Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | TK |
Entity Registrant Name | TEEKAY CORP |
Entity Central Index Key | 0000911971 |
Current Fiscal Year End Date | --12-31 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues (note 3) | $ 420,696,000 | $ 416,562,000 | $ 1,359,576,000 | $ 1,216,226,000 |
Voyage expenses | (92,689,000) | (90,899,000) | (294,492,000) | (271,688,000) |
Vessel operating expenses | (159,616,000) | (155,985,000) | (479,229,000) | (475,207,000) |
Time-charter hire expenses (note 6) | (28,932,000) | (20,965,000) | (87,587,000) | (61,024,000) |
Depreciation and amortization | (73,633,000) | (69,967,000) | (219,589,000) | (205,238,000) |
General and administrative expenses | (20,016,000) | (20,650,000) | (63,856,000) | (69,803,000) |
Write-down and loss on sales of vessels (note 7) | (175,785,000) | (2,201,000) | (179,113,000) | (53,693,000) |
Restructuring charges (note 14) | (414,000) | (813,000) | (10,404,000) | (4,065,000) |
(Loss) income from vessel operations | (130,389,000) | 55,082,000 | 25,306,000 | 75,508,000 |
Interest expense | (67,707,000) | (67,343,000) | (211,583,000) | (181,494,000) |
Interest income | 1,485,000 | 2,103,000 | 6,407,000 | 5,875,000 |
Realized and unrealized (losses) gains on non-designated derivative instruments (note 16) | (1,924,000) | (2,168,000) | (18,311,000) | 17,981,000 |
Equity income (loss) (note 4) | 21,514,000 | 13,744,000 | (46,423,000) | 41,698,000 |
Foreign exchange gain (loss) (notes 10 and 16) | 5,628,000 | 3,553,000 | (2,853,000) | 16,104,000 |
Loss on deconsolidation of Teekay Offshore (note 4) | 0 | 0 | 0 | (7,070,000) |
Other loss (note 10) | (1,424,000) | (2,400,000) | (12,495,000) | (2,795,000) |
(Loss) income before income taxes | (172,817,000) | 2,571,000 | (259,952,000) | (34,193,000) |
Income tax expense (note 17) | (3,091,000) | (4,334,000) | (11,531,000) | (17,197,000) |
Net loss | (175,908,000) | (1,763,000) | (271,483,000) | (51,390,000) |
Net income attributable to non-controlling interests | (22,270,000) | (10,242,000) | (50,437,000) | (9,494,000) |
Net loss attributable to the shareholders of Teekay Corporation | $ (198,178,000) | $ (12,005,000) | $ (321,920,000) | $ (60,884,000) |
Basic and diluted loss attributable to shareholders of Teekay Corporation (in usd per share) | $ (1.97) | $ (0.12) | $ (3.20) | $ (0.61) |
Per common share of Teekay Corporation (note 18) | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.055 | |||
Weighted average number of common shares outstanding (note 18) | ||||
Basic and Diluted (in shares) | 100,784,683 | 100,435,045 | 100,697,251 | 99,412,381 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net loss | $ (175,908) | $ (1,763) | $ (271,483) | $ (51,390) |
Other comprehensive (loss) income before reclassifications | ||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | (19,576) | 6,955 | (71,828) | 16,631 |
Pension adjustments, net of taxes | (230) | 174 | (402) | 550 |
Foreign exchange gain on currency translation | 0 | 794 | 0 | 843 |
Amounts reclassified from accumulated other comprehensive (loss) income relating to: | ||||
Loss on deconsolidation of Teekay Offshore (note 4) | 0 | 0 | 0 | 7,720 |
Other comprehensive (loss) income | (19,427) | 7,267 | (72,956) | 24,738 |
Comprehensive (loss) income | (195,335) | 5,504 | (344,439) | (26,652) |
Comprehensive income attributable to non-controlling interests | (9,578) | (14,953) | (1,482) | (20,617) |
Comprehensive loss attributable to shareholders of Teekay Corporation | (204,913) | (9,449) | (345,921) | (47,269) |
Interest Expense | ||||
Other comprehensive (loss) income before reclassifications | ||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | 1,437 | 6,527 | ||
Amounts reclassified from accumulated other comprehensive (loss) income relating to: | ||||
Realized loss on qualifying cash flow hedging instruments to equity income | (22) | (37) | (430) | 211 |
Equity Income | ||||
Amounts reclassified from accumulated other comprehensive (loss) income relating to: | ||||
Realized loss on qualifying cash flow hedging instruments to equity income | $ 401 | $ (619) | $ (296) | $ (1,217) |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current | ||
Cash and cash equivalents (note 10 and 19) | $ 293,361 | $ 424,169 |
Restricted cash – current (note 19) | 60,463 | 40,493 |
Accounts receivable, including non-trade of $10,688 (2018 – $7,883) and related party balance of $2,444 (2018 – $57,062) | 148,891 | 174,031 |
Accrued revenue | 61,841 | 20,249 |
Prepaid Expenses and Other | 98,819 | 69,882 |
Current portion of loans to equity-accounted investments | 99,314 | 169,197 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 11,515 | 0 |
Total current assets | 774,204 | 898,021 |
Restricted cash – non-current (note 19) | 38,932 | 40,977 |
Vessels and equipment (note 10) | ||
At cost, less accumulated depreciation of $1,276,554 (2018 – $1,270,460) (notes 7 and 13) | 3,017,153 | 3,362,937 |
Finance Lease, Right-of-Use Asset | 2,224,142 | 2,067,254 |
Operating lease right-of-use assets (notes 2 and 6) | 177,052 | 0 |
Advances on newbuilding contracts | 0 | 86,942 |
Total vessels and equipment | 5,418,347 | 5,517,133 |
Net investment in direct financing leases – non-current (notes 3 and 6) | 548,072 | 562,528 |
Investment in and loans to equity-accounted investments (notes 4 and 12a) | 1,034,713 | 1,193,741 |
Goodwill, intangibles and other non-current assets (note 16) | 137,510 | 179,270 |
Total assets | 7,951,778 | 8,391,670 |
Current | ||
Accounts payable, accrued liabilities and other (notes 8, 14 and 16) | 341,092 | 254,380 |
Short-term Debt | 50,000 | 0 |
Loans from equity-accounted investments | 24,895 | 75,292 |
Derivative Liability, Current | 38,502 | 12,205 |
Current portion of long-term debt (note 10) | 528,527 | 242,137 |
Current obligations related to finance leases (note 6) | 94,536 | 102,115 |
Current portion of operating lease liabilities (notes 2 and 6) | 62,654 | 0 |
Total current liabilities | 1,140,206 | 686,129 |
Long-term debt (note 10) | 2,292,777 | 3,077,386 |
Long-term operating lease liabilities (notes 2 and 6) | 102,760 | 0 |
Derivative Liability | 73,482 | 56,352 |
Long-term obligations related to finance leases (note 6) | 1,754,544 | 1,571,730 |
Other long-term liabilities (note 17) | 139,109 | 133,045 |
Total liabilities | 5,502,878 | 5,524,642 |
Equity | ||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 100,784,683 shares outstanding and issued (2018 – 100,435,210)) (note 11) | 1,050,898 | 1,045,659 |
Accumulated deficit | (558,016) | (234,395) |
Non-controlling interest | 1,983,896 | 2,058,037 |
Accumulated other comprehensive loss (note 15) | (27,878) | (2,273) |
Total equity | 2,448,900 | 2,867,028 |
Total liabilities and equity | $ 7,951,778 | $ 8,391,670 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, non-trade | $ 10,688 | $ 7,883 |
Accounts receivable, related party balance | $ 2,444 | $ 57,062 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized (in shares) | 725,000,000 | 725,000,000 |
Common stock, share outstanding (in shares) | 100,784,683 | 100,435,210 |
Common stock, share issued (in shares) | 100,784,683 | 100,435,210 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Loss Contingency, Receivable, Proceeds | $ 0 | |
OPERATING ACTIVITIES | ||
Net loss | $ 271,483 | 51,390 |
Non-cash and non-operating items: | ||
Depreciation and amortization | 219,589 | 205,238 |
Unrealized Gain (Loss) on Derivatives and Loss on Sale of Warrants | 38,803 | |
Unrealized loss (gain) on derivative instruments and loss on sale of warrants (note 16) | 93,817 | |
Write-down and loss on sales of vessels (note 7) | 179,113 | 53,693 |
Loss on deconsolidation of Teekay Offshore (note 4) | 0 | 7,070 |
Equity loss (income), net of dividends received | 71,797 | (28,382) |
Income tax expense (note 17) | 11,531 | 17,197 |
Unrealized (losses) gains | (28,532) | 31,098 |
Other | 30,603 | 20,982 |
Proceeds from Lease Payments | 9,242 | 0 |
Change in operating assets and liabilities | 41,729 | (41,424) |
Expenditures for dry docking | (46,266) | (28,782) |
Net Cash Provided by (Used in) Operating Activities | 256,126 | 84,413 |
Proceeds from Short-term Debt | 125,000 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of long-term debt, net of issuance costs | 449,686 | 843,854 |
Payment for Debt Extinguishment or Debt Prepayment Cost | 774,401 | 681,664 |
Scheduled repayments of long-term debt and settlement of related swaps (note 10) | (171,946) | (265,868) |
Repayments of Short-term Debt | (75,000) | 0 |
Proceeds from financing related to sale-leaseback of vessels | 381,526 | 526,692 |
Finance Lease, Principal Payments | 72,559 | 54,122 |
Repayments of obligations related to finance leases | (111,617) | 0 |
Net proceeds from equity issuances of Teekay Corporation (note 11) | 0 | 103,657 |
Repurchase of Teekay LNG common units | (25,729) | 0 |
Distributions paid from subsidiaries to non-controlling interests | (46,982) | (49,124) |
Payments of Ordinary Dividends | 5,523 | 16,637 |
Other financing activities | (580) | (595) |
Net Cash Provided by (Used in) Financing Activities | (328,125) | 406,193 |
INVESTING ACTIVITIES | ||
Expenditures for vessels and equipment, net of warranty settlement $44,890 (2018 – $nil) (note 12a) | (98,713) | (564,464) |
Proceeds from sale of equity-accounted investments and related assets (note 4) | 100,000 | 54,438 |
Payments to Acquire Equity Method Investments | 42,171 | 32,758 |
Loans to joint ventures and joint venture partners | 0 | (24,957) |
Cash of transferred subsidiaries on sale, net of proceeds received (note 4) | 0 | 25,254 |
Other investing activities | 0 | 8,678 |
Net Cash Provided by (Used in) Investing Activities | (40,884) | (584,317) |
Decrease in cash, cash equivalents and restricted cash | (112,883) | (93,711) |
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance | 505,639 | 552,174 |
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance | $ 392,756 | 458,463 |
Accounting Standards Update 2016-02 [Member] | ||
Non-cash and non-operating items: | ||
Proceeds from Lease Payments | $ 8,400 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statement of Changes in Total Equity - USD ($) $ in Thousands | Total | Common Stock | Common Stock and Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Accumulated Other Comprehensive Loss | Non-controlling Interests | Common Stock | Common StockRetained Earnings (Accumulated Deficit) |
Accumulated other comprehensive loss (note 15) | $ (5,995) | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.055 | ||||||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | $ (20,555) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 10,575 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 89,127,000 | ||||||||
Beginning Balance at Dec. 31, 2017 | $ 2,879,656 | $ 919,078 | (135,892) | 2,102,465 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (9,980) | ||||||||
Other comprehensive loss | 10,333 | $ 8,334 | 1,999 | ||||||
Dividends declared: | (19,824) | (19,824) | $ (5,445) | $ (5,445) | |||||
Employee stock compensation and other (note 9) (in shares) | 180,000 | ||||||||
Employee stock compensation and other (note 11) | 4,430 | 4,430 | |||||||
Proceeds from equity offerings, net of offering costs (note 9) (in shares) | 11,127,000 | ||||||||
Proceeds from equity offerings, net of offering costs (note 10) | (103,696) | (103,696) | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | (5,146) | (1,988) | |||||||
Changes to non-controlling interest from equity contributions and other | 99 | 3,059 | |||||||
Ending Balance (in shares) at Mar. 31, 2018 | 100,434,000 | ||||||||
Ending Balance at Mar. 31, 2018 | 2,984,111 | 1,043,303 | (159,904) | 2,098,274 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 16,099 | 16,099 | |||||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | (60,884) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 9,494 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 89,127,000 | ||||||||
Beginning Balance at Dec. 31, 2017 | 2,879,656 | 919,078 | (135,892) | 2,102,465 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (51,390) | ||||||||
Other comprehensive loss | 24,738 | ||||||||
Ending Balance (in shares) at Sep. 30, 2018 | 100,435,000 | ||||||||
Ending Balance at Sep. 30, 2018 | 2,919,913 | 1,046,081 | (211,379) | 2,077,492 | |||||
Accumulated other comprehensive loss (note 15) | 2,438 | ||||||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | (28,324) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (11,323) | ||||||||
Beginning Balance (in shares) at Mar. 31, 2018 | 100,434,000 | ||||||||
Beginning Balance at Mar. 31, 2018 | 2,984,111 | 1,043,303 | (159,904) | 2,098,274 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (39,647) | ||||||||
Other comprehensive loss | 7,138 | 2,725 | 4,413 | ||||||
Dividends declared: | (14,048) | (14,048) | (5,604) | (5,604) | |||||
Employee stock compensation and other (note 9) (in shares) | 1,000 | ||||||||
Employee stock compensation and other (note 11) | 1,488 | 1,488 | |||||||
Proceeds from equity offerings, net of offering costs (note 10) | (39) | (39) | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | (214) | (81) | |||||||
Changes to non-controlling interest from equity contributions and other | 133 | ||||||||
Ending Balance (in shares) at Jun. 30, 2018 | 100,435,000 | ||||||||
Ending Balance at Jun. 30, 2018 | $ 2,933,613 | 1,044,752 | (193,751) | 2,077,449 | |||||
Accumulated other comprehensive loss (note 15) | 5,163 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.055 | ||||||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | $ (12,005) | (12,005) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 10,242 | 10,242 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (1,763) | ||||||||
Other comprehensive loss | 7,267 | 2,556 | 4,711 | ||||||
Dividends declared: | (15,252) | (15,252) | (5,591) | $ (5,591) | |||||
Employee stock compensation and other (note 9) (in shares) | 0 | ||||||||
Employee stock compensation and other (note 11) | 1,329 | 1,329 | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | (310) | 32 | |||||||
Changes to non-controlling interest from equity contributions and other | 342 | ||||||||
Ending Balance (in shares) at Sep. 30, 2018 | 100,435,000 | ||||||||
Ending Balance at Sep. 30, 2018 | 2,919,913 | 1,046,081 | (211,379) | 2,077,492 | |||||
Accumulated other comprehensive loss (note 15) | 7,719 | ||||||||
Accumulated other comprehensive loss (note 15) | $ (2,273) | (2,273) | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.055 | ||||||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | (84,257) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 22,793 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2018 | 100,435,210 | 100,435,000 | |||||||
Beginning Balance at Dec. 31, 2018 | $ 2,867,028 | 1,045,659 | (234,395) | 2,058,037 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (61,464) | ||||||||
Other comprehensive loss | (22,347) | (7,247) | (15,100) | ||||||
Dividends declared: | (13,892) | (5,385) | (13,892) | $ (5,385) | |||||
Employee stock compensation and other (note 9) (in shares) | 264,000 | ||||||||
Employee stock compensation and other (note 11) | 2,964 | 2,964 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (2,991) | 606 | (1,604) | (1,993) | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | (7,823) | (1,526) | |||||||
Changes to non-controlling interest from equity contributions and other | (9,349) | ||||||||
Ending Balance (in shares) at Mar. 31, 2019 | 100,699,000 | ||||||||
Ending Balance at Mar. 31, 2019 | 2,756,090 | 1,048,623 | (321,905) | 2,040,496 | |||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | (321,920) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 50,437 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2018 | 100,435,210 | 100,435,000 | |||||||
Beginning Balance at Dec. 31, 2018 | $ 2,867,028 | 1,045,659 | (234,395) | 2,058,037 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (271,483) | ||||||||
Other comprehensive loss | $ (72,956) | ||||||||
Ending Balance (in shares) at Sep. 30, 2019 | 100,784,683 | 100,784,000 | |||||||
Ending Balance at Sep. 30, 2019 | $ 2,448,900 | 1,050,898 | (558,016) | 1,983,896 | |||||
Accumulated other comprehensive loss (note 15) | (11,124) | ||||||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | (39,485) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 5,374 | ||||||||
Beginning Balance (in shares) at Mar. 31, 2019 | 100,699,000 | ||||||||
Beginning Balance at Mar. 31, 2019 | 2,756,090 | 1,048,623 | (321,905) | 2,040,496 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (34,111) | ||||||||
Other comprehensive loss | (31,182) | (10,019) | (21,163) | ||||||
Dividends declared: | (16,574) | (16,574) | |||||||
Employee stock compensation and other (note 9) (in shares) | 85,000 | ||||||||
Employee stock compensation and other (note 11) | 908 | 908 | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | (2,506) | (228) | |||||||
Changes to non-controlling interest from equity contributions and other | (2,734) | ||||||||
Ending Balance (in shares) at Jun. 30, 2019 | 100,784,000 | ||||||||
Ending Balance at Jun. 30, 2019 | 2,672,625 | 1,049,531 | (361,162) | 2,005,399 | |||||
Accumulated other comprehensive loss (note 15) | (21,143) | ||||||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | (198,178) | (198,178) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 22,270 | 22,270 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (175,908) | ||||||||
Other comprehensive loss | (19,427) | $ (6,735) | (12,692) | ||||||
Dividends declared: | (16,516) | (16,516) | |||||||
Employee stock compensation and other (note 9) (in shares) | 0 | ||||||||
Employee stock compensation and other (note 11) | 1,367 | 1,367 | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | $ (13,241) | (1,324) | |||||||
Changes to non-controlling interest from equity contributions and other | (14,565) | ||||||||
Ending Balance (in shares) at Sep. 30, 2019 | 100,784,683 | 100,784,000 | |||||||
Ending Balance at Sep. 30, 2019 | $ 2,448,900 | $ 1,050,898 | $ (558,016) | $ 1,983,896 | |||||
Accumulated other comprehensive loss (note 15) | $ (27,878) | $ (27,878) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with United States 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, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which Teekay is the primary beneficiary (collectively, the Company ). Certain of Teekay’s significant non-wholly owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the publicly-traded subsidiaries Teekay LNG Partners L.P. (or Teekay LNG ) and Teekay Tankers Ltd. (or Teekay Tankers ). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted from these unaudited interim consolidated financial statements and, therefore, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2018 , included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC ) on April 1, 2019. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in total equity for the interim periods presented. The results of operations for the three and nine months ended September 30, 2019 , are not necessarily indicative of those for a full fiscal year. 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 could differ from those estimates. It is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 became effective for the Company on January 1, 2019. FASB issued an additional accounting standards update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect and providing an optional practical expedient to lessors not to separate lease and non-lease components of a contract if certain criteria are met. In addition, the Company early adopted ASU 2019-01, which provides an exception for lessors who are not manufacturers or dealers to determine the fair value of leased property using the underlying asset's cost, instead of fair value. The Company has elected to use this new optional transitional approach. To determine the cumulative effect adjustment, the Company has not reassessed lease classification, initial direct costs for any existing leases, or whether any expired or existing contracts are or contain leases. The Company identified the following differences: • Under ASU 2016-02, the Company and the Company's equity-accounted joint ventures recognize a right-of-use asset and lease liability on the balance sheet for these charters and office leases based on the present value of future minimum lease payments, whereas previously no right-of-use asset or lease liability was recognized. This resulted in an increase in the Company's and its equity-accounted joint ventures' assets and liabilities. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged from the prior policy, unless the right-of-use asset becomes impaired. The adoption of ASU 2016-02 results in a change in the accounting method for the lease portion of the daily charter hire for the chartered-in vessels by the Company and the Company's equity-accounted joint ventures accounted for as operating leases with firm periods of greater than one year, as well as a small number of office leases. On January 1, 2019, a right-of-use asset of $170.0 million and a lease liability of $170.0 million were recognized for these chartered-in vessels. In addition, the existing carrying value of the Company's chartered-in vessels was reclassified from other non-current assets ( $13.7 million ) and from other long-term liabilities ( $0.9 million ) to a right-of-use asset as at January 1, 2019. The Company also recognized a right-of-use asset and liability for its office leases as at January 1, 2019, which is presented in other non-current assets and accounts payable, accrued liabilities and other, respectively. On September 30, 2019 , the right-of-use asset and lease liability relating to the Company's chartered-in vessels were $177.0 million and $165.4 million , respectively, and the right-of-use asset and lease liability relating to office leases were $7.7 million and $7.7 million , respectively. • The adoption of ASU 2016-02 results in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where a charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock. This change decreased investment in and loans to equity-accounted investments by $3.0 million and decreased total equity by $3.0 million as at September 30, 2019 . The cumulative decrease to opening equity as at January 1, 2019 was $3.0 million . • The adoption of ASU 2016-02 results in direct financing lease payments received being presented as an operating cash inflow instead of an investing cash inflow in the Company's unaudited consolidated statement of cash flows. Direct financing lease payments received during the three and nine months ended September 30, 2019 were $3.2 million and $9.2 million , respectively ( three and nine months ended September 30, 2018 – $3.2 million and $8.4 million , respectively). • The adoption of ASU 2016-02 results in sale and leaseback transactions where the seller lessee has a fixed price repurchase option or other situations where the leaseback would be classified as a finance lease being accounted for as a failed sale of the vessel and a failed purchase of the vessel by the buyer lessor. Prior to the adoption of ASU 2016-02, such transactions were accounted for as a completed sale and a completed purchase. Consequently, for such transactions, the Company does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease, and bareboat charter hire payments made by the Company to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease . The adoption of ASU 2016-02 has resulted in the sale and leaseback of the Yamal Spirit , the Cascade Spirit and the Aspen Spirit during 2019 being accounted for as failed sales, and unlike the 22 vessels sold and leased back in similar transactions in prior years, the Company is not considered as holding a variable interest in the buyer lessor entity and thus, does not consolidate the buyer lessor entity (see Note 6 ). The Company's floating production, storage and offloading (or FPSO ) contracts, time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected not to separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease and certain other required criteria are met, and to account for the combined component as an operating lease in accordance with Accounting Standards Codification (or ASC ) 842 Leases . In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12 ). ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be recorded in other comprehensive (loss) income and reclassified to earnings in the same income statement line as the hedged item when the hedged item affects earnings. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 became effective for the Company on January 1, 2019. This change decreased accumulated other comprehensive (loss) income by $4.8 million as at January 1, 2019, and correspondingly increased opening equity as at January 1, 2019 by $4.8 million . In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ). ASU 2016-13 introduces a new credit loss methodology, which requires earlier recognition of credit losses, while providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaces the multiple existing impairment methods in current GAAP, which generally require that a loss be incurred before it is recognized. This update is effective for the Company on January 1, 2020, with a modified-retrospective approach. The Company expects that its net investments in direct financing leases, loans to equity-accounted investments, guarantees of indebtedness of equity-accounted investments and receivables related to non-operating lease revenue arrangements will be in-scope to ASU 2016-13. Consequently, the Company expects that on January 1, 2020, it will decrease the carrying value of the instruments in-scope to ASU 2016-13, resulting in a corresponding reduction to total equity on the date of adoption. The Company is currently evaluating the effect of adopting this new guidance. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The Company’s primary source of revenue is chartering its vessels and offshore units to its customers. The Company utilizes four primary forms of contracts, consisting of time-charter contracts, voyage charter contracts, bareboat charter contracts and contracts for FPSO units. The Company also generates revenue from the management and operation of vessels owned by third parties and by equity-accounted investments as well as by providing corporate management services to such third-party entities. For a description of these contracts, see "Item 18 – Financial Statements: Note 2" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 . Revenue Table The following tables contain the Company’s revenue for the three and nine months ended September 30, 2019 and 2018 , by contract type, by segment and by business lines within segments. Three Months Ended September 30, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 129,633 1,597 1,909 — 12,642 (7,246 ) 138,535 Voyage charters 10,846 — 173,034 — — — 183,880 Bareboat charters 6,196 — — — — — 6,196 FPSO contracts — — — 44,558 — — 44,558 Management fees and other 1,383 — 7,361 — 38,633 150 47,527 148,058 1,597 182,304 44,558 51,275 (7,096 ) 420,696 Three Months Ended September 30, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 104,342 2,820 12,326 — 6,645 — 126,133 Voyage charters 6,279 2,220 152,047 — — — 160,546 Bareboat charters 6,001 — — — — — 6,001 FPSO contracts — — — 71,583 — — 71,583 Management fees and other 1,566 108 11,542 — 39,343 (260 ) 52,299 118,188 5,148 175,915 71,583 45,988 (260 ) 416,562 Nine Months Ended September 30, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 394,092 6,728 6,775 — 26,989 (9,733 ) 424,851 Voyage charters 28,864 — 576,256 — — — 605,120 Bareboat charters 18,387 — — — — — 18,387 FPSO contracts — — — 151,824 — — 151,824 Management fees and other 4,388 — 34,051 — 122,934 (1,979 ) 159,394 445,731 6,728 617,082 151,824 149,923 (11,712 ) 1,359,576 Nine Months Ended September 30, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 294,658 12,534 51,820 — 27,327 (9,418 ) 376,921 Voyage charters 16,669 12,690 432,017 — — — 461,376 Bareboat charters 17,112 — — — — — 17,112 FPSO contracts — — — 203,982 — — 203,982 Management fees and other 6,970 324 32,202 — 116,788 551 156,835 335,409 25,548 516,039 203,982 144,115 (8,867 ) 1,216,226 The following table contains the Company's total revenue for the three and nine months ended September 30, 2019 and 2018 , by those contracts or components of contracts accounted for as leases and by those contracts or components not accounted for as leases. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 334,206 316,217 1,071,759 912,782 Interest income on lease receivables 12,978 8,915 38,741 28,829 Variable lease payments – cost reimbursements (1) 14,169 10,629 39,483 29,306 Variable lease payments – other (2) 6,542 24,606 33,686 76,314 367,895 360,367 1,183,669 1,047,231 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 5,274 3,896 16,513 12,160 Management fees and other income 47,527 52,299 159,394 156,835 52,801 56,195 175,907 168,995 Total 420,696 416,562 1,359,576 1,216,226 (1) Reimbursement for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer. (2) Compensation from time-charter contracts based on spot market rates in excess of a base daily hire amount, production tariffs based on the volume of oil produced, the price of oil, and other monthly or annual operational performance measures. Operating Leases As at September 30, 2019 , the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease and non-lease elements related to time-charters, bareboat charters and FPSO contracts that were accounted for as operating leases were approximately $173.4 million (remainder of 2019 ), $650.9 million ( 2020 ), $532.2 million ( 2021 ), $428.9 million ( 2022 ) and $320.7 million ( 2023 ). As at December 31, 2018 , the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease and non-lease elements related to time-charters, bareboat charters and FPSO contracts that were accounted for as operating leases were approximately $630.8 million ( 2019 ), $524.6 million ( 2020 ), $457.5 million ( 2021 ), $382.0 million ( 2022 ) and $291.8 million ( 2023 ). 