
Derivatives not designated as a cash flow hedge [Member] | Interest rate swap agreements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 21,779 | 16,927 |
Derivative Assets | 69,785 | 144,247 |
Accrued Liabilities | -22,025 | -22,312 |
Current Portion of Derivative Liabilities | -140,503 | -115,774 |
Derivative Liabilities | -248,091 | -525,225 |
Derivatives not designated as a cash flow hedge [Member] | Cross currency swap agreements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 779 | 11,795 |
Derivative Assets | 0 | 4,334 |
Accrued Liabilities | 3 | 719 |
Current Portion of Derivative Liabilities | -1,677 | 0 |
Derivative Liabilities | -51,324 | -2,962 |
Derivatives designated as a cash flow hedge [Member] | Foreign currency contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | ' | 441 |
Derivative Assets | ' | 0 |
Accrued Liabilities | ' | 0 |
Current Portion of Derivative Liabilities | ' | -1 |
Derivative Liabilities | ' | $0 |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities - Additional Information (Detail) (Interest Rate Swaps And Cross Currency Swaps Agreement [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Interest Rate Swaps And Cross Currency Swaps Agreement [Member] | ' |
Derivative [Line Items] | ' |
Fair value asset amount of interest rate swaps and cross currency swaps | $85.20 |
Fair value liability amount of interest rate swaps and cross currency swaps | $361.10 |
Derivative_Instruments_and_Hed8
Derivative Instruments and Hedging Activities - Effect of (Loss) Gain on Derivatives Not Designated as Hedging Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | ($160,451) | ($110,670) | ($272,596) |
Unrealized gains (losses) relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 178,865 | 30,318 | -70,126 |
Total realized and unrealized gains (losses) on derivative instruments | 18,414 | -80,352 | -342,722 |
Interest rate swap agreements [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -122,439 | -123,277 | -132,931 |
Unrealized gains (losses) relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 182,800 | 26,770 | -58,405 |
Interest rate swap agreement amendments and terminations [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -35,985 | ' | -149,666 |
Foreign currency forward contracts [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -2,027 | 1,155 | 9,965 |
Unrealized gains (losses) relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | -3,935 | 6,933 | -11,399 |
Forward freight agreements and bunker fuel swap contracts [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | ' | ' | 36 |
Foinaven embedded derivative [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | ' | 11,452 | ' |
Unrealized gains (losses) relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | ' | ($3,385) | ($322) |
Derivative_Instruments_and_Hed9
Derivative Instruments and Hedging Activities - Effect of (Loss) Gain on Cross Currency Swaps (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Unrealized (losses) gains | $113,344 | $40,373 | ($70,822) |
Cross Currency Interest Rate Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Realized gains | 2,089 | 3,628 | 2,881 |
Unrealized (losses) gains | -65,387 | 10,715 | -1,583 |
Total realized and unrealized (losses) gains on cross currency swaps | -56,498 | 14,343 | 1,298 |
Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract Partial Termination [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Realized gains | $6,800 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | Insurance Claims [Member] | Vessels [Member] | RasGas II LNG Carriers [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Including Chartered In [Member] | Including Chartered In [Member] | Including Chartered In [Member] | Including Chartered In [Member] | Including Chartered In [Member] | Including Chartered In [Member] | Including Chartered In [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | Newbuildings [Member] | Teekay LNG Exmar LPG BVBA Joint Venture [Member] | Vessel | 2016 [Member] | 2017 [Member] | Liquefied Natural Gas [Member] | FSO [Member] | FPSO [Member] | RasGas II LNG Carriers [Member] | USD ($) | NOK | USD ($) | NOK | USD ($) | USD ($) | NOK | FPSO [Member] | Newbuildings [Member] | RasGas II LNG Carriers [Member] | RasGas II LNG Carriers [Member] | ||||||
Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | USD ($) | Letter of Credit [Member] | ||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 3 | 5 | 2 | 1 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Estimated purchase price | ' | ' | ' | ' | $2,200,000,000 | ' | $537,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment made towards commitments | ' | ' | ' | ' | 696,800,000 | ' | 68,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest and other miscellaneous construction costs | ' | ' | ' | ' | 49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated remaining payments required to be made under newbuilding contract in 2014 | ' | ' | ' | ' | 482,200,000 | ' | 130,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated remaining payments required to be made under newbuilding contract in 2015 | ' | ' | ' | ' | 154,200,000 | ' | 76,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated remaining payments required to be made under newbuilding contract in 2016 | ' | ' | ' | ' | 425,400,000 | ' | 113,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated remaining payments required to be made under newbuilding contract in 2017 | ' | ' | ' | ' | 399,000,000 | ' | 78,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in joint venture arrangement | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | 33.00% | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining payments required to be made under new building contract in 2018 | ' | ' | ' | ' | ' | ' | 69,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plaintiffs sought for damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 213,000,000 | 35,100,000 | 213,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability recognized in legal proceedings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | 76,000,000 | ' | ' | ' | ' | ' | ' |
Loss contingency, interest accrual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, legal costs accrual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability recognized in legal costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,800,000 | 290,000,000 | 35,600,000 | 216,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional liability recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liability | 8,336,087,000 | 7,781,736,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,400,000 | 294,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 213,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease arrangement period, lessee | ' | ' | ' | ' | ' | '30-year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share of potential exposure | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' |
Estimated shares of lease rental increase claim | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | 8,600,000 |
Potential increase in lease payments | ' | ' | ' | ' | ' | 12,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery from deductible insurance coverage | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum recovery of capital lease | 155,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shuttle tanker contributed by unrelated party in exchange of equity interest in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minority interest ownership percentage | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.30% | 29.30% | 67.00% | 29.40% | 29.40% | ' | 35.30% | 37.50% | ' | ' | ' |
Percentage of non-controlling interest owner's share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Accounts receivable | ($77,837) | ($132,873) | ($68,914) |
Prepaid expenses and other assets | -2,386 | 19,741 | -8,225 |
Accounts payable | -10,877 | 18,408 | 12,216 |
Accrued and other liabilities | 155,284 | -20,485 | -19,424 |
Changes in operating assets and liabilities | $64,184 | ($115,209) | ($84,347) |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Line Items] | ' | ' | ' |
Cash interest paid, including realized interest rate swap settlements | $282.40 | $274.20 | $279.10 |
Cash interest paid relating to interest rate swap amendments and terminations | 36 | ' | 149.7 |
Sale of vessel | 29.7 | ' | ' |
Capital Lease Obligations [Member] | ' | ' | ' |
Supplemental Cash Flow Information [Line Items] | ' | ' | ' |
Extinguishment of debt | 29.7 | ' | ' |
Teekay LNG [Member] | Awilco LNG carriers [Member] | ' | ' | ' |
Supplemental Cash Flow Information [Line Items] | ' | ' | ' |
Time charter for carriers | 2 | ' | ' |
Purchase price of per vessel | 205 | ' | ' |
Upfront prepayment | 51 | ' | ' |
Upfront fee | $1 | ' | ' |
Vessel_Sales_Asset_Impairments2
Vessel Sales, Asset Impairments and Provisions - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 23, 2014 | Feb. 28, 2014 | Jan. 23, 2014 | Jan. 23, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shuttle tankers [Member] | Shuttle tankers [Member] | Shuttle Tanker and FSO Segment [Member] | Shuttle Tanker and FSO Segment [Member] | Suezmax Tankers [Member] | Conventional tanker [Member] | Conventional tanker [Member] | Conventional tanker [Member] | FPSO Segment [Member] | FPSO Segment [Member] | FPSO Segment [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Sold Asset [Member] | Sold Asset [Member] | Sold Asset [Member] | Impaired Asset [Member] | Impaired Asset [Member] | Impaired Asset [Member] | Impaired Asset [Member] | Impaired Asset [Member] | Impaired Asset [Member] | Impaired Asset [Member] | Impaired Asset [Member] | Nineteen Conventional Tankers [Member] | Nineteen Conventional Tankers [Member] | Nineteen Conventional Tankers [Member] | Nineteen Conventional Tankers [Member] | Nineteen Conventional Tankers [Member] | 1995-built conventional tankers [Member] | Ikdam FPSO unit [Member] | FSO [Member] | FSO [Member] | FSO [Member] | Conventional tanker [Member] | Appraised Value [Member] | Discounted Cash Flows Value [Member] | PTH [Member] | ||||