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 September 30, 2019 or after December 31, 2018 , as applicable, revenue from unexercised option periods of contracts that existed on September 30, 2019 or on December 31, 2018 , as applicable, revenue from vessels in the Company’s equity-accounted investments, or variable or contingent revenues accounted for under ASC 842 Leases. In addition, minimum scheduled future operating lease revenues presented in this paragraph have been reduced by estimated off-hire time for any periodic maintenance. The amounts may vary given unscheduled future events such as vessel maintenance. The net carrying amount of the vessels employed on time-charter contracts, bareboat charter contracts and FPSO contracts that have been accounted for as operating leases at September 30, 2019 was $3.0 billion ( December 31, 2018 – $3.4 billion ). At September 30, 2019 , the cost and accumulated depreciation of such vessels were $3.8 billion ( December 31, 2018 – $4.3 billion ) and $0.8 billion ( December 31, 2018 – $0.8 billion ), respectively. Net Investment in Direct Financing Leases and Sales-Type Leases Teekay LNG's time-charter contracts accounted for as direct financing leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). Teekay LNG has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby Teekay LNG estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby Teekay LNG calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. Teekay LNG has three liquefied natural gas (or LNG ) carriers, excluding vessels in its equity-accounted joint ventures, which are accounted for as direct financing leases. For a description of Teekay LNG's LNG carriers accounted for as direct financing leases, see "Item 18 – Financial Statements: Note 2" to the Company's Annual Report on Form 20-F for the year ended December 31, 2018. The following table lists the components of Teekay LNG's net investments in direct financing leases: September 30, 2019 December 31, 2018 $ $ Total minimum lease payments to be received 849,115 897,130 Estimated unguaranteed residual value of leased properties 291,098 291,098 Initial direct costs and other 304 329 Less unearned revenue (579,080 ) (613,394 ) Total 561,437 575,163 Less current portion (13,365 ) (12,635 ) Long-term portion 548,072 562,528 As at September 30, 2019 , estimated minimum lease payments to be received by Teekay LNG related to its direct financing leases in each of the next five years were approximately $15.9 million ( 2019 ), $64.3 million ( 2020 ), $64.2 million ( 2021 ), $64.2 million ( 2022 ), $64.0 million ( 2023 ) and an aggregate of $576.5 million thereafter. The leases are scheduled to end between 2029 and 2039. As at September 30, 2019 , estimated minimum lease payments to be received by Teekay LNG related to its sales-type leases were approximately $7.1 million during the remainder of 2019 , and $36.4 million in 2020 . As at September 30, 2019 , Teekay LNG has not recognized a lease receivable in respect of these payments in its unaudited consolidated financial statements as its recoverability was not reasonably assured. As at December 31, 2018 , estimated minimum lease payments to be received by Teekay LNG related to its direct financing leases in each of the next five years were approximately $63.9 million ( 2019 ), $64.3 million ( 2020 ), $64.2 million ( 2021 ), $64.2 million ( 2022 ), $64.0 million ( 2023 ) and an aggregate of $576.5 million thereafter. The leases are scheduled to end between 2029 and 2039. Contract Liabilities The Company enters into certain customer contracts that result in situations where the customer will pay consideration upfront for performance to be provided in the following month or months. These receipts are contract liabilities and are presented as deferred revenue until performance is provided. As at September 30, 2019 , December 31, 2018 , September 30, 2018 and on transition to ASC 606 on January 1, 2018, there were contract liabilities of $26.6 million , $26.4 million , $21.7 million and $29.5 million , respectively. During the three months ended September 30, 2019 and September 30, 2018 , the Company recognized $23.3 million and $22.2 million of revenue, respectively, that was recognized as a contract liability at the beginning of such three-month periods. During the nine months ended September 30, 2019 and September 30, 2018 , the Company recognized $26.4 million and $29.5 million of revenue, respectively, that was recognized as a contract liability at the beginning of such nine -month periods. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Deconsolidation of Teekay Offshore | Related Party Transactions On May 8, 2019, Teekay sold to Brookfield Business Partners L.P. (or Brookfield ) all of the Company’s remaining interests in Teekay Offshore Partners L.P. (or Teekay Offshore ), which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Teekay Offshore (described below), for total cash proceeds of $100 million (or the 2019 Brookfield Transaction ). Subsequent to the 2019 Brookfield Transaction, Teekay Offshore is no longer a related party of Teekay. Subsequent to the deconsolidation of Teekay Offshore in September 2017 and prior to the 2019 Brookfield Transaction, the Company accounted for its investment in Teekay Offshore's general partner and common units under the equity method of accounting. Based on the 2019 Brookfield Transaction, the Company remeasured its investment in Teekay Offshore to fair value at March 31, 2019 based on the Teekay Offshore publicly-traded unit price at that date, resulting in a write-down of $64.9 million reflected in equity loss on the Company's unaudited consolidated statements of loss for the nine months ended September 30, 2019 . The Company recognized a loss on sale of $8.9 million upon completion of the 2019 Brookfield Transaction in May 2019. Since Teekay Offshore is no longer a related party of Teekay, advances from Teekay to Teekay Offshore and advances from Teekay Offshore to Teekay were included in accounts receivable and accounts payable, respectively, on the Company's unaudited consolidated balance sheet as at September 30, 2019 . Advances from Teekay to Teekay Offshore as at December 31, 2018 were $83.1 million , and advances from Teekay Offshore to Teekay as at December 31, 2018 were $59.3 million . Such amounts were included in current portion of loans to equity-accounted investments and loans from equity-accounted investments, respectively, on the Company's consolidated balance sheet as at December 31, 2018. In March 2018, Teekay Offshore entered into a loan agreement for a $125.0 million senior unsecured revolving credit facility, of which up to $25.0 million was provided by Teekay and up to $100.0 million was provided by Brookfield. Teekay’s $25.0 million loan to Teekay Offshore was among the assets sold by Teekay to Brookfield in the 2019 Brookfield Transaction. On September 25, 2017, Teekay, Teekay Offshore and Brookfield completed a strategic partnership (or the 2017 Brookfield Transaction ), which resulted in the deconsolidation of Teekay Offshore as of that date. Until December 31, 2017, Teekay and its wholly-owned subsidiaries directly and indirectly provided substantially all of Teekay Offshore’s ship management, commercial, technical, strategic, business development and administrative service needs. On January 1, 2018, as part of the 2017 Brookfield Transaction, Teekay Offshore acquired a 100% ownership interest in seven subsidiaries (or the Transferred Subsidiaries ) of Teekay at carrying value. The Company recognized a loss of $7.1 million for the nine months ended September 30, 2018 related to the sale of the Transferred Subsidiaries and the resultant release of accumulated pension losses from accumulated other comprehensive income, which is recorded in loss on deconsolidation of Teekay Offshore on the Company's unaudited consolidated statements of loss . Subsequent to their transfer to Teekay Offshore, the Transferred Subsidiaries continue to provide ship management, commercial, technical, strategic, business development and administrative services to Teekay, primarily related to Teekay's FPSO units. Teekay and certain of its subsidiaries, other than the Transferred Subsidiaries, continue to provide certain other ship management, commercial, technical, strategic and administrative services to Teekay Offshore. Revenues recognized by the Company for services provided to Teekay Offshore during the period that Teekay Offshore was a related party to the Company from January 1, 2019 to May 8, 2019 was $7.6 million (three and nine months ended September 30, 2018 – $5.1 million and $16.2 million , respectively), which were recorded in revenues on the Company's unaudited consolidated statements of loss . Fees paid by the Company to Teekay Offshore for services provided by Teekay Offshore to the Company during the period that Teekay Offshore was a related party to the Company from January 1, 2019 to May 8, 2019 was $9.6 million (three and nine months ended September 30, 2018 – $5.9 million and $19.2 million , respectively), which were recorded in vessel operating expenses and general and administrative expenses on the Company's unaudited consolidated statements of loss . As at September 30, 2019 , two shuttle tankers and three FSO units of Teekay Offshore were employed on long-term time-charter-out or bareboat contracts to subsidiaries of Teekay. Time-charter hire expenses paid by the Company to Teekay Offshore during the period that Teekay Offshore was a related party to the Company from January 1, 2019 to May 8, 2019 was $20.8 million ( three and nine months ended September 30, 2018 – $14.4 million and $42.4 million , respectively). In September 2018, Teekay LNG entered into an agreement with its 52% -owned joint venture with Marubeni Corporation (or the Teekay LNG-Marubeni Joint Venture ) to charter in one of Teekay LNG-Marubeni Joint Venture's LNG carriers, the Magellan Spirit , for a period of two years at a fixed-rate. Time-charter hire expense for the three and nine months ended September 30, 2019 were $5.3 million and $14.0 million , respectively ( three and nine months ended September 30, 2018 – $1.7 million ). The Company provides ship management and corporate services to certain of its equity-accounted joint ventures that own and operate LNG carriers on long-term charters. In addition, the Company is reimbursed for costs incurred by the Company for its seafarers operating these LNG carriers. During the three and nine months ended September 30, 2019 , the Company earned $17.4 million and $50.0 million , respectively ( three and nine months ended September 30, 2018 – $14.4 million and $40.1 million , respectively), of fees pursuant to these management agreements and reimbursement of costs. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company’s segments are described in "Item 18 – Financial Statements: Note 3" to the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 . The Company allocates capital and assesses performance from the separate perspectives of its two publicly-traded subsidiaries Teekay LNG and Teekay Tankers (together, the Daughter Entities ), Teekay and its remaining subsidiaries (or Teekay Parent ), and, prior to the completion of the 2019 Brookfield Transaction, its equity-accounted investment in Teekay Offshore, as well as from the perspective of the Company's lines of business. The primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is on the Daughter Entities, Teekay Parent and, prior to the completion of the 2019 Brookfield Transaction, its equity-accounted investment in Teekay Offshore, (the Legal Entity approach ), and its segments are presented accordingly on this basis. The Company (which excludes Teekay Offshore) has three primary lines of business: (1) offshore production (FPSO units), (2) LNG and liquefied petroleum gas (or LPG ) carriers, and (3) conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company incorporates the primary lines of business within its segments, as in certain cases there is more than one line of business in each Daughter Entity and the Company believes this information allows a better understanding of the Company’s performance and prospects for future net cash flows. The following table includes the Company’s revenues by segment for the three and nine months ended September 30, 2019 and 2018 : Revenues Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Teekay LNG Liquefied Gas Carriers (1) 148,058 118,188 445,731 335,409 Conventional Tankers 1,597 5,148 6,728 25,548 149,655 123,336 452,459 360,957 Teekay Tankers Conventional Tankers (1) 182,304 175,915 617,082 516,039 Teekay Parent Offshore Production 44,558 71,583 151,824 203,982 Other 51,275 45,988 149,923 144,115 95,833 117,571 301,747 348,097 Eliminations and other (7,096 ) (260 ) (11,712 ) (8,867 ) 420,696 416,562 1,359,576 1,216,226 (1) The amounts in the table below represent revenue earned by each segment from other segments within the group. During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit was chartered by Teekay LNG to Teekay Parent. During 2018, certain vessels were chartered by Teekay LNG to Teekay Parent. Such intersegment revenue for the three and nine months ended September 30, 2019 and 2018 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Teekay LNG – Liquefied Gas Carriers 7,246 — 9,733 9,418 Teekay Tankers – Conventional Tankers (150 ) — 1,979 — 7,096 — 11,712 9,418 The following table includes the Company’s income (loss) from vessel operations by segment for the three and nine months ended September 30, 2019 and 2018 : Income (Loss) from Vessel Operations (1) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Teekay LNG Liquefied Gas Carriers 72,112 51,581 216,799 105,571 Conventional Tankers (501 ) (4,583 ) (1,150 ) (22,926 ) 71,611 46,998 215,649 82,645 Teekay Tankers Conventional Tankers (4,873 ) (2,166 ) 32,275 (24,002 ) Teekay Parent Offshore Production (194,415 ) 12,905 (212,959 ) 25,328 Other (2,712 ) (2,655 ) (9,659 ) (8,463 ) (197,127 ) 10,250 (222,618 ) 16,865 (130,389 ) 55,082 25,306 75,508 (1) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). Prior to its sale in May 2019, the Company accounted for its investment in Teekay Offshore's general partner and common units using the equity method and recognized an equity loss in respect of Teekay Offshore for the period from January 1, 2019 to May 8, 2019 of $3.1 million ( three and nine months ended September 30, 2018 – equity losses of $0.5 million and $9.2 million , respectively). The Company wrote-down the investment in Teekay Offshore by $64.9 million in the nine months ended September 30, 2019 and recognized a loss on sale of $8.9 million in the nine months ended September 30, 2019 . A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheets is as follows: September 30, 2019 December 31, 2018 $ $ Teekay LNG – Liquefied Gas Carriers 5,207,158 5,188,088 Teekay LNG – Conventional Tankers 12,540 39,450 Teekay Tankers – Conventional Tankers 2,093,433 2,106,169 Teekay Parent – Offshore Production 172,858 311,550 Teekay Parent – Other 92,040 38,280 Teekay Offshore — 233,225 Cash and cash equivalents 293,361 424,169 Other assets not allocated 108,404 70,153 Eliminations (28,016 ) (19,414 ) Consolidated total assets 7,951,778 8,391,670 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Obligations relating to Finance Leases [Line Items] | |
Finance Lease, Liability, Maturity [Table Text Block] | As at September 30, 2019 and December 31, 2018 , the remaining commitments related to the financial liabilities of these nine LNG carriers ( December 31, 2018 – eight LNG carriers) including the amounts to be paid for the related purchase obligations, approximated $1.9 billion ( December 31, 2018 – $1.7 billion ), including imputed interest of $489.0 million ( December 31, 2018 – $435.3 million ), repayable for the remainder of 2019 through 2034, as indicated below: Commitments At September 30, 2019 At December 31, 2018 Year $ $ Remainder of 2019 35,389 119,517 2020 140,386 118,685 2021 138,601 117,772 2022 136,959 116,978 2023 135,459 116,338 Thereafter 1,330,378 1,120,670 As at September 30, 2019 and December 31, 2018 , the total remaining commitments related to the financial liabilities of Teekay Tankers' Suezmax, Aframax and LR2 product tankers, including the amounts to be paid for the related purchase obligations, approximated $615.9 million ( December 31, 2018 – $557.1 million ), including imputed interest of $195.0 million ( December 31, 2018 – $181.8 million ), repayable from 2019 through 2030, as indicated below: Commitments At September 30, 2019 At December 31, 2018 Year $ $ Remainder of 2019 14,242 47,962 2020 56,364 47,373 2021 56,202 47,237 2022 56,193 47,230 2023 56,184 47,222 Thereafter 376,749 320,064 |
Leases [Text Block] | 6 . Leases Obligations Related to Finance Leases September 30, 2019 December 31, 2018 $ $ Teekay LNG LNG Carriers 1,428,146 1,274,569 Suezmax Tanker — 23,987 Teekay Tankers Suezmax Tankers 219,751 165,145 Aframax Tankers 175,920 184,021 LR2 Product Tanker 25,263 26,123 Total obligations related to finance leases 1,849,080 1,673,845 Less current portion (94,536 ) (102,115 ) Long-term obligations related to finance leases 1,754,544 1,571,730 Teekay LNG As at September 30, 2019 , Teekay LNG was a party to finance leases on nine LNG carriers ( December 31, 2018 – eight LNG carriers). These nine LNG carriers were sold by Teekay LNG to third parties (or Lessors ) and leased back under 7.5 - to 15 -year bareboat charter contracts ending in 2026 through to 2034. At the inception of these leases, the weighted-average interest rate implicit in these leases was 5.2% . The bareboat charter contracts are presented as obligations related to finance leases on the Company's unaudited consolidated balance sheets and have purchase obligations at the end of the lease terms. Teekay LNG consolidates seven of the nine Lessors for financial reporting purposes as variable interest entities. Teekay LNG understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay LNG operates the vessels during the lease term and as a result, is considered to be, under GAAP, the Lessors' primary beneficiary. The liabilities of the seven Lessors are loans and are non-recourse to Teekay LNG. The amounts funded to the seven Lessors in order to purchase the vessels materially match the funding to be paid by Teekay LNG's subsidiaries under the sale-leaseback transactions. As a result, the amounts due by Teekay LNG's subsidiaries to the seven Lessors have been included in obligations related to finance leases as representing the Lessors' loans. During January 2019, Teekay LNG sold the Yamal Spirit and leased it back for a period of 15 years, with an option granted to Teekay LNG to extend the lease term by an additional five years. Teekay LNG is required to purchase the vessel at the end of the lease term. During September 2019, Teekay LNG refinanced the Torben Spirit by acquiring the Torben Spirit from its original Lessor and then selling the vessel to another Lessor and leasing it back for a period of 7.5 years . Teekay LNG is required to purchase the vessel at the end of the lease term. As a result of this refinancing transaction, Teekay LNG recognized a loss of $1.4 million for the three and nine months ended September 30, 2019 on the extinguishment of the original finance lease which was included in other loss in the unaudited consolidated statements of loss . Subsequent to the adoption of ASU 2016-02 on January 1, 2019, sale-leaseback transactions where the lessee has a purchase obligation are treated as a failed sale. Consequently, Teekay LNG has not derecognized the vessels and continues to depreciate the assets as if Teekay LNG was the legal owner. Proceeds received from the sales are set up as financial liabilities and bareboat charter hire payments made by Teekay LNG to the Lessors are allocated between interest expense and principal repayments on the financial liabilities. The obligations of Teekay LNG under the bareboat charter contracts for the nine LNG carriers are guaranteed by Teekay LNG. In addition, the guarantee agreements require Teekay LNG to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. As of the date these unaudited consolidated financial statements were issued, Teekay LNG was in compliance with all covenants in respect of the obligations related to its finance leases. As at September 30, 2019 and December 31, 2018 , the remaining commitments related to the financial liabilities of these nine LNG carriers ( December 31, 2018 – eight LNG carriers) including the amounts to be paid for the related purchase obligations, approximated $1.9 billion ( December 31, 2018 – $1.7 billion ), including imputed interest of $489.0 million ( December 31, 2018 – $435.3 million ), repayable for the remainder of 2019 through 2034, as indicated below: Commitments At September 30, 2019 At December 31, 2018 Year $ $ Remainder of 2019 35,389 119,517 2020 140,386 118,685 2021 138,601 117,772 2022 136,959 116,978 2023 135,459 116,338 Thereafter 1,330,378 1,120,670 As at December 31, 2018 , Teekay LNG was a party, as lessee, to a finance lease on one Suezmax tanker, the Toledo Spirit . As at December 31, 2018 , the remaining commitments related to the finance lease for the Suezmax tanker, including the related purchase obligation, approximated $24.2 million , including imputed interest of $0.2 million , repayable in 2019. In January 2019, the charterer, who is also the owner, sold the Toledo Spirit to a third party, which resulted in Teekay LNG returning the vessel to its owner and the obligation related to finance lease concurrently being extinguished. Teekay Tankers In May 2019, Teekay Tankers completed a $63.7 million sale-leaseback financing transaction with a financial institution relating to two of Teekay Tankers' Suezmax tankers, the Aspen Spirit and Cascade Spirit . In November 2018, Teekay Tankers completed an $84.7 million sale-leaseback financing transaction with a financial institution relating to four of Teekay Tankers' vessels, consisting of two Aframax tankers, one Suezmax tanker and one Long Range 2 (or LR2 ) product tanker, the Explorer Spirit , Navigator Spirit , Pinnacle Spirit and Trysil Spirit . In September 2018, Teekay Tankers completed a $156.6 million sale-leaseback financing transaction with a financial institution relating to six of its Aframax tankers, the Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Peak Spirit, Tarbet Spirit and Whistler Spirit . In July 2017, Teekay Tankers completed a $153.0 million sale-leaseback financing transaction with a financial institution relating to four of its Suezmax tankers, the Athens Spirit , the Beijing Spirit , the Moscow Spirit and the Sydney Spirit . Under these arrangements, Teekay Tankers transferred the vessels to subsidiaries of the financial institutions (or collectively, the Lessors ), and leased the vessels back from the Lessors on bareboat charters ranging from 9 - to 12 -year terms. Teekay Tankers is obligated to purchase six of the Aframax vessels and two of the Suezmax vessels upon maturity of their respective bareboat charters. Teekay Tankers also has the option to purchase each of the 16 tankers at various times starting between July 2020 and November 2021 until the end of their respective lease terms. Teekay Tankers consolidates 14 of the 16 Lessors for financial reporting purposes as VIEs. Teekay Tankers understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay Tankers operates the vessels during the lease terms, and as a result, is considered to be the Lessor's primary beneficiary. The liabilities of the 14 Lessors are loans that are non-recourse to Teekay Tankers. The amounts funded to the 14 Lessors in order to purchase the vessels materially match the funding to be paid by Teekay Tankers' subsidiaries under these leaseback transactions. As a result, the amounts due by Teekay Tankers' subsidiaries to the 14 Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. Subsequent to the adoption of ASU 2016-02 on January 1, 2019, sale and leaseback transactions where the lessee has a purchase obligation are treated as a failed sale. Consequently, Teekay Tankers has not derecognized the Aspen Spirit and Cascade Spirit and continues to depreciate the assets as if it was the legal owner. Proceeds received from the sale are set up as an obligation related to finance lease and bareboat charter hire payments made by Teekay Tankers to the Lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. The bareboat charters related to each of these vessels require that Teekay Tankers maintain minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of Teekay Tankers' consolidated debt and obligations related to finance leases (excluding applicable security deposits reflected in restricted cash – non-current on the Company's unaudited consolidated balance sheets). Four of the bareboat charters require Teekay Tankers to maintain, for each vessel, a hull coverage ratio of 90% of the total outstanding principal balance during the first three years of the lease period and 100% of the total outstanding principal balance thereafter. As at September 30, 2019 , this ratio was approximately 121% ( December 31, 2018 – 101% ). Six of the bareboat charters require Teekay Tankers to maintain, for each vessel, a hull coverage ratio of 75% of the total outstanding principal balance during the first year of the lease period, 78% for the second year, 80% for the following two years and 90% of the total outstanding principal balance thereafter. As at September 30, 2019 , this ratio was approximately 113% ( December 31, 2018 – 91% ). Four of the bareboat charters also require Teekay Tankers to maintain, for each vessel, a hull overage ratio of 100% of the total outstanding principal balance. As at September 30, 2019 , this ratio was approximately 153% ( December 31, 2018 – 122% ). The remaining two bareboat charters also require Teekay Tankers to maintain, for each vessel, a minimum hull coverage ratio of 75% of the total outstanding principal balance during the first year of the lease period, 78% for the second year, 80% for the following two years and 90% of the total outstanding principal balance thereafter. As at September 30, 2019 , this ratio was approximately 108% ( December 31, 2018 – nil ). Such requirements are assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As of the date these unaudited consolidated financial statements were issued, Teekay Tankers is in compliance with all covenants in respect of its obligations related to finance leases. The weighted average interest rate on Teekay Tankers’ obligations related to finance leases as at September 30, 2019 was 7.7% ( December 31, 2018 – 7.5% ). As at September 30, 2019 and December 31, 2018 , the total remaining commitments related to the financial liabilities of Teekay Tankers' Suezmax, Aframax and LR2 product tankers, including the amounts to be paid for the related purchase obligations, approximated $615.9 million ( December 31, 2018 – $557.1 million ), including imputed interest of $195.0 million ( December 31, 2018 – $181.8 million ), repayable from 2019 through 2030, as indicated below: Commitments At September 30, 2019 At December 31, 2018 Year $ $ Remainder of 2019 14,242 47,962 2020 56,364 47,373 2021 56,202 47,237 2022 56,193 47,230 2023 56,184 47,222 Thereafter 376,749 320,064 Operating Lease Liabilities The Company charters-in vessels from other vessel owners on time-charter-in and bareboat charter contracts, whereby the vessel owner provides use of the vessel to the Company, and, in the case of time-charter-in contracts, also operates the vessel for the Company. A time-charter-in contract is typically for a fixed period of time, although in certain cases the Company may have the option to extend the charter. The Company typically pays the owner a daily hire rate that is fixed over the duration of the charter. The Company is generally not required to pay the daily hire rate for time-charters during periods the vessel is not able to operate. The Company has determined that all of its time-charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The discount rate of the lease is determined using the Company’s incremental borrowing rate, which is based on the fixed interest rate the Company could obtain when entering into a secured loan facility of similar terms for an amount equal to the total minimum lease payments. The bareboat charter contracts contain only a lease component. With respect to time-charter-in and bareboat charter contracts with an original term of more than one year, for the three and nine months ended September 30, 2019 , the Company incurred $25.9 million and $74.7 million , respectively, of time-charter and bareboat hire expense related to these time-charter and bareboat charter contracts, of which $18.1 million and $51.9 million , respectively, were allocable to the lease component, and $7.7 million and $22.8 million , respectively, were allocable to the non-lease component. The amounts allocable to the lease component approximates the cash paid for the amounts included in lease liabilities and is reflected as a reduction in operating cash flows for the three and nine months ended September 30, 2019 . Three of Teekay Tankers' time-charter-in contracts each have an option to extend the charter for an additional one-year term. Since it is not reasonably certain that Teekay Tankers will exercise the options, the lease components of the options are not recognized as part of the right-of-use assets and lease liabilities. As at September 30, 2019 , the weighted-average remaining lease term and weighted-average discount rate for these time-charter-in and bareboat charter contracts were 2.8 years and 6.1% , respectively. The Company has elected to recognize the lease payments of short-term leases in its unaudited consolidated statements of loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred, which is consistent with the recognition of payment for the non-lease component. The Company considers as short-term leases those with an original term of one year or less, excluding leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset where the lessee is deemed reasonably certain to exercise the applicable option. For the three and nine months ended September 30, 2019 , the Company incurred $4.2 million and $13.4 million , respectively, of time-charter hire expense related to time-charter-in contracts classified as short-term leases. During the nine months ended September 30, 2019 , Teekay Tankers chartered in two LR2 vessels and one Aframax vessel for periods of 24 months each, Teekay LNG extended the charter-in contract for one LNG carrier for a period of 21 months , and Teekay Parent extended the charter-in contract for one FSO unit for a period of 12 months , which resulted in the Company recognizing right-of-use assets and lease liabilities totaling $47.6 million and $47.6 million , respectively. A maturity analysis of the Company’s operating lease liabilities from time-charter-in and bareboat charter contracts (excluding short-term leases) at September 30, 2019 is as follows: Lease Commitment Non-Lease Commitment Total Commitment Year $ $ $ Payments Remainder of 2019 19,242 9,418 28,660 2020 69,617 37,089 106,706 2021 54,195 26,948 81,143 2022 22,978 8,189 31,167 2023 9,227 — 9,227 Thereafter 5,712 — 5,712 Total payments 180,971 81,644 262,615 Less: imputed interest (15,557 ) Carrying value of operating lease liabilities 165,414 Less current portion (62,654 ) Carrying value of long-term operating lease liabilities 102,760 As at September 30, 2019 , minimum commitments to be incurred by the Company under short-term time-charter-in contracts were approximately $4.3 million (remainder of 2019) and $2.7 million (2020). As at December 31, 2018 , minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $116.3 million ( 2019 ), $90.4 million ( 2020 ), $53.4 million ( 2021 ), $9.1 million ( 2022 ), $9.1 million ( 2023 ) and $5.6 million thereafter. |
Write-down and Loss on Sales of
Write-down and Loss on Sales of Vessels | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Write-down and Loss on Sales of Vessels | Write-down and Loss on Sales of Vessels The Company's write-downs and vessel sales generally relate to vessels approaching the end of their useful lives as well as other vessels it strategically sells, or is attempting to sell, to reduce exposure to a certain vessel class. The following tables contain the write-downs and loss on sales of vessels for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Segment Asset Type Completion of Sale Date 2019 2018 Teekay Parent Segment – Offshore Production (1) 2 FPSOs N/A (175,000 ) — Teekay LNG Segment – Conventional Tankers (2) Handymax Oct-2019 (785 ) — Teekay LNG Segment – Conventional Tankers (3) 2 Suezmaxes Oct/Dec-2018 — (2,201 ) Total (175,785 ) (2,201 ) Nine Months Ended September 30, Segment Asset Type Completion of Sale Date 2019 2018 Teekay Parent Segment – Offshore Production (1) 3 FPSOs N/A (178,328 ) — Teekay LNG Segment – Conventional Tankers (2) Handymax Oct-2019 (785 ) (13,000 ) Teekay LNG Segment – Liquefied Gas Carriers (4) 4 Multi-gas Carriers N/A — (33,000 ) Teekay LNG Segment – Conventional Tankers (3) 2 Suezmaxes Oct/Dec-2018 — (7,863 ) Other — 170 Total (179,113 ) (53,693 ) (1) During the nine months ended September 30, 2019, the Company took impairment charges in respect of all three of its FPSO-related assets. The Company has continued to follow its strategy of contract extensions and a potential sale of any or all of the three FPSOs. Substantially all of the $178.3 million impairment in the nine months ended September 30, 2019 relates to the write-down of two of the Company’s FPSO units. The Company made changes to its expected cash flows from the two FPSO units based on recent discussions with potential buyers about the possible sale of the units and existing charterers about contract extensions. This led to the write-down of one unit to its estimated fair value, based on the expected sales price, and a write-down of the other unit to its estimated fair value, using a discounted cash flow approach based on the terms of the existing contract and expectations about future contract extensions and potential sale of the unit. (2) Teekay LNG commenced marketing the Alexander Spirit conventional tanker for sale in the second quarter of 2019 and sold the vessel in October 2019 for net proceeds of $11.5 million . The Alexander Spirit is presented as held for sale in the unaudited consolidated balance sheets as at September 30, 2019 . (3) During the three and nine months ended September 30, 2018, Teekay LNG recorded write-downs on the European Spirit and African Spirit Suezmax tankers to their estimated resale value. In the fourth quarter of 2018, Teekay LNG sold the European Spirit and African Spirit for net proceeds of $15.7 million and $12.8 million , respectively, using the net proceeds from the sales primarily to repay its existing term loans associated with the vessels. (4) In June 2018, the carrying value for four of Teekay LNG's seven wholly-owned Multi-gas carriers, the Napa Spirit , Pan Spirit , Cathinka Spirit and Camilla Spirit , were written down to their estimated fair values, using appraised values, as a result of Teekay LNG's evaluation of alternative strategies for these assets, the current charter rate environment and the outlook for charter rates for these vessels. |
Accounts Payable, Accrued Liabi
Accounts Payable, Accrued Liabilities and Other | 9 Months Ended |
Sep. 30, 2019 | |
Accounts Payable and Accrued Liabilities [Member] | |
Schedule of Accounts Payable, Accrued Liabilities and Other [Line Items] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8 . Accounts Payable, Accrued Liabilities and Other September 30, 2019 December 31, 2018 $ $ Accounts payable 110,406 31,201 Accrued liabilities Voyage and vessel expenses 117,912 98,135 Interest 33,944 47,731 Payroll and related liabilities 33,016 34,849 Distributions payable and other 6,486 6,426 Deferred revenues – current 30,330 30,108 In-process revenue contracts – current 5,933 5,930 Office lease liability – current ( note 2 ) 3,065 — 341,092 254,380 |
Short-Term Debt
Short-Term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Short-term Debt [Line Items] | |
Short-term Debt [Text Block] | 9 . Short-Term Debt In November 2018, Teekay Tankers Chartering Pte. Ltd. (or TTCL ) a wholly-owned subsidiary of Teekay Tankers and a manager of Teekay Tankers' revenue sharing arrangements (or RSAs ) entered into a working capital loan facility agreement (or the Working Capital Loan ), which initially provided available aggregate borrowings of up to $40.0 million for TTCL, and which was subsequently increased to $55.0 million , effective June 2019. Proceeds of the Working Capital Loan are used to provide working capital in relation to certain vessels trading in the RSAs and to fund pooling operations. The Working Capital Loan had an initial maturity date in August 2019, but is continually extended for further periods of six months thereafter until the lender gives notice in writing that no further extensions shall occur. Interest payments are based on LIBOR plus a margin of 3.5% . The Working Capital Loan is collateralized by the assets of TTCL. The Working Capital Loan requires Teekay Tankers to maintain its paid-in capital contribution to the RSAs and the retained distributions of the RSA participants in an amount equal to the greater of (a) an amount equal to the minimum average capital contributed by the RSA participants per vessel in respect of the RSA (including cash, bunkers or other working capital contributions and amounts accrued to the RSA participants but unpaid) and (b) $20.0 million . As at September 30, 2019 , $50.0 million ( December 31, 2018 – nil ) was owing under this facility, and the effective interest rate on the facility was 5.5% ( December 31, 2018 – nil ). As of the date these consolidated financial statements were issued, Teekay Tankers was in compliance with all covenants in respect of this facility. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Long-Term Debt September 30, 2019 December 31, 2018 $ $ Revolving Credit Facilities 555,930 642,997 Senior Notes (8.5%) due January 15, 2020 36,712 508,577 Senior Notes (9.25%) due November 15, 2022 250,000 — Convertible Senior Notes (5%) due January 15, 2023 125,000 125,000 Norwegian Krone-denominated Bonds due through August 2023 335,287 352,973 U.S. Dollar-denominated Term Loans due through 2030 1,388,157 1,536,499 Euro-denominated Term Loans due through 2024 170,274 193,781 Other U.S. Dollar-denominated loan 3,300 3,300 Total principal 2,864,660 3,363,127 Less unamortized discount and debt issuance costs (43,356 ) (43,604 ) Total debt 2,821,304 3,319,523 Less current portion (528,527 ) (242,137 ) Long-term portion 2,292,777 3,077,386 As of September 30, 2019 , the Company had five revolving credit facilities (or the Revolvers ) available, which, as at such date, provided for aggregate borrowings of up to $869.5 million , of which $313.6 million was undrawn. Interest payments are based on LIBOR plus margins; the margins ranged between 1.40% and 3.95% at September 30, 2019 and at December 31, 2018 . The aggregate amount available under the Revolvers is scheduled to decrease by $3.0 million (remainder of 2019 ), $369.5 million ( 2020 ), $329.2 million ( 2021 ) and $167.8 million ( 2022 ). The Revolvers are collateralized by first-priority mortgages granted on 36 of the Company’s vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all but one of the Revolvers' outstanding amounts. Included in other related security are 25.2 million common units in Teekay LNG and 40.3 million Class A common shares in Teekay Tankers to secure a $150 million credit facility. The Company’s 8.5% senior unsecured notes are due January 15, 2020 with an original aggregate principal amount of $450 million (the Original Notes ). The Original Notes issued on January 27, 2010 were sold at a price equal to 99.2% of par. During 2014, the Company repurchased $57.3 million of the Original Notes. In November 2015, the Company issued an aggregate principal amount of $200 million of the Company’s 8.5% senior unsecured notes due on January 15, 2020 (or the Additional Notes ) at 99.01% of face value, plus accrued interest from July 15, 2015. The Additional Notes were an additional issuance of the Company's Original Notes (collectively referred to as the 2020 Notes ). The Additional Notes were issued under the same indenture governing the Original Notes and are fungible with the Original Notes. The discount on the 2020 Notes is accreted through the maturity date of the notes using the effective interest rate of 8.67% per year. During 2018, the Company repurchased $84.1 million in aggregate principal amount of the 2020 Notes. During the first quarter of 2019, the Company repurchased an additional $10.9 million in aggregate principal amount of the 2020 Notes. In May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of the 2020 Notes and issued $250.0 million in aggregate principal amount of 9.25% senior secured notes at par due November 2022 (or the 2022 Notes ). The Company recognized a loss of $10.7 million on the purchase of the 2020 Notes in the nine months ended September 30, 2019 which is included in other loss in the unaudited consolidated statements of loss . The 2022 Notes are guaranteed on a senior secured basis by certain of our subsidiaries and are secured by first-priority liens on two of Teekay's FPSO units, a pledge of the equity interests in Teekay's subsidiary that owns all of Teekay's common units of Teekay LNG Partners L.P. and all of Teekay’s Class A common shares of Teekay Tankers Ltd. and a pledge of the equity interests in Teekay's subsidiaries that own Teekay Parent's three FPSO units. The 2020 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 2020 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 2020 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 2020 Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2020 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. The Company may redeem the 2022 Notes in whole or in part at any time prior to November 15, 2020 at a redemption price equal to 100% of the principal amount of the 2022 Notes to be redeemed, plus the greater of (i) 1.0% of the principal amount of such 2022 Notes and (ii) the excess, if any, of the sum of the present values of the remaining scheduled payments of principal and interest on the 2022 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 over the principal amount of such 2022 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. The Company may redeem the 2022 Notes in whole or in part at a redemption price equal to a percentage of the principal amount of the 2022 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date, as follows: 104.625% at any time on or after November 15, 2020, but prior to November 15, 2021; 102.313% at any time on or after November 15, 2021, but prior to August 15, 2022; and 100% at any time on or after August 15, 2022. On January 26, 2018, Teekay Parent completed a private offering of $125.0 million in aggregate principal amount of 5% Convertible Senior Notes due January 15, 2023 (the Convertible Notes ). The Convertible Notes are convertible into Teekay’s common stock, initially at a rate of 85.4701 shares of common stock per $1,000 principal amount of Convertible Notes. This represents an initial effective conversion price of $11.70 per share of common stock. The initial conversion price represents a premium of 20% to the concurrent common stock offering price of $9.75 per share. On issuance of the Convertible Notes, $104.6 million of the net proceeds was reflected in long-term debt, including unamortized discount, and is being accreted to $125.0 million over its five -year term through interest expense. The remaining amount of the net proceeds of $16.1 million was allocated to the conversion feature and reflected in additional paid-in capital. Teekay LNG has a total of Norwegian Krone (or NOK ) 3.1 billion in senior unsecured bonds issued in the Norwegian bond market at September 30, 2019 that mature through August 2023. As of September 30, 2019 , the total carrying amount of the senior unsecured bonds was $335.3 million ( December 31, 2018 – $353.0 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 3.70% to 6.00% . 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 5.92% to 7.89% , and the transfer of the principal amount fixed at $382.5 million upon maturity in exchange for NOK 3.1 billion (see Note 16 ). As of September 30, 2019 , the Company had ten U.S. Dollar-denominated term loans outstanding, which totaled $1.4 billion in aggregate principal amount ( December 31, 2018 – $1.5 billion ). Interest payments on the term loans are based on LIBOR plus a margin , of which two of the term loans have additional tranches with a weighted average fixed rate of 4.48% . At September 30, 2019 , the margins ranged between 0.30% and 3.25% and at December 31, 2018 , the margins ranged between 0.30% and 3.50% . Term loans require payments in quarterly or semi-annual installments commencing three or six months after delivery of each newbuilding vessel financed thereby, and eight of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 24 ( December 31, 2018 – 24 ) of the Company’s vessels, together with certain other security. Teekay LNG has two Euro-denominated term loans outstanding, which, as at September 30, 2019 , totaled 156.2 million Euros ( $170.3 million ) ( December 31, 2018 – 169.0 million Euros ( $193.8 million )). Teekay LNG is servicing the loans with funds generated by two Euro-denominated, long-term time-charter contracts. Interest payments on the loans are based on EURIBOR plus a margin. At September 30, 2019 and December 31, 2018 , the margins ranged between 0.60% and 1.95% . The Euro-denominated term loans reduce in monthly and semi-annual payments with varying maturities through 2024, are collateralized by first-priority mortgages on two of Teekay LNG's vessels, together with certain other security, and are guaranteed by Teekay LNG and one of its subsidiaries. Both Euro-denominated term loans and 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 and restricted cash, and the change in the valuation of the Company’s cross currency swaps, the Company recognized a foreign exchange gain of $5.6 million ( 2018 – $3.6 million ) and a loss of $2.9 million ( 2018 – gain of $16.1 million ) during the three and nine months ended September 30, 2019 and 2018 , respectively. The weighted-average interest rate on the Company’s aggregate long-term debt as at September 30, 2019 was 4.8% ( December 31, 2018 – 5.1% ). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 16 ). Teekay has guaranteed obligations pursuant to certain credit facilities of Teekay Tankers. As at September 30, 2019 , the aggregate outstanding balance on such credit facilities was $150.4 million . The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to September 30, 2019 are $65.4 million (remainder of 2019 ), $711.4 million ( 2020 ), $830.5 million ( 2021 ), $399.8 million ( 2022 ), $330.4 million ( 2023 ) and $527.2 million (thereafter). 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 September 30, 2019 , these ratios ranged from 136% to 243% compared to their minimum required ratios of 115% to 135% . The vessel values used in these ratios are the appraised values provided by third parties where available or prepared by the Company based on second-hand sale and purchase market data. Changes in the LNG/LPG carrier and conventional tanker markets could negatively affect the Company's compliance with these ratios. Two of Teekay Tankers’ term loans, which are scheduled to mature between January 2021 and August 2021 are guaranteed by Teekay. One of the term loans contains covenants that require Teekay Parent to maintain the greater of (a) free cash (cash and cash equivalents) and undrawn committed revolving credit lines with at least six months to maturity of at least $50.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 5.0% of Teekay’s total consolidated debt (excluding the debt Teekay LNG and its subsidiaries and Teekay Tankers and its subsidiaries which is non-recourse to Teekay). The other term loan requires Teekay Parent and Teekay Tankers collectively to maintain the greater of (a) free cash (cash and cash equivalents) of at least $100.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 7.5% of Teekay's total consolidated debt (excluding the debt of Teekay LNG). In addition, certain loan agreements require Teekay Tankers to maintain minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of Teekay Tankers' total consolidated debt. Certain loan agreements require Teekay LNG to maintain a minimum level of tangible net worth, and minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million , and not to exceed a maximum level of financial leverage. As of the date these unaudited consolidated financial statements were issued, the Company is in compliance with all covenants under its credit facilities and other long-term debt. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Capital Stock | Capital Stock The authorized capital stock of Teekay at September 30, 2019 and December 31, 2018 was 25 million shares of preferred stock, with a par value of $1 per share, and 725 million shares of common stock, with a par value of $0.001 per share. As at September 30, 2019 , Teekay had no shares of preferred stock issued. In April 2019, Teekay filed a continuous offering program (or COP ) under which Teekay may issue shares of its common stock, at market prices up to a maximum aggregate amount of $63.0 million . No shares of common stock have been issued under this COP as of September 30, 2019 . During the nine months ended September 30, 2018 , Teekay completed a public offering of 10.0 million common shares priced at $9.75 per share, raising net proceeds of approximately $93.0 million and issued 1.1 million shares of common stock as part of a COP initiated in 2016 generating net proceeds of $10.7 million . During the nine months ended September 30, 2019 and 2018 , the Company granted 2,646,903 and 1,048,916 stock options with exercise prices of $3.98 and $8.67 per share, respectively, 796,733 and 625,878 restricted stock units with fair values of $3.3 million and $5.4 million , respectively, and 144,441 and 79,869 shares of restricted stock awards with fair values of $0.5 million and $0.7 million , respectively, to certain of the Company’s employees and directors. Each stock option has a ten -year term and vests equally over three years from the grant date. Each restricted stock unit and restricted stock award is equal 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 three years from the grant date. Upon vesting, the value of the restricted stock units and restricted stock awards are paid to each grantee in the form of shares. The weighted-average grant-date fair value of stock options granted during the nine months ended September 30, 2019 was $1.47 per stock option. The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the stock options granted: expected volatility of 65.2% ; expected life of 5.5 years; dividend yield of 5.9% ; risk-free interest rate of 2.5% ; and estimated forfeiture rate of 6.0% . The expected life of the stock 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. Share-based Compensation of Subsidiaries During the nine months ended September 30, 2019 and 2018 , 35,419 and 17,498 common units of Teekay LNG, respectively, and 159,375 and 168,029 shares of Class A common stock of Teekay Tankers, respectively, with aggregate values of $0.7 million and $0.5 million , respectively, were granted and issued to the non-management directors of the general partner of Teekay LNG and the non-management directors of Teekay Tankers as part of their annual compensation for 2019 and 2018 . Teekay LNG and Teekay Tankers grant equity-based compensation awards as incentive-based compensation to certain employees of Teekay’s subsidiaries that provide services to Teekay LNG and Teekay Tankers. During the nine months ended September 30, 2019 and 2018 , Teekay LNG and Teekay Tankers granted restricted unit/stock-based compensation awards with respect to 80,100 and 62,283 common units of Teekay LNG and 633,134 and 762,640 Class A common shares of Teekay Tankers, respectively, with aggregate grant date fair values of $1.8 million and $2.1 million , respectively, based on Teekay LNG and Teekay Tankers’ closing unit or stock prices on the grant dates. Each restricted stock unit is equal in value to one of Teekay LNG’s or Teekay Tankers’ common units or common shares plus reinvested distributions or dividends from the grant date to the vesting date. The awards vest equally over three years from the grant date. Upon vesting, the awards are paid to a substantial majority of the grantees in the form of common units or common shares, net of withholding tax. During the nine months ended September 30, 2019 , Teekay Tankers granted 1,380,173 and 470,765 stock options with an exercise price of $1.00 per share to officers and non-management directors of Teekay Tankers, respectively. During March 2018 , Teekay Tankers granted 736,327 and 504,097 stock options with an exercise price of $1.22 per share to officers and non-management directors of Teekay Tankers, respectively. Each stock option has a ten -year term and vests equally over three years from the grant date. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies a) Vessels Under Construction and Upgrades Teekay LNG's share of commitments to fund newbuilding and other construction contract costs as at September 30, 2019 are as follows: Total Remainder of 2020 2021 2022 Consolidated LNG carriers (i) 55,018 4,416 9,733 27,191 13,678 Equity-accounted joint ventures (ii) 241,189 241,189 — — — 296,207 245,605 9,733 27,191 13,678 (i) In May 2019, Teekay LNG received approximately $45 million from a shipyard related to warranty claims on certain of Teekay LNG's LNG carriers and recognized the amounts as reductions to the carrying values of the applicable LNG carriers. In connection with the warranty settlement, Teekay LNG entered into an agreement in June 2019 with a contractor to supply equipment on certain of its LNG carriers in 2021 and 2022 for an estimated installed cost of approximately $61 million . (ii) The commitment amounts relating to Teekay LNG’s share of costs for newbuilding and other construction contracts in Teekay LNG’s equity-accounted joint ventures are based on Teekay LNG’s ownership percentage in each respective joint venture as of September 30, 2019 . These commitments are described in more detail in "Item 18 – Financial Statements: Note 16" of the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 . Based on Teekay LNG's ownership percentage in each respective joint venture, Teekay LNG's equity-accounted joint ventures have secured $188.0 million of undrawn financing related to Teekay LNG's proportionate share of the remaining commitments included in the table above. b) Liquidity Management is required to assess whether the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its financial statements. The Company had a consolidated net loss of $271.5 million and consolidated cash flows from operating activities of $256.1 million during the nine months ended September 30, 2019 and had a working capital deficit of $366.0 million as at September 30, 2019 . This working capital deficit included approximately $528.5 million related to scheduled maturities and repayments of debt in the next 12 months, of which some loan maturities relate to assets which are subject to purchase obligations of the charterer, and was classified as current liabilities as at September 30, 2019 . Based on the Company’s liquidity at the date these unaudited consolidated financial statements were issued, and the liquidity the Company expects to generate from operations over the following year assuming no significant decline in spot tanker rates, the Company expects that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these unaudited consolidated financial statements. 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. d) 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. Teekay LNG also guarantees its proportionate share of certain loan facilities and obligations on interest rate swaps for its equity-accounted joint ventures for which the aggregate principal amount of the loan facilities and fair value of the interest rate swaps as at September 30, 2019 was $1.3 billion . As of the date these consolidated financial statements were issued, Teekay LNG's equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that Teekay LNG guarantees. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments a) Fair Value Measurements For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see "Item 18 – Financial Statements: Note 11" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 . 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 fair value on a recurring basis. September 30, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring Cash, cash equivalents and restricted cash ( note 19 ) Level 1 392,756 392,756 505,639 505,639 Derivative instruments (note 16) Interest rate swap agreements – assets (1) Level 2 2,025 2,025 9,640 9,640 Interest rate swap agreements – liabilities (1) Level 2 (59,052 ) (59,052 ) (43,175 ) (43,175 ) Cross currency interest swap agreements – liabilities (1) Level 2 (54,887 ) (54,887 ) (29,122 ) (29,122 ) Foreign currency contracts Level 2 (535 ) (535 ) — — Stock purchase warrants Level 3 — — 12,026 12,026 Forward freight agreements Level 2 1,045 1,045 (57 ) (57 ) Non-recurring Vessels and equipment ( note 7 ) Level 3 64,282 64,282 — — Vessel held for sale ( note 7 ) Level 2 11,515 11,515 — — Other (2) Short-term debt ( note 9 ) Level 2 (50,000 ) (50,000 ) — — Long-term debt – public (note 10) Level 1 (607,187 ) (634,869 ) (856,986 ) (851,470 ) Long-term debt – non-public (note 10) Level 2 (2,214,117 ) (2,175,259 ) (2,462,537 ) (2,395,300 ) Obligations related to finance leases, including current portion ( note 6 ) Level 2 (1,849,080 ) (1,919,665 ) (1,673,845 ) (1,652,345 ) (1) The fair value of the Company's interest rate swap and cross currency swap agreements at September 30, 2019 includes $2.1 million ( December 31, 2018 – $3.2 million ) accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets. (2) In the unaudited interim consolidated financial statements, the Company’s loans to and investments in equity-accounted investments form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the individual components of such aggregate interests is not determinable. Stock purchase warrants – Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants issued by Teekay Offshore to Teekay in connection with the 2017 Brookfield Transaction (or Brookfield Transaction Warrants ) and 1,755,000 warrants to purchase common units of Teekay Offshore issued to Teekay in connection with Teekay Offshore's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants ) (see "Item 18 – Financial Statements: Note 4" of the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 ). In May 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Teekay Offshore, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants (see Note 4 ). Changes in fair value during the three and nine months ended September 30, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Fair value at the beginning of the period — 35,271 12,026 30,749 Fair value on acquisition/issuance — 2,330 — 2,330 Unrealized (loss) gain included in earnings — (5,373 ) 26,900 (851 ) Realized (loss) gain included in earnings — — (25,559 ) — Settlements — — (13,367 ) — Fair value at the end of the period — 32,228 — 32,228 Vessels – In September 2019, the Company determined that two FPSO units were impaired and wrote down the carrying value of the units to their estimated fair values. The Company has determined the estimated fair value of one of the units based on the expected sales price and the other unit using a discounted cash flow approach. The discounted cash flow approach used includes scenarios consisting of sale of the unit following expiration of the existing customer contract, sale of the unit in early 2020 and extension of the existing customer contract, weighted based on the likelihood of them occurring. Cash flow projections have been discounted at an estimated market participant rate of 9.5% . Cash flow projections are based on current and project charter rates and operating costs. The projected future use of the unit takes into consideration the Company’s projected charter rates that could be contracted in future periods. In establishing this estimate, the Company has considered current discussions with potential customers, and historical experience redeploying FPSO units. Estimated proceeds from the potential sale of the unit are based on prior discussions with potential buyers of the Company's FPSO units. b) Financing Receivables The following table contains a summary of the Company’s carrying value of financing receivables by type of borrower and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade September 30, 2019 December 31, 2018 $ $ Direct financing leases Payment activity Performing 561,437 575,163 Other loan receivables Loans to equity-accounted investments and joint venture partners Other internal metrics Performing 161,633 231,404 Long-term receivable and accrued revenue included in accounts receivable and other assets Payment activity Performing 6,871 15,694 729,941 822,261 |