Vessel | Minimum [Member] | Maximum [Member] | Shuttle tankers [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Vessel | Shuttle tankers [Member] | Conventional tanker [Member] | Shuttle tankers [Member] | Shuttle tankers [Member] | Shuttle tankers [Member] | Shuttle tankers [Member] | Shuttle tankers [Member] | Suezmax Tankers [Member] | Conventional tanker [Member] | Teekay Offshore [Member] | Vessel | Suezmax Tankers [Member] | Aframax tankers [Member] | Other conventional tankers [Member] | Seven Suezmax tankers and four Aframax tankers [Member] | Sold Asset [Member] | Sold Asset [Member] | Impaired Asset [Member] | Impaired Asset [Member] | Sold Asset [Member] | Shuttle Tanker and FSO Segment [Member] | Impaired Asset [Member] | |||||||||||||||||||||
Vessel | Teekay Tankers [Member] | Teekay Tankers [Member] | Vessel | Vessel | Vessel | Vessel | Contract Termination [Member] | Recontracting [Member] | Contract Renewal [Member] | Vessel | Vessel | Minimum [Member] | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Shuttle Tanker and FSO Segment [Member] | |||||||||||||||||||||||||||||
Suezmax Tankers [Member] | Vessel | Vessel | Vessel | Vessel | Vessel | ||||||||||||||||||||||||||||||||||||||||||||||
Vessel | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized gain (loss) on sale of vessels and equipment | $1,995,000 | ($6,975,000) | $4,229,000 | ' | ($1,112,000) | ' | $171,000 | ' | $657,000 | ($5,863,000) | ($488,000) | $1,338,000 | $0 | $4,888,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | 4 | 3 | 2 | 3 | 4 | 3 | 4 | 1 | 1 | 4,000,000 | 8 | 2 | 19 | 10 | 7 | 2 | ' | 2 | ' | 1 | 1 | 1 | 1 | 5 | 1 | ' |
Realized gain (loss) on sale of joint venture interest | 136,538,000 | 79,211,000 | -35,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,800,000 | ' | ' | ' | ' | ' | ' | ' |
Realized gain (loss) on sale of tankers | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,863,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of equity private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in equity private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of joint venture interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Vessels and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 163,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-down charges related to vessels | 167,605,000 | 432,196,000 | 155,288,000 | 76,800,000 | ' | 28,800,000 | 43,200,000 | 90,800,000 | 90,823,000 | 403,366,000 | 112,103,000 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 56,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 405,300,000 | 335,000,000 | 66,000,000 | 4,300,000 | 350,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of company ownership interest on subsidiary | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.10% | 25.10% | 29.30% | 29.40% | 67.00% | 50.00% | 67.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan loss provisions | 748,000 | 1,886,000 | 0 | ' | ' | ' | ' | ' | -1,886,000 | 1,886,000 | ' | 2,634,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income from loans | 11,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future operating life (based on the estimated remaining trading life of vessel) | ' | ' | ' | ' | ' | '2 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future revenues (based on field production forecasts and the availability of contracts of affreightment suitable for vessel) | ' | ' | ' | ' | ' | 37,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating and dry-dock expenditures | ' | ' | ' | ' | ' | 20,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Residual value (based on vessel's light weight tonnage and price of steel) | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (approximate weighted average cost of capital of a market participant) | ' | ' | ' | ' | ' | 7.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-down of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,400,000 |
Vessel_Sales_Asset_Impairments3
Vessel Sales, Asset Impairments and Provisions - Schedule of Assets and Liabilities Held for Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary Of Assets And Liabilities Held For Sale [Line Items] | ' | ' |
Total assets | $176,247 | $22,364 |
Accounts payable | 98,415 | 111,474 |
Accrued liabilities | 466,824 | 367,282 |
Current portion of long-term debt (note 8) | 996,425 | 797,411 |
Long-term debt (note 8) | 5,113,045 | 4,762,303 |
Total liabilities | 168,007 | 0 |
Assets held-for-sale [Member] | ' | ' |
Summary Of Assets And Liabilities Held For Sale [Line Items] | ' | ' |
Accounts receivable | 11,179 | ' |
Prepaid expenses | 1,220 | ' |
Vessels and equipment | 163,200 | ' |
Other long-term assets | 648 | ' |