Restructuring Reversals (Charge
Restructuring Reversals (Charges) | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges During the three and nine months ended September 30, 2019 , the Company recorded restructuring charges of $0.4 million and $10.4 million , respectively. The restructuring charges primarily related to severance costs resulting from the termination of certain management contracts in Teekay Parent of which the costs were fully recovered from the customer and the recovery is presented in revenue, as well as from the termination of the charter contract for the Toledo Spirit Suezmax tanker in Teekay LNG upon the sale of the vessel in January 2019. During the three and nine months ended September 30, 2018 , the Company recorded restructuring charges of $0.8 million and $4.1 million , respectively. The restructuring charges primarily related to severance costs resulting from reorganization and realignment of resources of certain of the Company's business development, marine solutions and fleet operations functions to better respond to the changing business environment. At September 30, 2019 and December 31, 2018 , $0.8 million and $0.8 million , respectively, of restructuring liabilities were recorded in accounts payable, accrued liabilities and other on the unaudited consolidated balance sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss As at September 30, 2019 and December 31, 2018 , the Company’s accumulated other comprehensive loss (or AOCI ) consisted of the following components: September 30, December 31, 2019 2018 $ $ Unrealized (loss) gain on qualifying cash flow hedging instruments (24,306 ) 903 Pension adjustments, net of tax recoveries (3,572 ) (3,176 ) (27,878 ) (2,273 ) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage certain risks in accordance with its overall risk management policies. Foreign Exchange Risk From time to time the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at September 30, 2019 , the Company was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency Average Forward Rate (1) Fair Value / Carrying Amount Of Asset (Liability) $ Expected Maturity 2019 2020 $ $ Euro 9,240 0.86 (535) 3,952 6,750 (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 dates of the swaps, 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 amounts of the Company’s NOK-denominated bonds due in 2020, 2021 and 2023. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2020, 2021 and 2023. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2020, 2021 and 2023. As at September 30, 2019 , the Company was committed to the following cross currency swaps: Fair Value / Carrying Amount of Asset / (Liability) $ Notional Notional Floating Rate Receivable Reference Rate Margin Fixed Rate Payable Remaining Term (years) 1,000,000 134,000 NIBOR 3.70% 5.92% (24,532 ) 0.6 1,200,000 146,500 NIBOR 6.00% 7.72% (15,474 ) 2.1 850,000 102,000 NIBOR 4.60% 7.89% (14,881 ) 3.9 (54,887 ) 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. The Company designates certain of its interest rate swap agreements as cash flow hedges for accounting purposes. As at September 30, 2019 , the Company was committed to the following interest rate swap agreements related to its LIBOR -based debt and EURIBOR -based debt, whereby certain of the Company’s floating-rate debts were swapped with fixed-rate obligations: Interest Rate Index Principal Amount Fair Value / Carrying Amount of Asset / (Liability) $ Weighted- Fixed Interest Rate (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 1,063,011 (47,983 ) 3.6 2.8 EURIBOR-Based Debt: Euro-denominated interest rate swaps EURIBOR 75,352 (9,044 ) 3.9 3.8 (57,027 ) (1) Excludes the margins the Company pays on its variable-rate debt, which, as of September 30, 2019 , ranged from 0.3% to 3.95% . (2) Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. Three interest rate swaps are subject to mandatory early termination in 2020, 2021 and 2024, at which time the swaps will be settled based on their fair value. Stock Purchase Warrants Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million Brookfield Transaction Warrants and 1,755,000 Series D Warrants of Teekay Offshore (see Note 13 ). As part of the 2019 Brookfield Transaction, Teekay sold to Brookfield all of the Company’s remaining interests in Teekay Offshore, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants. Tabular Disclosure The following tables present the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s unaudited consolidated balance sheets. Prepaid Expenses and Other Other Non-Current Assets Accounts Payable, Accrued Liabilities and Other Current Portion of Derivative Liabilities Derivative Liabilities $ $ $ $ $ As at September 30, 2019 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (3 ) (698 ) (5,801 ) Derivatives not designated as a cash flow hedge: Foreign currency contracts — — — (535 ) — Interest rate swap agreements 1,297 383 (1,483 ) (10,352 ) (40,370 ) Cross currency swap agreements — — (659 ) (26,917 ) (27,311 ) Forward freight agreements 1,045 — — — 2,342 383 (2,145 ) (38,502 ) (73,482 ) Prepaid Expenses and Other Other Non-Current Assets Accounts Payable, Accrued Current Derivative $ $ $ $ $ As at December 31, 2018 Derivatives designated as a cash flow hedge: Interest rate swap agreements 784 2,362 20 — — Derivatives not designated as a cash flow hedge: Interest rate swap agreements 2,915 2,973 (2,498 ) (7,419 ) (32,672 ) Cross currency swap agreements — — (713 ) (4,729 ) (23,680 ) Stock purchase warrants — 12,026 — — — Forward freight agreements — — — (57 ) — 3,699 17,361 (3,191 ) (12,205 ) (56,352 ) As at September 30, 2019 , the Company had multiple interest rate swaps, cross currency swaps and foreign currency contracts with the same counterparty that are subject to the same master agreements. Each of these master agreements provides for the net settlement of all derivatives subject to that master agreement through a single payment in the event of default or termination of any one derivative. The fair value of these derivatives is presented on a gross basis in the Company’s unaudited consolidated balance sheets. As at September 30, 2019 , these derivatives had an aggregate fair value asset amount of $2.0 million and an aggregate fair value liability amount of $93.1 million . For the periods indicated, the following tables present the gains (losses) on interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments): Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Amount of Loss Recognized in OCI (1) Amount of Gain Reclassified from Accumulated OCI to Interest Expense (1) Amount of Gain Recognized in OCI (effective portion) Amount of Gain (Loss) Reclassified from Accumulated OCI to Interest Expense (effective portion) Amount of Gain Recognized in Interest Expense (ineffective portion) (2,244) 22 1,437 37 — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Amount of Loss Recognized in OCI (1) Amount of Gain Reclassified from Accumulated OCI to Interest Expense (1) Amount of Gain Recognized in OCI (effective portion) Amount of Gain (Loss) Reclassified from Accumulated OCI to Interest Expense (effective portion) Amount of Gain Recognized in Interest Expense (ineffective portion) (9,646) 430 6,527 (211) 740 (1) See Note 2 – adoption of ASU 2017-12. Realized and unrealized (losses) gains from derivative instruments that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized (losses) gains on non-designated derivatives in the unaudited consolidated statements of loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Realized (losses) gains relating to: Interest rate swap agreements (2,247 ) (2,704 ) (5,720 ) (11,544 ) Interest rate swap agreement terminations — (13,681 ) — (13,681 ) Foreign currency forward contracts — — — — Stock purchase warrants — — (25,559 ) — Forward freight agreements 435 (119 ) 393 (137 ) (1,812 ) (16,504 ) (30,886 ) (25,362 ) Unrealized (losses) gains relating to: Interest rate swap agreements (623 ) 19,718 (14,839 ) 44,169 Foreign currency forward contracts (435 ) — (536 ) — Stock purchase warrants — (5,373 ) 26,900 (851 ) Forward freight agreements 946 (9 ) 1,050 25 (112 ) 14,336 12,575 43,343 Total realized and unrealized (losses) gains on derivative instruments (1,924 ) (2,168 ) (18,311 ) 17,981 Realized and unrealized (losses) gains from cross currency swaps are recognized in earnings and reported in foreign exchange gain (loss) in the unaudited consolidated statements of loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Realized losses on maturity and termination of cross currency swaps — (42,271 ) — (42,271 ) Realized losses (1,431 ) (1,744 ) (3,952 ) (4,926 ) Unrealized (losses) gains (23,759 ) 43,966 (25,819 ) 49,734 Total realized and unrealized (losses) gains on cross currency swaps (25,190 ) (49 ) (29,771 ) 2,537 The Company is exposed to credit loss to the extent the fair value represents an asset 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. |
Income Tax Expense (Recovery)
Income Tax Expense (Recovery) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income Tax Expense The components of the provision for income tax expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Current (2,911 ) (4,122 ) (10,983 ) (15,343 ) Deferred (180 ) (212 ) (548 ) (1,854 ) Income tax expense (3,091 ) (4,334 ) (11,531 ) (17,197 ) The following table reflects changes in uncertain tax positions relating to freight tax liabilities, which are recorded in other long-term liabilities on the Company's unaudited consolidated balance sheets: Nine Months Ended September 30, 2019 2018 $ $ Balance of unrecognized tax benefits as at January 1 40,556 31,061 Increases for positions related to the current year 3,213 2,908 Changes for positions taken in prior periods 3,066 2,161 Decrease related to statute limitations — (405 ) Balance of unrecognized tax benefits as at September 30 46,835 35,725 The Company does not presently anticipate its uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include legal advice as to applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Net loss attributable to the shareholders of Teekay Corporation – basic and diluted (198,178 ) (12,005 ) (321,920 ) (60,884 ) Weighted average number of common shares 100,784,683 100,435,045 100,697,251 99,412,381 Common stock and common stock equivalents 100,784,683 100,435,045 100,697,251 99,412,381 Loss per common share – basic and diluted (1.97 ) (0.12 ) (3.20 ) (0.61 ) The Company intends to settle the principal of the Convertible Notes in cash on conversion and calculates diluted earnings per share using the treasury-stock method. Stock-based awards and the conversion feature on the Convertible Notes that have an anti-dilutive effect on the calculation of diluted loss per common share, are excluded from this calculation. For the three and nine months ended September 30, 2019 , options to acquire 6.1 million shares of Teekay Common Stock had an anti-dilutive effect on the calculation of diluted income per common share ( three and nine months ended September 30, 2018 – 3.9 million ). In periods where a loss attributable to shareholders of Teekay has been incurred, all stock-based awards and the conversion feature on the Convertible Notes are anti-dilutive. |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary Cash Flow Information | Supplemental Cash Flow Information Total cash, cash equivalents and restricted cash are as follows: September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 $ $ $ $ Cash and cash equivalents 293,361 424,169 385,352 445,452 Restricted cash – current 60,463 40,493 38,231 38,179 Restricted cash – non-current 38,932 40,977 34,880 68,543 392,756 505,639 458,463 552,174 The Company maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 16 ), leasing arrangements, project tenders and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. During the nine months ended September 30, 2019 , the Company entered into new or extended operating leases, primarily for in-chartered vessels, which resulted in the recognition of additional operating lease right-of-use assets and operating lease liabilities of $47.6 million . The associated sales of the Toledo Spirit and Teide Spirit by its owner during the nine months ended September 30, 2019 and 2018, respectively, resulted in the vessels being returned to their owner with the obligations related to finance lease being concurrently extinguished. As a result, the sales of the vessels and the concurrent extinguishment of the corresponding obligations related to finance lease of $23.6 million and $23.1 million for the nine months ended September 30, 2019 and 2018, respectively, were treated as non-cash transactions in the Company's unaudited consolidated statements of cash flows. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Events | 20 . Subsequent Events a) In October 2019, Teekay LNG sold the Alexander Spirit conventional tanker for net proceeds of $11.5 million . b) In October 2019, Teekay Parent entered into an agreement with the Chestnut Joint Venture, a joint venture between Spirit Energy Ltd. and Dana Petroleum Ltd., to extend the employment of the Sevan Hummingbird FPSO on the Chestnut field in the North Sea until March 2023. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with United States 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, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which Teekay is the primary beneficiary (collectively, the Company ). Certain of Teekay’s significant non-wholly owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the publicly-traded subsidiaries Teekay LNG Partners L.P. (or Teekay LNG ) and Teekay Tankers Ltd. (or Teekay Tankers ). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted from these unaudited interim consolidated financial statements and, therefore, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2018 , included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC ) on April 1, 2019. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in total equity for the interim periods presented. The results of operations for the three and nine months ended September 30, 2019 , are not necessarily indicative of those for a full fiscal year. 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 could differ from those estimates. It is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement. |
Accounting Pronouncements Accou
Accounting Pronouncements Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 became effective for the Company on January 1, 2019. FASB issued an additional accounting standards update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect and providing an optional practical expedient to lessors not to separate lease and non-lease components of a contract if certain criteria are met. In addition, the Company early adopted ASU 2019-01, which provides an exception for lessors who are not manufacturers or dealers to determine the fair value of leased property using the underlying asset's cost, instead of fair value. The Company has elected to use this new optional transitional approach. To determine the cumulative effect adjustment, the Company has not reassessed lease classification, initial direct costs for any existing leases, or whether any expired or existing contracts are or contain leases. The Company identified the following differences: • Under ASU 2016-02, the Company and the Company's equity-accounted joint ventures recognize a right-of-use asset and lease liability on the balance sheet for these charters and office leases based on the present value of future minimum lease payments, whereas previously no right-of-use asset or lease liability was recognized. This resulted in an increase in the Company's and its equity-accounted joint ventures' assets and liabilities. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged from the prior policy, unless the right-of-use asset becomes impaired. The adoption of ASU 2016-02 results in a change in the accounting method for the lease portion of the daily charter hire for the chartered-in vessels by the Company and the Company's equity-accounted joint ventures accounted for as operating leases with firm periods of greater than one year, as well as a small number of office leases. On January 1, 2019, a right-of-use asset of $170.0 million and a lease liability of $170.0 million were recognized for these chartered-in vessels. In addition, the existing carrying value of the Company's chartered-in vessels was reclassified from other non-current assets ( $13.7 million ) and from other long-term liabilities ( $0.9 million ) to a right-of-use asset as at January 1, 2019. The Company also recognized a right-of-use asset and liability for its office leases as at January 1, 2019, which is presented in other non-current assets and accounts payable, accrued liabilities and other, respectively. On September 30, 2019 , the right-of-use asset and lease liability relating to the Company's chartered-in vessels were $177.0 million and $165.4 million , respectively, and the right-of-use asset and lease liability relating to office leases were $7.7 million and $7.7 million , respectively. • The adoption of ASU 2016-02 results in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where a charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock. This change decreased investment in and loans to equity-accounted investments by $3.0 million and decreased total equity by $3.0 million as at September 30, 2019 . The cumulative decrease to opening equity as at January 1, 2019 was $3.0 million . • The adoption of ASU 2016-02 results in direct financing lease payments received being presented as an operating cash inflow instead of an investing cash inflow in the Company's unaudited consolidated statement of cash flows. Direct financing lease payments received during the three and nine months ended September 30, 2019 were $3.2 million and $9.2 million , respectively ( three and nine months ended September 30, 2018 – $3.2 million and $8.4 million , respectively). • The adoption of ASU 2016-02 results in sale and leaseback transactions where the seller lessee has a fixed price repurchase option or other situations where the leaseback would be classified as a finance lease being accounted for as a failed sale of the vessel and a failed purchase of the vessel by the buyer lessor. Prior to the adoption of ASU 2016-02, such transactions were accounted for as a completed sale and a completed purchase. Consequently, for such transactions, the Company does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease, and bareboat charter hire payments made by the Company to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease . The adoption of ASU 2016-02 has resulted in the sale and leaseback of the Yamal Spirit , the Cascade Spirit and the Aspen Spirit during 2019 being accounted for as failed sales, and unlike the 22 vessels sold and leased back in similar transactions in prior years, the Company is not considered as holding a variable interest in the buyer lessor entity and thus, does not consolidate the buyer lessor entity (see Note 6 ). The Company's floating production, storage and offloading (or FPSO ) contracts, time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected not to separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease and certain other required criteria are met, and to account for the combined component as an operating lease in accordance with Accounting Standards Codification (or ASC ) 842 Leases . In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12 ). ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be recorded in other comprehensive (loss) income and reclassified to earnings in the same income statement line as the hedged item when the hedged item affects earnings. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 became effective for the Company on January 1, 2019. This change decreased accumulated other comprehensive (loss) income by $4.8 million as at January 1, 2019, and correspondingly increased opening equity as at January 1, 2019 by $4.8 million . In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ). ASU 2016-13 introduces a new credit loss methodology, which requires earlier recognition of credit losses, while providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaces the multiple existing impairment methods in current GAAP, which generally require that a loss be incurred before it is recognized. This update is effective for the Company on January 1, 2020, with a modified-retrospective approach. The Company expects that its net investments in direct financing leases, loans to equity-accounted investments, guarantees of indebtedness of equity-accounted investments and receivables related to non-operating lease revenue arrangements will be in-scope to ASU 2016-13. Consequently, the Company expects that on January 1, 2020, it will decrease the carrying value of the instruments in-scope to ASU 2016-13, resulting in a corresponding reduction to total equity on the date of adoption. The Company is currently evaluating the effect of adopting this new guidance. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Direct Financing Lease, Lease Income [Table Text Block] | The following table lists the components of Teekay LNG's net investments in direct financing leases: September 30, 2019 December 31, 2018 $ $ Total minimum lease payments to be received 849,115 897,130 Estimated unguaranteed residual value of leased properties 291,098 291,098 Initial direct costs and other 304 329 Less unearned revenue (579,080 ) (613,394 ) Total 561,437 575,163 Less current portion (13,365 ) (12,635 ) Long-term portion 548,072 562,528 |
Disaggregation of Revenue | The following tables contain the Company’s revenue for the three and nine months ended September 30, 2019 and 2018 , by contract type, by segment and by business lines within segments. Three Months Ended September 30, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 129,633 1,597 1,909 — 12,642 (7,246 ) 138,535 Voyage charters 10,846 — 173,034 — — — 183,880 Bareboat charters 6,196 — — — — — 6,196 FPSO contracts — — — 44,558 — — 44,558 Management fees and other 1,383 — 7,361 — 38,633 150 47,527 148,058 1,597 182,304 44,558 51,275 (7,096 ) 420,696 Three Months Ended September 30, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 104,342 2,820 12,326 — 6,645 — 126,133 Voyage charters 6,279 2,220 152,047 — — — 160,546 Bareboat charters 6,001 — — — — — 6,001 FPSO contracts — — — 71,583 — — 71,583 Management fees and other 1,566 108 11,542 — 39,343 (260 ) 52,299 118,188 5,148 175,915 71,583 45,988 (260 ) 416,562 Nine Months Ended September 30, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 394,092 6,728 6,775 — 26,989 (9,733 ) 424,851 Voyage charters 28,864 — 576,256 — — — 605,120 Bareboat charters 18,387 — — — — — 18,387 FPSO contracts — — — 151,824 — — 151,824 Management fees and other 4,388 — 34,051 — 122,934 (1,979 ) 159,394 445,731 6,728 617,082 151,824 149,923 (11,712 ) 1,359,576 Nine Months Ended September 30, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 294,658 12,534 51,820 — 27,327 (9,418 ) 376,921 Voyage charters 16,669 12,690 432,017 — — — 461,376 Bareboat charters 17,112 — — — — — 17,112 FPSO contracts — — — 203,982 — — 203,982 Management fees and other 6,970 324 32,202 — 116,788 551 156,835 335,409 25,548 516,039 203,982 144,115 (8,867 ) 1,216,226 The following table contains the Company's total revenue for the three and nine months ended September 30, 2019 and 2018 , by those contracts or components of contracts accounted for as leases and by those contracts or components not accounted for as leases. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 334,206 316,217 1,071,759 912,782 Interest income on lease receivables 12,978 8,915 38,741 28,829 Variable lease payments – cost reimbursements (1) 14,169 10,629 39,483 29,306 Variable lease payments – other (2) 6,542 24,606 33,686 76,314 367,895 360,367 1,183,669 1,047,231 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 5,274 3,896 16,513 12,160 Management fees and other income 47,527 52,299 159,394 156,835 52,801 56,195 175,907 168,995 Total 420,696 416,562 1,359,576 1,216,226 (1) Reimbursement for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer. (2) Compensation from time-charter contracts based on spot market rates in excess of a base daily hire amount, production tariffs based on the volume of oil produced, the price of oil, and other monthly or annual operational performance measures. The following tables contain the Company’s revenue for the three and nine months ended September 30, 2019 and 2018 , by contract type, by segment and by business lines within segments. Three Months Ended September 30, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 129,633 1,597 1,909 — 12,642 (7,246 ) 138,535 Voyage charters 10,846 — 173,034 — — — 183,880 Bareboat charters 6,196 — — — — — 6,196 FPSO contracts — — — 44,558 — — 44,558 Management fees and other 1,383 — 7,361 — 38,633 150 47,527 148,058 1,597 182,304 44,558 51,275 (7,096 ) 420,696 Three Months Ended September 30, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 104,342 2,820 12,326 — 6,645 — 126,133 Voyage charters 6,279 2,220 152,047 — — — 160,546 Bareboat charters 6,001 — — — — — 6,001 FPSO contracts — — — 71,583 — — 71,583 Management fees and other 1,566 108 11,542 — 39,343 (260 ) 52,299 118,188 5,148 175,915 71,583 45,988 (260 ) 416,562 Nine Months Ended September 30, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 394,092 6,728 6,775 — 26,989 (9,733 ) 424,851 Voyage charters 28,864 — 576,256 — — — 605,120 Bareboat charters 18,387 — — — — — 18,387 FPSO contracts — — — 151,824 — — 151,824 Management fees and other 4,388 — 34,051 — 122,934 (1,979 ) 159,394 445,731 6,728 617,082 151,824 149,923 (11,712 ) 1,359,576 Nine Months Ended September 30, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 294,658 12,534 51,820 — 27,327 (9,418 ) 376,921 Voyage charters 16,669 12,690 432,017 — — — 461,376 Bareboat charters 17,112 — — — — — 17,112 FPSO contracts — — — 203,982 — — 203,982 Management fees and other 6,970 324 32,202 — 116,788 551 156,835 335,409 25,548 516,039 203,982 144,115 (8,867 ) 1,216,226 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue | The following table includes the Company’s revenues by segment for the three and nine months ended September 30, 2019 and 2018 : Revenues Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Teekay LNG Liquefied Gas Carriers (1) 148,058 118,188 445,731 335,409 Conventional Tankers 1,597 5,148 6,728 25,548 149,655 123,336 452,459 360,957 Teekay Tankers Conventional Tankers (1) 182,304 175,915 617,082 516,039 Teekay Parent Offshore Production 44,558 71,583 151,824 203,982 Other 51,275 45,988 149,923 144,115 95,833 117,571 301,747 348,097 Eliminations and other (7,096 ) (260 ) (11,712 ) (8,867 ) 420,696 416,562 1,359,576 1,216,226 (1) The amounts in the table below represent revenue earned by each segment from other segments within the group. During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit was chartered by Teekay LNG to Teekay Parent. During 2018, certain vessels were chartered by Teekay LNG to Teekay Parent. Such intersegment revenue for the three and nine months ended September 30, 2019 and 2018 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Teekay LNG – Liquefied Gas Carriers 7,246 — 9,733 9,418 Teekay Tankers – Conventional Tankers (150 ) — 1,979 — 7,096 — 11,712 9,418 |
Income (loss) from Vessel Operations by Segment | The following table includes the Company’s income (loss) from vessel operations by segment for the three and nine months ended September 30, 2019 and 2018 : Income (Loss) from Vessel Operations (1) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Teekay LNG Liquefied Gas Carriers 72,112 51,581 216,799 105,571 Conventional Tankers (501 ) (4,583 ) (1,150 ) (22,926 ) 71,611 46,998 215,649 82,645 Teekay Tankers Conventional Tankers (4,873 ) (2,166 ) 32,275 (24,002 ) Teekay Parent Offshore Production (194,415 ) 12,905 (212,959 ) 25,328 Other (2,712 ) (2,655 ) (9,659 ) (8,463 ) (197,127 ) 10,250 (222,618 ) 16,865 (130,389 ) 55,082 25,306 75,508 (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 total assets presented in the accompanying unaudited consolidated balance sheets is as follows: September 30, 2019 December 31, 2018 $ $ Teekay LNG – Liquefied Gas Carriers 5,207,158 5,188,088 Teekay LNG – Conventional Tankers 12,540 39,450 Teekay Tankers – Conventional Tankers 2,093,433 2,106,169 Teekay Parent – Offshore Production 172,858 311,550 Teekay Parent – Other 92,040 38,280 Teekay Offshore — 233,225 Cash and cash equivalents 293,361 424,169 Other assets not allocated 108,404 70,153 Eliminations (28,016 ) (19,414 ) Consolidated total assets 7,951,778 8,391,670 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost [Table Text Block] | Obligations Related to Finance Leases September 30, 2019 December 31, 2018 $ $ Teekay LNG LNG Carriers 1,428,146 1,274,569 Suezmax Tanker — 23,987 Teekay Tankers Suezmax Tankers 219,751 165,145 Aframax Tankers 175,920 184,021 LR2 Product Tanker 25,263 26,123 Total obligations related to finance leases 1,849,080 1,673,845 Less current portion (94,536 ) (102,115 ) Long-term obligations related to finance leases 1,754,544 1,571,730 |
Finance Lease, Liability, Maturity [Table Text Block] | As at September 30, 2019 and December 31, 2018 , the remaining commitments related to the financial liabilities of these nine LNG carriers ( December 31, 2018 – eight LNG carriers) including the amounts to be paid for the related purchase obligations, approximated $1.9 billion ( December 31, 2018 – $1.7 billion ), including imputed interest of $489.0 million ( December 31, 2018 – $435.3 million ), repayable for the remainder of 2019 through 2034, as indicated below: Commitments At September 30, 2019 At December 31, 2018 Year $ $ Remainder of 2019 35,389 119,517 2020 140,386 118,685 2021 138,601 117,772 2022 136,959 116,978 2023 135,459 116,338 Thereafter 1,330,378 1,120,670 As at September 30, 2019 and December 31, 2018 , the total remaining commitments related to the financial liabilities of Teekay Tankers' Suezmax, Aframax and LR2 product tankers, including the amounts to be paid for the related purchase obligations, approximated $615.9 million ( December 31, 2018 – $557.1 million ), including imputed interest of $195.0 million ( December 31, 2018 – $181.8 million ), repayable from 2019 through 2030, as indicated below: Commitments At September 30, 2019 At December 31, 2018 Year $ $ Remainder of 2019 14,242 47,962 2020 56,364 47,373 2021 56,202 47,237 2022 56,193 47,230 2023 56,184 47,222 Thereafter 376,749 320,064 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | A maturity analysis of the Company’s operating lease liabilities from time-charter-in and bareboat charter contracts (excluding short-term leases) at September 30, 2019 is as follows: Lease Commitment Non-Lease Commitment Total Commitment Year $ $ $ Payments Remainder of 2019 19,242 9,418 28,660 2020 69,617 37,089 106,706 2021 54,195 26,948 81,143 2022 22,978 8,189 31,167 2023 9,227 — 9,227 Thereafter 5,712 — 5,712 Total payments 180,971 81,644 262,615 Less: imputed interest (15,557 ) Carrying value of operating lease liabilities 165,414 Less current portion (62,654 ) Carrying value of long-term operating lease liabilities 102,760 |
Write-down and Loss on Sales _2
Write-down and Loss on Sales of Vessels (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Impairment and Loss on Sale of Vessels, Equipment and Other Operating Assets | The following tables contain the write-downs and loss on sales of vessels for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Segment Asset Type Completion of Sale Date 2019 2018 Teekay Parent Segment – Offshore Production (1) 2 FPSOs N/A (175,000 ) — Teekay LNG Segment – Conventional Tankers (2) Handymax Oct-2019 (785 ) — Teekay LNG Segment – Conventional Tankers (3) 2 Suezmaxes Oct/Dec-2018 — (2,201 ) Total (175,785 ) (2,201 ) Nine Months Ended September 30, Segment Asset Type Completion of Sale Date 2019 2018 Teekay Parent Segment – Offshore Production (1) 3 FPSOs N/A (178,328 ) — Teekay LNG Segment – Conventional Tankers (2) Handymax Oct-2019 (785 ) (13,000 ) Teekay LNG Segment – Liquefied Gas Carriers (4) 4 Multi-gas Carriers N/A — (33,000 ) Teekay LNG Segment – Conventional Tankers (3) 2 Suezmaxes Oct/Dec-2018 — (7,863 ) Other — 170 Total (179,113 ) (53,693 ) (1) During the nine months ended September 30, 2019, the Company took impairment charges in respect of all three of its FPSO-related assets. The Company has continued to follow its strategy of contract extensions and a potential sale of any or all of the three FPSOs. Substantially all of the $178.3 million impairment in the nine months ended September 30, 2019 relates to the write-down of two of the Company’s FPSO units. The Company made changes to its expected cash flows from the two FPSO units based on recent discussions with potential buyers about the possible sale of the units and existing charterers about contract extensions. This led to the write-down of one unit to its estimated fair value, based on the expected sales price, and a write-down of the other unit to its estimated fair value, using a discounted cash flow approach based on the terms of the existing contract and expectations about future contract extensions and potential sale of the unit. (2) Teekay LNG commenced marketing the Alexander Spirit conventional tanker for sale in the second quarter of 2019 and sold the vessel in October 2019 for net proceeds of $11.5 million . The Alexander Spirit is presented as held for sale in the unaudited consolidated balance sheets as at September 30, 2019 . (3) During the three and nine months ended September 30, 2018, Teekay LNG recorded write-downs on the European Spirit and African Spirit Suezmax tankers to their estimated resale value. In the fourth quarter of 2018, Teekay LNG sold the European Spirit and African Spirit for net proceeds of $15.7 million and $12.8 million , respectively, using the net proceeds from the sales primarily to repay its existing term loans associated with the vessels. (4) In June 2018, the carrying value for four of Teekay LNG's seven wholly-owned Multi-gas carriers, the Napa Spirit , Pan Spirit , Cathinka Spirit and Camilla Spirit , were written down to their estimated fair values, using appraised values, as a result of Teekay LNG's evaluation of alternative strategies for these assets, the current charter rate environment and the outlook for charter rates for these vessels. |
Accounts Payable, Accrued Lia_2
Accounts Payable, Accrued Liabilities and Other (Tables) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Schedule of Accounts Payable, Accrued Liabilities and Other [Line Items] | ||
Accounts Payable | $ 110,406 | $ 31,201 |
Voyage And Vessel Accrued Liabilities Current | 117,912 | 98,135 |
Interest Payable, Current | 33,944 | 47,731 |
Employee-related Liabilities, Current | 33,016 | 34,849 |
Other Accrued Liabilities | 6,486 | 6,426 |
Short-term Debt | 50,000 | 0 |
Contract with Customer, Liability, Current | 30,330 | 30,108 |
Liabilities of Business Transferred under Contractual Arrangement, Current | 5,933 | 5,930 |
Operating Lease, Liability | 3,065 | 0 |
Accounts payable, accrued liabilities and other (notes 8, 13 and 15) | $ 341,092 | $ 254,380 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts Payable, Accrued Liabilities and Other September 30, 2019 December 31, 2018 $ $ Accounts payable 110,406 31,201 Accrued liabilities Voyage and vessel expenses 117,912 98,135 Interest 33,944 47,731 Payroll and related liabilities 33,016 34,849 Distributions payable and other 6,486 6,426 Deferred revenues – current 30,330 30,108 In-process revenue contracts – current 5,933 5,930 Office lease liability – current ( note 2 ) 3,065 — 341,092 254,380 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | September 30, 2019 December 31, 2018 $ $ Revolving Credit Facilities 555,930 642,997 Senior Notes (8.5%) due January 15, 2020 36,712 508,577 Senior Notes (9.25%) due November 15, 2022 250,000 — Convertible Senior Notes (5%) due January 15, 2023 125,000 125,000 Norwegian Krone-denominated Bonds due through August 2023 335,287 352,973 U.S. Dollar-denominated Term Loans due through 2030 1,388,157 1,536,499 Euro-denominated Term Loans due through 2024 170,274 193,781 Other U.S. Dollar-denominated loan 3,300 3,300 Total principal 2,864,660 3,363,127 Less unamortized discount and debt issuance costs (43,356 ) (43,604 ) Total debt 2,821,304 3,319,523 Less current portion (528,527 ) (242,137 ) Long-term portion 2,292,777 3,077,386 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Joint Ventures | a) Vessels Under Construction and Upgrades Teekay LNG's share of commitments to fund newbuilding and other construction contract costs as at September 30, 2019 are as follows: Total Remainder of 2020 2021 2022 Consolidated LNG carriers (i) 55,018 4,416 9,733 27,191 13,678 Equity-accounted joint ventures (ii) 241,189 241,189 — — — 296,207 245,605 9,733 27,191 13,678 (i) In May 2019, Teekay LNG received approximately $45 million from a shipyard related to warranty claims on certain of Teekay LNG's LNG carriers and recognized the amounts as reductions to the carrying values of the applicable LNG carriers. In connection with the warranty settlement, Teekay LNG entered into an agreement in June 2019 with a contractor to supply equipment on certain of its LNG carriers in 2021 and 2022 for an estimated installed cost of approximately $61 million . (ii) The commitment amounts relating to Teekay LNG’s share of costs for newbuilding and other construction contracts in Teekay LNG’s equity-accounted joint ventures are based on Teekay LNG’s ownership percentage in each respective joint venture as of September 30, 2019 . These commitments are described in more detail in "Item 18 – Financial Statements: Note 16" of the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 . Based on Teekay LNG's ownership percentage in each respective joint venture, Teekay LNG's equity-accounted joint ventures have secured $188.0 million of undrawn financing related to Teekay LNG's proportionate share of the remaining commitments included in the table above. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 fair value on a recurring basis. September 30, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring Cash, cash equivalents and restricted cash ( note 19 ) Level 1 392,756 392,756 505,639 505,639 Derivative instruments (note 16) Interest rate swap agreements – assets (1) Level 2 2,025 2,025 9,640 9,640 Interest rate swap agreements – liabilities (1) Level 2 (59,052 ) (59,052 ) (43,175 ) (43,175 ) Cross currency interest swap agreements – liabilities (1) Level 2 (54,887 ) (54,887 ) (29,122 ) (29,122 ) Foreign currency contracts Level 2 (535 ) (535 ) — — Stock purchase warrants Level 3 — — 12,026 12,026 Forward freight agreements Level 2 1,045 1,045 (57 ) (57 ) Non-recurring Vessels and equipment ( note 7 ) Level 3 64,282 64,282 — — Vessel held for sale ( note 7 ) Level 2 11,515 11,515 — — Other (2) Short-term debt ( note 9 ) Level 2 (50,000 ) (50,000 ) — — Long-term debt – public (note 10) Level 1 (607,187 ) (634,869 ) (856,986 ) (851,470 ) Long-term debt – non-public (note 10) Level 2 (2,214,117 ) (2,175,259 ) (2,462,537 ) (2,395,300 ) Obligations related to finance leases, including current portion ( note 6 ) Level 2 (1,849,080 ) (1,919,665 ) (1,673,845 ) (1,652,345 ) (1) The fair value of the Company's interest rate swap and cross currency swap agreements at September 30, 2019 includes $2.1 million ( December 31, 2018 – $3.2 million ) accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets. (2) In the unaudited interim consolidated financial statements, the Company’s loans to and investments in equity-accounted investments form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the individual components of such aggregate interests is not determinable. |
Stock Purchase Warrants Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the three and nine months ended September 30, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Fair value at the beginning of the period — 35,271 12,026 30,749 Fair value on acquisition/issuance — 2,330 — 2,330 Unrealized (loss) gain included in earnings — (5,373 ) 26,900 (851 ) Realized (loss) gain included in earnings — — (25,559 ) — Settlements — — (13,367 ) — Fair value at the end of the period — 32,228 — 32,228 |
Summary of Financing Receivables | The following table contains a summary of the Company’s carrying value of financing receivables by type of borrower and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade September 30, 2019 December 31, 2018 $ $ Direct financing leases Payment activity Performing 561,437 575,163 Other loan receivables Loans to equity-accounted investments and joint venture partners Other internal metrics Performing 161,633 231,404 Long-term receivable and accrued revenue included in accounts receivable and other assets Payment activity Performing 6,871 15,694 729,941 822,261 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss As at September 30, 2019 and December 31, 2018 , the Company’s accumulated other comprehensive loss (or AOCI ) consisted of the following components: September 30, December 31, 2019 2018 $ $ Unrealized (loss) gain on qualifying cash flow hedging instruments (24,306 ) 903 Pension adjustments, net of tax recoveries (3,572 ) (3,176 ) (27,878 ) (2,273 ) |
Schedule of Accumulated Other Comprehensive Loss | As at September 30, 2019 and December 31, 2018 , the Company’s accumulated other comprehensive loss (or AOCI ) consisted of the following components: September 30, December 31, 2019 2018 $ $ Unrealized (loss) gain on qualifying cash flow hedging instruments (24,306 ) 903 Pension adjustments, net of tax recoveries (3,572 ) (3,176 ) (27,878 ) (2,273 ) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative [Line Items] | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Foreign Exchange Risk From time to time the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at September 30, 2019 , the Company was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency Average Forward Rate (1) Fair Value / Carrying Amount Of Asset (Liability) $ Expected Maturity 2019 2020 $ $ Euro 9,240 0.86 (535) 3,952 6,750 (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 dates of the swaps, 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 amounts of the Company’s NOK-denominated bonds due in 2020, 2021 and 2023. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2020, 2021 and 2023. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2020, 2021 and 2023. As at September 30, 2019 , the Company was committed to the following cross currency swaps: Fair Value / Carrying Amount of Asset / (Liability) $ Notional Notional Floating Rate Receivable Reference Rate Margin Fixed Rate Payable Remaining Term (years) 1,000,000 134,000 NIBOR 3.70% 5.92% (24,532 ) 0.6 1,200,000 146,500 NIBOR 6.00% 7.72% (15,474 ) 2.1 850,000 102,000 NIBOR 4.60% 7.89% (14,881 ) 3.9 (54,887 ) |
Interest Rate Swap Agreements | As at September 30, 2019 , the Company was committed to the following interest rate swap agreements related to its LIBOR -based debt and EURIBOR -based debt, whereby certain of the Company’s floating-rate debts were swapped with fixed-rate obligations: Interest Rate Index Principal Amount Fair Value / Carrying Amount of Asset / (Liability) $ Weighted- Fixed Interest Rate (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 1,063,011 (47,983 ) 3.6 2.8 EURIBOR-Based Debt: Euro-denominated interest rate swaps EURIBOR 75,352 (9,044 ) 3.9 3.8 (57,027 ) (1) Excludes the margins the Company pays on its variable-rate debt, which, as of September 30, 2019 , ranged from 0.3% to 3.95% . (2) Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. Three interest rate swaps are subject to mandatory early termination in 2020, 2021 and 2024, at which time the swaps will be settled based on their fair value. |
Location and Fair Value Amounts of Derivative Instruments | The following tables present the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s unaudited consolidated balance sheets. Prepaid Expenses and Other Other Non-Current Assets Accounts Payable, Accrued Liabilities and Other Current Portion of Derivative Liabilities Derivative Liabilities $ $ $ $ $ As at September 30, 2019 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (3 ) (698 ) (5,801 ) Derivatives not designated as a cash flow hedge: Foreign currency contracts — — — (535 ) — Interest rate swap agreements 1,297 383 (1,483 ) (10,352 ) (40,370 ) Cross currency swap agreements — — (659 ) (26,917 ) (27,311 ) Forward freight agreements 1,045 — — — 2,342 383 (2,145 ) (38,502 ) (73,482 ) Prepaid Expenses and Other Other Non-Current Assets Accounts Payable, Accrued Current Derivative $ $ $ $ $ As at December 31, 2018 Derivatives designated as a cash flow hedge: Interest rate swap agreements 784 2,362 20 — — Derivatives not designated as a cash flow hedge: Interest rate swap agreements 2,915 2,973 (2,498 ) (7,419 ) (32,672 ) Cross currency swap agreements — — (713 ) (4,729 ) (23,680 ) Stock purchase warrants — 12,026 — — — Forward freight agreements — — — (57 ) — 3,699 17,361 (3,191 ) (12,205 ) (56,352 ) |
Schedule of Cash Flow Hedges | For the periods indicated, the following tables present the gains (losses) on interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments): Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Amount of Loss Recognized in OCI (1) Amount of Gain Reclassified from Accumulated OCI to Interest Expense (1) Amount of Gain Recognized in OCI (effective portion) Amount of Gain (Loss) Reclassified from Accumulated OCI to Interest Expense (effective portion) Amount of Gain Recognized in Interest Expense (ineffective portion) (2,244) 22 1,437 37 — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Amount of Loss Recognized in OCI (1) Amount of Gain Reclassified from Accumulated OCI to Interest Expense (1) Amount of Gain Recognized in OCI (effective portion) Amount of Gain (Loss) Reclassified from Accumulated OCI to Interest Expense (effective portion) Amount of Gain Recognized in Interest Expense (ineffective portion) (9,646) 430 6,527 (211) 740 (1) See Note 2 – adoption of ASU 2017-12. |
Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | Realized and unrealized (losses) gains from derivative instruments that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized (losses) gains on non-designated derivatives in the unaudited consolidated statements of loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Realized (losses) gains relating to: Interest rate swap agreements (2,247 ) (2,704 ) (5,720 ) (11,544 ) Interest rate swap agreement terminations — (13,681 ) — (13,681 ) Foreign currency forward contracts — — — — Stock purchase warrants — — (25,559 ) — Forward freight agreements 435 (119 ) 393 (137 ) (1,812 ) (16,504 ) (30,886 ) (25,362 ) Unrealized (losses) gains relating to: Interest rate swap agreements (623 ) 19,718 (14,839 ) 44,169 Foreign currency forward contracts (435 ) — (536 ) — Stock purchase warrants — (5,373 ) 26,900 (851 ) Forward freight agreements 946 (9 ) 1,050 25 (112 ) 14,336 12,575 43,343 Total realized and unrealized (losses) gains on derivative instruments (1,924 ) (2,168 ) (18,311 ) 17,981 |
Effect of Gains (Losses) on Cross Currency Swaps | Realized and unrealized (losses) gains from cross currency swaps are recognized in earnings and reported in foreign exchange gain (loss) in the unaudited consolidated statements of loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Realized losses on maturity and termination of cross currency swaps — (42,271 ) — (42,271 ) Realized losses (1,431 ) (1,744 ) (3,952 ) (4,926 ) Unrealized (losses) gains (23,759 ) 43,966 (25,819 ) 49,734 Total realized and unrealized (losses) gains on cross currency swaps (25,190 ) (49 ) (29,771 ) 2,537 |
Income Tax Expense (Recovery) (
Income Tax Expense (Recovery) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Tax (Expense) Recovery | The components of the provision for income tax expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Current (2,911 ) (4,122 ) (10,983 ) (15,343 ) Deferred (180 ) (212 ) (548 ) (1,854 ) Income tax expense (3,091 ) (4,334 ) (11,531 ) (17,197 ) |
Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities | Nine Months Ended September 30, 2019 2018 $ $ Balance of unrecognized tax benefits as at January 1 40,556 31,061 Increases for positions related to the current year 3,213 2,908 Changes for positions taken in prior periods 3,066 2,161 Decrease related to statute limitations — (405 ) Balance of unrecognized tax benefits as at September 30 46,835 35,725 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Net (Loss) Income Per Share | Net Loss Per Share Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Net loss attributable to the shareholders of Teekay Corporation – basic and diluted (198,178 ) (12,005 ) (321,920 ) (60,884 ) Weighted average number of common shares 100,784,683 100,435,045 100,697,251 99,412,381 Common stock and common stock equivalents 100,784,683 100,435,045 100,697,251 99,412,381 Loss per common share – basic and diluted (1.97 ) (0.12 ) (3.20 ) (0.61 ) |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Total cash, cash equivalents and restricted cash are as follows: September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 $ $ $ $ Cash and cash equivalents 293,361 424,169 385,352 445,452 Restricted cash – current 60,463 40,493 38,231 38,179 Restricted cash – non-current 38,932 40,977 34,880 68,543 392,756 505,639 458,463 552,174 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Sep. 30, 2019 |
Subsidiaries | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership percentage | 50.00% |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating Lease, Liability | $ 3,065 | $ 3,065 | $ 0 | |||
Foreign exchange gain (loss) (notes 10 and 16) | 5,628 | $ 3,553 | (2,853) | $ 16,104 | ||
Investment in and loans to equity-accounted investments (notes 4 and 12a) | 1,034,713 | 1,034,713 | 1,193,741 | |||
Operating lease right-of-use assets (notes 2 and 6) | $ 177,052 | 177,052 | 0 | |||
Net Cash Provided by (Used in) Operating Activities | (256,126) | (84,413) | ||||
Scheduled repayments of long-term debt (note 8) | 171,946 | 265,868 | ||||
Proceeds from Lease Payments | $ 9,242 | 0 | ||||
Finance Leased Assets, Number of Units | vessel | 22 | 22 | ||||
Accumulated other comprehensive loss (note 15) | $ (27,878) | $ (27,878) | $ (2,273) | |||
Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating Lease, Liability | 165,400 | 165,400 | $ 170,000 | |||
Investment in and loans to equity-accounted investments (notes 4 and 12a) | 3,000 | 3,000 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 3,000 | 3,000 | 3,000 | |||
Operating lease right-of-use assets (notes 2 and 6) | 177,000 | 177,000 | 170,000 | |||
Proceeds from Lease Payments | 3,200 | $ 3,200 | $ 8,400 | |||
Accounting Standards Update 2017-12 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 4,800 | |||||
Time-charter [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating lease right-of-use assets (notes 2 and 6) | 13,700 | |||||
Time-charter [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating lease right-of-use assets (notes 2 and 6) | 900 | |||||
Office Building [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating Lease, Liability | 7,700 | 7,700 | ||||
Accumulated Other Comprehensive Loss | Accounting Standards Update 2017-12 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Accumulated other comprehensive loss (note 15) | $ 4,800 | |||||
Other Noncurrent Assets [Member] | Office Building [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating lease right-of-use assets (notes 2 and 6) | $ 7,700 | $ 7,700 |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 420,696,000 | $ 416,562,000 | $ 1,359,576,000 | $ 1,216,226,000 |
Lease revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Lease Revenue | 334,206,000 | 316,217,000 | 1,071,759,000 | 912,782,000 |
Sales-type Lease, Interest Income, Lease Receivable | 12,978,000 | 8,915,000 | 38,741,000 | 28,829,000 |
Operating Lease, Variable Lease Income | 14,169,000 | 10,629,000 | 39,483,000 | 29,306,000 |
Variable Lease, Payment | 6,542,000 | 24,606,000 | 33,686,000 | 76,314,000 |
Revenues | 367,895,000 | 360,367,000 | 1,183,669,000 | 1,047,231,000 |
Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 138,535,000 | 126,133,000 | 424,851,000 | 376,921,000 |
Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 183,880,000 | 160,546,000 | 605,120,000 | 461,376,000 |
Bareboat charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,196,000 | 6,001,000 | 18,387,000 | 17,112,000 |
FPSO contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 44,558,000 | 71,583,000 | 151,824,000 | 203,982,000 |
Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 47,527,000 | 52,299,000 | 159,394,000 | 156,835,000 |
Non-lease revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 52,801,000 | 56,195,000 | 175,907,000 | 168,995,000 |
Teekay Parent | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 95,833,000 | 117,571,000 | 301,747,000 | 348,097,000 |
Operating Segments | Teekay LNG | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 149,655,000 | 123,336,000 | 452,459,000 | 360,957,000 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 148,058,000 | 118,188,000 | 445,731,000 | 335,409,000 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 129,633,000 | 104,342,000 | 394,092,000 | 294,658,000 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,846,000 | 6,279,000 | 28,864,000 | 16,669,000 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Bareboat charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,196,000 | 6,001,000 | 18,387,000 | 17,112,000 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | FPSO contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,383,000 | 1,566,000 | 4,388,000 | 6,970,000 |
Operating Segments | Teekay LNG | Conventional Tankers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,597,000 | 5,148,000 | 6,728,000 | 25,548,000 |
Operating Segments | Teekay LNG | Conventional Tankers | Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,597,000 | 2,820,000 | 6,728,000 | 12,534,000 |
Operating Segments | Teekay LNG | Conventional Tankers | Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 2,220,000 | 0 | 12,690,000 |
Operating Segments | Teekay LNG | Conventional Tankers | Bareboat charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay LNG | Conventional Tankers | FPSO contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay LNG | Conventional Tankers | Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 108,000 | 0 | 324,000 |
Operating Segments | Teekay Tankers [Member] | Conventional Tankers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 182,304,000 | 175,915,000 | 617,082,000 | 516,039,000 |
Operating Segments | Teekay Tankers [Member] | Conventional Tankers | Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,909,000 | 12,326,000 | 6,775,000 | 51,820,000 |
Operating Segments | Teekay Tankers [Member] | Conventional Tankers | Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 173,034,000 | 152,047,000 | 576,256,000 | 432,017,000 |
Operating Segments | Teekay Tankers [Member] | Conventional Tankers | Bareboat charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay Tankers [Member] | Conventional Tankers | FPSO contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay Tankers [Member] | Conventional Tankers | Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7,361,000 | 11,542,000 | 34,051,000 | 32,202,000 |
Operating Segments | Teekay Parent | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 51,275,000 | |||
Operating Segments | Teekay Parent | Offshore Production | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 44,558,000 | 71,583,000 | 151,824,000 | 203,982,000 |
Operating Segments | Teekay Parent | Offshore Production | Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Offshore Production | Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Offshore Production | Bareboat charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Offshore Production | FPSO contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 44,558,000 | 71,583,000 | 151,824,000 | 203,982,000 |
Operating Segments | Teekay Parent | Offshore Production | Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Teekay Parent | Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12,642,000 | |||
Operating Segments | Teekay Parent | Teekay Parent | Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | |||
Operating Segments | Teekay Parent | Teekay Parent | Bareboat charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | |||
Operating Segments | Teekay Parent | Teekay Parent | FPSO contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | |||
Operating Segments | Teekay Parent | Teekay Parent | Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 38,633,000 | |||
Operating Segments | Teekay Parent | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 45,988,000 | 149,923,000 | 144,115,000 | |
Operating Segments | Teekay Parent | Other | Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,645,000 | 26,989,000 | 27,327,000 | |
Operating Segments | Teekay Parent | Other | Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Operating Segments | Teekay Parent | Other | Bareboat charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Operating Segments | Teekay Parent | Other | FPSO contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Operating Segments | Teekay Parent | Other | Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 39,343,000 | 122,934,000 | 116,788,000 | |
Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (7,096,000) | (260,000) | (11,712,000) | (8,867,000) |
Intersegment Eliminations | Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (7,246,000) | 0 | (9,733,000) | (9,418,000) |
Intersegment Eliminations | Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Bareboat charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | FPSO contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 150,000 | (260,000) | (1,979,000) | 551,000 |
Intersegment Eliminations | Teekay LNG | Liquefied Gas Carriers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7,246,000 | 0 | 9,733,000 | 9,418,000 |
Intersegment Eliminations | Teekay Tankers [Member] | Conventional Tankers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 150,000 | 0 | 1,979,000 | 0 |
Non-lease [Member] | Management fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 47,527,000 | 52,299,000 | 159,394,000 | 156,835,000 |
Non-lease [Member] | Non-lease revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 5,274,000 | $ 3,896,000 | $ 16,513,000 | $ 12,160,000 |
Revenue Operating Leases (Detai
Revenue Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year | $ 173,400 | $ 630,800 |
Lessor, Operating Lease, Payments to be Received, Two Years | 650,900 | 524,600 |
Lessor, Operating Lease, Payments to be Received, Three Years | 532,200 | 457,500 |
Lessor, Operating Lease, Payments to be Received, Four Years | 382,000 | |
Lessor, Operating Lease, Payments to be Received, Rolling Year Four | 428,900 | |
Lessor, Operating Lease, Payments to be Received, Five Years | 320,700 | 291,800 |
Property, Plant and Equipment, Net | 5,418,347 | 5,517,133 |
Assets Leased to Others [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property, Plant and Equipment, Net | 3,000,000 | 3,400,000 |
Property, Plant and Equipment, Gross | 3,800,000 | 4,300,000 |
Accumulated depreciation on vessels and equipment | $ 800,000 | $ 800,000 |
Revenue Direct Financing Leases
Revenue Direct Financing Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Direct Financing Lease, Lease Receivable | $ 849,115 | $ 897,130 |
Residual Value of Leased Asset | 291,098 | 291,098 |
Deferred Costs, Leasing, Net | 304 | 329 |
Deferred Lease Income, after Accumulated Amortization | 579,080 | 613,394 |
Direct Financing Lease, Net Investment in Lease | 561,437 | 575,163 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 64,200 | |
Net Investment in Lease, Current | (13,365) | (12,635) |
Net investment in direct financing leases – non-current (notes 3 and 6) | 548,072 | 562,528 |
Teekay LNG | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Remainder of Fiscal Year | 15,900 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | 63,900 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 64,300 | 64,300 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 64,200 | 64,200 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 64,200 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 64,000 | 64,000 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 576,500 | $ 576,500 |
Sales-type lease [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Remainder of Fiscal Year | 7,100 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | $ 36,400 |
Revenue Contract costs, assets
Revenue Contract costs, assets and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | |
Contract with Customer, Asset and Liability [Abstract] | ||||||
Contract with Customer, Liability, Current | $ 30,330 | $ 30,330 | $ 30,108 | |||
Contract with Customer, Liability | 26,600 | $ 21,700 | 26,600 | $ 21,700 | $ 26,400 | $ 29,500 |
Contract with customer, liability, revenue recognized | $ 23,300 | $ 22,200 | $ 26,400 | $ 29,500 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions - Narrative (Details) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | May 08, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Jan. 01, 2018Subsidiaries | |
Business Acquisition [Line Items] | |||||||||
Loss on deconsolidation of Teekay Offshore (note 4) | $ 0 | $ 0 | $ 0 | $ 7,070,000 | |||||
Teekay Offshore [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Due from Related Parties | $ 83,100,000 | ||||||||
Due to Related Parties | $ 59,300,000 | ||||||||
Revenue from Related Parties | 5,100,000 | $ 7,600,000 | 16,200,000 | ||||||
Teekay Offshore [Member] | Brookfield Business Partners L.P. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of ownership acquired | 100.00% | ||||||||
Number of Subsidiaries | Subsidiaries | 7 | ||||||||
Revolving Credit Facilities | |||||||||
Business Acquisition [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | 869,523,100 | 869,523,100 | |||||||
Revolving Credit Facilities | Teekay Offshore [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | ||||||||
Revolving Credit Facilities | Teekay Offshore [Member] | Brookfield Business Partners L.P. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | 100,000,000 | ||||||||
Parent Company [Member] | Revolving Credit Facilities | Teekay Offshore [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 25,000,000 | ||||||||
Technical Services [Member] | Teekay Offshore [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 5,900,000 | 19,200,000 | |||||||
Time-Charter Hire Expense [Member] | Teekay Lng Marubeni Joint Venture [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Additional Time Period For Fixed Rate Time Charters Contract | 2 years | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 5,300,000 | 14,000,000 | 1,700,000 | ||||||
Time-Charter Hire Expense [Member] | Teekay Offshore [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 14,400,000 | $ 20,800,000 | 42,400,000 | ||||||
LNG Carriers [Member] | Equity Method Investee [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue from Related Parties | $ 17,400,000 | $ 14,400,000 | $ 50,000,000 | $ 40,100,000 | |||||
Teekay Lng Marubeni Joint Venture [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 52.00% | 52.00% |
Related Party Transactions Re_2
Related Party Transactions Related Party Transactions (Details) | May 08, 2019USD ($) | May 08, 2019USD ($) | Sep. 30, 2018 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | May 08, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Jan. 01, 2018Subsidiaries |
Related Party Transaction [Line Items] | |||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 49.00% | ||||||||||
Proceeds from sale of equity-accounted investments and related assets (note 4) | $ 100,000,000 | $ 54,438,000 | |||||||||
Loss on deconsolidation of Teekay Offshore (note 4) | $ 0 | $ 0 | 0 | (7,070,000) | |||||||
Teekay Lng Marubeni Joint Venture [Member] | Time-Charter Hire Expense [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 5,300,000 | 14,000,000 | 1,700,000 | ||||||||
Additional Time Period For Fixed Rate Time Charters Contract | 2 years | ||||||||||
Technical Services [Member] | Teekay Offshore [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 9,600,000 | ||||||||||
Teekay Offshore [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from Related Parties | 5,100,000 | 7,600,000 | 16,200,000 | ||||||||
Due from Related Parties | $ 83,100,000 | ||||||||||
Due to Related Parties | $ 59,300,000 | ||||||||||
Teekay Offshore [Member] | Technical Services [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 5,900,000 | 19,200,000 | |||||||||
Teekay Offshore [Member] | Time-Charter Hire Expense [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 14,400,000 | 20,800,000 | 42,400,000 | ||||||||
LNG Carriers [Member] | Equity Method Investee [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from Related Parties | $ 17,400,000 | $ 14,400,000 | $ 50,000,000 | $ 40,100,000 | |||||||
Teekay Lng Marubeni Joint Venture [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 52.00% | 52.00% | |||||||||
Teekay Offshore [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | ||||||||
Proceeds from sale of equity-accounted investments and related assets (note 4) | 100,000,000 | ||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 64,900,000 | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 8,900,000 | ||||||||||
Teekay Offshore [Member] | Brookfield Business Partners L.P. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of ownership acquired | 100.00% | ||||||||||
Number of Subsidiaries | Subsidiaries | 7 | ||||||||||
Revolving Credit Facilities | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 869,523,100 | $ 869,523,100 | |||||||||
Revolving Credit Facilities | Teekay Offshore [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | ||||||||||
Revolving Credit Facilities | Teekay Offshore [Member] | Brookfield Business Partners L.P. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | 100,000,000 | ||||||||||
Parent Company [Member] | Revolving Credit Facilities | Teekay Offshore [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 25,000,000 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Detail) $ in Thousands | 3 Months Ended | 4 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)subsidiary | Sep. 30, 2018USD ($) | May 08, 2019USD ($) | Sep. 30, 2019USD ($)subsidiarysegment | Sep. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 3 | ||||
Number of lines of businesses, more than | segment | 1 | ||||
Equity income (loss) (note 4) | $ | $ 21,514 | $ 13,744 | $ (46,423) | $ 41,698 | |
Teekay Offshore [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Equity income (loss) (note 4) | $ | $ (500) | $ (3,100) | $ (9,200) | ||
Subsidiaries | |||||
Segment Reporting Information [Line Items] | |||||
Number of Subsidiaries | subsidiary | 2 | 2 |
Segment Reporting - Revenues (D
Segment Reporting - Revenues (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 420,696,000 | $ 416,562,000 | $ 1,359,576,000 | $ 1,216,226,000 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (7,096,000) | (260,000) | (11,712,000) | (8,867,000) |
Teekay LNG | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 149,655,000 | 123,336,000 | 452,459,000 | 360,957,000 |
Teekay LNG | Liquefied Gas Carriers | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 148,058,000 | 118,188,000 | 445,731,000 | 335,409,000 |
Teekay LNG | Liquefied Gas Carriers | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,246,000 | 0 | 9,733,000 | 9,418,000 |
Teekay LNG | Conventional Tankers | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,597,000 | 5,148,000 | 6,728,000 | 25,548,000 |
Teekay Tankers [Member] | Conventional Tankers | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 182,304,000 | 175,915,000 | 617,082,000 | 516,039,000 |
Teekay Tankers [Member] | Conventional Tankers | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 150,000 | 0 | 1,979,000 | 0 |
Teekay Parent | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 95,833,000 | 117,571,000 | 301,747,000 | 348,097,000 |
Teekay Parent | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 51,275,000 | |||
Teekay Parent | Offshore Production | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 44,558,000 | 71,583,000 | 151,824,000 | 203,982,000 |
Teekay Parent | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 51,275,000 | 45,988,000 | 149,923,000 | 144,115,000 |
Teekay Corporation [Member] | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 7,096,000 | $ 0 | $ 11,712,000 | $ 9,418,000 |
Segment Reporting - Operating I
Segment Reporting - Operating Income (Loss) (Detail) - USD ($) $ in Thousands | May 08, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | May 08, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Segment Reporting Information [Line Items] | ||||||
Equity income (loss) (note 4) | $ 21,514 | $ 13,744 | $ (46,423) | $ 41,698 | ||
Operating Income (Loss) | (130,389) | 55,082 | 25,306 | 75,508 | ||
Teekay LNG | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | 71,611 | 46,998 | 215,649 | 82,645 | ||
Teekay LNG | Liquefied Gas Carriers | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | 72,112 | 51,581 | 216,799 | 105,571 | ||
Teekay LNG | Conventional Tankers | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | (501) | (4,583) | (1,150) | (22,926) | ||
Teekay Tankers [Member] | Conventional Tankers | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | (4,873) | (2,166) | 32,275 | (24,002) | ||
Teekay Parent | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | (197,127) | 10,250 | (222,618) | 16,865 | ||
Teekay Parent | Offshore Production | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | (194,415) | 12,905 | (212,959) | 25,328 | ||
Teekay Parent | Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | $ (2,712) | (2,655) | (9,659) | (8,463) | ||
Teekay Offshore [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Equity Method Investment, Other than Temporary Impairment | $ 64,900 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 8,900 | |||||
Teekay Offshore [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Equity income (loss) (note 4) | $ (500) | $ (3,100) | $ (9,200) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 7,951,778 | $ 8,391,670 |
Segment Reconciling Items | Cash and cash equivalents | ||
Segment Reporting Information [Line Items] | ||
Total assets | 293,361 | 424,169 |
Segment Reconciling Items | Other assets not allocated | ||
Segment Reporting Information [Line Items] | ||
Total assets | 108,404 | 70,153 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total assets | (28,016) | (19,414) |
Teekay LNG | Liquefied Gas Carriers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,207,158 | 5,188,088 |
Teekay LNG | Conventional Tankers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 12,540 | 39,450 |
Teekay Tankers [Member] | Conventional Tankers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,093,433 | 2,106,169 |
Teekay Parent | Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 92,040 | 38,280 |
Teekay Parent | Offshore Production | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 172,858 | 311,550 |
Teekay Offshore [Member] | Offshore Production | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 0 | $ 233,225 |
Leases Obligations relating to
Leases Obligations relating to Finance Leases (Details) | Dec. 31, 2018USD ($)vessel | Sep. 30, 2019USD ($)vessel | May 31, 2019USD ($) | Jan. 31, 2019 | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Jul. 31, 2017USD ($)vessel | Sep. 30, 2019USD ($)vessel | Sep. 30, 2019USD ($)vessellessorlease | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2018USD ($)lease | Jan. 31, 2019 |
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Liability | $ 1,673,845,000 | $ 1,849,080,000 | $ 1,849,080,000 | $ 1,849,080,000 | $ 1,673,845,000 | $ 1,673,845,000 | $ 1,673,845,000 | |||||||
Proceeds from financing related to sale-leaseback of vessels | $ 381,526,000 | $ 526,692,000 | ||||||||||||
Finance Leased Assets, Number of Units | vessel | 22 | 22 | 22 | |||||||||||
Current obligations related to finance leases (note 6) | (102,115,000) | $ (94,536,000) | $ (94,536,000) | $ (94,536,000) | (102,115,000) | (102,115,000) | (102,115,000) | |||||||
Long-term obligations related to finance leases (note 6) | $ 1,571,730,000 | $ 1,754,544,000 | $ 1,754,544,000 | $ 1,754,544,000 | $ 1,571,730,000 | $ 1,571,730,000 | $ 1,571,730,000 | |||||||
Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Weighted Average Discount Rate, Percent | 7.50% | 7.70% | 7.70% | 7.70% | 7.50% | 7.50% | 7.50% | |||||||
Finance Lease Obligations [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number of Lessors | lessor | 16 | |||||||||||||
November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ 84,700,000 | |||||||||||||
Finance Leased Assets, Number of Units | vessel | 4 | 4 | 4 | |||||||||||
Actual Hull Coverage Ratio | 122.00% | 153.00% | 153.00% | 153.00% | 122.00% | 122.00% | 122.00% | |||||||
Debt Covenant Minimum Hull Coverage Ratio | 100.00% | |||||||||||||
November 2018 Sale-leaseback Transaction [Member] | Finance Lease Obligations [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 4 | |||||||||||||
September 2018 Sale-leaseback Transaction [Member] [Domain] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 6 | |||||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Year 1 | 75.00% | |||||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Year 2 | 78.00% | |||||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Years 3 and 4 | 80.00% | |||||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 90.00% | |||||||||||||
Actual Hull Coverage Ratio | 91.00% | 113.00% | 113.00% | 113.00% | 91.00% | 91.00% | 91.00% | |||||||
July 2017 Sale Leaseback [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 4 | |||||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Years 1, 2 and 3 | 90.00% | |||||||||||||
July 2017 Sale Leaseback [Member] | Finance Lease Obligations [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Period Required to Maintain 90% Hull Coverage Ratio | 3 years | |||||||||||||
Minimum [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Sale Leaseback Transaction, Lease Terms | P9Y | |||||||||||||
Maximum | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Sale Leaseback Transaction, Lease Terms | P12Y | |||||||||||||
Suezmax, Aframax and LR2 Vessels [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Liability, Payment, Due | $ 557,100,000 | $ 615,900,000 | $ 615,900,000 | $ 615,900,000 | $ 557,100,000 | $ 557,100,000 | $ 557,100,000 | |||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 181,800,000 | 195,000,000 | 195,000,000 | 195,000,000 | $ 181,800,000 | $ 181,800,000 | $ 181,800,000 | |||||||
Suezmax, Aframax and LR2 Vessels [Member] | Finance Lease Obligations [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line | $ 35,000,000 | $ 35,000,000 | $ 35,000,000 | |||||||||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 5.00% | 5.00% | 5.00% | |||||||||||
Suezmax, Aframax and LR2 Vessels [Member] | Suezmax Tanker Sale Leaseback [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 16 | |||||||||||||
Aframax Tanker [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels Obligated to Purchase | vessel | 6 | 6 | 6 | |||||||||||
Aframax Tanker [Member] | November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 2 | |||||||||||||
Aframax Tanker [Member] | September 2018 Sale-leaseback Transaction [Member] [Domain] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 6 | |||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ 156,600,000 | |||||||||||||
Suezmax Tankers [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels Obligated to Purchase | vessel | 2 | 2 | 2 | |||||||||||
Suezmax Tankers [Member] | Finance Lease Obligations [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 100.00% | |||||||||||||
Actual Hull Coverage Ratio | 101.00% | 121.00% | 121.00% | 121.00% | 101.00% | 101.00% | 101.00% | |||||||
Suezmax Tankers [Member] | November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 1 | |||||||||||||
Suezmax Tankers [Member] | July 2017 Sale Leaseback [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 4 | |||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ 153,000,000 | |||||||||||||
LR2 Tankers [Member] | November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 1 | |||||||||||||
LNG Carriers [Member] | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Sale Leaseback Transaction, Imputed Interest Rate | 5.20% | |||||||||||||
Finance Lease, Liability | $ 1,274,569,000 | $ 1,428,146,000 | $ 1,428,146,000 | $ 1,428,146,000 | $ 1,274,569,000 | $ 1,274,569,000 | $ 1,274,569,000 | |||||||
LNG Carriers [Member] | Minimum [Member] | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Sale Leaseback Transaction, Lease Terms | P15Y | |||||||||||||
LNG Carriers [Member] | Maximum | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Sale Leaseback Transaction, Lease Terms | P7Y6M | |||||||||||||
Suezmax, Aframax and LR2 Vessels [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Liability, Payments, Due Next Twelve Months | 47,962,000 | 14,242,000 | 14,242,000 | 14,242,000 | 47,962,000 | 47,962,000 | 47,962,000 | |||||||
Finance Lease, Liability, Payments, Due Year Two | 47,373,000 | 56,364,000 | 56,364,000 | 56,364,000 | 47,373,000 | 47,373,000 | 47,373,000 | |||||||
Finance Lease, Liability, Payments, Due Year Three | 47,237,000 | 56,202,000 | 56,202,000 | 56,202,000 | 47,237,000 | 47,237,000 | 47,237,000 | |||||||
Finance Lease, Liability, Payments, Due Year Four | 47,230,000 | 56,193,000 | 56,193,000 | 56,193,000 | 47,230,000 | 47,230,000 | 47,230,000 | |||||||
Finance Lease, Liability, Payments, Due Year Five | 47,222,000 | 56,184,000 | 56,184,000 | 56,184,000 | 47,222,000 | 47,222,000 | 47,222,000 | |||||||
Finance Lease, Liability, Payments, Due after Year Five | 320,064,000 | 376,749,000 | 376,749,000 | 376,749,000 | 320,064,000 | 320,064,000 | 320,064,000 | |||||||
Suezmax Tankers [Member] | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Liability | 23,987,000 | 0 | 0 | 0 | 23,987,000 | 23,987,000 | 23,987,000 | |||||||
Suezmax Tankers [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Liability | $ 165,145,000 | $ 219,751,000 | $ 219,751,000 | $ 219,751,000 | $ 165,145,000 | $ 165,145,000 | $ 165,145,000 | |||||||
Suezmax Tankers [Member] | May 2019 Sale Leaseback [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | 2 | |||||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Year 2 | 78.00% | |||||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Years 3 and 4 | 80.00% | |||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ 63,700,000 | |||||||||||||
Finance Leased Assets, Number of Units | vessel | 2 | 2 | 2 | |||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 90.00% | |||||||||||||
Actual Hull Coverage Ratio | 0.00% | 107.80% | 107.80% | 107.80% | 0.00% | 0.00% | 0.00% | |||||||
Debt Covenant Minimum Hull Coverage Ratio | 75.00% | |||||||||||||
Aframax Tanker [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Liability | $ 184,021,000 | $ 175,920,000 | $ 175,920,000 | $ 175,920,000 | $ 184,021,000 | $ 184,021,000 | $ 184,021,000 | |||||||
LR2 Tankers [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Liability | 26,123,000 | 25,263,000 | 25,263,000 | $ 25,263,000 | 26,123,000 | 26,123,000 | 26,123,000 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number of Lessors | lessor | 7 | |||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Suezmax, Aframax and LR2 Vessels [Member] | Teekay Tankers [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number of Lessors | lessor | 14 | |||||||||||||
Sales-type lease [Member] | LNG Carriers [Member] | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Finance Lease, Liability, Payments, Due Next Twelve Months | 119,517,000 | 35,389,000 | 35,389,000 | $ 35,389,000 | 119,517,000 | 119,517,000 | 119,517,000 | |||||||
Finance Lease, Liability, Payments, Due Year Two | 118,685,000 | 140,386,000 | 140,386,000 | $ 140,386,000 | 118,685,000 | $ 118,685,000 | $ 118,685,000 | |||||||
Number Of Vessels | 9 | 8 | 8 | |||||||||||
Number of Lessors | lessor | 9 | |||||||||||||
Finance Lease, Liability, Payment, Due | 1,700,000,000 | 1,900,000,000 | 1,900,000,000 | $ 1,900,000,000 | 1,700,000,000 | $ 1,700,000,000 | $ 1,700,000,000 | |||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 435,300,000 | 489,000,000 | 489,000,000 | 489,000,000 | 435,300,000 | 435,300,000 | 435,300,000 | |||||||
Finance Lease, Liability, Payments, Due Year Three | 117,772,000 | 138,601,000 | 138,601,000 | 138,601,000 | 117,772,000 | 117,772,000 | 117,772,000 | |||||||
Finance Lease, Liability, Payments, Due Year Four | 116,978,000 | 136,959,000 | 136,959,000 | 136,959,000 | 116,978,000 | 116,978,000 | 116,978,000 | |||||||
Finance Lease, Liability, Payments, Due Year Five | 116,338,000 | 135,459,000 | 135,459,000 | 135,459,000 | 116,338,000 | 116,338,000 | 116,338,000 | |||||||
Finance Lease, Liability, Payments, Due after Year Five | $ 1,120,670,000 | $ 1,330,378,000 | 1,330,378,000 | $ 1,330,378,000 | 1,120,670,000 | 1,120,670,000 | 1,120,670,000 | |||||||
Direct Finance Lease [Member] | Suezmax Tankers [Member] | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Number Of Vessels | vessel | 1 | |||||||||||||
Finance Lease, Liability, Payment, Due | $ 24,200,000 | 24,200,000 | 24,200,000 | 24,200,000 | ||||||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | ||||||||||
Yamal Spirit [Member] | January 2019 Transaction [Member] | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Sale Leaseback Transaction, Lease Terms | P15Y | |||||||||||||
Lessee, Finance Lease, Option to Extend | P5Y | |||||||||||||
Yamal Spirit [Member] | September 2019 Transaction [Member] | Teekay LNG | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Sale Leaseback Transaction, Lease Terms | P7Y6M | |||||||||||||
Gain (Loss) on Contract Termination | $ 1,400,000 | |||||||||||||
Time Charter and Bare-boat Expenses [Member] | ||||||||||||||
Obligations relating to Finance Leases [Line Items] | ||||||||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | 6.10% | 6.10% |
Leases Obligations relating t_2
Leases Obligations relating to Operating leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)vessellease | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2018USD ($)lease | |
Operating Leased Assets [Line Items] | ||||||
Current portion of operating lease liabilities (notes 2 and 6) | $ (62,654) | $ (62,654) | $ 0 | $ 0 | ||
Operating Leases, Rent Expense | 28,932 | $ 20,965 | 87,587 | $ 61,024 | ||
Operating lease right-of-use assets (notes 2 and 6) | 177,052 | 177,052 | 0 | 0 | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 28,660 | 28,660 | 116,300 | 116,300 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 90,400 | 90,400 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 106,706 | 106,706 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 81,143 | 81,143 | 53,400 | 53,400 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 31,167 | 31,167 | 9,100 | 9,100 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 9,227 | 9,227 | 9,100 | 9,100 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 5,712 | 5,712 | 5,600 | 5,600 | ||
Lessee, Operating Lease, Liability, Payments, Due | 262,615 | 262,615 | ||||
Operating Lease, Liability | 3,065 | 3,065 | 0 | 0 | ||
Long-term operating lease liabilities (notes 2 and 6) | 102,760 | 102,760 | $ 0 | $ 0 | ||
Lease [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Current portion of operating lease liabilities (notes 2 and 6) | (62,654) | (62,654) | ||||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 19,242 | 19,242 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 69,617 | 69,617 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 54,195 | 54,195 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 22,978 | 22,978 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 9,227 | 9,227 | ||||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 5,712 | 5,712 | ||||
Lessee, Operating Lease, Liability, Payments, Due | 180,971 | 180,971 | ||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (15,557) | (15,557) | ||||
Operating Lease, Liability | 165,414 | 165,414 | ||||
Long-term operating lease liabilities (notes 2 and 6) | 102,760 | 102,760 | ||||
Non-lease [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 9,418 | 9,418 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 37,089 | 37,089 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 26,948 | 26,948 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 8,189 | 8,189 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 0 | 0 | ||||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0 | 0 | ||||
Lessee, Operating Lease, Liability, Payments, Due | 81,644 | 81,644 | ||||
Time-charter [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 4,300 | 4,300 | ||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 2,700 | $ 2,700 | ||||
Teekay LNG | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 21 months | 21 months | ||||
Teekay Tankers [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, Operating Sublease, Option to Extend | one-year | |||||
Lessee, Operating Lease, Term of Contract | 24 months | 24 months | ||||
Teekay Parent | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 12 months | 12 months | ||||
FSO | Teekay Parent | ||||||
Operating Leased Assets [Line Items] | ||||||
Number Of Vessels Chartered In | vessel | 1 | |||||
LR2 Tankers [Member] | Teekay Tankers [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Number Of Vessels Chartered In | vessel | 2 | |||||
Aframax Tanker [Member] | Teekay Tankers [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Number Of Vessels Chartered In | vessel | 1 | |||||
LNG Carriers [Member] | Teekay LNG | ||||||
Operating Leased Assets [Line Items] | ||||||
Number Of Vessels Chartered In | vessel | 1 | |||||
Vessels [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating lease right-of-use assets (notes 2 and 6) | $ 47,600 | $ 47,600 | ||||
Operating Lease, Liability | 47,600 | 47,600 | ||||
Time-Charter Hire Expense [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Short-term Lease, Cost | 4,200 | 13,400 | ||||
Time Charter and Bare-boat Expenses [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating Leases, Rent Expense | $ 25,900 | $ 74,700 | ||||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 9 months 4 days | 2 years 9 months 4 days | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | 6.10% | ||||
Time Charter and Bare-boat Expenses [Member] | Lease Component [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating Leases, Rent Expense | $ 18,100 | $ 51,900 | ||||
Time Charter and Bare-boat Expenses [Member] | Non-lease [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating Leases, Rent Expense | $ 7,700 | $ 22,800 | ||||
Sales-type lease [Member] | LNG Carriers [Member] | Teekay LNG | ||||||
Operating Leased Assets [Line Items] | ||||||
Number Of Vessels | 9 | 8 | 8 |
Write-down and Loss on Sales _3
Write-down and Loss on Sales of Vessels (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($)vessel | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($)vessel | |
Long Lived Assets Held-for-sale [Line Items] | ||||||
Asset Impairment Charges | $ 175,785 | $ 2,201 | $ 179,113 | |||
Write-down and loss on sales of vessels (note 7) | $ (175,785) | $ (2,201) | $ (179,113) | $ (53,693) | ||
LNG Segment [Member] | Handymax | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Number Of Vessels Impaired | vessel | 1 | 0 | 1 | 1 | ||
LNG Segment [Member] | Liquefied Gas Carriers | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Number Of Vessels Impaired | 0 | 4 | ||||
LNG Segment [Member] | Suezmax Tankers | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Number Of Vessels Impaired | vessel | 0 | 2 | 0 | 2 | ||
Offshore Production | FPSO | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Number Of Vessels Impaired | vessel | 0 | 3 | 0 | |||
Other | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Write-down and loss on sales of vessels (note 7) | $ 170 | |||||
Write-Down and Loss on Sales of Vessels | $ 0 | |||||
Teekay LNG | Liquefied Gas Segment | LNG Carriers [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Asset Impairment Charges | 0 | (33,000) | ||||
Teekay LNG | Conventional Tankers | European Spirit [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 15,700 | |||||
Teekay LNG | Conventional Tankers | Handymax | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Asset Impairment Charges | $ (785) | $ 0 | (785) | (13,000) | ||
Teekay LNG | Conventional Tankers | European Spirit and African Spirit | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Asset Impairment Charges | 0 | (2,201) | 0 | (7,863) | ||
Teekay LNG | Conventional Tanker Segment [Member] | African Spirit [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 12,800 | |||||
Teekay Parent | FPSO | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Asset Impairment Charges | $ (175,000) | $ 0 | ||||
Teekay Parent | FPSO | FPSO | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Asset Impairment Charges | $ (178,328) | $ 0 | ||||
Subsequent Event | Alexander Spirit [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 11,500 |
Write-down and Loss on Sales _4
Write-down and Loss on Sales of Vessels Vessel Impairment (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($)vessel | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($)vessel | |
Property, Plant and Equipment [Line Items] | ||||||
Asset Impairment Charges | $ (175,785) | $ (2,201) | $ (179,113) | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (175,785) | $ (2,201) | $ (179,113) | $ (53,693) | ||
Offshore Production | FPSO | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number Of Vessels Impaired | vessel | 0 | 3 | 0 | |||
Other | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 170 | |||||
Write-Down and Loss on Sales of Vessels | $ 0 | |||||
Teekay Parent | FPSO | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Asset Impairment Charges | 175,000 | $ 0 | ||||
Teekay Parent | FPSO | FPSO | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Asset Impairment Charges | 178,328 | 0 | ||||
Teekay LNG | Conventional Tankers | Handymax | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Asset Impairment Charges | 785 | 0 | 785 | 13,000 | ||
Teekay LNG | Conventional Tankers | European Spirit and African Spirit | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Asset Impairment Charges | $ 0 | $ 2,201 | 0 | 7,863 | ||
Teekay LNG | Conventional Tankers | European Spirit [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 15,700 | |||||
Teekay LNG | Liquefied Gas Segment | LNG Carriers [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Asset Impairment Charges | $ 0 | $ 33,000 | ||||
Teekay LNG | Conventional Tanker Segment [Member] | African Spirit [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 12,800 | |||||
Subsequent Event | Alexander Spirit [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 11,500 |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Nov. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||||
Short-term Debt | $ 50,000,000 | $ 0 | ||
Teekay Tankers [Member] | ||||
Short-term Debt [Line Items] | ||||
Short term borrowing limit | $ 55,000,000 | $ 40,000,000 | ||
Short-term Debt | $ 50,000,000 | $ 0 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.50% | 0.00% | ||
Teekay Tankers [Member] | Short-term Debt [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Term | 6 months | |||
Teekay Tankers [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Short-term Debt [Line Items] | ||||
Short Term Debt, Interest Rate, Stated Percentage | 3.50% | |||
RSA [Member] | Teekay Tankers [Member] | Minimum [Member] | ||||
Short-term Debt [Line Items] | ||||
Capital | $ 20,000,000 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) $ / shares in Units, € in Millions, shares in Millions | Jan. 31, 2018USD ($) | Jan. 27, 2010USD ($) | Nov. 30, 2015USD ($) | Sep. 30, 2019USD ($)vesselsubsidiarySecurityLoancredit_facilityterm_loan$ / sharesshares | Dec. 31, 2018USD ($)vessel | Sep. 30, 2019NOK (kr)vesselsubsidiarySecurityLoanterm_loanshares | Sep. 30, 2019EUR (€)vesselsubsidiarySecurityLoanterm_loanshares | May 31, 2019USD ($) | Dec. 31, 2018EUR (€)vessel | Jan. 26, 2018USD ($)$ / shares |
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.80% | 5.10% | 4.80% | 4.80% | 5.10% | |||||
Total principal | $ 2,864,660,000 | $ 3,363,127,000 | ||||||||
Less unamortized discount and debt issuance costs | (43,356,000) | (43,604,000) | ||||||||
Total debt | 2,821,304,000 | 3,319,523,000 | ||||||||
Less current portion | (528,527,000) | (242,137,000) | ||||||||
Long-term portion | 2,292,777,000 | 3,077,386,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 65,400,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 711,400,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 830,500,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 399,800,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 330,400,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 527,200,000 | |||||||||
Number Of Loan Agreements | SecurityLoan | 5 | 5 | 5 | |||||||
Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal | $ 1,400,000,000 | $ 1,500,000,000 | ||||||||
Number Of Debt Instruments | term_loan | 10 | |||||||||
Number Of Debt Instruments With Balloon Or Bullet Payments | term_loan | 8 | 8 | 8 | |||||||
Number Of Vessels Held As Collateral | vessel | 24 | 24 | 24 | 24 | 24 | |||||
Senior Notes (8.5%) due January 15, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||
Percentage Of Par At Which Notes Sold | 99.20% | 99.01% | ||||||||
Long-term debt, percentage bearing fixed interest, percentage rate | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | |||
Total principal | $ 36,712,000 | $ 508,577,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.67% | 8.67% | 8.67% | |||||||
Debt instrument, principal amount | $ 450,000,000 | $ 200,000,000 | ||||||||
Senior Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, percentage bearing fixed interest, percentage rate | 9.25% | 9.25% | 9.25% | 9.25% | ||||||
Total principal | $ 250,000,000 | $ 0 | ||||||||
Debt instrument, principal amount | $ 250,000,000 | |||||||||
Convertible Senior Notes due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, percentage bearing fixed interest, percentage rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||
Total principal | $ 125,000,000 | $ 125,000,000 | ||||||||
Norwegian Krone-denominated Bonds due through August 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal | 335,287,000 | 352,973,000 | ||||||||
U.S. Dollar-denominated Term Loans due through 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal | 1,388,157,000 | 1,536,499,000 | ||||||||
Euro-denominated Term Loans due through 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal | 170,274,000 | 193,781,000 | ||||||||
Other U.S. Dollar-denominated loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal | 3,300,000 | 3,300,000 | ||||||||
Revolving Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility, maximum borrowing capacity | 869,523,100 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 313,600,000 | |||||||||
Number Of Credit Facilities | term_loan | 5 | 5 | 5 | |||||||
Line Of Credit Reduction Of Available Borrowing Capacity In Year Four | $ 167,800,000 | |||||||||
Total principal | 555,930,000 | 642,997,000 | ||||||||
Line Of Credit Reduction Of Available Borrowing Capacity Remainder Of Fiscal Year | 3,000,000 | |||||||||
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two | 369,500,000 | |||||||||
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three | $ 329,200,000 | |||||||||
Debt Instrument, Collateral, Number of Vessels | vessel | 36 | 36 | 36 | |||||||
Revolving Credit Facilities | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility, maximum borrowing capacity | $ 150,000,000 | |||||||||
Remaining Term Loans [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.48% | 4.48% | 4.48% | |||||||
Remaining Secured Debt [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number Of Debt Instruments | credit_facility | 2 | |||||||||
Term Loan Two [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Minimum Level Of Free Cash Maintained Per Loan Agreements | $ 50,000,000 | |||||||||
Term Loan One [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Minimum Level Of Free Cash Maintained Per Loan Agreements | $ 100,000,000 | |||||||||
Convertible Senior Notes due 2023 [Member] | Convertible Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Convertible, Conversion Ratio | 85.4701 | |||||||||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | $ 1,000 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 11.70 | |||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 20.00% | |||||||||
Sale of Stock, Price Per Share | $ / shares | $ 9.75 | |||||||||
Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Vessel Market Value To Loan Ratio | 136.00% | 136.00% | 136.00% | |||||||
Vessel Market Value to Loan Required Ratio | 115.00% | 115.00% | 115.00% | |||||||
Undrawn Revolving Credit Facilities Time To Maturity | 6 months | |||||||||
Minimum [Member] | Revolving Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | |||||||||
Minimum [Member] | Term Loan One [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 7.50% | 7.50% | 7.50% | |||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Vessel Market Value To Loan Ratio | 243.00% | 243.00% | 243.00% | |||||||
Vessel Market Value to Loan Required Ratio | 135.00% | 135.00% | 135.00% | |||||||
Maximum | Revolving Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.95% | |||||||||
Teekay LNG | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Minimum Level Of Free Cash Maintained Per Loan Agreements | $ 35,000,000 | |||||||||
Teekay LNG | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 170,300,000 | 193,800,000 | € 156.2 | € 169 | ||||||
Number Of Debt Instruments | term_loan | 2 | |||||||||
Number Of Vessels Held As Collateral | vessel | 2 | 2 | 2 | |||||||
Number of Subsidiaries | subsidiary | 1 | 1 | 1 | |||||||
Teekay LNG | Common Class A [Member] | Revolving Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Common Unit, Issued | shares | 25.2 | 25.2 | 25.2 | |||||||
Teekay LNG | Minimum [Member] | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.60% | |||||||||
Teekay LNG | Maximum | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||
Teekay Tankers [Member] | Long-term Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Guaranteed | $ 150,400,000 | |||||||||
Teekay Tankers [Member] | 2016 Debt Facility Maturing in January 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line | $ 35,000,000 | |||||||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 5.00% | 5.00% | 5.00% | |||||||
Teekay Tankers [Member] | Common Class A [Member] | Revolving Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Common Unit, Issued | shares | 40.3 | 40.3 | 40.3 | |||||||
Teekay Tankers [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 5.00% | 5.00% | 5.00% | |||||||
Teekay Tankers [Member] | Minimum [Member] | 2016 Debt Facility Maturing in January 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Term | 6 months | |||||||||
Parent Company [Member] | Convertible Senior Notes due 2023 [Member] | Convertible Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Convertible Debt | $ 104,600,000 | |||||||||
Debt instrument, principal amount | $ 125,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||
Debt Instrument, Convertible Term | 5 years | |||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 16,100,000 | |||||||||
Parent Company [Member] | Common Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 9.75 | |||||||||
Nibor Loan [Member] | Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | kr | kr 3,050,000,000 | |||||||||
Unsecured Debt | kr | kr 3,100,000,000 | |||||||||
Senior Notes | $ 335,300,000 | $ 353,000,000 | ||||||||
Derivative, Notional Amount | $ 382,500,000 | |||||||||
Nibor Loan [Member] | Teekay LNG | Minimum [Member] | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.70% | |||||||||
Derivative, Fixed Interest Rate | 5.92% | 5.92% | 5.92% | |||||||
Nibor Loan [Member] | Teekay LNG | Maximum | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||||||
Derivative, Fixed Interest Rate | 7.89% | 7.89% | 7.89% | |||||||
Fixed Rate [Member] | Remaining Term Loans [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number Of Debt Instruments | term_loan | 2 | |||||||||
Three Month London Interbank Offered Rate [Member] | Minimum [Member] | Remaining Term Loans [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | 0.30% | ||||||||
Three Month London Interbank Offered Rate [Member] | Maximum | Remaining Term Loans [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | 3.50% | ||||||||
Debt Instrument, Redemption, Period One [Member] | Senior Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||
Debt Instrument, Redemption, Period Two [Member] | Senior Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 104.625% | |||||||||
Debt Instrument, Redemption, Period Three [Member] | Senior Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | |||||||||
Debt Instrument, Redemption, Period Four [Member] | Senior Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) $ / shares in Units, € in Millions, shares in Millions | Jan. 31, 2018USD ($) | Jan. 27, 2010USD ($) | May 31, 2019USD ($) | Nov. 30, 2015USD ($) | Sep. 30, 2019USD ($)vesselsubsidiarySecurityLoanterm_loan$ / sharesshares | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)vesselsubsidiarySecurityLoancredit_facilityterm_loan$ / sharesshares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2014USD ($) | Sep. 30, 2019NOK (kr)vesselsubsidiarySecurityLoanterm_loanshares | Sep. 30, 2019EUR (€)vesselsubsidiarySecurityLoanterm_loanshares | Dec. 31, 2018EUR (€)vessel | Mar. 31, 2018USD ($) | Jan. 26, 2018USD ($)$ / shares |
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 527,200,000 | $ 527,200,000 | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | (10,700,000) | |||||||||||||||
Repayments of Senior Debt | $ 10,900,000 | |||||||||||||||
Long-term debt, gross | 2,864,660,000 | 2,864,660,000 | $ 3,363,127,000 | |||||||||||||
Long-term Debt | 2,821,304,000 | 2,821,304,000 | $ 3,319,523,000 | |||||||||||||
Foreign exchange gain (loss) (notes 10 and 16) | $ 5,628,000 | $ 3,553,000 | $ (2,853,000) | $ 16,104,000 | ||||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.80% | 4.80% | 5.10% | 4.80% | 4.80% | 5.10% | ||||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 65,400,000 | $ 65,400,000 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 711,400,000 | 711,400,000 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 830,500,000 | 830,500,000 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 399,800,000 | 399,800,000 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 330,400,000 | $ 330,400,000 | ||||||||||||||
Number Of Loan Agreements | SecurityLoan | 5 | 5 | 5 | 5 | ||||||||||||
Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Vessel Market Value To Loan Ratio | 136.00% | 136.00% | 136.00% | 136.00% | ||||||||||||
Vessel Market Value to Loan Required Ratio | 115.00% | 115.00% | 115.00% | 115.00% | ||||||||||||
Undrawn Revolving Credit Facilities Time To Maturity | 6 months | |||||||||||||||
Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Vessel Market Value To Loan Ratio | 243.00% | 243.00% | 243.00% | 243.00% | ||||||||||||
Vessel Market Value to Loan Required Ratio | 135.00% | 135.00% | 135.00% | 135.00% | ||||||||||||
Term Loan One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Minimum Level Of Free Cash Maintained Per Loan Agreements | $ 100,000,000 | $ 100,000,000 | ||||||||||||||
Term Loan One [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 7.50% | 7.50% | 7.50% | 7.50% | ||||||||||||
Term Loan Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Minimum Level Of Free Cash Maintained Per Loan Agreements | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Debt Instruments | term_loan | 10 | |||||||||||||||
Long-term debt, gross | $ 1,400,000,000 | $ 1,400,000,000 | $ 1,500,000,000 | |||||||||||||
Number Of Debt Instruments With Balloon Or Bullet Payments | term_loan | 8 | 8 | 8 | 8 | ||||||||||||
Number Of Vessels Held As Collateral | vessel | 24 | 24 | 24 | 24 | 24 | 24 | ||||||||||
Secured Debt [Member] | Remaining Term Loans [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.48% | 4.48% | 4.48% | 4.48% | ||||||||||||
Secured Debt [Member] | Remaining Term Loans [Member] | Fixed Rate [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Debt Instruments | term_loan | 2 | |||||||||||||||
Secured Debt [Member] | Remaining Term Loans [Member] | Three Month London Interbank Offered Rate [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | 0.30% | ||||||||||||||
Secured Debt [Member] | Remaining Term Loans [Member] | Three Month London Interbank Offered Rate [Member] | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | 3.50% | ||||||||||||||
Secured Debt [Member] | Remaining Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Debt Instruments | credit_facility | 2 | |||||||||||||||
Senior Notes (8.5%) due January 15, 2020 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, percentage bearing fixed interest, percentage rate | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | ||||||||
Debt instrument, principal amount | $ 450,000,000 | $ 200,000,000 | ||||||||||||||
Percentage Of Par At Which Notes Sold | 99.20% | 99.01% | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.67% | 8.67% | 8.67% | 8.67% | ||||||||||||
Repayments of Senior Debt | $ 460,900,000 | $ 84,100,000 | $ 57,300,000 | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||
Long-term debt, gross | $ 36,712,000 | $ 36,712,000 | 508,577,000 | |||||||||||||
Senior Notes due 2022 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, percentage bearing fixed interest, percentage rate | 9.25% | 9.25% | 9.25% | 9.25% | 9.25% | |||||||||||
Debt instrument, principal amount | $ 250,000,000 | |||||||||||||||
Long-term debt, gross | $ 250,000,000 | $ 250,000,000 | 0 | |||||||||||||
Convertible Debt [Member] | Convertible Senior Notes due 2023 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 85.4701 | |||||||||||||||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | $ 1,000 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 11.70 | |||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 20.00% | |||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 9.75 | |||||||||||||||
Revolving Credit Facilities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility, maximum borrowing capacity | 869,523,100 | 869,523,100 | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 313,600,000 | 313,600,000 | ||||||||||||||
Line Of Credit Reduction Of Available Borrowing Capacity Remainder Of Fiscal Year | 3,000,000 | 3,000,000 | ||||||||||||||
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two | 369,500,000 | 369,500,000 | ||||||||||||||
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three | 329,200,000 | 329,200,000 | ||||||||||||||
Line Of Credit Reduction Of Available Borrowing Capacity In Year Four | $ 167,800,000 | $ 167,800,000 | ||||||||||||||
Debt Instrument, Collateral, Number of Vessels | vessel | 36 | 36 | 36 | 36 | ||||||||||||
Long-term debt, gross | $ 555,930,000 | $ 555,930,000 | 642,997,000 | |||||||||||||
Number Of Credit Facilities | term_loan | 5 | 5 | 5 | 5 | ||||||||||||
Revolving Credit Facilities | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | |||||||||||||||
Revolving Credit Facilities | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.95% | |||||||||||||||
Revolving Credit Facilities | Secured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility, maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||||||||||||||
Teekay Offshore [Member] | Revolving Credit Facilities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | |||||||||||||||
Teekay LNG | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Minimum Level Of Free Cash Maintained Per Loan Agreements | 35,000,000 | 35,000,000 | ||||||||||||||
Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | Nibor Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, principal amount | kr | kr 3,050,000,000 | |||||||||||||||
Unsecured Debt | kr | kr 3,100,000,000 | |||||||||||||||
Senior Notes | $ 335,300,000 | $ 335,300,000 | 353,000,000 | |||||||||||||
Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | Nibor Loan [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.70% | |||||||||||||||
Derivative, Fixed Interest Rate | 5.92% | 5.92% | 5.92% | 5.92% | ||||||||||||
Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | Nibor Loan [Member] | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||||||||||||
Derivative, Fixed Interest Rate | 7.89% | 7.89% | 7.89% | 7.89% | ||||||||||||
Teekay LNG | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Debt Instruments | term_loan | 2 | |||||||||||||||
Number Of Vessels Held As Collateral | vessel | 2 | 2 | 2 | 2 | ||||||||||||
Long-term Debt | $ 170,300,000 | $ 170,300,000 | $ 193,800,000 | € 156.2 | € 169 | |||||||||||
Number of Subsidiaries | subsidiary | 1 | 1 | 1 | 1 | ||||||||||||
Teekay LNG | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.60% | |||||||||||||||
Teekay LNG | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||||||||
Teekay Tankers [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||
Teekay Tankers [Member] | 2016 Debt Facility Maturing in January 2021 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line | $ 35,000,000 | $ 35,000,000 | ||||||||||||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||
Teekay Tankers [Member] | 2016 Debt Facility Maturing in January 2021 [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Term | 6 months | |||||||||||||||
Teekay Tankers [Member] | Long-term Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Guaranteed | $ 150,400,000 | $ 150,400,000 | ||||||||||||||
Common Class A [Member] | Teekay LNG | Revolving Credit Facilities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Common Unit, Issued | shares | 25.2 | 25.2 | 25.2 | 25.2 | ||||||||||||
Common Class A [Member] | Teekay Tankers [Member] | Revolving Credit Facilities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Common Unit, Issued | shares | 40.3 | 40.3 | 40.3 | 40.3 | ||||||||||||
Parent Company [Member] | Convertible Debt [Member] | Convertible Senior Notes due 2023 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, principal amount | $ 125,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||||
Proceeds from Convertible Debt | $ 104,600,000 | |||||||||||||||
Debt Instrument, Convertible Term | 5 years | |||||||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 16,100,000 | |||||||||||||||
Parent Company [Member] | Teekay Offshore [Member] | Revolving Credit Facilities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility, maximum borrowing capacity | $ 25,000,000 | |||||||||||||||
Parent Company [Member] | Common Stock | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 9.75 | $ 9.75 | ||||||||||||||
FPSO | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Vessels | vessel | 2 | |||||||||||||||
FPSO | Asset Pledged as Collateral [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Vessels | vessel | 3 |
Capital Stock - Capital Stock (
Capital Stock - Capital Stock (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||||
Preferred stock, share authorized (in shares) | 25,000,000 | 25,000,000 | ||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | ||
Common stock, share authorized (in shares) | 725,000,000 | 725,000,000 | ||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 | ||
Preferred stock, share issued (in shares) | 0 | |||
Stock options granted (in shares) | 2,646,903 | 1,048,916 | ||
Stock option per share value (in usd per share) | $ 3.98 | $ 8.67 | ||
Restricted stock units | ||||
Class of Stock [Line Items] | ||||
Number of shares or units granted equity based compensation awards (in shares) | 796,733 | 625,878 | ||
Fair value of granted stock | $ 3.3 | $ 5.4 | ||
Vesting period | 3 years | |||
Restricted stock awards | ||||
Class of Stock [Line Items] | ||||
Number of shares or units granted equity based compensation awards (in shares) | 144,441 | 79,869 | ||
Fair value of granted stock | $ 0.5 | $ 0.7 | ||
Stock option | ||||
Class of Stock [Line Items] | ||||
Period Of Historical Data Used To Calculate Expected Volatility In Year | 5 years | |||
Stock option, term | 10 years | |||
Vesting period | 3 years | |||
Weighted-average grant-date fair value of options granted (in usd per share) | $ 1.47 | |||
Expected volatility used in computing fair value of options granted | 65.20% | |||
Expected life used in computing fair value of options granted, years | 5 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.90% | |||
Risk-free interest rate used in computing fair value of options granted | 2.50% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Estimated Forfeiture Rate | 6.00% | |||
Parent Company [Member] | Common Stock | ||||
Class of Stock [Line Items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 10,000,000 | |||
Sale of Stock, Price Per Share | $ 9.75 | |||
Net proceeds from equity issuances of subsidiaries | $ 93 | |||
Continuous Offering Program [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of Stock, Offering Amount | $ 63 | |||
Continuous Offering Program [Member] | Parent Company [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 1,100,000 | |||
Sale of stock, consideration received per transaction | $ 10.7 |
Capital Stock - Share-based Com
Capital Stock - Share-based Compensation of Subsidiaries (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 2,646,903 | 1,048,916 | |
Stock option per share value (in usd per share) | $ 3.98 | $ 8.67 | |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares or units granted equity based compensation awards (in shares) | 796,733 | 625,878 | |
Vesting period | 3 years | ||
Stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Teekay LNG | Phantom unit awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares or units granted equity based compensation awards (in shares) | 80,100 | 62,283 | |
Teekay LNG | Non-management directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common shares or units issued related to the exercise of share based compensation during the period (in shares) | 35,419 | 17,498 | |
Teekay Tankers [Member] | Restricted stock units | Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares or units granted equity based compensation awards (in shares) | 633,134 | 762,640 | |
Teekay Tankers [Member] | Non-management directors | Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common shares or units issued related to the exercise of share based compensation during the period (in shares) | 159,375 | 168,029 | |
Teekay Tankers [Member] | Non-management directors | Stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 504,097 | 470,765 | |
Teekay Tankers [Member] | Officer | Stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock options granted (in shares) | 736,327 | 1,380,173 | |
Stock option per share value (in usd per share) | $ 1.22 | $ 1 | |
Maximum contractual term | 10 years | ||
Teekay LNG and Teekay Tankers [Member] | Restricted Stock And Phantom Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common units aggregate value, granted | $ 1.8 | $ 2.1 | |
Teekay LNG and Teekay Tankers [Member] | Non-management directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common units aggregate value, granted | $ 0.7 | $ 0.5 | |
Teekay Offshore Teekay Lng And Teekay Tankers | Restricted Stock And Phantom Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Vessels Under Construction (Det
Vessels Under Construction (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Long-term Purchase Commitment [Line Items] | ||||
Loss Contingency, Receivable, Proceeds | $ 44,890 | $ 0 | ||
Payments made towards commitments for construction of certain carriers and tankers | 0 | $ 86,942 | ||
Teekay LNG | ||||
Long-term Purchase Commitment [Line Items] | ||||
Loss Contingency, Receivable, Proceeds | 45,000 | |||
Estimated remaining payments required to be made under newbuilding contract remainder of 2018 | 245,605 | |||
Estimated remaining payments required to be made under newbuilding contract in 2019 | 9,733 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 27,191 | |||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 13,678 | |||
Unrecorded Unconditional Purchase Obligation | 296,207 | |||
Consolidated Entities [Member] | Teekay LNG | ||||
Long-term Purchase Commitment [Line Items] | ||||
Expected cost of project | $ 61,000 | |||
Estimated remaining payments required to be made under newbuilding contract remainder of 2018 | 4,416 | |||
Estimated remaining payments required to be made under newbuilding contract in 2019 | 9,733 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 27,191 | |||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 13,678 | |||
Unrecorded Unconditional Purchase Obligation | 55,018 | |||
Equity Method Investments [Member] | Teekay LNG | ||||
Long-term Purchase Commitment [Line Items] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | 241,189 | |||
Estimated remaining payments required to be made under newbuilding contract in 2019 | 0 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 0 | |||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0 | |||
Unrecorded Unconditional Purchase Obligation | 241,189 | |||
Equity Method Investments [Member] | Supply Commitment | Teekay LNG | Newbuildings | ||||
Long-term Purchase Commitment [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 188,000 |
Equity-Accounted Investments (D
Equity-Accounted Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Long-term Purchase Commitment [Line Items] | ||
Long-term Debt | $ 2,821,304 | $ 3,319,523 |
Teekay LNG | ||
Long-term Purchase Commitment [Line Items] | ||
Total | 296,207 | |
2018 | 245,605 | |
2019 | 9,733 | |
Equity Method Investments [Member] | Teekay LNG | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Commitment, Remaining Minimum Amount Committed | 241,189 | |
Total | 241,189 | |
2019 | $ 0 |
Liquidity (Details)
Liquidity (Details) | May 08, 2019USD ($) | May 31, 2019USD ($) | Apr. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2014USD ($) | Nov. 30, 2015USD ($) | Jan. 27, 2010USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (10,700,000) | ||||||||||||||
Net loss | 175,908,000 | $ 34,111,000 | $ 61,464,000 | $ 1,763,000 | $ 39,647,000 | $ 9,980,000 | $ 271,483,000 | $ 51,390,000 | |||||||
Net Cash Provided by (Used in) Operating Activities | 256,126,000 | 84,413,000 | |||||||||||||
Working capital deficit | 366,000,000 | 366,000,000 | |||||||||||||
Current portion of long-term debt | 528,527,000 | 528,527,000 | $ 242,137,000 | ||||||||||||
Current portion of loans to equity-accounted investments | 99,314,000 | 99,314,000 | 169,197,000 | ||||||||||||
Proceeds from sale of equity-accounted investments and related assets (note 4) | $ 100,000,000 | $ 54,438,000 | |||||||||||||
Repayments of Senior Debt | $ 10,900,000 | ||||||||||||||
Senior Notes due 2022 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, principal amount | $ 250,000,000 | ||||||||||||||
Senior Notes (8.5%) due January 15, 2020 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, principal amount | $ 200,000,000 | $ 450,000,000 | |||||||||||||
Repayments of Senior Debt | $ 460,900,000 | $ 84,100,000 | $ 57,300,000 | ||||||||||||
Teekay Offshore [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from sale of equity-accounted investments and related assets (note 4) | $ 100,000,000 | ||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 8,900,000 | ||||||||||||||
FPSO | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number Of Vessels | vessel | 2 | ||||||||||||||
FPSO | Asset Pledged as Collateral [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number Of Vessels | vessel | 3 | ||||||||||||||
Continuous Offering Program [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Sale of Stock, Offering Amount | $ 63,000,000 | ||||||||||||||
Equity Method Investments [Member] | Teekay LNG | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Guarantor Obligations, Current Carrying Value | $ 1,300,000,000 | $ 1,300,000,000 |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($)vessel | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($)vessel | Jun. 30, 2019USD ($) | May 08, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 11,515 | $ 11,515 | $ 0 | ||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | 392,756 | $ 458,463 | 392,756 | $ 458,463 | 505,639 | $ 552,174 | |||
Interest rate swap agreements – liabilities | (73,482) | (73,482) | (56,352) | ||||||
Cross currency interest swap agreements – liabilities | (535) | (535) | |||||||
Derivative Liability, Current | 38,502 | 38,502 | 12,205 | ||||||
Property, Plant and Equipment, Net | 5,418,347 | 5,418,347 | 5,517,133 | ||||||
Other (2) | |||||||||
Loans to equity-accounted investees and joint venture partners - Current | 99,314 | 99,314 | 169,197 | ||||||
Short-term Debt | 50,000 | 50,000 | 0 | ||||||
Long-term debt | (2,821,304) | (2,821,304) | (3,319,523) | ||||||
Obligations related to finance leases, including current portion (note 6) | (1,849,080) | (1,849,080) | (1,673,845) | ||||||
Swap [Member] | |||||||||
Other (2) | |||||||||
Accrued liabilities, fair value disclosure | 2,100 | 2,100 | 3,200 | ||||||
Recurring | Level 3 | Stock purchase warrants | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | (5,373) | 26,900 | (851) | |||||
Unrealized (loss) gain included in earnings | 0 | 0 | (25,559) | 0 | |||||
Stock purchase warrants | 0 | $ 32,228 | 0 | $ 32,228 | $ 0 | 12,026 | $ 35,271 | $ 30,749 | |
Carrying Amount Asset (Liability) | Level 1 | Public | |||||||||
Other (2) | |||||||||
Long-term debt | (856,986) | ||||||||
Carrying Amount Asset (Liability) | Level 2 | Non-public | |||||||||
Other (2) | |||||||||
Short-term Debt | 50,000 | 50,000 | 0 | ||||||
Long-term debt | (2,462,537) | ||||||||
Obligations related to finance leases, including current portion (note 6) | (1,849,080) | (1,849,080) | (1,673,845) | ||||||
Carrying Amount Asset (Liability) | Recurring | Level 1 | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | 392,756 | 392,756 | 505,639 | ||||||
Carrying Amount Asset (Liability) | Recurring | Level 2 | Interest rate swap agreements | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Interest rate swap agreements – assets | 2,025 | 2,025 | 9,640 | ||||||
Interest rate swap agreements – liabilities | (59,052) | (59,052) | (43,175) | ||||||
Carrying Amount Asset (Liability) | Recurring | Level 2 | Cross currency interest swap agreement | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cross currency interest swap agreements – liabilities | (54,887) | (54,887) | (29,122) | ||||||
Carrying Amount Asset (Liability) | Recurring | Level 2 | Foreign currency contracts | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cross currency interest swap agreement and Foreign currency contracts | (535) | (535) | 0 | ||||||
Carrying Amount Asset (Liability) | Recurring | Level 2 | Forward freight agreements | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Derivative Asset, Current | 1,045 | 1,045 | |||||||
Derivative Liability, Current | (57) | ||||||||
Carrying Amount Asset (Liability) | Recurring | Level 3 | Stock purchase warrants | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Stock purchase warrants | 0 | 0 | 12,026 | ||||||
Carrying Amount Asset (Liability) | Non-recurring | Level 2 | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 11,515 | 11,515 | 0 | ||||||
Carrying Amount Asset (Liability) | Non-recurring | Level 3 | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Property, Plant and Equipment, Net | 64,282 | 64,282 | 0 | ||||||
Fair Value Asset (Liability) | Level 1 | Public | |||||||||
Other (2) | |||||||||
Long-term debt | (634,869) | (634,869) | (851,470) | ||||||
Fair Value Asset (Liability) | Level 2 | Non-public | |||||||||
Other (2) | |||||||||
Short-term Debt, Fair Value | 50,000 | 50,000 | 0 | ||||||
Long-term debt | (2,175,259) | (2,175,259) | (2,395,300) | ||||||
Obligations related to finance leases, including current portion (note 6) | (1,919,665) | (1,919,665) | (1,652,345) | ||||||
Fair Value Asset (Liability) | Recurring | Level 1 | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | 392,756 | 392,756 | 505,639 | ||||||
Fair Value Asset (Liability) | Recurring | Level 2 | Interest rate swap agreements | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Interest rate swap agreements – assets | 2,025 | 2,025 | 9,640 | ||||||
Interest rate swap agreements – liabilities | (59,052) | (59,052) | (43,175) | ||||||
Fair Value Asset (Liability) | Recurring | Level 2 | Cross currency interest swap agreement | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cross currency interest swap agreements – liabilities | (54,887) | (54,887) | (29,122) | ||||||
Fair Value Asset (Liability) | Recurring | Level 2 | Foreign currency contracts | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cross currency interest swap agreement and Foreign currency contracts | (535) | (535) | 0 | ||||||
Fair Value Asset (Liability) | Recurring | Level 2 | Forward freight agreements | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Derivative Asset, Current | 1,045 | 1,045 | |||||||
Derivative Liability, Current | (57) | ||||||||
Fair Value Asset (Liability) | Recurring | Level 3 | Stock purchase warrants | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Stock purchase warrants | 0 | 0 | 12,026 | ||||||
Fair Value Asset (Liability) | Non-recurring | Level 2 | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 11,515 | 11,515 | 0 | ||||||
Fair Value Asset (Liability) | Non-recurring | Level 3 | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Property, Plant and Equipment, Net | $ 64,282 | $ 64,282 | $ 0 | ||||||
Teekay Offshore [Member] | |||||||||
Other (2) | |||||||||
Line of Credit, Amount Extended | $ 25,000 | ||||||||
Offshore Production | FPSO | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Number Of Vessels Impaired | vessel | 0 | 3 | 0 | ||||||
FPSO | Offshore Production | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Number Of Vessels Impaired | vessel | 2 | ||||||||
Market Participant Rate | 9.50% | 9.50% |
Financial Instruments Narrative
Financial Instruments Narrative (Detail) - $ / shares | May 08, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 49.00% | ||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 | |
Teekay Offshore [Member] | Stock purchase warrants | Brookfield Business Partners L.P. [Member] | |||
Derivative [Line Items] | |||
Number of shares available through exercise of stock purchase warrant (in shares) | 15,500,000 | ||
Teekay Offshore [Member] | Series D Warrant | |||
Derivative [Line Items] | |||
Number of shares available through exercise of stock purchase warrant (in shares) | 1,755,000 |
Financial Instruments Warrants
Financial Instruments Warrants change in Fair Value (Detail) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | May 08, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Level 3 | Recurring | Stock purchase warrants | |||||||||
Derivative [Line Items] | |||||||||
Stock purchase warrants | $ 0 | $ 32,228 | $ 0 | $ 32,228 | $ 0 | $ 12,026 | $ 35,271 | $ 30,749 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair value on acquisition/issuance | 0 | 2,330 | 0 | 2,330 | |||||
Unrealized (loss) gain included in earnings | 0 | 0 | (25,559) | 0 | |||||
Teekay Offshore [Member] | Stock purchase warrants | Brookfield Business Partners L.P. [Member] | |||||||||
Derivative [Line Items] | |||||||||
Number of shares available through exercise of stock purchase warrant (in shares) | 15.5 | ||||||||
Stock purchase warrants | Level 3 | Recurring | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | $ 0 | $ 0 | $ (13,367) | $ 0 |
Financial Instruments Financing
Financial Instruments Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Direct Financing Lease, Net Investment in Lease | $ 561,437 | $ 575,163 |
Other loan receivables | ||
Total direct financing leases and other loan receivables | 729,941 | 822,261 |
Performing | Payment activity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Direct Financing Lease, Net Investment in Lease | 561,437 | 575,163 |
Other loan receivables | ||
Long-term receivable and accrued revenue included in accounts receivable and other assets | 6,871 | 15,694 |
Performing | Other internal metrics | ||
Other loan receivables | ||
Loans to equity-accounted investments and joint venture partners | $ 161,633 | $ 231,404 |
Restructuring Reversals (Char_2
Restructuring Reversals (Charges) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |||||
Restructuring charges | $ 414 | $ 813 | $ 10,404 | $ 4,065 | |
Restructuring liability | $ 800 | $ 800 | $ 800 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Loss | $ 2,448,900 | $ 2,672,625 | $ 2,756,090 | $ 2,867,028 | $ 2,919,913 | $ 2,933,613 | $ 2,984,111 | $ 2,879,656 |
Accumulated other comprehensive loss (note 15) | (27,878) | (2,273) | ||||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (24,306) | 903 | ||||||
Pension adjustments, net of tax recoveries | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (3,572) | (3,176) | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss (note 15) | $ (27,878) | $ (21,143) | $ (11,124) | $ (2,273) | $ 7,719 | $ 5,163 | $ 2,438 | $ (5,995) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) - Cross Currency Interest Rate Contract [Member] kr in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2019NOK (kr) | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset / (Liability) | $ (54,887) | |
NIBOR | Six Point Zero Margin [Member] | ||
Derivative [Line Items] | ||
Receivable Margin | 6.00% | 6.00% |
Derivative, Fixed Interest Rate | 7.72% | 7.72% |
Fair Value / Carrying Amount of Asset / (Liability) | $ (15,474) | |
Remaining Term (years) | 2 years 1 month 6 days | |
Derivative, Notional Amount | $ 146,500 | kr 1,200,000 |
NIBOR | 4.60% | ||
Derivative [Line Items] | ||
Receivable Margin | 4.60% | 4.60% |
Derivative, Fixed Interest Rate | 7.89% | 7.89% |
Fair Value / Carrying Amount of Asset / (Liability) | $ (14,881) | |
Remaining Term (years) | 3 years 10 months 24 days | |
Derivative, Notional Amount | $ 102,000 | kr 850,000 |
NIBOR | Three Point Seven Zero Margin [Member] | ||
Derivative [Line Items] | ||
Receivable Margin | 3.70% | 3.70% |
Derivative, Fixed Interest Rate | 5.92% | 5.92% |
Fair Value / Carrying Amount of Asset / (Liability) | $ (24,532) | |
Remaining Term (years) | 7 months 6 days | |
Derivative, Notional Amount | $ 134,000 | kr 1,000,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)interest_rate_swaps | |
U.S. Dollar-denominated interest rate swaps | LIBOR | |
Derivative [Line Items] | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (47,983) |
Weighted-Average Remaining Term (Years) | 3 years 7 months 6 days |
Derivative, Fixed Interest Rate | 2.80% |
Derivative, Notional Amount | $ 1,063,011 |
Euro-denominated interest rate swaps | EURIBOR | |
Derivative [Line Items] | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (9,044) |
Weighted-Average Remaining Term (Years) | 3 years 11 months 1 day |
Derivative, Fixed Interest Rate | 3.80% |
Derivative, Notional Amount | $ 75,352 |
Interest rate swap agreements | |
Derivative [Line Items] | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (57,027) |
Derivative, Number of Instruments Held | interest_rate_swaps | 3 |
Minimum [Member] | Interest rate swap agreements | |
Derivative [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.30% |
Maximum | Interest rate swap agreements | |
Derivative [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 3.95% |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) $ in Thousands | Sep. 30, 2019USD ($)€ / $ | May 08, 2019shares | Dec. 31, 2018USD ($) |
Derivatives, Fair Value [Line Items] | |||
Expected maturity amounts of foreign currency derivatives in year two | $ 6,750 | ||
Investment Owned, Foreign Currency Contract, Current Value | 9,240 | ||
Prepaid Expenses and Other | $ 98,819 | $ 69,882 | |
Derivative, Average Forward Exchange Rate | € / $ | 1 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 535 | ||
Expected maturity amount of foreign currency derivatives in next fiscal year | 3,952 | ||
Interest Rate Swaps, Cross Currency Swaps Agreement and Foreign Currency Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value, gross asset | 2,000 | ||
Derivative liability, fair value, gross liability | 93,100 | ||
Derivatives not designated as a cash flow hedge | Forward freight agreements | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Expenses and Other | 0 | ||
Other Non-Current Assets | 0 | ||
Accounts Payable, Accrued Liabilities and Other | 0 | ||
Current Portion of Derivative Liabilities | (57) | ||
Derivative Liabilities | 0 | ||
Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Expenses and Other | 2,342 | 3,699 | |
Other Non-Current Assets | 383 | 17,361 | |
Accounts Payable, Accrued Liabilities and Other | (2,145) | (3,191) | |
Current Portion of Derivative Liabilities | (38,502) | (12,205) | |
Derivative Liabilities | (73,482) | (56,352) | |
Derivative | Derivatives designated as a cash flow hedge | Interest rate swap agreements | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Expenses and Other | 0 | 784 | |
Other Non-Current Assets | 0 | 2,362 | |
Accounts Payable, Accrued Liabilities and Other | (3) | (20) | |
Current Portion of Derivative Liabilities | (698) | 0 | |
Derivative Liabilities | (5,801) | 0 | |
Derivative | Derivatives not designated as a cash flow hedge | Foreign Currency Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Expenses and Other | 0 | ||
Other Non-Current Assets | 0 | ||
Accounts Payable, Accrued Liabilities and Other | 0 | ||
Current Portion of Derivative Liabilities | (535) | ||
Derivative Liabilities | 0 | ||
Derivative | Derivatives not designated as a cash flow hedge | Interest rate swap agreements | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Expenses and Other | 1,297 | 2,915 | |
Other Non-Current Assets | 383 | 2,973 | |
Accounts Payable, Accrued Liabilities and Other | (1,483) | (2,498) | |
Current Portion of Derivative Liabilities | (10,352) | (7,419) | |
Derivative Liabilities | (40,370) | (32,672) | |
Derivative | Derivatives not designated as a cash flow hedge | Cross Currency Swap Agreements | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Expenses and Other | 0 | 0 | |
Other Non-Current Assets | 0 | 0 | |
Accounts Payable, Accrued Liabilities and Other | (659) | (713) | |
Current Portion of Derivative Liabilities | (26,917) | (4,729) | |
Derivative Liabilities | (27,311) | (23,680) | |
Derivative | Derivatives not designated as a cash flow hedge | Stock Purchase Warrants | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Expenses and Other | 0 | ||
Other Non-Current Assets | 12,026 | ||
Accounts Payable, Accrued Liabilities and Other | 0 | ||
Current Portion of Derivative Liabilities | 0 | ||
Derivative Liabilities | $ 0 | ||
Derivative | Derivatives not designated as a cash flow hedge | Forward freight agreements | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Expenses and Other | 1,045 | ||
Other Non-Current Assets | 0 | ||
Accounts Payable, Accrued Liabilities and Other | 0 | ||
Current Portion of Derivative Liabilities | 0 | ||
Derivative Liabilities | |||
Series D Warrant | Teekay Offshore [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Number of securities called by warrants or rights (in shares) | shares | 1,755,000 | ||
Brookfield Business Partners L.P. [Member] | Stock Purchase Warrants | Teekay Offshore [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Number of securities called by warrants or rights (in shares) | shares | 15,500,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | $ (19,576) | $ 6,955 | $ (71,828) | $ 16,631 |
Interest Expense | ||||
Derivative [Line Items] | ||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | 1,437 | 6,527 | ||
Effective Portion Recognized in AOCI | (2,244) | (9,646) | ||
Effective Portion Reclassified from AOCI | $ 22 | $ 430 | ||
Ineffective Portion | 0 | 740 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (37) | $ (211) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||||
Prepaid Expenses and Other | $ 98,819 | $ 98,819 | $ 69,882 | ||
Realized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (1,812) | $ (16,504) | (30,886) | $ (25,362) | |
Unrealized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | (112) | 14,336 | 12,575 | 43,343 | |
Total realized and unrealized gains (losses) on derivative instruments | (1,924) | (2,168) | (18,311) | 17,981 | |
Interest rate swap agreements | |||||
Realized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (2,247) | (2,704) | (5,720) | (11,544) | |
Unrealized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | (623) | 19,718 | (14,839) | 44,169 | |
Interest rate swap agreement terminations | |||||
Realized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 0 | (13,681) | 0 | (13,681) | |
Foreign currency forward contracts | |||||
Realized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 0 | 0 | 0 | 0 | |
Unrealized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | (435) | 0 | (536) | 0 | |
Stock purchase warrants | |||||
Realized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 0 | 0 | (25,559) | 0 | |
Unrealized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 0 | (5,373) | 26,900 | (851) | |
Forward freight agreements | |||||
Realized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 435 | (119) | 393 | (137) | |
Unrealized (losses) gains relating to | |||||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | $ 946 | $ (9) | $ 1,050 | $ 25 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Effect of Gains (Losses) on Cross Currency Swaps (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized (losses) gains | $ 28,532 | $ (31,098) | ||
Total realized and unrealized gains (losses) on derivative instruments | $ (1,924) | $ (2,168) | (18,311) | 17,981 |
Cross Currency Interest Rate Contract Maturity And Partial Termination | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized losses | 0 | (42,271) | 0 | (42,271) |
Cross Currency Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized losses | (1,431) | (1,744) | (3,952) | (4,926) |
Unrealized (losses) gains | (23,759) | 43,966 | (25,819) | 49,734 |
Total realized and unrealized gains (losses) on derivative instruments | $ (25,190) | $ (49) | $ (29,771) | $ 2,537 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities Derivatives and Hedging Activities - FX Forwards (Details) $ in Thousands | Sep. 30, 2019USD ($)€ / $ |
Derivative [Line Items] | |
Derivative, Average Forward Exchange Rate | € / $ | 1 |
Investment Owned, Foreign Currency Contract, Current Value | $ 9,240 |
Expected maturity amounts of foreign currency derivatives in year two | $ 6,750 |
Income Tax Expense (Recovery)
Income Tax Expense (Recovery) - Components of Provision for Income Tax (Expense) Recovery (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ (2,911) | $ (4,122) | $ (10,983) | $ (15,343) |
Deferred | (180) | (212) | (548) | (1,854) |
Income tax expense | $ (3,091) | $ (4,334) | $ (11,531) | $ (17,197) |
Income Tax Expense (Recovery)_2
Income Tax Expense (Recovery) - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 40,556 | $ 31,061 |
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | 3,213 | 2,908 |
Increases for positions related to the current year | 3,066 | 2,161 |
Decrease related to statute of limitations | 0 | 405 |
Ending balance | $ 46,835 | $ 35,725 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted | $ (198,178) | $ (12,005) | $ (321,920) | $ (60,884) |
Basic and Diluted (in shares) | 100,784,683 | 100,435,045 | 100,697,251 | 99,412,381 |
Common stock and common stock equivalents (in shares) | 100,784,683 | 100,435,045 | 100,697,251 | 99,412,381 |
Loss per common share – basic and diluted | ||||
Earnings Per Share, Basic and Diluted | $ (1.97) | $ (0.12) | $ (3.20) | $ (0.61) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive effect on calculation of diluted loss per common share attributable to outstanding stock-based awards (in shares) | 6.1 | 3.9 |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Extinguishment of Debt [Line Items] | ||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 47,600 | |||
Cash and cash equivalents | 293,361 | $ 385,352 | $ 424,169 | $ 445,452 |
Restricted cash – current (note 19) | 60,463 | 38,231 | 40,493 | 38,179 |
Restricted cash – non-current (note 19) | 38,932 | 34,880 | 40,977 | 68,543 |
Cash, cash equivalents, restricted cash and restricted cash equivalents | 392,756 | 458,463 | $ 505,639 | $ 552,174 |
Toledo Spirit [Member] | Obligations [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Extinguishment of Debt, Amount | $ 23,600 | |||
Teide Spirit and Toledo Spirit [Member] | Obligations [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Extinguishment of Debt, Amount | $ 23,100 |
Subsequent Events (Details)
Subsequent Events (Details) | May 08, 2019USD ($) | Oct. 31, 2019USD ($) | Nov. 30, 2018USD ($)vessel | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) |
Subsequent Event [Line Items] | |||||||
Proceeds from financing related to sale-leaseback of vessels | $ 381,526,000 | $ 526,692,000 | |||||
Total principal | 2,864,660,000 | $ 3,363,127,000 | |||||
Proceeds from sale of equity-accounted investments and related assets (note 4) | 100,000,000 | $ 54,438,000 | |||||
Teekay Offshore [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from sale of equity-accounted investments and related assets (note 4) | $ 100,000,000 | ||||||
Alexander Spirit [Member] | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from sale of vessels and equipment | $ 11,500,000 | ||||||
November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from financing related to sale-leaseback of vessels | $ 84,700,000 | ||||||
November 2018 Sale-leaseback Transaction [Member] | Aframax Tanker [Member] | Teekay Tankers [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number Of Vessels | vessel | 2 | ||||||
November 2018 Sale-leaseback Transaction [Member] | Suezmax Tankers | Teekay Tankers [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number Of Vessels | vessel | 1 | ||||||
Revolving Credit Facilities | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility, maximum borrowing capacity | 869,523,100 | ||||||
Total principal | $ 555,930,000 | $ 642,997,000 | |||||
Revolving Credit Facilities | Teekay Offshore [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility, maximum borrowing capacity | $ 125,000,000 |