Total assets | 176,247 | ' |
Liabilities Associated With Assets Held For Sale [Member] | ' | ' |
Summary Of Assets And Liabilities Held For Sale [Line Items] | ' | ' |
Accounts payable | 37 | ' |
Accrued liabilities | 3,362 | ' |
Current portion of long-term debt (note 8) | 11,698 | ' |
Long-term debt (note 8) | 152,910 | ' |
Total liabilities | $168,007 | ' |
Loss_Per_Share_Loss_Per_Share_
Loss Per Share - Loss Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Net loss attributable to stockholders' of Teekay Corporation | ($114,738) | ($160,180) | ($358,616) |
Weighted average number of common shares | 70,457,968 | 69,263,369 | 70,234,817 |
Dilutive effect of stock-based compensation | ' | ' | ' |
Common stock and common stock equivalents | 70,457,968 | 69,263,369 | 70,234,817 |
Loss per common share: | ' | ' | ' |
Basic | ($1.63) | ($2.31) | ($5.11) |
Diluted | ($1.63) | ($2.31) | ($5.11) |
Loss_Per_Share_Additional_Info
Loss Per Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Anti-dilutive effect attributable to outstanding stock-based compensation | 1 | 3.9 | 5.7 |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $6,921,000 | $7,565,000 | $5,490,000 |
Restructuring liability | $4,900,000 | $3,400,000 | ' |
Assets held-for-sale [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Number of vessels | 2 | ' | ' |
Shuttle tankers reflagged [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Number of vessels | 1 | ' | ' |
Income_Taxes_Components_of_Com
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Vessels and equipment | $73,750 | $58,825 |
Tax losses carried forward | 427,656 | 427,443 |
Other | 32,012 | 64,194 |
Total deferred tax assets | 533,418 | 550,462 |
Deferred tax liabilities: | ' | ' |
Vessels and equipment | 19,555 | 26,503 |
Long-term debt | 22,008 | 33,764 |
Other | 30,519 | 40,117 |
Total deferred tax liabilities | 72,082 | 100,384 |
Net deferred tax assets | 461,336 | 450,078 |
Valuation allowance | -442,504 | -421,343 |
Net deferred tax assets | $18,832 | $28,735 |
Income_Taxes_Components_of_Com1
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Net operating loss carryforwards | $1,740,000,000 |
Disallowed finance costs | $20,800,000 |
Finance costs carryforward period | '18 years |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $2,742 | $9,167 | ($6,768) |
Deferred | -5,614 | 5,239 | 2,478 |
Income tax (expense) recovery | ($2,872) | $14,406 | ($4,290) |
Income_Taxes_Reconciliations_o
Income Taxes - Reconciliations of Income Tax Rates and Actual Tax Charge (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' |
Net income (loss) before income taxes | $38,352 | ($325,522) | ($372,131) |
Net loss not subject to taxes | -267,665 | -129,307 | -341,473 |
Net income (loss) subject to taxes | 306,017 | -196,215 | -30,658 |
At applicable statutory tax rates | 12,719 | -15,808 | -8,987 |
Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions | -8,173 | -2,817 | 7,307 |
Other | -1,675 | 4,218 | 5,970 |
Income tax expense (recovery) related to the current year | $2,872 | ($14,406) | $4,290 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance of unrecognized tax benefits - beginning of the year | $29,364 | $39,804 | $45,302 |
Increases for positions related to the current year | 1,141 | 4,560 | 3,308 |
Changes for positions taken in prior years | -1,284 | -5,085 | 83 |
Decreases related to statute of limitations | -8,917 | -9,915 | -8,889 |
Balance of unrecognized tax benefits - end of the year | $20,304 | $29,364 | $39,804 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Interest and penalties on unrecognized tax benefits | $7.20 | $0.80 | $1.80 |
Pension_Benefits_Additional_In
Pension Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cost recognized for defined contribution pension plans | $14.80 | $14.50 | $18.30 |
Accumulated benefit obligation | 116.1 | 115 | ' |
Estimations of contributions into benefit plan during 2014 | $11.20 | ' | ' |
NORWAY | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of ownership of defined benefit pension assets | 71.00% | ' | ' |
AUSTRALIA | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of ownership of defined benefit pension assets | 29.00% | ' | ' |
Pension_Benefits_Changes_in_Be
Pension Benefits - Changes in Benefit Obligation and Fair Value of Benefit Plans Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Change in fair value of plan assets: | ' | ' |
Ending balance | $138,876 | $134,408 |
Funded status deficiency | -12,120 | -14,082 |
Amounts recognized in the balance sheets: | ' | ' |
Other long-term liabilities | 12,120 | 14,082 |
Accumulated other comprehensive loss: | ' | ' |
Net actuarial losses | -20,922 | -19,449 |
Benefit obligation [Member] | ' | ' |
Change in benefit obligation: | ' | ' |
Beginning balance | 148,490 | 137,172 |
Service cost | 9,768 | 10,004 |
Interest cost | 4,974 | 4,436 |
Contributions by plan participants | 481 | 692 |
Actuarial (gain) loss | 3,396 | -12,059 |
Benefits paid | -9,501 | -3,216 |
Plan settlements and amendments | -3,126 | 6,549 |
Benefit obligations assumed on acquisition | 3,125 | ' |
Foreign currency exchange rate changes | -6,515 | 7,962 |
Other | -96 | -3,050 |
Ending balance | 150,996 | 148,490 |
Change in fair value of plan assets: | ' | ' |
Contributions by plan participants | 481 | 692 |
Benefits paid | 9,501 | 3,216 |
Other | 96 | 3,050 |
Fair Value Of Plan Assets [Member] | ' | ' |
Change in benefit obligation: | ' | ' |
Contributions by plan participants | 481 | 692 |
Benefits paid | 9,470 | 3,166 |
Other | 425 | 490 |
Change in fair value of plan assets: | ' | ' |
Beginning balance | 134,408 | 110,698 |
Actual return on plan assets | 4,453 | 2,094 |
Contributions by the employer | 14,609 | 13,404 |
Contributions by plan participants | 481 | 692 |
Benefits paid | -9,470 | -3,166 |
Plan settlements and amendments | -2,118 | 4,328 |
Plan assets assumed on acquisition | 2,502 | ' |
Foreign currency exchange rate changes | -5,564 | 6,848 |
Other | -425 | -490 |
Ending balance | $138,876 | $134,408 |
Pension_Benefits_Changes_in_Be1
Pension Benefits - Changes in Benefit Obligation and Fair Value of Benefit Plans Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | ' |
Amortized from accumulated other comprehensive (loss) income into net periodic benefit cost | ($1) |
Pension_Benefits_Pension_Plans
Pension Benefits - Pension Plans with Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets [Abstract] | ' | ' |
Benefit obligation | $88,140 | $125,945 |
Fair value of plan assets | 71,955 | 106,616 |
Accumulated benefit obligation | 1,319 | 4,350 |
Fair value of plan assets | $689 | $2,795 |
Pension_Benefits_Components_of
Pension Benefits - Components of Net Periodic Pension Cost Relating to Benefit Plans (Detail) (Net period pension cost [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net period pension cost [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $9,768 | $9,921 | $8,978 |
Interest cost | 4,974 | 4,392 | 5,250 |
Expected return on plan assets | -5,688 | -5,270 | -5,805 |
Amortization of net actuarial loss | 1,484 | 1,980 | 371 |
Plan settlement | 973 | ' | ' |
Other | 425 | 577 | 421 |
Net cost | $11,936 | $11,600 | $9,215 |
Pension_Benefits_Components_of1
Pension Benefits - Components of Other Comprehensive Loss Relating to Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive income (loss): | ' | ' | ' |
Net (loss) gain arising during the period | ($3,930) | $6,143 | ($12,052) |
Amortization of net actuarial loss (gain) | 1,484 | 1,979 | 319 |
Plan settlement | 973 | ' | ' |
Total (loss) income before income taxes | ($1,473) | $8,122 | ($11,733) |
Pension_Benefits_Estimated_Fut
Pension Benefits - Estimated Future Benefit Payments which Reflect Expected Future Service to be Paid by Benefit Plans (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | $9,542 |
2015 | 7,561 |
2016 | 6,855 |
2017 | 8,363 |
2018 | 6,666 |
2019 - 2023 | 40,429 |
Total | $79,416 |
Pension_Benefits_Fair_Value_of
Pension Benefits - Fair Value of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | $138,876 | $134,408 |
Mutual Funds Real estate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 2,108 | 3,843 |
Pooled Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 98,338 | 94,981 |
Mutual Fund Equity investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 18,080 | 19,907 |
Mutual Funds Debt securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 3,811 | 4,298 |
Mutual Funds Cash and money market [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 8,796 | 672 |
Mutual Funds Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | $7,743 | $10,707 |
Pension_Benefits_Fair_Value_of1
Pension Benefits - Fair Value of Plan Assets (Parenthetical) (Detail) | Dec. 31, 2013 |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | ' |
Growth oriented assets | 70.00% |
Defensive assets | 30.00% |
Pension_Benefits_Schedule_of_A
Pension Benefits - Schedule of Assumptions Used (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted average assumptions used to determine benefit obligation | ' | ' | ' |
Discount rates | 3.90% | 3.00% | ' |
Rate of compensation increase | 4.70% | 5.50% | ' |
Weighted average assumptions used to determine net pension expense | ' | ' | ' |
Discount rates | 3.90% | 3.00% | 3.20% |
Rate of compensation increase | 4.70% | 5.50% | 4.40% |
Expected long-term rates of return | 4.80% | 4.80% | 5.00% |
Equity_Accounted_Investments_A
Equity Accounted Investments - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | Nov. 01, 2012 | Nov. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 01, 2012 | Nov. 30, 2011 | Jun. 30, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | |
Sevan Marine [Member] | Sevan Marine [Member] | Sevan Marine [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Angola Joint Venture [Member] | RasGas 3 [Member] | Newbuildings [Member] | Newbuildings [Member] | FPSO [Member] | FPSO [Member] | Exmar [Member] | SkaugenPetroTrans [Member] | Remora AS [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay Tankers [Member] | Teekay Offshore [Member] | ||||
Vessel | Vessel | Charters-in [Member] | m3 | Vessel | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Sevan Marine [Member] | Odebrecht Oil & Gas S.A. [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Angola Joint Venture [Member] | Newbuildings [Member] | Exmar [Member] | Vessel | Wah Kwong [Member] | FPSO [Member] | |||||||||
Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Percentage | ' | ' | ' | 43.00% | 43.00% | 40.00% | 50.00% | ' | ' | 33.00% | 40.00% | ' | ' | ' | 50.00% | ' | 50.00% | 49.00% | 50.00% | ' | 40.00% | 33.00% | 50.00% | 52.00% | 50.00% | 50.00% |
Number of vessels | ' | ' | ' | ' | ' | ' | 23 | 19 | 5 | ' | ' | 12 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Co-venturer interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | 48.00% | ' | ' |
Joint Venture interest in acquired business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | 4 | 2 | 6 | ' | ' |
Acquisition cost | $279,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000,000 | ' | ' |
Volume of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of investment of existing contract | ' | ' | ' | ' | ' | 37,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quoted market value of investment of existing contract | ' | ' | ' | 94,300,000 | 83,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity income (loss) | 136,538,000 | 79,211,000 | -35,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swaps | $31,200,000 | $5,300,000 | ($35,200,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Accounted_Investments_C
Equity Accounted Investments - Condensed Summary of Company's Investments in and Advances to Joint Ventures (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 |
In Thousands, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment in equity accounted investments | $690,309 | $480,043 | ' |
Long-term Loans to equity accounted investees | 140,772 | 182,854 | ' |
Equity Method Investments [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment in equity accounted investments | 20,489 | 8,250 | ' |
Long-term Loans to equity accounted investees | 29,844 | 22,233 | ' |
Teekay LNG-Marubeni Joint Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 52.00% | ' | 52.00% |
Investment in equity accounted investments | 228,183 | 183,724 | ' |
RasGas 3 [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 40.00% | ' | ' |
Investment in equity accounted investments | 125,648 | 107,386 | ' |
Exmar [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 50.00% | ' | ' |
Investment in equity accounted investments | 86,387 | 82,737 | ' |
Exmar LPG Joint Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 50.00% | ' | ' |
Investment in equity accounted investments | 82,576 | 0 | ' |
Long-term Loans to equity accounted investees | 82,068 | 0 | ' |
Angola Joint Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 33.00% | ' | ' |
Investment in equity accounted investments | 54,168 | 28,699 | ' |
Tiro and Sidon [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 50.00% | ' | ' |
Investment in equity accounted investments | 52,118 | 30,024 | ' |
Long-term Loans to equity accounted investees | 12,781 | 18,121 | ' |
Sevan Marine [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 43.00% | ' | ' |
Investment in equity accounted investments | 40,740 | 39,223 | ' |
Long-term Loans to equity accounted investees | 0 | 133,000 | ' |
SkaugenPetroTrans [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 50.00% | ' | ' |
Long-term Loans to equity accounted investees | $16,079 | $9,500 | ' |
Minimum [Member] | Equity Method Investments [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 33.00% | ' | ' |
Maximum [Member] | Equity Method Investments [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Percentage | 50.00% | ' | ' |
Equity_Accounted_Investments_C1
Equity Accounted Investments - Condensed Summary of Company's Investments in and Advances to Joint Ventures (Parenthetical) (Detail) (Teekay Tangguh Borrower LLC [Member], Teekay BLT Corporation [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Teekay Tangguh Borrower LLC [Member] | Teekay BLT Corporation [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Loans to joint venture partners carrying value | $28.50 | $24 |
Equity_Accounted_Investments_C2
Equity Accounted Investments - Condensed Summary of Company's Financial Information for Joint Venture (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Income from vessel operations | $62,746 | ($150,393) | $108,412 |
Equity Method Investments [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Revenues | 940,187 | 659,030 | 303,607 |
Income from vessel operations | 327,748 | 241,702 | 118,408 |
Realized and unrealized loss on derivative instruments | 16,334 | -56,307 | -127,230 |
Net income (loss) | 287,628 | 120,395 | -48,996 |
Equity Method Investments [Member] | Other assets - current [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Cash and restricted cash | 168,537 | 125,152 | ' |
Equity Method Investments [Member] | Other assets - non - current [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Net investment in direct financing leases | 310,649 | 228,887 | ' |
Equity Method Investments [Member] | Other liabilities - current [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Current portion of long-term debt | 217,511 | 193,785 | ' |
Equity Method Investments [Member] | Other liabilities - non-current [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Long-term debt | 422,482 | 469,220 | ' |
Equity Method Investments [Member] | Vessels and Equipment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Net investment in direct financing leases | 2,598,690 | 2,114,435 | ' |
Equity Method Investments [Member] | Cash and restricted cash [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Cash and restricted cash | 323,065 | 229,963 | ' |
Equity Method Investments [Member] | Net investment in direct financing leases [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Net investment in direct financing leases | 1,907,458 | 1,938,011 | ' |
Equity Method Investments [Member] | Current portion of long-term debt [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Current portion of long-term debt | 500,831 | 1,106,706 | ' |
Equity Method Investments [Member] | Long-term debt [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Long-term debt | $2,807,153 | $1,911,419 | ' |
Change_in_Accounting_Estimate_
Change in Accounting Estimate - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Shuttle tankers [Member] | Service Life [Member] | Original useful life [Member] | Reduced useful life [Member] | ||
Vessel | Shuttle tankers [Member] | Older shuttle tankers [Member] | Older shuttle tankers [Member] | ||
Vessel | |||||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '25 years | '20 years |
Number of vessels | ' | 6 | 6 | ' | ' |
Increase in depreciation and amortization expenses | $14.90 | ' | ' | ' | ' |
Decrease in net income attributable to partners | $4.40 | ' | ' | ' | ' |
Decrease in net income attributable to partners, per share amount | $0.06 | ' | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Jan. 23, 2014 | Jan. 23, 2014 | Jan. 23, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 23, 2014 | Jan. 23, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | |
Teekay Offshore [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | Tranche One [Member] | Tranche Two [Member] | Tranche Three [Member] | Tranche Four [Member] | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | |
USD ($) | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Warrant [Member] | Warrant [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | |
USD ($) | Series A- One Preferred Stock [Member] | Series A- Two Preferred Stock [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Newbuildings [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Subsequent Events [Member] | Subsequent Events [Member] | ||
Suezmax Tankers [Member] | Aframax tankers [Member] | USD ($) | Maximum [Member] | USD ($) | Contingent Consideration [Member] | Delivered [Member] | Contingent Consideration On Operating Results [Member] | Cash [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | USD ($) | NOK | ||||||
Vessel | Vessel | USD ($) | USD ($) | USD ($) | USD ($) | Vessel | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,200,000 | ' |
Fixed interest rate on loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.28% | 6.28% |
Purchase of common stock | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of equity private placement | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of common stock | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair market value of the shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.50 | $15 | $17.50 | $20 | ' | ' |
Foreign currency exchange rate | ' | ' | ' | ' | ' | ' | ' | 6.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consecutive trading days | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred share received | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, voting rights | ' | 'Each of which entitles the holder to elect one board member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of combined ownership interest | ' | ' | ' | ' | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | 4 | 5 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' |
Percentage of ownership acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cost of project | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price consideration | 253,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | 3,500,000 | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration payable | 540,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |