Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Entity Information [Line Items] | |
Entity Registrant Name | TEEKAY TANKERS LTD. |
Entity Central Index Key | 0001419945 |
Trading Symbol | TNK |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Voluntary Filers | No |
Class A | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 29,028,579 |
Class B | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 4,625,997 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES | |||
Total revenues | $ 943,917 | $ 776,493 | $ 431,178 |
Voyage expenses | (402,294) | (381,306) | (77,368) |
Vessel operating expenses (notes 16e and 16f) | (208,601) | (209,131) | (175,389) |
Time-charter hire expense (note 12) | (43,189) | (19,538) | (30,661) |
Depreciation and amortization | (124,002) | (118,514) | (100,481) |
General and administrative expenses (note 16e) | (36,404) | (39,775) | (32,879) |
(Loss) gain and write-down on sale of vessels (note 21) | (5,544) | 170 | (12,984) |
Restructuring charges | 0 | (1,195) | 0 |
Income from operations | 123,883 | 7,204 | 1,416 |
Interest expense | (65,362) | (58,653) | (31,294) |
Interest income | 871 | 879 | 907 |
Realized and unrealized (loss) gain on derivative instruments (note 13) | (967) | 3,032 | 1,319 |
Equity income (loss) (note 7) | 2,345 | 1,220 | (25,370) |
Other income (note 17) | 695 | 3,182 | 329 |
Net income (loss) before income taxes | 61,465 | (43,136) | (52,693) |
Income tax expenses (note 22) | (20,103) | (9,412) | (5,330) |
Net income (loss) before income taxes | $ 41,362 | $ (52,548) | $ (58,023) |
Per common share amounts (note 20) | |||
• Basic earnings (loss) per share (in dollars per share) | $ 1.23 | $ (1.57) | $ (2.48) |
• Diluted earnings (loss) per share (in dollars per share) | 1.23 | (1.57) | (2.48) |
• Cash dividends declared (in dollars per share) | $ 0 | $ 0.24 | $ 0.96 |
Weighted-average number of Class A and Class B common stock outstanding (note 20) | |||
• Basic (in shares) | 33,617,635 | 33,561,615 | 23,404,422 |
• Diluted (in shares) | 33,731,171 | 33,561,615 | 23,404,422 |
Voyage charter | |||
REVENUES | |||
Total revenues | $ 881,603 | $ 671,928 | $ 125,774 |
Time-charter revenues | |||
REVENUES | |||
Total revenues | 17,495 | 59,976 | 112,100 |
Other | |||
REVENUES | |||
Total revenues | 44,819 | 44,589 | 53,368 |
Net pool | |||
REVENUES | |||
Total revenues | $ 0 | $ 0 | $ 139,936 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Cash and cash equivalents | $ 88,824 | $ 54,917 |
Restricted cash (note 18) | 3,071 | 2,153 |
Pool receivables from affiliates, net (note 16h) | 0 | 56,549 |
Accounts receivable, including affiliate balances of $nil (2018 - $2.1 million) (notes 1 and 2) | 95,648 | 17,365 |
Assets held for sale (note 21) | 65,458 | 0 |
Due from affiliates (note 16f) | 697 | 39,663 |
Current portion of derivative assets (note 13) | 577 | 2,905 |
Bunker and lube oil inventory (note 1) | 49,790 | 23,179 |
Prepaid expenses | 10,288 | 10,917 |
Accrued revenue (notes 2 and 3) | 106,872 | 17,943 |
Total current assets | 421,225 | 225,591 |
Restricted cash - long-term (note 18) | 3,437 | 3,437 |
Vessels and equipment At cost, less accumulated depreciation of $537.1 million (2018 - $494.4 million) (notes 11 and 21) | 1,223,085 | 1,401,551 |
Vessels related to finance leases At cost, less accumulated depreciation of $143.7 million (2018 - $111.3 million) (notes 12 and 21) | 527,081 | 482,010 |
Operating lease right-of-use asset (notes 2 and 12) | 19,560 | 0 |
Vessels and equipment At cost, less accumulated depreciation of $537.1 million (2018 - $494.4 million) (notes 11 and 21) | 1,769,726 | 1,883,561 |
Investment in and advances to equity-accounted for investment (note 7) | 28,112 | 25,766 |
Derivative assets (note 13) | 82 | 2,973 |
Other non-current assets | 1,923 | 74 |
Intangible assets At cost, less accumulated depreciation of $13.1 million (2018 - $10.9 million) (note 8) | 2,545 | 11,625 |
Goodwill (note 8) | 2,426 | 8,059 |
Total assets | 2,229,476 | 2,161,086 |
Current | ||
Accounts payable, including affiliate balances of $nil (2018 - $0.6 million) | 70,978 | 11,146 |
Accrued liabilities (notes 9, 13 and 16f) | 59,735 | 40,856 |
Short-term debt (note 10) | 50,000 | 0 |
Current portion of long-term debt (note 11) | 43,573 | 106,236 |
Current portion of derivative liabilities (note 13) | 86 | 57 |
Current obligation related to finance leases (note 12) | 25,357 | 20,896 |
Current obligation of operating lease liabilities (notes 2 and 12) | 16,290 | 0 |
Due to affiliates (note 16f) | 2,139 | 18,570 |
Liabilities associated with assets held for sale (note 21) | 2,980 | 0 |
Other current liabilities | 8,567 | 0 |
Total current liabilities | 279,705 | 197,761 |
Long-term debt (note 11) | 516,106 | 629,170 |
Long-term obligation related to finance leases (note 12) | 389,431 | 354,393 |
Long-term operating lease liabilities (notes 2 and 12) | 3,270 | 0 |
Other long-term liabilities (note 22) | 51,044 | 32,829 |
Total liabilities | 1,239,556 | 1,214,153 |
Commitments and contingencies (notes 7, 10, 11, 12 and 13) | ||
Equity | ||
Common stock and additional paid-in capital (585.0 million shares authorized, 29.0 million Class A and 4.6 million class B shares issued and outstanding as at December 31, 2019 and December 31, 2018) (notes 5 and 15) | 1,297,555 | 1,295,929 |
Accumulated deficit | (307,635) | (348,996) |
Total equity | 989,920 | 946,933 |
Total liabilities and equity | $ 2,229,476 | $ 2,161,086 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable from affiliate | $ 0 | $ 2,100,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Excluding Capital Leased Assets | 537,100,000 | 494,400,000 |
Sale Leaseback Transaction, Accumulated Depreciation | 143,700,000 | 111,300,000 |
Accumulated amortization | 13,100,000 | 10,900,000 |
Accounts payable, including affiliate balances | $ 0 | $ 600,000 |
Common stock, shares authorized (in shares) | 585,000,000 | 585,000,000 |
Class A | ||
Common stock, shares authorized (in shares) | 485,000,000 | 485,000,000 |
Common Stock, Shares, Issued | 29,000,000 | 29,000,000 |
Common Stock, Shares, Outstanding | 29,000,000 | 29,000,000 |
Class B | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 4,600,000 | 4,600,000 |
Common Stock, Shares, Outstanding | 4,600,000 | 4,600,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 41,362 | $ (52,548) | $ (58,023) |
Non-cash items: | |||
Depreciation and amortization | 124,002 | 118,514 | 100,481 |
(Loss) gain and write-down on sale of vessels (note 21) | (5,544) | 170 | (12,984) |
Unrealized gain (loss) on derivative instruments (note 13) | 5,247 | (579) | (937) |
Equity (income) loss (note 7) | (2,345) | (1,220) | 25,370 |
Income tax expense (note 22) | (20,103) | (9,412) | (5,330) |
Other | 4,044 | 5,659 | 3,449 |
Change in operating assets and liabilities (note 18) | (30,432) | (54,952) | 6,590 |
Expenditures for dry docking | (48,250) | (27,972) | (14,069) |
Net operating cash flow | 117,661 | (7,263) | 80,489 |
FINANCING ACTIVITIES | |||
Proceeds from short-term debt (note 10) | 200,000 | 0 | 0 |
Proceeds from long-term debt, net of issuance costs | 57,086 | 81,397 | 232,825 |
Repayments of long-term debt | (101,107) | (165,365) | (109,006) |
Prepayment of long-term debt | (135,110) | (137,717) | (443,796) |
Prepayment of short-term debt (note 10) | 150,000 | 0 | 0 |
Proceeds from financing related to sales and leasebacks of vessels (note 12) | 63,720 | 241,339 | 153,000 |
Scheduled repayments of obligations related to finance leases (note 12) | (24,221) | (14,958) | (4,090) |
Cash dividends paid | 0 | (8,052) | (20,679) |
Proceeds from equity offerings, net of offering costs (note 5) | 0 | 0 | 8,521 |
Proceeds from issuance of common stock, net of share issuance costs (note 5) | 0 | 0 | 5,000 |
Other | (126) | (92) | (241) |
Net financing cash flow | (89,758) | (3,448) | (178,466) |
INVESTING ACTIVITIES | |||
Proceeds from the sales of vessels and equipment (note 21) | 20,008 | 589 | 52,131 |
Expenditures for vessels and equipment | (11,628) | (5,827) | (4,732) |
Loan repayments from equity-accounted for investment (note 7) | 0 | 0 | |
Return of capital from equity-accounted for investments | 0 | 0 | |
Cash acquired in TIL acquisition, net of transaction fees (note 24) | 0 | 0 | |
Net investing cash flow | 8,380 | (4,492) | 78,780 |
Increase (decrease) in cash, cash equivalents and restricted cash | 36,283 | (15,203) | (19,197) |
Cash, cash equivalents and restricted cash, beginning of the year | 60,507 | 75,710 | 94,907 |
Cash, cash equivalents and restricted cash, end of the year (note 18d) | 96,790 | 60,507 | 75,710 |
Tanker Investments Limited [Member] | |||
INVESTING ACTIVITIES | |||
Cash acquired in TIL acquisition, net of transaction fees (note 24) | 30,831 | ||
Highq Joint Venture [Member] | |||
INVESTING ACTIVITIES | |||
Loan repayments from equity-accounted for investment (note 7) | (550) | ||
Gemini Tankers L.L.C. [Member] | |||
INVESTING ACTIVITIES | |||
Return of capital from equity-accounted for investments | 746 | ||
Freight Tax [Member] [Member] | |||
Non-cash items: | |||
Income tax expense (note 22) | $ (18,489) | $ (6,005) | $ (4,644) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A | Teekay Tanker Operations Ltd | TIL | Entities Under Common Control | Entities Under Common ControlTeekay Tanker Operations Ltd | Common Stock and Paid-in Capital | Common Stock and Paid-in CapitalClass A | Common Stock and Paid-in CapitalClass B | Common Stock and Paid-in CapitalTeekay Tanker Operations LtdClass B | Common Stock and Paid-in CapitalTILClass A | Accumulated Deficit | Accumulated DeficitTeekay Tanker Operations Ltd |
Beginning Balance, shares (in shares) at Dec. 31, 2016 | 19,913 | ||||||||||||
Beginning Balance at Dec. 31, 2016 | $ 932,740 | $ 12,116 | $ 1,040,669 | $ 62,635 | $ (182,680) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (58,023) | 1,304 | $ 1,300 | (59,327) | |||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 744 | ||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 13,521 | $ 13,521 | |||||||||||
Acquisitions (in shares) | 1,722 | 11,122 | |||||||||||
Acquisitions | $ (13,234) | $ (151,262) | $ (13,420) | $ (25,897) | $ (151,262) | $ (25,711) | |||||||
Dividends declared | (20,679) | (20,679) | |||||||||||
Equity-based compensation (in shares) | 24 | ||||||||||||
Equity-based compensation | 1,014 | 1,014 | |||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2017 | 33,525 | ||||||||||||
Ending Balance at Dec. 31, 2017 | 1,006,601 | 0 | 1,206,466 | 88,532 | (288,397) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (52,548) | (52,548) | |||||||||||
Dividends declared | (8,052) | (8,052) | |||||||||||
Equity-based compensation (in shares) | 45 | ||||||||||||
Equity-based compensation | 1,220 | 1,220 | |||||||||||
Other | (288) | (289) | 1 | ||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2018 | 33,570 | ||||||||||||
Ending Balance at Dec. 31, 2018 | 946,933 | 0 | 1,207,397 | 88,532 | (348,996) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | 41,362 | 41,362 | |||||||||||
Equity-based compensation (in shares) | 85 | ||||||||||||
Equity-based compensation | 1,660 | 1,660 | |||||||||||
Adjustments to Additional Paid in Capital, Stock Split | 35 | 34 | 1 | ||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2019 | 33,655 | ||||||||||||
Ending Balance at Dec. 31, 2019 | $ 989,920 | $ 0 | $ 1,209,023 | $ 88,532 | $ (307,635) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | Aug. 31, 2014 | |
Percentage of voting interests acquired | 50.00% | ||||||
Dividends declared | $ 0.24 | $ 0.96 | $ 0 | $ 0.24 | $ 0.96 | ||
Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | Teekay Corporation | |||||||
Percentage of voting interests acquired | 50.00% |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation and consolidation principles These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP ). They include the accounts of Teekay Tankers Ltd., a Marshall Islands corporation, its wholly-owned subsidiaries and the Entities under Common Control, as described in note 4, and any variable interest entities (or VIEs ) of which it is the primary beneficiary (collectively, the Company ). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. In addition, estimates have been made when allocating expenses from Teekay Corporation ( Teekay ) to the Entities under Common Control and such estimates may not be reflective of what actual results would have been if the Entities under Common Control had operated independently. Significant intercompany balances and transactions have been eliminated upon consolidation. Prior to the Company's adoption of Accounting Standards Update 2017-01, Clarifying the Definition of a Business , (or ASU 2017-01 ) on October 1, 2017, the Company accounted for the acquisition of vessels from Teekay as a transfer of a business between entities under common control. The method of accounting for such transfers, as well as the acquisition of other businesses from Teekay, was similar to the pooling of interests method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity. The amount by which the proceeds paid by the Company differs from Teekay's historical carrying value of the acquired business is accounted for as a return of capital to, or contribution of capital from, Teekay. In addition, transfers of net assets between entities under common control were accounted for as if the transfer occurred from the date that the Company and the acquired business were both under the common control of Teekay and had begun operations. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in Teekay Tanker Operations Ltd. (or TTOL ). As a result of the acquisition, the Company's consolidated financial statements prior to the date the Company acquired a controlling interest in TTOL have been retroactively adjusted to eliminate the use of the equity method of accounting for the original 50% interest in TTOL and to include 100% of the assets and liabilities and results of TTOL during the periods they were under common control of Teekay and had begun operations. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition of a controlling interest in TTOL by the Company have been eliminated upon consolidation (note 4). During 2017 and 2018, the Company completed sales-leaseback financing arrangements with 14 lessor entities established by financial institutions. The Company is considered to be the primary beneficiary of the lessor entities under the arrangements and has since consolidated these VIEs (note 12). On November 27, 2017, the Company completed a merger with Tanker Investments Ltd. ( TIL ), as a result of which TIL became a wholly-owned subsidiary of the Company. Prior to the merger, the Company accounted for its 11.3% interest in TIL using the equity method (notes 7 and 24). Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other expenses in the accompanying consolidated statements of income (loss). Revenues The Company's 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 to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters subject to revenue sharing agreements (or RSAs ) follow the same revenue recognition policy as voyage charters not subject to RSAs. The difference between the net revenue earned by a vessel of the Company performing voyage charters subject to RSAs and its allocated share of the aggregate net contribution is reflected within voyage expenses. The consolidated balance sheets reflect in accrued revenue the accrued portion of revenues for those voyages that commence prior to the balance sheet date and complete after the balance sheet date. Prior to the adoption of Accounting Standards Update ASU 2014-09, Revenue from Contracts with Customers (or ASU 2014-09 ) on January 1, 2018, the Company accounted for the net allocation from the RSAs as revenue and amounts due from the RSAs as pool receivables from affiliates, net (note 2). Voyage expenses incurred that are recoverable from the Company’s customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. The Company recast prior periods to reflect this presentation. This had the impact of increasing both voyage charter revenues and voyage expenses by $20.7 million for the year ended December 31, 2018. Time charters The Company recognizes revenues from time charters accounted for as operating leases on a straight-line basis over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off hire. When the time charter contains a profit-sharing agreement or other variable consideration, the Company recognizes the profit-sharing or contingent revenues in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. The consolidated balance sheets reflect in accrued receivables, any accrued revenue and in deferred revenue, the deferred portion of revenues which will be earned in subsequent periods. If collectability of the time-charter hire receipts from time-charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Other revenues Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other activities such as management of terminals and vessels, consultancy, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters subject to an RSA and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter, in which case the Company pays voyage expenses. Voyage expenses are recognized when incurred. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters. Vessel operating expenses are recognized when incurred. Equity-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of the Company and to certain employees of Teekay who support the operations of the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For equity-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (note 15). Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted cash The Company maintains restricted cash deposits relating to certain contracts of the ship-to-ship transfer business, LNG terminal management and for certain freight forward agreements (notes 13 and 18d). Attached to these contracts are certain performance guarantees required by the Company. Restricted cash - long-term The Company maintains restricted cash deposits for the purposes of the margin requirements of the Company's obligations related to certain finance leases (notes 12 and 18d). Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are written off against the allowance when the Company believes that the receivable will not be recovered. There are no significant amounts recorded as an allowance for doubtful accounts as at December 31, 2019 and 2018 . The consolidated balance sheets reflect, in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and in other current assets, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. Accounts receivable increased significantly as of the first quarter of 2019, as a result of changes to the RSAs whereby the Company now has legal title to the accounts receivable for all vessels subject to the RSAs. Other loan receivables The Company’s advances to equity-accounted for investments are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan loss provision is recognized, based on current information and events, if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan loss provision is required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding their ability to repay the loan, and the fair value of the underlying collateral. When a loan loss provision is recognized, the Company measures the amount of the loss provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting loss in the consolidated statements of income (loss). The carrying value of the loans is adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows, which may result in increases or decreases to the loan loss provision. The following table reflects the carrying value of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis and the grade as of December 31, 2019. Class of Financing Receivable Credit Quality Indicator Grade December 31, 2019 December 31, 2018 Advances to equity-accounted for investments Other internal metrics Performing 9,930 9,930 9,930 9,930 Bunker and lube oil inventory The Company separately presents bunker and lube oil inventory on the Company’s consolidated balance sheet. Bunker and lube oil inventory increased significantly as of the first quarter of 2019, as a result of changes to the RSAs whereby the Company now directly procures and has legal title to the bunker fuel for all the vessels subject to the RSAs. Bunker and lube oil inventory is stated at cost, which is determined on a first-in, first-out basis. Comparative figures have been reclassified to conform to the presentation adopted in the current period. Equity-accounted for investments The Company’s investments in joint ventures, in which the Company does not control but has the ability to exercise significant influence over the operating and financial policies of the entity, are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted for investments for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted for investment is impaired and if its estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of income (loss). The Company’s maximum exposure to loss is the amount it has invested in its equity-accounted for investments and its proportionate share of guaranteed debt of the joint venture. Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation for vessels is calculated using an estimated useful life of 25 years from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (including depreciation attributable to the Entities under Common Control and excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2019 , 2018 and 2017 totaled $95.1 million , $95.2 million , and $80.1 million , respectively. Generally, the Company dry docks each vessel every two and a half to five years. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2017 to December 31, 2019 : Year Ended December 31, 2019 2018 2017 Balance at the beginning of the year 56,019 48,460 49,298 Cost incurred for dry docking 45,371 27,896 16,239 Dry-dock amortization (26,682 ) (20,326 ) (17,077 ) Write-down / sale of vessels (2,901 ) (11 ) — Balance at the end of the year 71,807 56,019 48,460 Vessels and equipment that are intended to be “held and used” in the Company's business are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and is based on second-hand sale and purchase data. Vessels and equipment that are "held for sale" are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. Lease obligations and right-of-use assets For its vessels and office leases as of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The discount rate used to determine the present value of the lease payments is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Company's chartered-in vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. The Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company’s consolidated statements of income. For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time-charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Company’s consolidated statements of income. Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period achievement of the target is considered probable. The Company recognizes the expense from short-term leases and any non-lease components of vessels time-chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time-charter hire expense for vessel charters and general and administrative expenses for office leases. The Company has determined that its time charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (technical 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 technically 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 right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired right-of-use assets from in-chartered vessels is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. Vessels sold and leased back by the Company, where the Company has a fixed price repurchase obligation or other situations where the leaseback would be classified as a finance lease are accounted for as a failed sale of the vessel. 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. In periods prior to the adoption of ASU 2016-02 (see note 2), the Company's accounting policy was to recognize the expense from vessels time-chartered from other owners, which was included in time-charter hire expense, on a straight-line basis over the firm period of the charters. Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. G oodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Debt issuance costs Debt issuance costs related to recognized debt liabilities, including fees, commissions and legal expenses, are deferred and presented as a direct deduction from the carrying amount of the debt liability. Debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Debt issuance costs are amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of income (loss). Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument, if applicable, and included in determining the debt extinguishment gain or loss to be recognized. Other related costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction to the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount (based on the reduction in borrowing capacity) of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. Income taxes The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the consolidated financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is determined that it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position taken or expected to be taken in a tax return will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of income (loss). The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or that distributions by its subsidiaries to the Company will not be subject to any income taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses is dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, however it could for certain types of interest rate swaps that it may enter into in the future. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness are recognized immediately in earnings. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer prob |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (or FASB ) issued ASU 2014-09 which requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 became effective for the Company as of January 1, 2018 and may be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of such date. The Company has elected to apply ASU 2014-09 only to those contracts that were not completed as of January 1, 2018. The Company has adopted ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences on adoption of ASU 2014-09: • Prior to January 1, 2018, the Company previously presented the net allocation for its vessels participating in RSAs in existence at that time as net pool revenues. Effective January 1, 2018, the Company has determined, for accounting purpose, that it is the principal in voyages its vessels perform that are subject to the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. This had the effect of increasing voyage charter revenues and voyage expenses for the year ended December 31, 2018 by $292.6 million . There was no cumulative impact to opening equity as at January 1, 2018. • The Company previously presented all accrued revenue as a component of accounts receivable. The Company has determined that if the right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing accrued revenue and decreasing accounts receivable by $17.9 million at December 31, 2018 . In February 2016, 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 are 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. The Company adopted ASU 2016-02 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 to not separate lease and non-lease components of a contract if certain criteria are met. The Company has elected to use this new optional transition approach and the optional practical expedient. To determine the cumulative effect adjustment, the Company did not reassess lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The Company identified the following differences: • The adoption of ASU 2016-02 resulted in a change in the accounting method for the lease portion of the daily charter hire for the chartered in vessels by the Company accounted for as operating leases with firm periods of greater than one year. Under ASU 2016-02, the Company recognized an operating lease right-of-use asset and an operating lease liability. This resulted in an increase of the Company's assets and liabilities. The right-of-use asset and lease liability recognized at December 31, 2019 was $19.6 million (January 1, 2019 - $11.0 million ). The pattern of expense recognition of chartered-in vessels in 2019 remained substantially unchanged. • The adoption of ASU 2016-02 resulted 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 Aspen Spirit and Cascade Spirit during the second quarter of 2019 being accounted for as a failed sale and unlike the 14 sale-leaseback transactions entered into 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 entities (see note 12). In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company as of January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. Based on the Company's preliminary assessment, adoption of ASU 2016-13 is not expected to have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the effect of adopting this new guidance. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s primary source of revenue is from chartering its vessels (Aframax tankers, Suezmax tankers and Long Range 2 (or LR2 ) tankers) to its customers. The Company utilizes two primary forms of contracts, consisting of voyage charters and time charters. The extent to which the Company employs its vessels on voyage charters versus time charters is dependent upon the Company’s chartering strategy and the availability of time charters. Spot market rates for voyage charters, including voyages and lightering voyages, are volatile from period to period, whereas time charters provide a stable source of monthly revenue. The Company also provides ship-to-ship support services, which includes managing the process of transferring cargo between seagoing ships positioned alongside each other, either stationary or underway, as well as commercial management services to third-party owners of vessels. Finally, the Company has managed liquefied natural gas (or LNG ) terminals and procured LNG-related goods for terminal owners and other customers. Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate. Voyage charters for full service lightering voyages may also be priced based on pre-agreed terms. The performance obligations within a voyage charter contract, which will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based upon the decision-making rights the charterer has under the contract. Consideration for such contracts are considered either fixed or variable, depending on certain conditions. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months. As such, accrued revenue at the end of a period will be invoiced and paid in the subsequent period. The amount of accrued revenue at any point in time will depend on the percent completed of each voyage in progress as well as the freight rate agreed for those specific voyages. The amount of accrued revenue increased significantly in 2019 as a result of changes to the RSAs in 2019 whereby the Company is now a counterparty to the voyage charters for all the vessels subject to an RSA. The Company does not engage in any specific tactics to minimize vessel residual value risk due to the short-term nature of the contracts. Time Charters Pursuant to a time charter, the Company charters a vessel to a customer for a fixed period of time, generally one year or more. The performance obligations within a time-charter contract, which will include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time-charter contracts, based on a fixed daily hire amount. However, certain sources of variability exist, including off-hire and sometimes profit share revenue. If the vessel is off-hire due to mechanical breakdown or for any other reason, the charterer does not pay charter hire for this time. For contracts including a profit share component, the profit share consideration occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. Variable consideration of the Company’s contracts is typically recognized as incurred. The Company does not engage in any specific tactics to minimize vessel residual value risk. As at December 31, 2019 , five of the Company’s vessels operated under time-charter contracts with the Company’s customers, all of which are scheduled to expire in 2020. As at December 31, 2019 , the future hire payments expected to be received by the Company under time charters then in place were approximately $40.0 million . The hire payments should not be construed to reflect a forecast of total charter hire revenues for any of the periods. Future hire payments do not include hire payments generated from new contracts entered into after December 31, 2019 , from unexercised option periods of contracts that existed on December 31, 2019 or from variable consideration, if any. In addition, future hire payments presented above have been reduced by estimated off-hire time for required period maintenance. Actual amounts may vary given future events such as unplanned vessel maintenance. The carrying amount of the Company's owned and leased vessels employed on time charters as at December 31, 2019 , was $173.8 million (2018 - $58.3 million ). The cost and accumulated depreciation of the vessels employed on these time charters as at December 31, 2019 were $213.8 million (2018 - $88.2 million ) and $40.0 million (2018 - $29.9 million ), respectively. As at December 31, 2019 , the Company had $7.5 million (2018 - nil ) advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues in the following periods which are included in other current liabilities on the Company's consolidated balance sheets. Other Revenues Ship-to-ship support services include managing the process of transferring cargo between seagoing ships positioned alongside each other. Each operation is typically completed in less than 48 hours. The performance obligations within LNG terminal and vessel management contracts are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed component based on the period of management and in certain cases a variable component based on the asset earnings, is invoiced monthly in arrears. Substantially all of the Company’s performance obligations are satisfied over the duration of the associated contract, and the Company uses the proportion of elapsed time as its method to recognize revenue over the contract duration. The variable consideration of the Company’s contracts is typically recognized as incurred as such consideration is allocated to distinct periods within a contract. Revenue Table The following table contains a breakdown of the Company's revenue by contract type for the years ended December 31, 2019 , 2018 and 2017 . All revenue is part of the Company's tanker segment, except for revenue for ship-to-ship support services and LNG terminal management, consultancy, procurement and other related services, which are part of the Company's ship-to-ship transfer segment. Year Ended December 31, 2019 2018 2017 Voyage charters (1) Suezmax 424,578 371,463 6,696 Aframax 255,702 125,390 26,250 LR2 119,486 67,345 — Full service lightering 81,837 107,730 92,828 Total 881,603 671,928 125,774 Time-charters Suezmax 15,658 17,088 45,745 Aframax 1,837 35,531 50,964 LR2 — 7,357 15,391 Total 17,495 59,976 112,100 Other revenue Ship-to-ship support services 24,015 28,629 33,436 Vessel management 8,461 8,829 12,946 LNG terminal management, consultancy, procurement and other 12,343 7,131 6,986 Total 44,819 44,589 53,368 Net pool revenues (1) Suezmax — — 91,854 Aframax — — 22,718 LR2 — — 25,353 MR — — 11 Total — — 139,936 Total revenues 943,917 776,493 431,178 (1) Prior to the January 1, 2018 adoption of ASU 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09), the Company presented the net allocation for its vessels subject to RSAs as net pool revenues. Effective January 1, 2018, the Company has determined, for accounting purposes, that it is the principal in voyages performed by its vessels subject to the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. The adoption of ASU 2014-09 had the impact of increasing voyage charter revenues and voyage expenses for the year ended December 31, 2019 by $321.2 million (2018 - $292.6 million ). The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09. |
Acquisition of Entities under C
Acquisition of Entities under Common Control | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition of Entities under Common Control | Acquisition of Entities under Common Control From time to time, the Company has acquired vessels or interests in businesses from Teekay or other entities controlled by Teekay. These acquisitions (including, among others, the remaining 50% interest in TTOL in May 2017) were deemed to be vessel or business acquisitions between entities under common control. Accordingly, for transactions prior to the Company's adoption of ASU 2017-01 on October 1, 2017, the Company accounted for these transactions in a manner similar to the pooling of interests method. Under this method of accounting, the Company’s consolidated financial statements, for periods prior to the respective dates the interests in the vessels or applicable businesses were actually acquired by the Company, were retroactively adjusted to include the results of the acquired vessels and businesses. The periods retroactively adjusted include all periods that the Company and the acquired vessels or businesses were both under common control of Teekay and had begun operations. All financial or operational information contained in these consolidated financial statements for the periods prior to the respective dates the interests in the vessels and businesses were actually acquired by the Company, and during which the Company and the applicable vessels or businesses were under common control of Teekay, were retroactively adjusted to include the results of these acquired vessels and businesses and are collectively referred to as the “ Entities under Common Control ”. TTOL Transactions On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in TTOL for $39.0 million , which included $13.1 million for working capital. TTOL owns tanker commercial management and technical management operations. The Company issued approximately 1.7 million shares of the Company's Class B common stock to Teekay as consideration in addition to the working capital consideration of $13.1 million . In August 2014, the Company purchased from Teekay its initial 50% interest in TTOL for an aggregate price of approximately $23.7 million , including net working capital. As consideration for the 2014 acquisition, the Company issued to Teekay 0.5 million Class B common shares. The 0.5 million Class B common shares had an approximate value of $15.6 million , or $29.60 per share, when the purchase price was agreed to between the parties and a value of $17.0 million , or $32.24 per share, on the acquisition closing date. The purchase price, for accounting purposes, was based upon the value of the Class B common shares on the acquisition closing date. In addition, the Company reimbursed Teekay for $6.7 million of working capital it assumed from Teekay in connection with the 2014 purchase. As a result of the Company's acquisition of a controlling interest in TTOL in May 2017, the Company's consolidated financial statements prior to the date the Company acquired the controlling interest have been retroactively adjusted to eliminate the equity method of accounting previously used for the original 50% interest owned and to include 100% of the assets and liabilities and results of TTOL on a consolidated basis during the periods TTOL and the Company were under common control of Teekay and had begun operations. The effect of adjusting such information in periods prior to the Company's acquisition of the remaining 50% thereof is included in the Entities under Common Control. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition by the Company have been eliminated upon consolidation. Assets and liabilities of TTOL are reflected on the Company’s consolidated balance sheets at TTOL’s historical carrying values. The amount of the net consideration of $39.0 million that was in excess of TTOL’s historical carrying value of the net assets acquired of $13.3 million has been accounted for as a $25.7 million return of capital to Teekay. The effect of adjusting the Company’s consolidated financial statements to account for the TTOL common control transaction decreased the Company’s net loss for the year ended December 31, 2017 by $1.3 million . The adjustments for the Entities under Common Control related to the TTOL transaction increased the Company’s revenue for the year ended December 31, 2017 by $8.6 million . |
Public Offerings and Private Pl
Public Offerings and Private Placements | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Public Offerings and Private Placements | Public Offerings and Private Placements The following table summarizes the issuances of common shares over the three years ended December 31, 2019 : Date Number of Common Stock Issued (1) Offering Price (1) Gross Proceeds Net Proceeds Teekay's Ownership After the Offering Use of Proceeds January 2017 269,397 (2) $18.56 5,000 5,000 25.7 % General corporate purposes May 2017 1,721,903 (3) $15.04 25,897 25,897 31.4 % Acquisition of controlling interest in TTOL November 2017 11,122,193 (4) $13.60 151,262 151,262 24.1 % TIL Merger Continuous offering program during 2017 475,000 (5) $18.08 - $19.28 8,826 8,521 (5 ) General corporate purposes (1) Refer to note 1 for information regarding the Company's 2019 reverse stock split. (2) Represents Class A common shares issued in a private placement to Teekay. The gross proceeds were used for general corporate purposes, including to strengthen the Company's liquidity position and to delever its balance sheet. (3) Represents Class B common shares issued to Teekay as consideration for the Company's acquisition of the remaining 50% interest in TTOL, which shares had an approximate value of $25.9 million , or $15.04 per share, on the closing date of the transaction (note 4). (4) Represents Class A common shares issued to the shareholders of TIL as consideration for the Company's acquisition of the remaining 88.7% interest in TIL. The shares had an approximate value of $151.3 million , or $13.60 per share, on the closing date of the transaction (notes 7 and 24). (5) In January 2017, the Company re-opened its $80.0 million Continuous Offering Program. The portion of the Company's voting power and ownership held by Teekay at December 31, 2017 was 54.1% and 28.8% respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has two reportable segments, its tanker segment and its ship-to-ship transfer segment. The Company’s tanker segment consists of the operation of all of its tankers, including the operations from TTOL and TIL, which were acquired in 2017 (notes 7 and 24) and those tankers employed on full service lightering contracts. The Company’s ship-to-ship transfer segment consists of the Company’s lightering support services, including those provided to the Company’s tanker segment as part of full service lightering operations and LNG terminal management, consultancy, procurement and other related services. Segment results are evaluated based on income (loss) from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. The following tables include results for the Company’s revenue and income (loss) from operations by segment for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 Tanker $ Ship-to-Ship $ Inter-segment (1) $ Total $ Revenues (2) 908,778 46,641 (11,502 ) 943,917 Voyage expenses (413,796 ) — 11,502 (402,294 ) Vessel operating expenses (174,779 ) (33,822 ) — (208,601 ) Time-charter hire expense (37,225 ) (5,964 ) — (43,189 ) Depreciation and amortization (120,468 ) (3,534 ) — (124,002 ) General and administrative expenses (4) (32,938 ) (3,466 ) — (36,404 ) Loss and write-down on sale of vessels (5,534 ) (10 ) — (5,544 ) Income (loss) from operations 124,038 (155 ) — 123,883 Equity income 2,345 — — 2,345 Year Ended December 31, 2018 Tanker $ Ship-to-Ship Inter-segment (1) $ Total $ Revenues (2) 740,806 48,175 (12,488 ) 776,493 Voyage expenses (393,794 ) — 12,488 (381,306 ) Vessel operating expenses (174,278 ) (34,853 ) — (209,131 ) Time-charter hire expense (13,537 ) (6,001 ) — (19,538 ) Depreciation and amortization (114,062 ) (4,452 ) — (118,514 ) General and administrative expenses (4) (36,481 ) (3,294 ) — (39,775 ) Gain on sale of vessel — 170 — 170 Restructuring charges (152 ) (1,043 ) — (1,195 ) Income (loss) from operations 8,502 (1,298 ) — 7,204 Equity income 1,220 — — 1,220 Year Ended December 31, 2017 Tanker Ship-to-Ship Inter-segment (1) $ Total Revenues (2)(3) 391,267 50,422 (10,511 ) 431,178 Voyage expenses (3) (87,879 ) — 10,511 (77,368 ) Vessel operating expenses (135,740 ) (39,649 ) — (175,389 ) Time-charter hire expense (25,666 ) (4,995 ) — (30,661 ) Depreciation and amortization (95,433 ) (5,048 ) — (100,481 ) General and administrative expenses (4) (29,539 ) (3,340 ) — (32,879 ) (Loss) gain and write-down on sale of vessel (13,034 ) 50 — (12,984 ) Income (loss) from operations 3,976 (2,560 ) — 1,416 Equity loss (25,370 ) — — (25,370 ) (1) The ship-to-ship transfer segment provides lightering support services to the tanker segment for full service lightering operations and the pricing for such services is based on actual costs incurred during 2019, 2018 and 2017. (2) Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in other revenues in the Company's consolidated statements of income (loss). (3) The year ended December 31, 2017 does not include the impact of the January 1, 2018 adoption of ASU 2014-09. (4) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources) (note 16e). A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at As at Tanker 2,106,943 2,069,854 Ship-to-Ship Transfer 33,709 36,315 Cash and cash equivalents 88,824 54,917 Total assets (notes 21 and 25) 2,229,476 2,161,086 |
Investment in and advances to E
Investment in and advances to Equity-Accounted for Investment | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in and advances to Equity-Accounted for Investment | Investment in and advances to Equity-Accounted for Investment Year Ended December 31, 2019 2018 High-Q Joint Venture 28,112 25,766 Total 28,112 25,766 a. The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong), whereby the Company has a 50% economic interest in the High-Q joint venture, which is jointly controlled by the Company and Wah Kwong. The High-Q joint venture owns one 2013-built VLCC, which traded on a fixed time charter-out contract that expired in May 2018. Under the fixed contract, the vessel earned a daily rate and an additional amount if the daily rate of sub-charter earnings exceeded a certain threshold. The VLCC completed its dry dock in July 2018 and subsequently began trading on spot voyage charters in a pool managed by a third party. As at December 31, 2019 , the High-Q joint venture had a loan outstanding with a financial institution with a balance of $31.9 million ( December 31, 2018 - $37.5 million ). The loan is secured by a first-priority mortgage on the VLCC owned by the High-Q joint venture and 50% of the outstanding loan balance is guaranteed by the Company. b. On May 31, 2017, the Company entered into a Merger Agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 0.4 shares of Class A common stock of the Company for each of TIL common stock not owned by the Company. Prior to the completion of the merger, the Company accounted for its 11.3% investment in TIL using the equity method. On November 27, 2017, the Company completed the merger with TIL, and the Company remeasured its equity investment in TIL to fair value based on the relative share exchange value at the date of the acquisition, which resulted in the recognition of a net write-down of $26.7 million presented in equity income (loss) on the consolidated statements of income (loss) (note 24). c. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in TTOL for $39.0 million , which included $13.1 million for assumed working capital (note 4). The Company issued approximately 1.7 million shares of the Company's Class B common stock to Teekay as consideration in addition to the working capital consideration of $13.1 million . As a result, the Company now consolidates TTOL and thus, all comparative periods have been retroactively adjusted to include TTOL on a consolidated basis (note 4) and TTOL's results are not included in the summary of equity-accounted for investment results below. Prior to the May 31, 2017 purchase, the Company equity-accounted for its initial 50% interest in TTOL. A condensed summary of the Company’s financial information for equity-accounted for investments ( 11.3% to 50.0% owned) shown on a 100% basis are as follows: As at December 31, 2019 2018 Cash, cash equivalents and restricted cash 3,285 1,697 Other current assets 2,026 2,488 Vessels and equipment 77,984 81,789 Current portion of long-term debt 6,091 5,378 Other current liabilities 500 452 Long-term debt 25,651 31,742 Other non-current liabilities 18,398 20,436 Year Ended December 31, 2019 2018 2017 Revenues 12,282 9,601 107,691 Income from operations 6,329 4,159 11,640 Realized and unrealized (loss) gain on derivative instruments — (104 ) 26 Net income (loss) 4,689 2,441 (8,967 ) For the year ended December 31, 2019 , the Company recorded equity income (loss) of $2.3 million ( 2018 - $1.2 million and 2017 – $(25.4) million ). Equity income for the years ended December 31, 2019 and December 31, 2018 is comprised of the Company's share of net income from the High-Q joint venture. Equity income for the year ended December 31, 2017 is comprised of the Company’s share of net income from the High-Q joint venture, Gemini Tankers L.L.C. and from TIL for the period from January 1, 2017 until November 27, 2017, which includes an other than temporary impairment write-down of the investment in TIL (note 24). |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The carrying amount of goodwill for the tanker segment was $1.9 million as at December 31, 2019 and 2018 . In 2019, 2018 and 2017, the Company conducted its annual goodwill impairment review of its tanker segment and concluded that no impairment had occurred. The carrying amount of goodwill for the ship-to-ship transfer segment was $0.5 million and $6.2 million as at December 31, 2019 and December 31, 2018 , respectively. In 2019, 2018 and 2017, the Company conducted its annual goodwill impairment review of its ship-to-ship transfer segment and concluded that no impairment had occurred. Intangible Assets The carrying amounts of intangible assets are as follows: As at December 31, 2019 December 31, 2018 $ $ Customer relationships (1) 2,545 9,724 Customer contracts (1) — 1,901 2,545 11,625 (1) The customer relationships and customer contracts are being amortized over weighted average amortization periods of 10 years and 7.6 years , respectively. Amortization of intangible assets for the year ended December 31, 2019 was $2.2 million (2018 - $2.9 million , 2017 - $3.3 million ). Amortization of intangible assets for the five years subsequent to 2019 is expected to be, $0.6 million (2020), $0.5 million (2021), $0.4 million (2022), $0.4 million (2023), $0.3 million (2024) and $0.3 million (thereafter). In 2015, the Company acquired a ship-to-ship transfer business (previously referred to as SPT and now known as Teekay Marine Solutions or TMS ) from a company jointly owned by Teekay Corporation and a Norway-based marine transportation company, I.M. Skaugen SE and recognized goodwill and intangible assets relating to customer relationships at the time of acquisition. In January 2020, the Company reached an agreement to sell the non-US portion of its ship-to-ship support services business and its LNG terminal management business for $26 million , subject to adjustment for the final amounts of cash and other working capital present on the closing date. The sale is expected to close in the second quarter of 2020. The proportionate share of goodwill of $5.6 million and intangible assets of $6.9 million attributable to the business to be sold has been reclassified to assets held for sale as at December 31, 2019 (notes 21 and 25). |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Year Ended December 31, 2019 2018 Voyage and vessel 48,526 23,922 Corporate accruals 463 1,587 Interest and dividends 2,610 6,678 Payroll and benefits (note 16f) 8,136 8,669 Accrued liabilities 59,735 40,856 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Year Ended December 31, 2019 2018 Revolving credit facilities due through 2022 341,132 417,997 Term loans due through 2021 221,729 323,995 Total principal 562,861 741,992 Less: unamortized discount and debt issuance costs (3,182 ) (6,586 ) Total debt 559,679 735,406 Less: current portion (43,573 ) (106,236 ) Non-current portion of long-term debt 516,106 629,170 As at December 31, 2019 , the Company had two revolving credit facilities (or the Revolvers ), which, as at such date, provided for available aggregate borrowings of up to $371.5 million , of which $30.4 million was undrawn ( December 31, 2018 - $429.8 million , of which $11.8 million was undrawn). Interest payments are based on LIBOR plus margins, which at December 31, 2019 ranged between 2.00% and 2.75% ( December 31, 2018 - 2.00% and 2.75% ). The total amount available under the Revolvers reduces by $12.1 million (2020), $297.0 million (2021) and $62.4 million (2022). As at December 31, 2019 the Company also had three term loans outstanding, which totaled $221.7 million ( December 31, 2018 - $324.0 million ). Interest payments on the term loans are based on a combination of a fixed rate of 5.40% ( December 31, 2018 - 5.40% ) and variable rates based on LIBOR plus margins. As at December 31, 2019 , the margin ranged from 0.30% to 2.00% ( December 31, 2018 - 0.30% to 2.00% ). The term loan repayments are made in quarterly or semi-annual payments. Two of the term loans also have a balloon or bullet repayment due at maturity in 2021. The Company's debt facilities are further described below. In May 2019, the Company completed a $63.7 million sale-leaseback financing transaction related to two of the Company's vessels (note 12). The Company used the proceeds from the sale-leaseback transaction to prepay a portion of the Company's 2017 Revolver (as defined below). In November 2018, the Company completed an $84.7 million sale-leaseback financing transaction relating to four of the Company's vessels (note 12). Proceeds from the sale-leaseback transaction were used to refinance one of the Company's corporate revolvers, which matured in November 2018 and to prepay a portion of the Company's 2017 Revolver. In September 2018, the Company completed a $156.6 million sale-leaseback financing transaction relating to six of the Company's vessels (note 12). Proceeds from the sale-leaseback transaction were used to prepay a portion of the Company's 2017 Revolver. In July 2017, the Company completed a $153.0 million sale-leaseback financing transaction relating to four of the Company's vessels (note 12). Proceeds from the sale-leaseback transaction were used to prepay a portion of the Company's 2016 Debt Facility, described below. In December 2017, the Company entered into a $270.0 million long-term debt facility (or the 2017 Revolver ), which is scheduled to mature in December 2022, and which had an outstanding balance of $61.2 million as at December 31, 2019 (December 31, 2018 - $125.3 million ). In December 2017, $215.8 million of the 2017 Revolver was used to refinance two of the Company's debt facilities that were assumed in the merger with TIL (note 24). As at December 31, 2019 , the 2017 Revolver is collateralized by five of the Company's vessels (2018 - seven ), together with other related security. The total net book value for the five vessels as at December 31, 2019 was $139.1 million (December 31, 2018 - $192.6 million ). The 2017 Revolver also requires that the Company maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility period. Such requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As of December 31, 2019 , this ratio was 281% (December 31, 2018 - 163% ). The vessel values used in this ratio are appraised values provided by third parties where available or prepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5% of the Company's total consolidated debt. In January 2016, the Company entered into a $894.4 million long-term debt facility (or the 2016 Debt Facility ), consisting of both a term loan of $76.7 million (December 31, 2018 - $292.7 million ) and a revolving credit component of $279.9 million (December 31, 2018 - $157.6 million ), which is scheduled to mature in December 2020, and a revolving credit component, which is scheduled to mature in January 2021. The 2016 Debt Facility is collateralized by 28 of the Company's vessels (2018 - 29 ), together with other related security. The total net book value for the 28 vessels as at December 31, 2019 was $892.0 million (December 31, 2018 - $972.5 million ). The 2016 Debt Facility also requires that the Company maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility period. Such requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As at December 31, 2019 , this ratio was 211% (December 31, 2018 - 137% ). The vessel values used in this ratio are appraised values provided by third parties where available or prepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5% of the Company's total consolidated debt. The Company's remaining two term loans, with a total outstanding balance of $145.0 million as at December 31, 2019 (December 31, 2018 - $166.4 million ), which are scheduled to mature in 2021, are guaranteed by Teekay and are collateralized by six of the Company’s vessels, together with certain other related security. One of the term loans contain covenants that require Teekay to maintain the greater of (a) free cash (cash and cash equivalents) 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 of Teekay LNG Partners L.P., (or TGP ) and its subsidiaries and the Company and its subsidiaries that are non-recourse to Teekay). The other term loan requires Teekay and the Company 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 TGP and its subsidiaries). As of the date these consolidated financial statements were issued, the Company was in compliance with all covenants with respect to the Revolvers and term loans. Teekay has also advised the Company that Teekay is in compliance with all covenants relating to the revolving credit facilities and term loans to which the Company is a party. The weighted-average interest rate on the Company’s long-term debt as at December 31, 2019 was 3.7% ( December 31, 2018 – 4.6% ). This rate does not reflect the effect of the Company’s interest rate swap agreements (note 13). In January 2020, the Company entered into a new $532.8 million long-term debt facility which is scheduled to mature in December 2024 of which $455 million was used to repay the Company's two revolving facilities, the 2016 Debt Facility and the 2017 Revolver, which were scheduled to mature between 2020 and 2022, and one of the Company's term loan facilities, which was scheduled to mature in 2021. The aggregate annual long-term principal repayments required to be made by the Company under the Revolvers and term loans subsequent to December 31, 2019 , including the impact of the debt refinancing completed in January 2020 and the use of borrowings thereunder, are $44.0 million (2020), $171.9 million (2021), $80.4 million (2022), $65.3 million (2023) and $201.3 million (2024). |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Short-Term Debt Disclosure [Abstract] | |
Short-Term Debt | Short-Term Debt In November 2018, Teekay Tankers Chartering Pte. Ltd. (or TTCL ) a wholly-owned subsidiary of the Company, 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 $80.0 million , effective December 2019. Proceeds of the Working Capital Loan are used to provide working capital in relation to certain vessels subject to the RSAs. 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 the Company to maintain its paid-in capital contribution under the RSAs and the retained distributions of the RSA counterparties in an amount equal to the greater of (a) an amount equal to the minimum average capital contributed by the RSA counterparties per vessel in respect of the RSA (including cash, bunkers or other working capital contributions and amounts accrued to the RSA counterparties but unpaid) and (b) a minimum capital contribution ranging from $20.0 million to $30.0 million based on the amount borrowed. As at December 31, 2019 , $50.0 million ( December 31, 2018 - nil ) was owing under this facility, and the interest rate on the facility was 5.0% ( December 31, 2018 - nil ). As of the date these consolidated financial statements were issued, the Company was in compliance with all covenants in respect of this facility. |
Operating Leases and Obligation
Operating Leases and Obligations Related to Finance Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Leases and Obligations Related to Finance Leases | Operating Leases and Obligations Related to Finance Leases Operating Leases The Company charters-in vessels from other vessel owners on time-charter contracts, whereby the vessel owner provides use and technical operation of 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 during periods the vessel is not able to operate. With respect to time charter-in contracts with an original term of more than one year, for the year ended December 31, 2019 , the Company incurred $25.2 million of time-charter hire expense related to four time charter-in contracts, of which $14.1 million was allocable to the lease component and $11.1 million was allocable to the non-lease component. The $14.1 million allocable to the lease component approximate the cash paid for the amounts included in lease liabilities and reflected as a reduction in operating cash flows for the year ended December 31, 2019 . Three of these time charter-in contracts include an option to extend the charter for an additional one -year term. Since it is not reasonably certain that the Company 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 December 31, 2019 , the weighted-average remaining lease term and weighted-average discount rate for these time charter-in contracts were 1.2 years and 5.55% , respectively. The Company has elected to recognize the lease payments of short-term leases in the statement of income (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. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. For the year ended December 31, 2019 , the Company incurred $18.0 million of time-charter hire expense related to time charter-in contracts classified as short-term leases. During the year ended December 31, 2019 , the Company chartered in two LR2 vessels and one Aframax vessel for periods of 24 months, which resulted in the Company recognizing right-of-use assets of $14.7 million and $7.8 million on the lease commencement dates for the LR2 vessels and Aframax vessel respectively. A maturity analysis of the Company's operating lease liabilities from time charter-in contracts (excluding short-term leases) as at December 31, 2019 is as follows: Lease Commitment Non-Lease Commitment Total Commitment As at December 31, 2019 Payments: 2020 16,956 13,406 30,362 2021 3,315 2,585 5,900 Total payments 20,271 15,991 36,262 Less: imputed interest (711 ) Carrying value of operating lease liabilities 19,560 As at December 31, 2019 , minimum commitments to be incurred by the Company under short-term time charter-in contracts, were approximately $4.3 million (2020). As at December 31, 2018, minimum commitments to be incurred by the Company relating to eight chartered-in vessels accounted for as operating leases, including three workboats for the Company's lightering support services, were approximately $36.9 million (2019), $23.5 million (2020) and $2.0 million (2021). Obligations Related to Finance Leases As at As at December 31, 2019 December 31, 2018 $ $ Total obligations related to finance leases 414,788 375,289 Less: current portion (25,357) (20,896 ) Long-term obligations related to finance leases 389,431 354,393 In May 2019, the Company completed a $63.7 million sale-leaseback financing transaction with a financial institution relating to two of the Company's Suezmax tankers, Aspen Spirit and Cascade Spirit . In November 2018, the Company completed an $84.7 million sale-leaseback financing transaction with a financial institution relating to four of the Company's tankers, consisting of two Aframax tankers, one Suezmax tanker and one LR2 product tanker, the Explorer Spirit, Navigator Spirit, Pinnacle Spirit and Trysil Spirit . In September 2018, the Company completed a $156.6 million sale-leaseback financing transaction with a financial institution relating to six of the Company's Aframax tankers, the Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Peak Spirit, Tarbet Spirit and Whistler Spirit. In July 2017, the Company completed a $153.0 million sale-leaseback financing transaction with a financial institution relating to four of the Company's Suezmax tankers, the Athens Spirit , Beijing Spirit , Moscow Spirit and Sydney Spirit . Under these arrangements, the Company 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. The Company is also obligated to purchase six of the Aframax vessels upon maturity of their respective bareboat charters and two of the Suezmax vessels upon maturity of their respective bareboat charters. The Company 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. The Company consolidates 14 of the 16 Lessors for financial reporting purposes as VIEs. The Company understands that these vessels and lease operations are the only assets and operations of the Lessors. The Company operates the vessels during the lease terms, and as a result, is considered to be the Lessors' primary beneficiary. The liabilities of the 14 Lessors are loans and are non-recourse to the Company. The amounts funded to the 14 Lessors in order to purchase the vessels materially match the funding to be paid by the Company's subsidiaries under these lease-back transactions. As a result, the amounts due by the Company's 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, the Company 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 the Company to the Lessor and which 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 the Company maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least 6 months to maturity) of $35.0 million and at least 5.0% of the Company's consolidated debt and obligations related to finance leases (excluding applicable security deposits reflected in restricted cash - long-term on the Company's consolidated balance sheets). Four of the bareboat charters require the Company to maintain, for each vessel, a minimum 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 December 31, 2019 , this ratio was approximately 122% (December 31, 2018 - 101% ). Six of the bareboat charters require the Company to maintain, for each vessel, a minimum hull coverage ratio of 78% of the total outstanding principal balance during the first two years of the lease period and 80% for the following two years and 90% of the total outstanding principal balance thereafter. As at December 31, 2019 , this ratio was approximately 115% (December 31, 2018 - 91% ). Four bareboat charters require the Company to maintain, for each vessel, a minimum hull coverage ratio of 100% of the total outstanding principal balance. As at December 31, 2019 , this ratio was approximately 158% (December 31, 2018 - 122% ). The remaining two bareboat charters require the Company 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 term, 78% for the second year, 80% for the following two years and 90% of the total outstanding principal balance thereafter. As at December 31, 2019 , this ratio was approximately 109% (December 31, 2018 - n/a). Such requirements are assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As of the date these consolidated financial statements were issued, the Company was in compliance with all covenants in respect of the obligations related to finance leases. The weighted-average interest rate on the Company's obligations related to finance leases as at December 31, 2019 was 7.6% (December 31, 2018 - 7.5% ) As at December 31, 2019 , the total remaining commitments under the 16 finance leases for Suezmax, Aframax and LR2 product tankers were approximately $601.7 million (December 31, 2018 - $557.1 million ), including imputed interest of $186.9 million (December 31, 2018 - $181.8 million ), repayable from 2020 through 2030, as indicated below: Commitments December 31, 2019 Year $ 2020 56,364 2021 56,202 2022 56,193 2023 56,184 2024 56,328 Thereafter 320,388 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Interest rate swaps The Company uses interest rate swaps in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar denominated LIBOR borrowings. In February 2016, in connection with the Company’s long-term debt facility entered into at that time, the Company entered into nine interest rate swaps. Four of the interest rate swaps commenced in October 2016, are scheduled to terminate in December 2020 and have notional amounts of $50.0 million each, at inception, with fixed rates of 1.462% . The remaining five interest rate swaps commenced in the first quarter of 2016 and are scheduled to terminate in January 2021, of which one swap has a notional amount of $75.0 million , one swap has a notional amount of $50.0 million , and three swaps have notional amounts of $25.0 million each with fixed rates of 1.549% , 1.155% and 1.549% , respectively. As at December 31, 2019 , the Company was committed to the following interest rate swap agreements: Interest Rate Index Notional Amount Fair Value / Remaining Fixed Interest (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 46,281 97 1.0 1.46% U.S. Dollar-denominated interest rate swaps LIBOR 150,000 268 1.0 1.55% U.S. Dollar-denominated interest rate swaps LIBOR 50,000 294 1.0 1.16% (1) Excludes the margin the Company pays on its variable-rate debt, which, as of December 31, 2019 ranged from 0.30% to 3.50% . (2) Notional amount reduces quarterly. The Company is potentially exposed to credit loss in the event of non-performance by the counterparty to the interest rate swap agreements in the event that the fair value results in an asset being recorded. In order to minimize counterparty risk, the Company only enters into interest rate swap agreements with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time transactions are entered into. Forward freight agreements The Company uses forward freight agreements (or FFAs ) in non-hedge-related transactions to increase or decrease its exposure to spot market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized gain (loss) on derivative instruments in the Company's consolidated statements of income (loss). The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Accounts Receivable /(Accrued liabilities) Current portion of derivative liabilities As at December 31, 2019 Interest rate swap agreements 577 82 230 — Forward freight agreements — — — (86 ) 577 82 230 (86 ) As at December 31, 2018 Interest rate swap agreements 2,905 2,973 422 — Forward freight agreements — — (3 ) (57 ) 2,905 2,973 419 (57 ) Realized and unrealized (losses) gains relating to interest rate swaps and FFAs are recognized in earnings and reported in realized and unrealized (loss) gain on derivative instruments in the Company’s consolidated statements of income (loss) as follows: Year Ended Year Ended Year Ended Realized gains (losses) relating to: Interest rate swaps agreements 2,791 2,316 (994 ) Forward freight agreements 1,489 137 270 Others — — 1,106 4,280 2,453 382 Unrealized (losses) gains relating to: Interest rate swaps agreements (5,218 ) 636 2,099 Forward freight agreements (29 ) (57 ) — Other — — (1,162 ) (5,247 ) 579 937 Total realized and unrealized (loss) gain on derivatives (967 ) 3,032 1,319 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash – The fair value of the Company’s cash and cash equivalents and restricted cash approximates its carrying amounts reported in the consolidated balance sheets. Long-term debt – The fair value of the Company’s fixed-rate and variable-rate long-term debt is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Long-term obligation related to finance leases - The fair value of the Company's long-term obligation related to finance leases is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Derivative instruments The fair value of the Company’s interest rate swap agreements is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, and if the swap is not collateralized, the current credit worthiness of either the Company or the swap counterparties. The estimated amount is the present value of future cash flows. The inputs used to determine the future cash flows include the fixed interest rate of the swaps and market interest rates. Given the current volatility in the credit markets, it is reasonably possible that the amounts recorded as derivative assets and liabilities could vary by material amounts in the near term. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value. December 31, 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 and cash equivalents and restricted cash (note 18d) Level 1 95,332 95,332 60,507 60,507 Derivative instruments (note 13) Interest rate swap agreements (1) Level 2 659 659 5,878 5,878 Freight forward agreements (1) Level 2 (86 ) (86 ) (57 ) (57 ) Other: Short-term debt (note 10) Level 2 (50,000 ) (50,000 ) — — Advances to equity-accounted for investments Note (2) 9,930 Note (2) 9,930 Note (2) Long-term debt, including current portion (note 11) Level 2 (559,679 ) (558,657 ) (735,406 ) (723,031 ) Obligations related to finance leases, including current portion (note 12) Level 2 (414,788 ) (442,648 ) (375,289 ) (377,652 ) Assets held for sale (note 21) Level 2 37,240 37,240 — — (1) The fair values of the Company's interest rate swap agreements and FFAs at December 31, 2019 and 2018 exclude accrued interest income and expenses, which are recorded in accounts receivables and accrued liabilities, respectively, in these consolidated financial statements. (2) The advances to equity-accounted for investments, together with the Company’s investments in the equity-accounted for investments, form the net aggregate carrying value of the Company’s interests in the equity-accounted for investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at December 31, 2019 and 2018 were not determinable. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | Capital Stock The authorized capital stock of Teekay Tankers Ltd. at December 31, 2019 was 100.0 million shares of Preferred Stock (2018 - 100.0 million shares of Preferred Stock), with a par value of $0.01 per share (2018 - $0.01 per share), 485.0 million shares of Class A common stock (2018 - 485.0 million shares of Class A common stock), with a par value of $0.01 per share (2018 - $0.01 per share), and 100.0 million shares of Class B common stock (2018 - 100.0 million shares of Class B common stock), with a par value of $0.01 per share (2018 - $0.01 per share). The shares of Class A common stock entitle the holder to one vote per share while the shares of Class B common stock entitle the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As at December 31, 2019 , the Company had 29.0 million shares of Class A common stock ( 2018 – 29.0 million ), 4.6 million shares of Class B common stock ( 2018 – 4.6 million ) and no shares of Preferred Stock issued and outstanding ( 2018 – nil ). Commencing in December 2015, the Company adopted a dividend policy under which quarterly dividends were set to range from 30% to 50% of its quarterly adjusted net income, subject to the discretion of its Board of Directors, with a minimum quarterly dividend of $0.24 per share under the Company's policy, which was subject to change. Effective May 2018, the Company eliminated the payment of its minimum quarterly dividend of $0.24 per share in order to preserve liquidity during the cyclical downturn of the tanker spot market. Under the revised dividend policy, quarterly dividends were expected to range from 30% to 50% of the Company's quarterly adjusted net income, subject to reserves its Board of Directors may determine are necessary for the prudent operations of the Company. In November 2019, the Company eliminated its previous dividend policy. Going forward dividend payments are subject to the discretion of the Company's Board of Directors, and the policy remains subject to change. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class A common stock and Class B common stock are entitled to share equally in any dividends that the Board of Directors declares from time to time out of funds legally available for dividends. Upon the Company’s liquidation, dissolution or winding-up, the holders of Class A common stock and Class B common stock shall be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Shares of the Company’s Class A common stock are not convertible into any other shares of the Company’s capital stock. Each share of Class B common stock is convertible at any time at the option of the holder thereof into one share of Class A common stock. Upon any transfer of shares of Class B common stock to a holder other than Teekay (or any of its affiliates or any successor to Teekay’s business or to all or substantially all of its assets), such shares of Class B common stock shall automatically convert into Class A common stock upon such transfer. In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock if the aggregate number of outstanding shares of Class A common stock and Class B common stock beneficially owned by Teekay and its affiliates falls below 15% of the aggregate number of outstanding shares of common stock. All such conversions will be effected on a one -for-one basis. Stock-based compensation As at December 31, 2019 , the Company had reserved under its 2007 Long-Term Incentive Plan a total of 1,250,000 shares of Class A common stock for issuance pursuant to awards granted under the plan ( 2018 – 1,250,000 Class A common stock). For the year ended December 31, 2019 , a total of 19.9 thousand shares ( 2018 – 21.0 thousand shares, 2017 – nil shares) of Class A common stock were granted and issued to the Company’s non-management directors as part of their annual compensation. The compensation relating to the granting of such stock has been included in general and administrative expenses in the amounts of $0.2 million , $0.2 million , and nil for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The Company also grants options and restricted stock units as incentive-based compensation under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan to certain eligible officers, employees and non-management directors of the Company or Teekay subsidiaries that provide services to the Company. The number of options and restricted stock units information included in these financial statements has been retroactively adjusted for the November 2019 reverse stock split (note 1). The compensation cost of the Company‘s stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of income (loss). During 2019, the Company granted 58.8 thousand (2018 - 63.0 thousand ; 2017 - 49.6 thousand ) stock options with an exercise price of $8.00 per share (2018 - $9.76 ; 2017 - $17.84 ) to the Company’s non-management directors. These stock options have a ten -year term and vest immediately . The Company also granted 218.2 thousand ( 2018 - 92.0 thousand ; 2017 - 60.8 thousand ) stock options with an exercise price of $8.00 per share ( 2018 - $9.76 ; 2017 - $17.84 ) to the officers and employees of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. Each stock option granted has a ten -year term and vests equally over three years from the grant date. The weighted-average fair value of the stock options granted during 2019 was $2.79 per option ( 2018 - $2.77 per option; 2017 - $5.36 per option), estimated on the grant date using the Black-Scholes option pricing model. The following assumptions were used in computing the fair value of the stock options granted: expected volatility of 48.7% ( 2018 - 48.7% ; 2017 - 50.2% ); expected life of five years ( 2018 - five years; 2017 - five years); dividend yield of 3.0% ( 2018 - 5.5% ; 2017 - 5.0% ); and risk-free interest rate of 2.4% ( 2018 - 2.6% ; 2017 - 2.1% ). The expected life of the stock options granted was estimated using the historical exercise behavior of employees of Teekay that receive stock options from Teekay. The expected volatility was based on historical volatility as calculated using historical data during the five years prior to the grant date. A summary of the Company’s stock option information for the years ended December 31, 2019 , 2018 , and 2017 is as follows: December 31, 2019 December 31, 2018 December 31, 2017 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 359,496 18.45 208,788 24.78 102,793 31.94 Granted 277,066 8.00 155,053 9.76 110,343 17.84 Exercised (30,968 ) 8.96 — — — — Forfeited / expired — — (4,345 ) 12.45 (4,348 ) 17.84 Outstanding - end of year 605,594 14.16 359,496 18.45 208,788 24.78 Exercisable - end of year 309,609 19.12 224,687 21.54 131,906 26.71 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2019 , 2018 and 2017 is as follows: December 31, 2019 December 31, 2018 December 31, 2017 Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Outstanding non-vested stock options - beginning of year 134,809 13.30 76,881 21.47 36,539 32.20 Granted 218,223 8.00 92,041 9.76 60,791 17.84 Vested (57,048 ) 15.54 (29,768 ) 23.56 (16,101 ) 33.10 Forfeited / expired — — (4,345 ) 12.45 (4,348 ) 17.84 Outstanding non-vested stock options - end of year 295,984 8.96 134,809 13.30 76,881 21.47 As of December 31, 2019 , there was $0.5 million ( 2018 - $0.3 million , 2017 - $0.3 million ) of total unrecognized compensation cost related to non-vested stock options granted. During the year ended December 31, 2019 , the Company recognized $0.4 million ( 2018 - $0.2 million , 2017 - $0.2 million ) of expenses related to the stock options granted to the officers of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. As at December 31, 2019 , the intrinsic value of the outstanding in-the-money stock options was $7.2 million ( 2018 - $nil ; 2017 - $nil ) and the intrinsic value of the exercisable stock options was $2.3 million ( 2018 - $nil ; 2017 - $nil ). As at December 31, 2019 , the weighted-average remaining life of options vested and expected to vest was 8.0 years ( 2018 - 8.1 years; 2017 - 8.3 years) and the weighted-average remaining life of the exercisable stock options was 7.1 years ( 2018 - 7.7 years; 2017 - 8.0 years). During 2019, the Company granted 99.1 thousand ( 2018 - 95.3 thousand ; 2017 - 47.8 thousand ) restricted stock units to the officers and employees of the Company and to certain employees of Teekay subsidiaries that provide services to the Company, with an aggregate fair value of $0.8 million ( 2018 - $0.9 million ; 2017 - $0.8 million ). Each restricted stock unit is equal in value to one share of the Company’s common shares plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of a recipient’s termination of service is canceled, unless their termination arises as a result of the recipient’s retirement and, in that case, the restricted stock unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted stock unit awards, net of withholding taxes, is paid to each recipient in the form of common shares. For the year ended December 31, 2019 , the Company recorded an expense of $0.8 million ( 2018 - $0.7 million , 2017 - $0.8 million ) related to the restricted stock units in general and administrative expenses. During the year ended December 31, 2019 , 53.8 thousand restricted stock units ( 2018 - 34.2 thousand ; 2017 - 29.8 thousand ) with a market value of $0.5 million ( 2018 - $0.3 million ; 2017 - $0.6 million ) vested and that amount, net of withholding taxes, was paid to the grantees by issuing 34.1 thousand shares ( 2018 - 23.6 thousand shares; 2017 - 23.7 thousand shares) of Class A common stock. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions a. On November 27, 2017, the Company completed its merger with TIL. As consideration for the merger, the Company issued 11,122,193 Class A common shares to the TIL shareholders (other than the Company and its subsidiaries), including 1,031,250 shares to Teekay, for $151.3 million , or $13.6 per share (notes 5 and 24). b. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% of TTOL, which owns vessel management operations. c. In January 2017, the Company issued 269,397 shares of Class A common stock in a private placement to Teekay at a price of $18.6 per share for gross proceeds of $5.0 million (note 5). Management Fee – Related and Other d. The Company's operations are conducted in part by its subsidiaries who receive services from Teekay's wholly-owned subsidiary, Teekay Shipping Ltd. (or the Manager ), and its affiliates. The Manager provides various services under a long-term management agreement (the Management Agreement ). Commencing October 1, 2018, the Company elected to receive vessel management services for its owned and leased vessels (other than certain former TIL vessels, which are technically managed by a third party) from its wholly-owned subsidiaries and will no longer contract these services from the Manager. Prior to this date, the Manager was required to provide these services to the Company, which it did by subcontracting such services from the Company's subsidiary TTOL and its affiliates. e. Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows: Year Ended December 31, 2019 2018 2017 RSA management fees and commissions (i) — — (2,799 ) Commercial management fees (ii) — — (1,187 ) Vessel operating expenses - technical management fee (iii) (1,202 ) (10,400 ) (8,775 ) Strategic and administrative service fees (iv ) (31,422 ) (32,918 ) (21,185 ) Secondment fees (v) (185 ) (679 ) (382 ) Lay-up services revenues — — 33 LNG terminal services revenues (vi) 1,979 1,689 388 Technical management fee recoveries (vii) 765 13,811 7,666 Service revenues (viii) 320 1,019 1,939 Entities under Common Control (note 4) RSA management fees and commissions (i) — — 2,799 Commercial management fees (ii) — — 1,187 Strategic and administrative service fees (iv) — — (7,026 ) Secondment fees (v) — — (248 ) Technical management fee revenues (vii) — — 4,890 Service revenues (viii) — — 1,772 i The Company’s share of TTOL’s fees related to revenue sharing agreements are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of income (loss). The Company acquired the remaining 50% interest in TTOL on May 31, 2017 (notes 4 and note 7c). Subsequent to the acquisition, the Company's share of TTOL's fees has been eliminated. ii. The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels, which are not included in the RSAs. These fees are reflected in voyage expenses on the Company’s consolidated statements of income (loss). Subsequent to the Company's acquisition of the remaining 50% interest in TTOL, the Company's share of the Manager's commercial management fees has been eliminated. iii. The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company’s consolidated statements of income (loss). Commencing October 1, 2018, the Company has elected to receive ship management services for its own vessels from its wholly-owned subsidiaries and no longer subcontracts these services from the Manager. iv. The Manager’s strategic and administrative service fees have been presented in general and administrative fees, except for fees related to technical management services, which have been presented in vessel operating expenses, on the Company’s consolidated statements of income (loss). The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan described in note 15) is set and paid by Teekay or such other subsidiaries. The Company compensates Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee. v. The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company's consolidated statements of income (loss). vi. In November 2016, the Company's ship-to-ship transfer business signed an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by TGP, for the Bahrain LNG Import Terminal. The terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly-owned by TGP, has a 30% interest. The sub-contract ended in April 2019. vii. The Company receives reimbursements from Teekay, for the provision of technical management services. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of income (loss). Commencing October 1, 2018, the Company has elected to receive technical management services for its own vessels from its wholly-owned subsidiaries and no longer subcontracts these services from the Manager. viii. The Company recorded service revenues, relating to TTOL's administration of certain revenue sharing agreements and provision of certain commercial services to participants in the arrangements. Commencing October 1, 2018, the Company has elected to receive certain commercial services from its wholly-owned subsidiaries and will no longer subcontract these services from the Manager. f. The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented in the consolidated balance sheets in due from affiliates or due to affiliates, are without interest or stated terms of repayment. In addition, $7.9 million and $7.6 million were payable to the Manager as at December 31, 2019 and 2018 , respectively, for reimbursement of the Manager’s crewing and manning costs to operate the Company’s vessels and such amounts are included in accrued liabilities in the consolidated balance sheets. g. The Management Agreement provides for payment to the Manager of a performance fee in certain circumstances. If Gross Cash Available for Distribution for a given fiscal year exceeds $25.60 per share of the Company’s weighted average outstanding common stock (or the Incentive Threshold ), the Company is generally required to pay a performance fee equal to 20% of all Gross Cash Available for Distribution for such year in excess of the Incentive Threshold. The Company did no t incur any performance fees for the years ended December 31, 2019 , 2018 and 2017 . Cash Available for Distribution represents net income plus depreciation and amortization, unrealized losses from derivatives, non-cash items and any write-offs or other non-recurring items, less unrealized gains from derivatives and net income attributable to the historical results of vessels acquired by the Company from Teekay, prior to their acquisition by us, for the period when these vessels were owned and operated by Teekay. Gross Cash Available for Distribution represents Cash Available for Distribution without giving effect to any deductions for performance fees and reduced by the amount of any reserves the Company’s Board of Directors may establish during the applicable fiscal period that have not already reduced the Cash Available for Distribution . h. Prior to 2019, pursuant to certain RSAs, TTOL provided management services in relation to the RSAs in exchange for a fee consisting of a fixed component based on the period of management and a variable component based on the vessel's monthly earnings. Voyage revenues and voyage expenses of all vessels which operated under these RSAs were shared based on the actual earning days each vessel was available and the relative performance capabilities of each vessel. The pool receivable from affiliates as at December 31, 2019 and 2018 was nil and $56.5 million , respectively. i. Pursuant to a service agreement with the Teekay Aframax RSA, from time to time, the Company may hire vessels to perform full service lightering services. During 2019, 2018 and 2017, the Company recognized $8.8 million , $28.4 million and $14.1 million , respectively, related to vessels which were chartered-in from the RSA to assist with full service lightering operations. These amounts have been presented in voyage expenses on the Company's consolidated statements of income (loss). |
Other (Expense) Income
Other (Expense) Income | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other (Expense) Income | Other Income Year Ended December 31, 2019 2018 2017 Foreign exchange gain 486 3,133 79 Other income 209 49 250 Total 695 3,182 329 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information a. The changes in non-cash working capital items related to operating activities for the years ended December 31, 2019 , 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 Accounts receivable, including other current assets (171,342 ) (16,020 ) 14,603 Pool receivables from affiliates 56,549 (40,999 ) 16,193 Due from affiliates 38,966 9,440 17,562 Bunker and lube oil inventory (28,628 ) (15,564 ) 8,322 Prepaid expenses 119 57 445 Accounts payable and accrued liabilities 83,244 9,778 (13,996 ) Due to affiliates (16,431 ) (1,147 ) (32,641 ) Deferred revenue 7,485 (557 ) (3,898 ) Other (394 ) 60 — Change in operating assets and liabilities (30,432 ) (54,952 ) 6,590 b. Cash interest paid (including interest paid by the Entities under Common Control) during the years ended December 31, 2019 , 2018 , and 2017 totaled $61.8 million , $47.6 million , and $26.4 million , respectively. c. In November 2017, the Company acquired the outstanding shares of TIL through issuing 11.1 million Class A common shares, which was treated as a non-cash transaction in the Company's consolidated statement of cash flows. As a result of this transaction, the Company acquired $37.6 million in cash and paid $6.9 million in transaction costs (note 24). d. The Company maintains restricted cash deposits relating to certain contracts which were assumed as part of the acquisition of the ship-to-ship transfer business in 2015, LNG terminal management and for certain freight forward agreements (note 13). Attached to these contracts are certain performance guarantees required by the Company. The Company also maintains restricted cash deposits for the purposes of the margin requirements of the Company's obligations related to certain finance leases (note 12). Total cash, cash equivalents and restricted cash, including cash, cash equivalents and restricted cash held for sale are as follows: As at December 31, 2019 As at December 31, 2018 As at December 31, 2017 As at December 31, 2016 $ $ $ $ Cash and cash equivalents 88,824 54,917 71,439 94,157 Restricted cash - current 3,071 2,153 1,599 750 Restricted cash - long-term 3,437 3,437 2,672 — Cash and cash equivalents held for sale 1,121 — — — Restricted cash held for sale - current 337 — — — 96,790 60,507 75,710 94,907 Non-cash items related to operating lease right-of-use assets and operating lease liabilities are as follows: As at December 31, 2019 As at December 31, 2018 $ $ Leased assets obtained in exchange for new operating lease liabilities 23,725 — |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Liquidity Accounting standard ASC-205-40, Presentation of Financial Statements - Going Concern , requires management to assess if the Company will have sufficient liquidity to continue as a going concern for the one -year period following the issuance of its consolidated financial statements. As at December 31, 2019, two of the Company's term loans, with an aggregate outstanding balance of $145.0 million , were guaranteed by Teekay and contain certain covenants (see note 11). As part of the Company's assessment of its liquidity, it has considered Teekay's ability to comply with the covenants of these term loans for the one-year period following the issuance of the Company's consolidated financial statements. Teekay has informed the Company that it expects it will comply with all required covenants and have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of Teekay's consolidated financial statements. Consequently, the Company does not expect any negative impact on its liquidity as a result of Teekay's obligations under the two term loans. The new debt facility entered into in January 2020 was used to repay one of these term loan facilities, which was scheduled to mature in 2021. Based on the Company’s liquidity as at the date these consolidated financial statements were issued, including the liquidity it had recently generated from the increase in the Working Capital Loan (note 10), recent asset sales, the new debt facility completed in January 2020 and operations over the following year assuming no significant decline in spot tanker rates, the Company estimates that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The net income (loss) available for common shareholders and earnings (loss) per common share presented in the table below excludes the results of operations of the Entities under Common Control which were purchased solely with cash (note 4). Year Ended December 31, 2019 2018 2017 Net income (loss) 41,362 (52,548 ) (58,023 ) Weighted-average number of common shares - basic (1) 33,617,635 33,561,615 23,404,422 Dilutive effect of stock-based awards 113,536 — — Weighted average number of common shares - diluted (1) 33,731,171 33,561,615 23,404,422 Earnings (loss) per common share: - Basic 1.23 (1.57 ) (2.48 ) - Diluted 1.23 (1.57 ) (2.48 ) (1) The weighted-average number of common shares outstanding for periods prior to May 2017 has been retroactively adjusted to include the approximately 1.7 million shares of the Company's Class B common stock issued to Teekay as consideration for the acquisition of 50% of TTOL in May 2017. Stock-based awards, that have an anti-dilutive effect on the calculation of diluted earnings per common share, are excluded from this calculation. In the years where a loss attributable to shareholders has been incurred, all stock-based awards are anti-dilutive. For the year ended December 31, 2019, 7 thousand restricted stock units had an anti-dilutive effect on the calculation of diluted earnings per common share. For the year ended December 31, 2019, options to acquire 0.5 million shares of the Company’s Class A common stock had an anti-dilutive effect on the calculation of diluted earnings per common share. |
Sale of Vessels and Other Asset
Sale of Vessels and Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Sale of Vessels and Other Assets | Sale of Vessels and Other Assets The Company's consolidated statement of income for the year ended December 31, 2019 includes a net loss on sale of a vessel of $2.3 million relating to one Suezmax vessel, which was sold and delivered to its buyer in the fourth quarter of 2019. The Company agreed a further sale of two Suezmax tankers, for an aggregate sales price of $38.0 million . Both tankers were delivered to their new owners in February 2020 and therefore, both vessels and the related bunkers, as the vessel disposal group, are classified as held for sale as at December 31, 2019 and were written down to their agreed sales price. The Company recognized a write-down on these vessels of $3.2 million in 2019. The Company's consolidated statement of loss for the year ended December 31, 2018 includes a net gain on sale of vessel of $0.2 million relating to one lightering support vessel, which was sold and delivered to its buyer in the second quarter of 2018. During 2017, the Company completed the sales of two Suezmax and three Aframax tankers which were delivered to their respective buyers. The Company recognized losses on sale of these vessels of $1.8 million and $11.2 million , respectively. During 2019, 2018 and 2017, the Company completed certain sale-leaseback financing transactions (see note 12). In January 2020, the Company entered into an agreement to sell its non-US portion of the ship-to-ship support services business, as well as its LNG terminal management business for $26 million , with an adjustment for the final amounts of cash and other working capital present on the closing date. The sale is expected to close in the second quarter of 2020.The sale of the ship-to-ship support services business, which is in the ship-to-ship transfer segment, is classified as held for sale as at December 31, 2019. The following table summarizes the two Suezmax tankers and the ship-to-ship transfer assets and liabilities classified as held for sale as at December 31, 2019; As at December 31, 2019 Tanker Segment $ Ship-to-Ship Transfer Segment $ Total $ Cash and cash equivalents — 1,121 1,121 Restricted cash - current — 337 337 Accounts receivable — 4,129 4,129 Bunker and lube oil inventory 2,017 — 2,017 Prepaid expenses — 510 510 Vessel and equipment 37,240 7,562 44,802 Intangibles (i) — 6,880 6,880 Goodwill (i) — 5,633 5,633 Other non current assets — 29 29 Total assets held for sale 39,257 26,201 65,458 Current liabilities — 2,650 2,650 Other long term liabilities — 330 330 Total liabilities associated with assets held for sale — 2,980 2,980 Net assets held for sale 39,257 23,221 62,478 Net assets to be sold 39,257 23,221 62,478 i. 91% of the intangible assets and goodwill relating to support services and 100% of the LNG business intangibles and goodwill have been allocated as held for sale. |
Income Tax Expenses
Income Tax Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Freight Tax and Other Tax Expenses | Income Tax Expenses The following is a roll-forward of the Company’s freight tax liabilities which are recorded in its consolidated balance sheets in other long-term liabilities, from January 1, 2018 to December 31, 2019 : Year Ended December 31, 2019 2018 Balance of unrecognized tax benefits as at January 1 32,059 26,054 Increases for positions related to the current year 3,385 5,399 Changes for positions taken in prior years 15,781 1,701 Decreases related to statute of limitations (1,646 ) (1,095 ) Balance of unrecognized tax benefits as at December 31 49,579 32,059 The Company also recognized a $1.2 million tax accrual, which is recoverable from one of its customers as at December 31, 2019. This amount is recorded in the Company's consolidated balance sheet in accrued liabilities and accounts receivable. 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. The Company recognizes freight tax expenses and recoveries in its consolidated statements of income (loss). Interest and penalties on freight tax expenses are included in the roll-forward schedule above, and are approximately $8.4 million and $5.4 million , for the years ended December 31, 2019 and 2018 , respectively. Net foreign exchange gains on freight tax expenses are also included in the roll-forward schedule above and reductions are approximately $0.6 million and $3.3 million for the years ended December 31, 2019 and 2018, respectively. |
Shipbuilding Contracts
Shipbuilding Contracts | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Shipbuilding Contracts | Shipbuilding Contracts In April 2013, four special purpose subsidiary companies of the Company entered into agreements with STX Offshore & Shipbuilding Co., Ltd (or STX ) of South Korea to construct four LR2 product tanker newbuildings. At the same time, the Company entered an Option Agreement with STX allowing the Company to order up to an additional 12 vessels. In February and March 2014, the Company and its subsidiaries commenced legal proceedings against STX for having repudiated the four firm shipbuilding contracts and the Option Agreement in London, U.K. In the same year, STX issued proceedings in Korea. On February 15, 2016, each of the Company’s four subsidiaries successfully obtained an English Court Order requiring STX to pay a total of $8.9 million per subsidiary in respect of the four firm shipbuilding contracts. STX filed for bankruptcy protection and as of December 31, 2016, all Korean enforcement actions were stayed. STX has had its bankruptcy protection recognized in England and Wales. The Company was not in a position to take any further action on enforcement and recognition of its award in the U.K. or Korea while the bankruptcy protection remained in place. In March 2017, the Korean courts upheld the Company's subsidiaries' claims for the firm contracts in the bankruptcy proceedings. In November 2017, STX underwent a rehabilitation plan, which resulted in the Company's subsidiaries being entitled to receive 7% of the $8.9 million award in cash to be paid annually through 2026, and 93% of the award in equity of STX. In June 2018, the Company's subsidiaries, under their entitlement as part of the STX rehabilitation plan, received a total of 315,856 shares of STX, representing a minor percentage ownership interest. As at December 31, 2019, the STX shares had been de-listed. No amounts have been recorded due to uncertainty of their value. In addition, the Company has not recognized a receivable in respect to the non-interest-bearing cash award due to uncertainty of collection. |
Acquisition of Tanker Investmen
Acquisition of Tanker Investments Ltd. | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition of Tanker Investments Ltd. | 24. Acquisition of Tanker Investments Ltd. On May 31, 2017, the Company entered into a merger agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 0.4 shares of Class A common stock of the Company for each TIL common stock. On November 17, 2017, the Company's shareholders voted in favor of increasing the authorized number of its Class A common shares to permit the issuance of Class A common shares as consideration for the merger with TIL. Concurrently, the merger was approved by the shareholders of TIL. The Company amended its amended and restated articles of incorporation and completed the merger on November 27, 2017, as a result of which TIL became a wholly-owned subsidiary of the Company. As consideration for the merger, the Company issued 11,122,193 Class A common shares to the TIL shareholders (other than the Company and its subsidiaries) for $151.3 million , or $13.60 per share (note 5). Pursuant to this acquisition, the Company acquired a modern fleet of 10 Suezmax tankers, six Aframax tankers and two LR2 product tankers with an average age of 7.3 years, assumed $47.1 million of net working capital and other long-term liabilities and assumed long-term debt with a principal balance outstanding of $338.9 million . The merger with TIL was accounted for as an acquisition of assets. The purchase price of the acquisition consisted of the fair value of the Company's shares issued on the merger date ( $151.3 million ), the transaction costs associated with the merger ( $6.9 million ) and the fair value of the Company's 11.3% pre-existing ownership in TIL at the close of the merger ( $19.2 million ), for a total acquisition cost of $177.4 million . Net working capital and other long-term liabilities of $47.1 million and $337.1 million of long-term debt assumed were recognized at their fair values on November 27, 2017. The remaining amount of the purchase price was allocated to vessels ( $467.2 million ) and existing time-charter contracts ( $0.2 million ), on a relative fair value basis. |
Subsequent Events
Subsequent Events - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsequent Events [Abstract] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 20,008 | $ 589 | $ 52,131 |
Subsequent Events | 25. Subsequent Events a. On January 28, 2020, the Company entered into an agreement to sell the non-U.S. portion of its ship-to-ship support services business, as well its LNG terminal management business for $26 million , subject to adjustment for the final amounts of cash and other working capital present on the closing date. The sale is expected to close in the second quarter of 2020. b. On January 28, 2020 the Company entered into a new five -year, $532.8 million revolving credit facility to refinance 31 vessels which is scheduled to mature in late 2024, of which approximately $455 million which was used to repay the Company's two revolving facilities and the Company's term loan facility which was scheduled to mature in 2021. c. In January 2020, the Company entered into agreements to sell two Suezmax tankers for an aggregate price of $40.8 million . One vessel and the related bunkers was classified as held for sale on the consolidated balance sheet as at December 31, 2019 (note 21) and the net book value was written down to it sales price less closing costs. The vessel was then delivered in February 2020. The other vessel was delivered to its new owner in March 2020 and the Company expects to recognize a loss on sale of $2.7 million in the quarter ended March 31, 2020. d. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. The Company has not yet experienced a material negative impact to its business, results of operations, or financial position as a result of COVID-19. The future financial effects to the Company, if any, of COVID-19 cannot be reasonably estimated at this time. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Lessee, Leases [Policy Text Block] | Lease obligations and right-of-use assets For its vessels and office leases as of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The discount rate used to determine the present value of the lease payments is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Company's chartered-in vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. The Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company’s consolidated statements of income. For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time-charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Company’s consolidated statements of income. Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period achievement of the target is considered probable. The Company recognizes the expense from short-term leases and any non-lease components of vessels time-chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time-charter hire expense for vessel charters and general and administrative expenses for office leases. The Company has determined that its time charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (technical 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 technically 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 right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired right-of-use assets from in-chartered vessels is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. Vessels sold and leased back by the Company, where the Company has a fixed price repurchase obligation or other situations where the leaseback would be classified as a finance lease are accounted for as a failed sale of the vessel. 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. In periods prior to the adoption of ASU 2016-02 (see note 2), the Company's accounting policy was to recognize the expense from vessels time-chartered from other owners, which was included in time-charter hire expense, on a straight-line basis over the firm period of the charters. |
Basis of presentation and consolidation principles | Basis of presentation and consolidation principles These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP ). They include the accounts of Teekay Tankers Ltd., a Marshall Islands corporation, its wholly-owned subsidiaries and the Entities under Common Control, as described in note 4, and any variable interest entities (or VIEs ) of which it is the primary beneficiary (collectively, the Company ). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. In addition, estimates have been made when allocating expenses from Teekay Corporation ( Teekay ) to the Entities under Common Control and such estimates may not be reflective of what actual results would have been if the Entities under Common Control had operated independently. Significant intercompany balances and transactions have been eliminated upon consolidation. Prior to the Company's adoption of Accounting Standards Update 2017-01, Clarifying the Definition of a Business , (or ASU 2017-01 ) on October 1, 2017, the Company accounted for the acquisition of vessels from Teekay as a transfer of a business between entities under common control. The method of accounting for such transfers, as well as the acquisition of other businesses from Teekay, was similar to the pooling of interests method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity. The amount by which the proceeds paid by the Company differs from Teekay's historical carrying value of the acquired business is accounted for as a return of capital to, or contribution of capital from, Teekay. In addition, transfers of net assets between entities under common control were accounted for as if the transfer occurred from the date that the Company and the acquired business were both under the common control of Teekay and had begun operations. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in Teekay Tanker Operations Ltd. (or TTOL ). As a result of the acquisition, the Company's consolidated financial statements prior to the date the Company acquired a controlling interest in TTOL have been retroactively adjusted to eliminate the use of the equity method of accounting for the original 50% interest in TTOL and to include 100% of the assets and liabilities and results of TTOL during the periods they were under common control of Teekay and had begun operations. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition of a controlling interest in TTOL by the Company have been eliminated upon consolidation (note 4). During 2017 and 2018, the Company completed sales-leaseback financing arrangements with 14 lessor entities established by financial institutions. The Company is considered to be the primary beneficiary of the lessor entities under the arrangements and has since consolidated these VIEs (note 12). On November 27, 2017, the Company completed a merger with Tanker Investments Ltd. ( TIL ), as a result of which TIL became a wholly-owned subsidiary of the Company. Prior to the merger, the Company accounted for its 11.3% interest in TIL using the equity method (notes 7 and 24). |
Foreign currency | Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other expenses in the accompanying consolidated statements of income (loss). |
Revenues | Revenues The Company's 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 to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters subject to revenue sharing agreements (or RSAs ) follow the same revenue recognition policy as voyage charters not subject to RSAs. The difference between the net revenue earned by a vessel of the Company performing voyage charters subject to RSAs and its allocated share of the aggregate net contribution is reflected within voyage expenses. The consolidated balance sheets reflect in accrued revenue the accrued portion of revenues for those voyages that commence prior to the balance sheet date and complete after the balance sheet date. Prior to the adoption of Accounting Standards Update ASU 2014-09, Revenue from Contracts with Customers (or ASU 2014-09 ) on January 1, 2018, the Company accounted for the net allocation from the RSAs as revenue and amounts due from the RSAs as pool receivables from affiliates, net (note 2). Voyage expenses incurred that are recoverable from the Company’s customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. The Company recast prior periods to reflect this presentation. This had the impact of increasing both voyage charter revenues and voyage expenses by $20.7 million for the year ended December 31, 2018. Time charters The Company recognizes revenues from time charters accounted for as operating leases on a straight-line basis over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off hire. When the time charter contains a profit-sharing agreement or other variable consideration, the Company recognizes the profit-sharing or contingent revenues in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. The consolidated balance sheets reflect in accrued receivables, any accrued revenue and in deferred revenue, the deferred portion of revenues which will be earned in subsequent periods. If collectability of the time-charter hire receipts from time-charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Other revenues Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other activities such as management of terminals and vessels, consultancy, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate. Voyage charters for full service lightering voyages may also be priced based on pre-agreed terms. The performance obligations within a voyage charter contract, which will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based upon the decision-making rights the charterer has under the contract. Consideration for such contracts are considered either fixed or variable, depending on certain conditions. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months. As such, accrued revenue at the end of a period will be invoiced and paid in the subsequent period. The amount of accrued revenue at any point in time will depend on the percent completed of each voyage in progress as well as the freight rate agreed for those specific voyages. The amount of accrued revenue increased significantly in 2019 as a result of changes to the RSAs in 2019 whereby the Company is now a counterparty to the voyage charters for all the vessels subject to an RSA. The Company does not engage in any specific tactics to minimize vessel residual value risk due to the short-term nature of the contracts. Time Charters Pursuant to a time charter, the Company charters a vessel to a customer for a fixed period of time, generally one year or more. The performance obligations within a time-charter contract, which will include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time-charter contracts, based on a fixed daily hire amount. However, certain sources of variability exist, including off-hire and sometimes profit share revenue. If the vessel is off-hire due to mechanical breakdown or for any other reason, the charterer does not pay charter hire for this time. For contracts including a profit share component, the profit share consideration occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. Variable consideration of the Company’s contracts is typically recognized as incurred. The Company does not engage in any specific tactics to minimize vessel residual value risk. As at December 31, 2019 , five of the Company’s vessels operated under time-charter contracts with the Company’s customers, all of which are scheduled to expire in 2020. As at December 31, 2019 , the future hire payments expected to be received by the Company under time charters then in place were approximately $40.0 million . The hire payments should not be construed to reflect a forecast of total charter hire revenues for any of the periods. Future hire payments do not include hire payments generated from new contracts entered into after December 31, 2019 , from unexercised option periods of contracts that existed on December 31, 2019 or from variable consideration, if any. In addition, future hire payments presented above have been reduced by estimated off-hire time for required period maintenance. Actual amounts may vary given future events such as unplanned vessel maintenance. The carrying amount of the Company's owned and leased vessels employed on time charters as at December 31, 2019 , was $173.8 million (2018 - $58.3 million ). The cost and accumulated depreciation of the vessels employed on these time charters as at December 31, 2019 were $213.8 million (2018 - $88.2 million ) and $40.0 million (2018 - $29.9 million ), respectively. As at December 31, 2019 , the Company had $7.5 million (2018 - nil ) advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues in the following periods which are included in other current liabilities on the Company's consolidated balance sheets. Other Revenues Ship-to-ship support services include managing the process of transferring cargo between seagoing ships positioned alongside each other. Each operation is typically completed in less than 48 hours. The performance obligations within LNG terminal and vessel management contracts are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed component based on the period of management and in certain cases a variable component based on the asset earnings, is invoiced monthly in arrears. Substantially all of the Company’s performance obligations are satisfied over the duration of the associated contract, and the Company uses the proportion of elapsed time as its method to recognize revenue over the contract duration. The variable consideration of the Company’s contracts is typically recognized as incurred as such consideration is allocated to distinct periods within a contract. |
Operating expenses | Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters subject to an RSA and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter, in which case the Company pays voyage expenses. Voyage expenses are recognized when incurred. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters. Vessel operating expenses are recognized when incurred. |
Equity-based compensation | Equity-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of the Company and to certain employees of Teekay who support the operations of the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For equity-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (note 15). |
Cash and cash equivalents | Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. |
Restricted cash-long term | Restricted cash The Company maintains restricted cash deposits relating to certain contracts of the ship-to-ship transfer business, LNG terminal management and for certain freight forward agreements (notes 13 and 18d). Attached to these contracts are certain performance guarantees required by the Company. Restricted cash - long-term The Company maintains restricted cash deposits for the purposes of the margin requirements of the Company's obligations related to certain finance leases (notes 12 and 18d). |
Accounts receivable and allowance for doubtful accounts and Other loan receivables | Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are written off against the allowance when the Company believes that the receivable will not be recovered. There are no significant amounts recorded as an allowance for doubtful accounts as at December 31, 2019 and 2018 . The consolidated balance sheets reflect, in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and in other current assets, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. Accounts receivable increased significantly as of the first quarter of 2019, as a result of changes to the RSAs whereby the Company now has legal title to the accounts receivable for all vessels subject to the RSAs. |
Investment, Policy [Policy Text Block] | Other loan receivables The Company’s advances to equity-accounted for investments are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan loss provision is recognized, based on current information and events, if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan loss provision is required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding their ability to repay the loan, and the fair value of the underlying collateral. When a loan loss provision is recognized, the Company measures the amount of the loss provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting loss in the consolidated statements of income (loss). The carrying value of the loans is adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows, which may result in increases or decreases to the loan loss provision. The following table reflects the carrying value of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis and the grade as of December 31, 2019. Class of Financing Receivable Credit Quality Indicator Grade December 31, 2019 December 31, 2018 Advances to equity-accounted for investments Other internal metrics Performing 9,930 9,930 9,930 9,930 |
Bunker and lube oil inventory | Bunker and lube oil inventory The Company separately presents bunker and lube oil inventory on the Company’s consolidated balance sheet. Bunker and lube oil inventory increased significantly as of the first quarter of 2019, as a result of changes to the RSAs whereby the Company now directly procures and has legal title to the bunker fuel for all the vessels subject to the RSAs. Bunker and lube oil inventory is stated at cost, which is determined on a first-in, first-out basis. Comparative figures have been reclassified to conform to the presentation adopted in the current period. |
Equity accounted for investments | Equity-accounted for investments The Company’s investments in joint ventures, in which the Company does not control but has the ability to exercise significant influence over the operating and financial policies of the entity, are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted for investments for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted for investment is impaired and if its estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of income (loss). The Company’s maximum exposure to loss is the amount it has invested in its equity-accounted for investments and its proportionate share of guaranteed debt of the joint venture. |
Vessels and equipment | Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation for vessels is calculated using an estimated useful life of 25 years from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (including depreciation attributable to the Entities under Common Control and excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2019 , 2018 and 2017 totaled $95.1 million , $95.2 million , and $80.1 million , respectively. Generally, the Company dry docks each vessel every two and a half to five years. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2017 to December 31, 2019 : Year Ended December 31, 2019 2018 2017 Balance at the beginning of the year 56,019 48,460 49,298 Cost incurred for dry docking 45,371 27,896 16,239 Dry-dock amortization (26,682 ) (20,326 ) (17,077 ) Write-down / sale of vessels (2,901 ) (11 ) — Balance at the end of the year 71,807 56,019 48,460 Vessels and equipment that are intended to be “held and used” in the Company's business are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and is based on second-hand sale and purchase data. Vessels and equipment that are "held for sale" are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. G oodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. |
Debt issuance costs | Debt issuance costs Debt issuance costs related to recognized debt liabilities, including fees, commissions and legal expenses, are deferred and presented as a direct deduction from the carrying amount of the debt liability. Debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Debt issuance costs are amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of income (loss). Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument, if applicable, and included in determining the debt extinguishment gain or loss to be recognized. Other related costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction to the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount (based on the reduction in borrowing capacity) of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. |
Income taxes | Income taxes The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the consolidated financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is determined that it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position taken or expected to be taken in a tax return will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of income (loss). The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or that distributions by its subsidiaries to the Company will not be subject to any income taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses is dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, however it could for certain types of interest rate swaps that it may enter into in the future. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness are recognized immediately in earnings. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the Company's consolidated statements of income (loss). If a cash flow hedge is terminated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Company's consolidated statements of income (loss). If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the Company's consolidated statements of income (loss). For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of income (loss). |
Earnings (loss) per share | Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company after deducting the amount of net income (loss) attributable to the Entities under Common Control which were purchased solely with cash by (b) the weighted-average number of shares outstanding during the applicable period and the equivalent shares outstanding that are attributable to the Entities under Common Control. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises. The weighted-average number of shares is retroactively adjusted for stock splits and reverse stock splits. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (or FASB ) issued ASU 2014-09 which requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 became effective for the Company as of January 1, 2018 and may be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of such date. The Company has elected to apply ASU 2014-09 only to those contracts that were not completed as of January 1, 2018. The Company has adopted ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences on adoption of ASU 2014-09: • Prior to January 1, 2018, the Company previously presented the net allocation for its vessels participating in RSAs in existence at that time as net pool revenues. Effective January 1, 2018, the Company has determined, for accounting purpose, that it is the principal in voyages its vessels perform that are subject to the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. This had the effect of increasing voyage charter revenues and voyage expenses for the year ended December 31, 2018 by $292.6 million . There was no cumulative impact to opening equity as at January 1, 2018. • The Company previously presented all accrued revenue as a component of accounts receivable. The Company has determined that if the right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing accrued revenue and decreasing accounts receivable by $17.9 million at December 31, 2018 . In February 2016, 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 are 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. The Company adopted ASU 2016-02 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 to not separate lease and non-lease components of a contract if certain criteria are met. The Company has elected to use this new optional transition approach and the optional practical expedient. To determine the cumulative effect adjustment, the Company did not reassess lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The Company identified the following differences: • The adoption of ASU 2016-02 resulted in a change in the accounting method for the lease portion of the daily charter hire for the chartered in vessels by the Company accounted for as operating leases with firm periods of greater than one year. Under ASU 2016-02, the Company recognized an operating lease right-of-use asset and an operating lease liability. This resulted in an increase of the Company's assets and liabilities. The right-of-use asset and lease liability recognized at December 31, 2019 was $19.6 million (January 1, 2019 - $11.0 million ). The pattern of expense recognition of chartered-in vessels in 2019 remained substantially unchanged. • The adoption of ASU 2016-02 resulted 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 Aspen Spirit and Cascade Spirit during the second quarter of 2019 being accounted for as a failed sale and unlike the 14 sale-leaseback transactions entered into 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 entities (see note 12). In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company as of January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. Based on the Company's preliminary assessment, adoption of ASU 2016-13 is not expected to have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the effect of adopting this new guidance. |
Capital Stock [Policy Text Block] | Capital stock The number of shares and per share amounts in these consolidated financial statements, including comparative figures, have been adjusted to reflect the changes resulting from a 1 for 8 reverse stock split which took effect on November 25, 2019. This reduced the number of issued and outstanding Class A and B com mon shares as at December 31, 2019, from approximately 232.0 million and 37.0 million to approximately 29.0 million and 4.6 million , respectively. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Financing Receivables | The following table reflects the carrying value of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis and the grade as of December 31, 2019. Class of Financing Receivable Credit Quality Indicator Grade December 31, 2019 December 31, 2018 Advances to equity-accounted for investments Other internal metrics Performing 9,930 9,930 9,930 9,930 |
Summarizes Change in Capitalized Dry-Docking Activity | The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2017 to December 31, 2019 : Year Ended December 31, 2019 2018 2017 Balance at the beginning of the year 56,019 48,460 49,298 Cost incurred for dry docking 45,371 27,896 16,239 Dry-dock amortization (26,682 ) (20,326 ) (17,077 ) Write-down / sale of vessels (2,901 ) (11 ) — Balance at the end of the year 71,807 56,019 48,460 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table contains a breakdown of the Company's revenue by contract type for the years ended December 31, 2019 , 2018 and 2017 . All revenue is part of the Company's tanker segment, except for revenue for ship-to-ship support services and LNG terminal management, consultancy, procurement and other related services, which are part of the Company's ship-to-ship transfer segment. Year Ended December 31, 2019 2018 2017 Voyage charters (1) Suezmax 424,578 371,463 6,696 Aframax 255,702 125,390 26,250 LR2 119,486 67,345 — Full service lightering 81,837 107,730 92,828 Total 881,603 671,928 125,774 Time-charters Suezmax 15,658 17,088 45,745 Aframax 1,837 35,531 50,964 LR2 — 7,357 15,391 Total 17,495 59,976 112,100 Other revenue Ship-to-ship support services 24,015 28,629 33,436 Vessel management 8,461 8,829 12,946 LNG terminal management, consultancy, procurement and other 12,343 7,131 6,986 Total 44,819 44,589 53,368 Net pool revenues (1) Suezmax — — 91,854 Aframax — — 22,718 LR2 — — 25,353 MR — — 11 Total — — 139,936 Total revenues 943,917 776,493 431,178 (1) Prior to the January 1, 2018 adoption of ASU 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09), the Company presented the net allocation for its vessels subject to RSAs as net pool revenues. Effective January 1, 2018, the Company has determined, for accounting purposes, that it is the principal in voyages performed by its vessels subject to the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. The adoption of ASU 2014-09 had the impact of increasing voyage charter revenues and voyage expenses for the year ended December 31, 2019 by $321.2 million (2018 - $292.6 million ). The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09. |
Public Offerings and Private _2
Public Offerings and Private Placements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Issuances of Common Shares | The following table summarizes the issuances of common shares over the three years ended December 31, 2019 : Date Number of Common Stock Issued (1) Offering Price (1) Gross Proceeds Net Proceeds Teekay's Ownership After the Offering Use of Proceeds January 2017 269,397 (2) $18.56 5,000 5,000 25.7 % General corporate purposes May 2017 1,721,903 (3) $15.04 25,897 25,897 31.4 % Acquisition of controlling interest in TTOL November 2017 11,122,193 (4) $13.60 151,262 151,262 24.1 % TIL Merger Continuous offering program during 2017 475,000 (5) $18.08 - $19.28 8,826 8,521 (5 ) General corporate purposes (1) Refer to note 1 for information regarding the Company's 2019 reverse stock split. (2) Represents Class A common shares issued in a private placement to Teekay. The gross proceeds were used for general corporate purposes, including to strengthen the Company's liquidity position and to delever its balance sheet. (3) Represents Class B common shares issued to Teekay as consideration for the Company's acquisition of the remaining 50% interest in TTOL, which shares had an approximate value of $25.9 million , or $15.04 per share, on the closing date of the transaction (note 4). (4) Represents Class A common shares issued to the shareholders of TIL as consideration for the Company's acquisition of the remaining 88.7% interest in TIL. The shares had an approximate value of $151.3 million , or $13.60 per share, on the closing date of the transaction (notes 7 and 24). (5) In January 2017, the Company re-opened its $80.0 million Continuous Offering Program. The portion of the Company's voting power and ownership held by Teekay at December 31, 2017 was 54.1% and 28.8% respectively. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Company's Revenue and Income From Operations by Segment | The following tables include results for the Company’s revenue and income (loss) from operations by segment for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 Tanker $ Ship-to-Ship $ Inter-segment (1) $ Total $ Revenues (2) 908,778 46,641 (11,502 ) 943,917 Voyage expenses (413,796 ) — 11,502 (402,294 ) Vessel operating expenses (174,779 ) (33,822 ) — (208,601 ) Time-charter hire expense (37,225 ) (5,964 ) — (43,189 ) Depreciation and amortization (120,468 ) (3,534 ) — (124,002 ) General and administrative expenses (4) (32,938 ) (3,466 ) — (36,404 ) Loss and write-down on sale of vessels (5,534 ) (10 ) — (5,544 ) Income (loss) from operations 124,038 (155 ) — 123,883 Equity income 2,345 — — 2,345 Year Ended December 31, 2018 Tanker $ Ship-to-Ship Inter-segment (1) $ Total $ Revenues (2) 740,806 48,175 (12,488 ) 776,493 Voyage expenses (393,794 ) — 12,488 (381,306 ) Vessel operating expenses (174,278 ) (34,853 ) — (209,131 ) Time-charter hire expense (13,537 ) (6,001 ) — (19,538 ) Depreciation and amortization (114,062 ) (4,452 ) — (118,514 ) General and administrative expenses (4) (36,481 ) (3,294 ) — (39,775 ) Gain on sale of vessel — 170 — 170 Restructuring charges (152 ) (1,043 ) — (1,195 ) Income (loss) from operations 8,502 (1,298 ) — 7,204 Equity income 1,220 — — 1,220 Year Ended December 31, 2017 Tanker Ship-to-Ship Inter-segment (1) $ Total Revenues (2)(3) 391,267 50,422 (10,511 ) 431,178 Voyage expenses (3) (87,879 ) — 10,511 (77,368 ) Vessel operating expenses (135,740 ) (39,649 ) — (175,389 ) Time-charter hire expense (25,666 ) (4,995 ) — (30,661 ) Depreciation and amortization (95,433 ) (5,048 ) — (100,481 ) General and administrative expenses (4) (29,539 ) (3,340 ) — (32,879 ) (Loss) gain and write-down on sale of vessel (13,034 ) 50 — (12,984 ) Income (loss) from operations 3,976 (2,560 ) — 1,416 Equity loss (25,370 ) — — (25,370 ) (1) The ship-to-ship transfer segment provides lightering support services to the tanker segment for full service lightering operations and the pricing for such services is based on actual costs incurred during 2019, 2018 and 2017. (2) Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in other revenues in the Company's consolidated statements of income (loss). (3) The year ended December 31, 2017 does not include the impact of the January 1, 2018 adoption of ASU 2014-09. (4) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources) (note 16e). |
Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets | A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at As at Tanker 2,106,943 2,069,854 Ship-to-Ship Transfer 33,709 36,315 Cash and cash equivalents 88,824 54,917 Total assets (notes 21 and 25) 2,229,476 2,161,086 |
Investments in and advances to
Investments in and advances to Equity Accounted Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Equity Accounted Investments | Year Ended December 31, 2019 2018 High-Q Joint Venture 28,112 25,766 Total 28,112 25,766 A condensed summary of the Company’s financial information for equity-accounted for investments ( 11.3% to 50.0% owned) shown on a 100% basis are as follows: As at December 31, 2019 2018 Cash, cash equivalents and restricted cash 3,285 1,697 Other current assets 2,026 2,488 Vessels and equipment 77,984 81,789 Current portion of long-term debt 6,091 5,378 Other current liabilities 500 452 Long-term debt 25,651 31,742 Other non-current liabilities 18,398 20,436 Year Ended December 31, 2019 2018 2017 Revenues 12,282 9,601 107,691 Income from operations 6,329 4,159 11,640 Realized and unrealized (loss) gain on derivative instruments — (104 ) 26 Net income (loss) 4,689 2,441 (8,967 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The carrying amounts of intangible assets are as follows: As at December 31, 2019 December 31, 2018 $ $ Customer relationships (1) 2,545 9,724 Customer contracts (1) — 1,901 2,545 11,625 (1) The customer relationships and customer contracts are being amortized over weighted average amortization periods of 10 years and 7.6 years , respectively. Amortization of intangible assets for the year ended December 31, 2019 was $2.2 million (2018 - $2.9 million , 2017 - $3.3 million ). Amortization of intangible assets for the five years subsequent to 2019 is expected to be, $0.6 million (2020), $0.5 million (2021), $0.4 million (2022), $0.4 million (2023), $0.3 million (2024) and $0.3 million (thereafter). |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Year Ended December 31, 2019 2018 Voyage and vessel 48,526 23,922 Corporate accruals 463 1,587 Interest and dividends 2,610 6,678 Payroll and benefits (note 16f) 8,136 8,669 Accrued liabilities 59,735 40,856 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Year Ended December 31, 2019 2018 Revolving credit facilities due through 2022 341,132 417,997 Term loans due through 2021 221,729 323,995 Total principal 562,861 741,992 Less: unamortized discount and debt issuance costs (3,182 ) (6,586 ) Total debt 559,679 735,406 Less: current portion (43,573 ) (106,236 ) Non-current portion of long-term debt 516,106 629,170 |
Operating Leases and Obligati_2
Operating Leases and Obligations Related to Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Lease Liabilities | A maturity analysis of the Company's operating lease liabilities from time charter-in contracts (excluding short-term leases) as at December 31, 2019 is as follows: Lease Commitment Non-Lease Commitment Total Commitment As at December 31, 2019 Payments: 2020 16,956 13,406 30,362 2021 3,315 2,585 5,900 Total payments 20,271 15,991 36,262 Less: imputed interest (711 ) Carrying value of operating lease liabilities 19,560 |
Finance Lease Obligations | Obligations Related to Finance Leases As at As at December 31, 2019 December 31, 2018 $ $ Total obligations related to finance leases 414,788 375,289 Less: current portion (25,357) (20,896 ) Long-term obligations related to finance leases 389,431 354,393 |
Schedule of Future Minimum Lease Payments for Capital Leases | As at December 31, 2019 , the total remaining commitments under the 16 finance leases for Suezmax, Aframax and LR2 product tankers were approximately $601.7 million (December 31, 2018 - $557.1 million ), including imputed interest of $186.9 million (December 31, 2018 - $181.8 million ), repayable from 2020 through 2030, as indicated below: Commitments December 31, 2019 Year $ 2020 56,364 2021 56,202 2022 56,193 2023 56,184 2024 56,328 Thereafter 320,388 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Positions | As at December 31, 2019 , the Company was committed to the following interest rate swap agreements: Interest Rate Index Notional Amount Fair Value / Remaining Fixed Interest (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 46,281 97 1.0 1.46% U.S. Dollar-denominated interest rate swaps LIBOR 150,000 268 1.0 1.55% U.S. Dollar-denominated interest rate swaps LIBOR 50,000 294 1.0 1.16% (1) Excludes the margin the Company pays on its variable-rate debt, which, as of December 31, 2019 ranged from 0.30% to 3.50% . (2) Notional amount reduces quarterly. |
Schedule of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Accounts Receivable /(Accrued liabilities) Current portion of derivative liabilities As at December 31, 2019 Interest rate swap agreements 577 82 230 — Forward freight agreements — — — (86 ) 577 82 230 (86 ) As at December 31, 2018 Interest rate swap agreements 2,905 2,973 422 — Forward freight agreements — — (3 ) (57 ) 2,905 2,973 419 (57 ) |
Schedule of Other Derivatives not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Realized and unrealized (losses) gains relating to interest rate swaps and FFAs are recognized in earnings and reported in realized and unrealized (loss) gain on derivative instruments in the Company’s consolidated statements of income (loss) as follows: Year Ended Year Ended Year Ended Realized gains (losses) relating to: Interest rate swaps agreements 2,791 2,316 (994 ) Forward freight agreements 1,489 137 270 Others — — 1,106 4,280 2,453 382 Unrealized (losses) gains relating to: Interest rate swaps agreements (5,218 ) 636 2,099 Forward freight agreements (29 ) (57 ) — Other — — (1,162 ) (5,247 ) 579 937 Total realized and unrealized (loss) gain on derivatives (967 ) 3,032 1,319 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis | The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value. December 31, 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 and cash equivalents and restricted cash (note 18d) Level 1 95,332 95,332 60,507 60,507 Derivative instruments (note 13) Interest rate swap agreements (1) Level 2 659 659 5,878 5,878 Freight forward agreements (1) Level 2 (86 ) (86 ) (57 ) (57 ) Other: Short-term debt (note 10) Level 2 (50,000 ) (50,000 ) — — Advances to equity-accounted for investments Note (2) 9,930 Note (2) 9,930 Note (2) Long-term debt, including current portion (note 11) Level 2 (559,679 ) (558,657 ) (735,406 ) (723,031 ) Obligations related to finance leases, including current portion (note 12) Level 2 (414,788 ) (442,648 ) (375,289 ) (377,652 ) Assets held for sale (note 21) Level 2 37,240 37,240 — — (1) The fair values of the Company's interest rate swap agreements and FFAs at December 31, 2019 and 2018 exclude accrued interest income and expenses, which are recorded in accounts receivables and accrued liabilities, respectively, in these consolidated financial statements. (2) The advances to equity-accounted for investments, together with the Company’s investments in the equity-accounted for investments, form the net aggregate carrying value of the Company’s interests in the equity-accounted for investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at December 31, 2019 and 2018 were not determinable. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Stock Option Information | A summary of the Company’s stock option information for the years ended December 31, 2019 , 2018 , and 2017 is as follows: December 31, 2019 December 31, 2018 December 31, 2017 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 359,496 18.45 208,788 24.78 102,793 31.94 Granted 277,066 8.00 155,053 9.76 110,343 17.84 Exercised (30,968 ) 8.96 — — — — Forfeited / expired — — (4,345 ) 12.45 (4,348 ) 17.84 Outstanding - end of year 605,594 14.16 359,496 18.45 208,788 24.78 Exercisable - end of year 309,609 19.12 224,687 21.54 131,906 26.71 |
Summary of Non-Vested Stock Option Activity and Related Information | A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2019 , 2018 and 2017 is as follows: December 31, 2019 December 31, 2018 December 31, 2017 Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Outstanding non-vested stock options - beginning of year 134,809 13.30 76,881 21.47 36,539 32.20 Granted 218,223 8.00 92,041 9.76 60,791 17.84 Vested (57,048 ) 15.54 (29,768 ) 23.56 (16,101 ) 33.10 Forfeited / expired — — (4,345 ) 12.45 (4,348 ) 17.84 Outstanding non-vested stock options - end of year 295,984 8.96 134,809 13.30 76,881 21.47 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows: Year Ended December 31, 2019 2018 2017 RSA management fees and commissions (i) — — (2,799 ) Commercial management fees (ii) — — (1,187 ) Vessel operating expenses - technical management fee (iii) (1,202 ) (10,400 ) (8,775 ) Strategic and administrative service fees (iv ) (31,422 ) (32,918 ) (21,185 ) Secondment fees (v) (185 ) (679 ) (382 ) Lay-up services revenues — — 33 LNG terminal services revenues (vi) 1,979 1,689 388 Technical management fee recoveries (vii) 765 13,811 7,666 Service revenues (viii) 320 1,019 1,939 Entities under Common Control (note 4) RSA management fees and commissions (i) — — 2,799 Commercial management fees (ii) — — 1,187 Strategic and administrative service fees (iv) — — (7,026 ) Secondment fees (v) — — (248 ) Technical management fee revenues (vii) — — 4,890 Service revenues (viii) — — 1,772 i The Company’s share of TTOL’s fees related to revenue sharing agreements are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of income (loss). The Company acquired the remaining 50% interest in TTOL on May 31, 2017 (notes 4 and note 7c). Subsequent to the acquisition, the Company's share of TTOL's fees has been eliminated. ii. The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels, which are not included in the RSAs. These fees are reflected in voyage expenses on the Company’s consolidated statements of income (loss). Subsequent to the Company's acquisition of the remaining 50% interest in TTOL, the Company's share of the Manager's commercial management fees has been eliminated. iii. The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company’s consolidated statements of income (loss). Commencing October 1, 2018, the Company has elected to receive ship management services for its own vessels from its wholly-owned subsidiaries and no longer subcontracts these services from the Manager. iv. The Manager’s strategic and administrative service fees have been presented in general and administrative fees, except for fees related to technical management services, which have been presented in vessel operating expenses, on the Company’s consolidated statements of income (loss). The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan described in note 15) is set and paid by Teekay or such other subsidiaries. The Company compensates Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee. v. The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company's consolidated statements of income (loss). vi. In November 2016, the Company's ship-to-ship transfer business signed an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by TGP, for the Bahrain LNG Import Terminal. The terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly-owned by TGP, has a 30% interest. The sub-contract ended in April 2019. vii. The Company receives reimbursements from Teekay, for the provision of technical management services. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of income (loss). Commencing October 1, 2018, the Company has elected to receive technical management services for its own vessels from its wholly-owned subsidiaries and no longer subcontracts these services from the Manager. viii. The Company recorded service revenues, relating to TTOL's administration of certain revenue sharing agreements and provision of certain commercial services to participants in the arrangements. Commencing October 1, 2018, the Company has elected to receive certain commercial services from its wholly-owned subsidiaries and will no longer subcontract these services from the Manager. |
Other (Expense) Income (Tables)
Other (Expense) Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Summary of Other Income | Year Ended December 31, 2019 2018 2017 Foreign exchange gain 486 3,133 79 Other income 209 49 250 Total 695 3,182 329 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Changes in Non-cash Working Capital Items Related to Operating Activities | The changes in non-cash working capital items related to operating activities for the years ended December 31, 2019 , 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 Accounts receivable, including other current assets (171,342 ) (16,020 ) 14,603 Pool receivables from affiliates 56,549 (40,999 ) 16,193 Due from affiliates 38,966 9,440 17,562 Bunker and lube oil inventory (28,628 ) (15,564 ) 8,322 Prepaid expenses 119 57 445 Accounts payable and accrued liabilities 83,244 9,778 (13,996 ) Due to affiliates (16,431 ) (1,147 ) (32,641 ) Deferred revenue 7,485 (557 ) (3,898 ) Other (394 ) 60 — Change in operating assets and liabilities (30,432 ) (54,952 ) 6,590 |
Schedule of Cash, Cash Equivalents, and Restricted Cash | The Company also maintains restricted cash deposits for the purposes of the margin requirements of the Company's obligations related to certain finance leases (note 12). Total cash, cash equivalents and restricted cash, including cash, cash equivalents and restricted cash held for sale are as follows: As at December 31, 2019 As at December 31, 2018 As at December 31, 2017 As at December 31, 2016 $ $ $ $ Cash and cash equivalents 88,824 54,917 71,439 94,157 Restricted cash - current 3,071 2,153 1,599 750 Restricted cash - long-term 3,437 3,437 2,672 — Cash and cash equivalents held for sale 1,121 — — — Restricted cash held for sale - current 337 — — — 96,790 60,507 75,710 94,907 Non-cash items related to operating lease right-of-use assets and operating lease liabilities are as follows: As at December 31, 2019 As at December 31, 2018 $ $ Leased assets obtained in exchange for new operating lease liabilities 23,725 — |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) Per Share | The net income (loss) available for common shareholders and earnings (loss) per common share presented in the table below excludes the results of operations of the Entities under Common Control which were purchased solely with cash (note 4). Year Ended December 31, 2019 2018 2017 Net income (loss) 41,362 (52,548 ) (58,023 ) Weighted-average number of common shares - basic (1) 33,617,635 33,561,615 23,404,422 Dilutive effect of stock-based awards 113,536 — — Weighted average number of common shares - diluted (1) 33,731,171 33,561,615 23,404,422 Earnings (loss) per common share: - Basic 1.23 (1.57 ) (2.48 ) - Diluted 1.23 (1.57 ) (2.48 ) (1) The weighted-average number of common shares outstanding for periods prior to May 2017 has been retroactively adjusted to include the approximately 1.7 million shares of the Company's Class B common stock issued to Teekay as consideration for the acquisition of 50% of TTOL in May 2017. |
Sale of Vessels and Other Ass_2
Sale of Vessels and Other Assets Assets Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long Lived Assets Held-for-sale [Line Items] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The following table summarizes the two Suezmax tankers and the ship-to-ship transfer assets and liabilities classified as held for sale as at December 31, 2019; As at December 31, 2019 Tanker Segment $ Ship-to-Ship Transfer Segment $ Total $ Cash and cash equivalents — 1,121 1,121 Restricted cash - current — 337 337 Accounts receivable — 4,129 4,129 Bunker and lube oil inventory 2,017 — 2,017 Prepaid expenses — 510 510 Vessel and equipment 37,240 7,562 44,802 Intangibles (i) — 6,880 6,880 Goodwill (i) — 5,633 5,633 Other non current assets — 29 29 Total assets held for sale 39,257 26,201 65,458 Current liabilities — 2,650 2,650 Other long term liabilities — 330 330 Total liabilities associated with assets held for sale — 2,980 2,980 Net assets held for sale 39,257 23,221 62,478 Net assets to be sold 39,257 23,221 62,478 i. 91% of the intangible assets and goodwill relating to support services and 100% of the LNG business intangibles and goodwill have been allocated as held for sale. |
Income Tax Expenses (Tables)
Income Tax Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Freight Tax Expenses (Recovery) Recorded in Other Long-Term Liabilities | The following is a roll-forward of the Company’s freight tax liabilities which are recorded in its consolidated balance sheets in other long-term liabilities, from January 1, 2018 to December 31, 2019 : Year Ended December 31, 2019 2018 Balance of unrecognized tax benefits as at January 1 32,059 26,054 Increases for positions related to the current year 3,385 5,399 Changes for positions taken in prior years 15,781 1,701 Decreases related to statute of limitations (1,646 ) (1,095 ) Balance of unrecognized tax benefits as at December 31 49,579 32,059 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Nov. 25, 2019 | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)entityshares | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Nov. 27, 2017 | May 31, 2017 | Aug. 31, 2014 |
Significant Accounting Policies [Line Items] | ||||||||
Cost of Goods and Services Sold | $ 402,294 | $ 381,306 | $ 77,368 | |||||
Accounts receivable, including affiliate balances of $nil (2018 - $2.1 million) (notes 1 and 2) | 95,648 | 17,365 | ||||||
Operating lease right-of-use asset (notes 2 and 12) | $ 19,560 | $ 0 | ||||||
Percentage of voting interests acquired | 50.00% | |||||||
Number of VIEs | entity | 14 | |||||||
Ownership percentage | 100.00% | |||||||
Vessels and equipment, useful life | 25 years | |||||||
Depreciation of vessels and equipment excluding amortization of dry-docking expenditure | $ 95,100 | $ 95,200 | $ 80,100 | |||||
Conversion ratio | 0.125 | |||||||
Minimum [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage | 11.30% | |||||||
Maximum | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage | 50.00% | |||||||
TIL | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage | 11.30% | |||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Percentage of assets, liabilities and results of business acquired | 100.00% | |||||||
Accounting Standards Update 2014-09 [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Cost of Goods and Services Sold | 292,600 | |||||||
Accounts receivable, including affiliate balances of $nil (2018 - $2.1 million) (notes 1 and 2) | $ 17,900 | |||||||
ASU 2016-02 | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Operating lease right-of-use asset (notes 2 and 12) | $ 11,000 | |||||||
Dry-Docking Activity | Minimum [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Vessels and equipment, useful life | 2 years 6 months | |||||||
Dry-Docking Activity | Maximum | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Vessels and equipment, useful life | 5 years | |||||||
Class A | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Common Stock, Shares, Outstanding | shares | 29,000,000 | 29,000,000 | ||||||
Class B | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Common Stock, Shares, Outstanding | shares | 4,600,000 | 4,600,000 | ||||||
Pre Stock Split [Member] | Class A | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Common Stock, Shares, Outstanding | shares | 232,000,000 | |||||||
Pre Stock Split [Member] | Class B | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Common Stock, Shares, Outstanding | shares | 37,000,000 | |||||||
Class B | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Common Stock, Shares, Outstanding | shares | 4,600,000 | |||||||
Class A | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Common Stock, Shares, Outstanding | shares | 29,000,000 | |||||||
Reimbursable voyage costs [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Cost of Goods and Services Sold | $ 20,700 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Advances to equity-accounted for investments | $ 9,930 | $ 9,930 |
Other internal metrics | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Advances to equity-accounted for investments | $ 9,930 | $ 9,930 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summarizes Change in Capitalized Dry-Docking Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | $ 1,883,561 | ||
Cost incurred for dry docking | 48,250 | $ 27,972 | $ 14,069 |
Balance at the end of the year | 1,769,726 | 1,883,561 | |
Dry-Docking Activity | |||
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | 56,019 | 48,460 | 49,298 |
Cost incurred for dry docking | 45,371 | 27,896 | 16,239 |
Dry-dock amortization | (26,682) | (20,326) | (17,077) |
Write-down / sale of vessels | (2,901) | (11) | 0 |
Balance at the end of the year | $ 71,807 | $ 56,019 | $ 48,460 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total revenues | $ 943,917,000 | $ 776,493,000 | $ 431,178,000 | ||
Cost of Goods and Services Sold | 402,294,000 | 381,306,000 | 77,368,000 | ||
Operating lease right-of-use asset (notes 2 and 12) | 19,560,000 | 0 | |||
Accrued revenue (notes 2 and 3) | 106,872,000 | 17,943,000 | |||
Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total revenues | 321,200,000 | 292,600,000 | |||
Cost of Goods and Services Sold | 292,600,000 | ||||
Cumulative impact to opening equity | $ 0 | ||||
Accrued revenue (notes 2 and 3) | 17,900,000 | ||||
ASU 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease right-of-use asset (notes 2 and 12) | $ 11,000,000 | ||||
Reimbursable voyage costs [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total revenues | 20,700,000 | ||||
Cost of Goods and Services Sold | 20,700,000 | ||||
Voyage charter | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total revenues | 881,603,000 | $ 671,928,000 | $ 125,774,000 | ||
Voyage charter | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of Goods and Services Sold | $ 321,200,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ASU 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Finance leased assets, number of units | vessel | 14 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)contractvessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 943,917,000 | $ 776,493,000 | $ 431,178,000 |
Cost of Goods and Services Sold | $ 402,294,000 | 381,306,000 | 77,368,000 |
Number of primary forms of contracts | contract | 2 | ||
Operating leases, future minimum payments receivable | $ 40,000,000 | ||
Property subject to or available for operating lease, net | 173,800,000 | 58,300,000 | |
Property subject to or available for operating lease, gross | 213,800,000 | 88,200,000 | |
Property subject to or available for operating lease, accumulated depreciation | 40,000,000 | 29,900,000 | |
Time-charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 17,495,000 | 59,976,000 | $ 112,100,000 |
Deferred revenue | $ 7,500,000 | 0 | |
Charters Out | |||
Disaggregation of Revenue [Line Items] | |||
Number Of Vessels | vessel | 5 | ||
Accounting Standards Update 2014-09 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 321,200,000 | 292,600,000 | |
Cost of Goods and Services Sold | $ 292,600,000 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 943,917 | $ 776,493 | $ 431,178 |
Increase in cost of goods and services sold | 402,294 | 381,306 | 77,368 |
Voyage Charters - Suezmax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 424,578 | 371,463 | 6,696 |
Voyage Charters - Aframax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 255,702 | 125,390 | 26,250 |
Voyage Charters - LR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 119,486 | 67,345 | 0 |
Voyage Charters - Full Service Lightering | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 81,837 | 107,730 | 92,828 |
Voyage charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 881,603 | 671,928 | 125,774 |
Time Charters - Suezmax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 15,658 | 17,088 | 45,745 |
Time Charters - Aframax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,837 | 35,531 | 50,964 |
Time Charters - LR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 7,357 | 15,391 |
Time-charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 17,495 | 59,976 | 112,100 |
Ship-to-ship support services, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 24,015 | 28,629 | 33,436 |
Commercial management, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 8,461 | 8,829 | 12,946 |
LNG terminal management, consultancy, procurement and other, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 12,343 | 7,131 | 6,986 |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 44,819 | 44,589 | 53,368 |
Net Pool - Suezmax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 91,854 |
Net Pool - Aframax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 22,718 |
Net Pool - LR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 25,353 |
Net Pool - MR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 11 |
Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | $ 139,936 |
Accounting Standards Update 2014-09 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 321,200 | 292,600 | |
Increase in cost of goods and services sold | $ 292,600 | ||
Accounting Standards Update 2014-09 [Member] | Voyage charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Increase in cost of goods and services sold | $ 321,200 |
Acquisition of Entities under_2
Acquisition of Entities under Common Control (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 31, 2017 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 269,397 | ||||||
Shares issued, price per share (in dollars per share) | $ 18.56 | ||||||
Return of capital from equity-accounted for investments | $ 0 | $ 0 | |||||
Net income (loss) | 41,362 | $ (52,548) | (58,023) | ||||
Total revenues | $ 943,917 | $ 776,493 | 431,178 | ||||
Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) | 1,304 | ||||||
Teekay Tanker Operations Ltd | |||||||
Business Acquisition [Line Items] | |||||||
Shares issued, price per share (in dollars per share) | $ 15.04 | $ 15.04 | |||||
Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Percentage of assets, liabilities and results of business acquired | 100.00% | 100.00% | |||||
Net income (loss) | 1,300 | ||||||
Total revenues | $ 8,600 | ||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | Working Capital | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price of acquisition | $ 6,700 | ||||||
Teekay Tanker Operations Ltd | Class B | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 1,721,903 | ||||||
Purchase price consideration | $ 25,900 | $ 25,900 | |||||
Teekay Corporation | Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Purchase price of acquisition | 39,000 | $ 23,700 | |||||
Net assets acquired | 13,300 | $ 13,300 | |||||
Return of capital from equity-accounted for investments | 25,700 | ||||||
Teekay Corporation | Teekay Tanker Operations Ltd | Entities Under Common Control | Working Capital | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price of acquisition | 13,100 | ||||||
Teekay Corporation | Teekay Tanker Operations Ltd | Class B | Working Capital | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price of acquisition | $ 13,100 | ||||||
Teekay Corporation | Teekay Tanker Operations Ltd | Class B | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 1,700,000 | 500,000 | |||||
Shares issued, price per share (in dollars per share) | $ 32.24 | ||||||
Aggregate amount of shares issued at market price | $ 17,000 | ||||||
Teekay Corporation | Estimate of Fair Value Measurement | Teekay Tanker Operations Ltd | Class B | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price consideration | $ 15,600 | ||||||
Shares issued, price per share (in dollars per share) | $ 29.6 | ||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% |
Public Offerings and Private _3
Public Offerings and Private Placements - Summary of Issuances of Common Shares (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 27, 2017 | May 31, 2017 | Nov. 30, 2017 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of common stock issued (in shares) | 269,397 | ||||||||
Offering price (In dollars per share) | $ 18.56 | ||||||||
Gross Proceeds | $ 5,000 | $ 0 | $ 0 | $ 5,000 | |||||
Net Proceeds | 5,000 | ||||||||
Percentage of voting interests acquired | 50.00% | ||||||||
Class A | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Aggregate amount of shares issued at market price | $ 13,521 | ||||||||
Continuous Offering | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of common stock issued (in shares) | 475,000 | ||||||||
Gross Proceeds | $ 8,826 | ||||||||
Net Proceeds | $ 8,521 | ||||||||
Continuous Offering | Minimum [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Offering price (In dollars per share) | $ 18.08 | ||||||||
Continuous Offering | Maximum | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Offering price (In dollars per share) | $ 19.28 | ||||||||
Continuous Offering | Maximum | Class A | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Aggregate amount of shares issued at market price | $ 80,000 | ||||||||
Teekay Tanker Operations Ltd | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Offering price (In dollars per share) | $ 15.04 | $ 15.04 | |||||||
Gross Proceeds | $ 25,897 | ||||||||
Net Proceeds | $ 25,897 | ||||||||
Teekay Tanker Operations Ltd | Class B | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of common stock issued (in shares) | 1,721,903 | ||||||||
Purchase price consideration | $ 25,900 | $ 25,900 | |||||||
Business acquisition, common share price per share agreed upon (in dollars per share) | $ 15.04 | $ 15.04 | |||||||
TIL | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Offering price (In dollars per share) | $ 13.6 | ||||||||
Gross Proceeds | $ 151,300 | $ 151,262 | |||||||
Net Proceeds | $ 151,262 | ||||||||
Percentage of voting interests acquired | 88.70% | ||||||||
Business acquisition, common share price per share agreed upon (in dollars per share) | $ 13.60 | ||||||||
TIL | Class A | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of common stock issued (in shares) | 11,122,193 | 11,122,193 | |||||||
Purchase price consideration | $ 151,300 | $ 151,300 | |||||||
Business acquisition, common share price per share agreed upon (in dollars per share) | $ 13.6 | $ 13.6 | |||||||
Teekay Corporation | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Teekay's Ownership After the Offering | 25.70% | 28.80% | |||||||
Percentage of voting power held by parent | 54.10% | ||||||||
Teekay Corporation | Teekay Tanker Operations Ltd | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Teekay's Ownership After the Offering | 31.40% | ||||||||
Teekay Corporation | TIL | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Teekay's Ownership After the Offering | 24.10% | ||||||||
Teekay Corporation | TIL | Class A | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of common stock issued (in shares) | 1,031,250 | ||||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||||
Entities Under Common Control | Teekay Corporation | Teekay Tanker Operations Ltd | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Percentage of voting interests acquired | 50.00% | ||||||||
Entities Under Common Control | Teekay Corporation | Teekay Tanker Operations Ltd | Class B | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of common stock issued (in shares) | 1,700,000 | 500,000 | |||||||
Offering price (In dollars per share) | $ 32.24 | ||||||||
Aggregate amount of shares issued at market price | $ 17,000 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Company's Revenue and Income From Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 943,917 | $ 776,493 | $ 431,178 |
Voyage expenses | (402,294) | (381,306) | (77,368) |
Vessel operating expenses | (208,601) | (209,131) | (175,389) |
Time Charter Hire Expense | 43,189 | 19,538 | 30,661 |
Depreciation and amortization | (124,002) | (118,514) | (100,481) |
General and administrative expenses | (36,404) | (39,775) | (32,879) |
(Loss) gain and write-down on sale of vessels (note 21) | (5,544) | 170 | (12,984) |
Restructuring charges | 0 | (1,195) | 0 |
Income from operations | 123,883 | 7,204 | 1,416 |
Equity income (loss) | 2,345 | 1,220 | (25,370) |
Operating Segments | Tankers [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 908,778 | 740,806 | 391,267 |
Voyage expenses | (413,796) | (393,794) | (87,879) |
Vessel operating expenses | (174,779) | (174,278) | (135,740) |
Time Charter Hire Expense | 37,225 | 13,537 | 25,666 |
Depreciation and amortization | (120,468) | (114,062) | (95,433) |
General and administrative expenses | (32,938) | (36,481) | (29,539) |
(Loss) gain and write-down on sale of vessels (note 21) | (5,534) | 0 | (13,034) |
Restructuring charges | (152) | ||
Income from operations | 124,038 | 8,502 | 3,976 |
Equity income (loss) | 2,345 | 1,220 | (25,370) |
Operating Segments | Ship To Ship Transfer [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 46,641 | 48,175 | 50,422 |
Voyage expenses | 0 | 0 | 0 |
Vessel operating expenses | (33,822) | (34,853) | (39,649) |
Time Charter Hire Expense | 5,964 | 6,001 | 4,995 |
Depreciation and amortization | (3,534) | (4,452) | (5,048) |
General and administrative expenses | (3,466) | (3,294) | (3,340) |
(Loss) gain and write-down on sale of vessels (note 21) | (10) | 170 | 50 |
Restructuring charges | (1,043) | ||
Income from operations | (155) | (1,298) | (2,560) |
Equity income (loss) | 0 | 0 | 0 |
Inter-segment Adjustment | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (11,502) | (12,488) | (10,511) |
Voyage expenses | 11,502 | 12,488 | 10,511 |
Vessel operating expenses | 0 | 0 | 0 |
Time Charter Hire Expense | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
(Loss) gain and write-down on sale of vessels (note 21) | 0 | 0 | 0 |
Restructuring charges | 0 | ||
Income from operations | 0 | 0 | 0 |
Equity income (loss) | $ 0 | $ 0 | $ 0 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 88,824 | $ 54,917 | $ 71,439 | $ 94,157 |
Total assets (notes 21 and 25) | 2,229,476 | 2,161,086 | ||
Tankers [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total assets (notes 21 and 25) | 2,106,943 | 2,069,854 | ||
Ship To Ship Transfer [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total assets (notes 21 and 25) | $ 33,709 | $ 36,315 |
Investment in and advances to_2
Investment in and advances to Equity-Accounted for Investment - Schedule of Investments in and Advances to Equity Accounted Investments (Detail) $ in Thousands | Nov. 27, 2017USD ($)shares | May 31, 2017USD ($)shares | Nov. 30, 2017shares | May 31, 2017shares | Jan. 31, 2017shares | Aug. 31, 2014USD ($)shares | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017 | Nov. 24, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investment in and advances to equity accounted investments | $ | $ 28,112 | $ 25,766 | ||||||||
Ownership percentage | 100.00% | |||||||||
Percentage of voting interests acquired | 50.00% | |||||||||
Number of common stock issued (in shares) | shares | 269,397 | |||||||||
High-Q Joint Venture | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Number Of Vessels | vessel | 1 | |||||||||
High-Q Joint Venture | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investment in and advances to equity accounted investments | $ | $ 28,112 | $ 25,766 | ||||||||
TIL | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 11.30% | 11.30% | 11.30% | |||||||
Business Acquisition, Number Of Shares Acquiring | shares | 27,000,000 | |||||||||
Percentage of voting interests acquired | 88.70% | |||||||||
Class A | TIL | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Share exchange (in shares) | shares | 0.4 | |||||||||
Number of common stock issued (in shares) | shares | 11,122,193 | 11,122,193 | ||||||||
Class B | Teekay Tanker Operations Ltd | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of common stock issued (in shares) | shares | 1,721,903 | |||||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | ||||||||
Teekay Corporation | Class A | TIL | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of common stock issued (in shares) | shares | 1,031,250 | |||||||||
Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of voting interests acquired | 50.00% | |||||||||
Business combination, consideration transferred | $ | $ 39,000 | $ 23,700 | ||||||||
Teekay Corporation | Entities Under Common Control | Class B | Teekay Tanker Operations Ltd | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of common stock issued (in shares) | shares | 1,700,000 | 500,000 | ||||||||
Working Capital | Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Business combination, consideration transferred | $ | $ 6,700 | |||||||||
Working Capital | Teekay Corporation | Class B | Teekay Tanker Operations Ltd | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Business combination, consideration transferred | $ | $ 13,100 | |||||||||
Working Capital | Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Business combination, consideration transferred | $ | $ 13,100 | |||||||||
TIL | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity method investment, other than temporary impairment | $ | $ 26,700 |
Investment in and advances to_3
Investment in and advances to Equity-Accounted for Investment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of voting interests acquired | 50.00% | |||
Long-term debt, gross | $ 562,861 | $ 741,992 | ||
Equity income (loss) | 2,345 | 1,220 | $ (25,370) | |
High-Q Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Long-term debt, gross | $ 31,900 | $ 37,500 | ||
High-Q Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage Of Exposure To Loan Guarantee | 50.00% | |||
Teekay Tanker Operations Ltd | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of voting interests acquired | 50.00% |
Investment in and advances to_4
Investment in and advances to Equity-Accounted for Investment - Summary of the Company’s Financial Information for Equity Accounted Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 100.00% | ||
Equity accounted investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 12,282 | $ 9,601 | $ 107,691 |
Income from operations | 6,329 | 4,159 | 11,640 |
Realized and unrealized (loss) gain on derivative instruments | 0 | (104) | 26 |
Net income (loss) | 4,689 | 2,441 | $ (8,967) |
Equity accounted investments | Other current assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 2,026 | 2,488 | |
Equity accounted investments | Other current liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 500 | 452 | |
Equity accounted investments | Other non-current liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | 18,398 | 20,436 | |
Equity accounted investments | Vessels and equipment | |||
Schedule of Equity Method Investments [Line Items] | |||
Vessels and equipment | 77,984 | 81,789 | |
Equity accounted investments | Cash, cash equivalents and restricted cash | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 3,285 | 1,697 | |
Current portion of long-term debt | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 6,091 | 5,378 | |
Long-term debt | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | $ 25,651 | $ 31,742 | |
Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 11.30% | ||
Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.00% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | Jan. 28, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||||
Goodwill (note 8) | $ 2,426 | $ 8,059 | ||
Intangible Assets, Net (Excluding Goodwill) | 2,545 | 11,625 | ||
Operating Segments | Tankers [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill (note 8) | 1,900 | 1,900 | ||
Operating Segments | Ship To Ship Transfer [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill (note 8) | $ 500 | $ 6,200 | ||
Forecast | Ship to Ship Transfer Business | ||||
Goodwill [Line Items] | ||||
Proceeds from business divestiture | $ 26,000 | $ 26,000 | ||
Forecast | Ship to Ship Transfer Business | Subsequent Event [Member] | ||||
Goodwill [Line Items] | ||||
Proceeds from business divestiture | $ 26,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill (note 8) | $ 2,426,000 | $ 8,059,000 | |
Intangible assets | 2,545,000 | 11,625,000 | |
Accumulated amortization | 13,100,000 | 10,900,000 | |
Amortization of intangible assets | 2,200,000 | 2,900,000 | $ 3,300,000 |
2020 | 600,000 | ||
2021 | 500,000 | ||
2022 | 400,000 | ||
2023 | 400,000 | ||
2024 | 300,000 | ||
Amortization expense, thereafter | 300,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 2,545,000 | 11,625,000 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 2,545,000 | 9,724,000 | |
Accumulated amortization | $ 700,000 | 8,200,000 | |
Useful life | 10 years | ||
Customer contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 0 | 1,901,000 | |
Accumulated amortization | $ 0 | 2,700,000 | |
Useful life | 7 years 7 months 6 days | ||
LNG Segment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill (note 8) | $ 1 | ||
Ship-to-ship Support Vessel [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill (note 8) | 0.91 | ||
Operating Segments | Tankers [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill (note 8) | 1,900,000 | $ 1,900,000 | |
Ship To Ship Transfer [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill (note 8) | 5,600,000 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 6,900,000 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Voyage and vessel | $ 48,526 | $ 23,922 |
Corporate accruals | 463 | 1,587 |
Interest and dividends | 2,610 | 6,678 |
Payroll and benefits (note 16f) | 8,136 | 8,669 |
Accrued liabilities | $ 59,735 | $ 40,856 |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
Short-term Debt [Line Items] | |||
Short-term Debt | $ 50,000 | $ 0 | |
Current portion of long-term debt | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 80,000 | $ 40,000 | |
Debt Instrument, Term | 6 months | ||
Minimum [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||
Debt covenant, required capital invested | $ 20,000 | ||
Maximum | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Debt covenant, required capital invested | $ 30,000 | ||
Current portion of long-term debt | |||
Short-term Debt [Line Items] | |||
Interest rate, effective percentage | 5.00% | 0.00% | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)vessel | Jan. 28, 2020USD ($) | Dec. 31, 2018USD ($)vessel | |
Debt Instrument [Line Items] | |||||
Total principal | $ 562,861,000 | $ 741,992,000 | |||
Less: unamortized discount and debt issuance costs | (3,182,000) | (6,586,000) | |||
Less: current portion | (43,573,000) | (106,236,000) | |||
Non-current portion of long-term debt | 516,106,000 | 629,170,000 | |||
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Total principal | 221,729,000 | 323,995,000 | |||
Revolving Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Total principal | $ 341,132,000 | $ 417,997,000 | |||
2020 Debt Facility Maturing in December 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 532,800,000 | ||||
Revolver 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 270,000,000 | ||||
Debt Instrument, Collateral, Number of Vessels | vessel | 5 | 7 | |||
Total principal | $ 61,200,000 | $ 125,300,000 | |||
Repayments of Debt | $ 215,800,000 | ||||
2016 Debt Facility Maturing in January 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Collateral, Number of Vessels | vessel | 28 | 29 | |||
2016 Debt Facility Maturing in January 2021 [Member] | Revolving Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Total principal | $ 279,900,000 | $ 157,600,000 | |||
2016 Debt Facility Maturing in January 2021 [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal | 76,700,000 | 292,700,000 | |||
Term Loan [Member] | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Total principal | $ 221,700,000 | $ 324,000,000 | |||
Minimum [Member] | Not Guaranteed By Teekay Corporation [Member] | Revolver 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 6 months | ||||
Minimum [Member] | Not Guaranteed By Teekay Corporation [Member] | 2016 Debt Facility Maturing in January 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 6 months | ||||
Subsequent Event [Member] | 2020 Debt Facility Maturing in December 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 455,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Jan. 28, 2020USD ($)credit_facility | Jan. 31, 2020USD ($) | May 31, 2019USD ($)vessel | Dec. 31, 2018USD ($)vessel | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Dec. 31, 2017USD ($)credit_facility | Jul. 31, 2017USD ($)vessel | Dec. 31, 2019USD ($)credit_facilityvesselSecurityLoancompany | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) | Jan. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Total principal | $ 741,992,000 | $ 562,861,000 | $ 741,992,000 | |||||||||
Long-term Debt | $ 735,406,000 | 559,679,000 | 735,406,000 | |||||||||
Proceeds from financing related to sales and leaseback of vessels | 63,720,000 | 241,339,000 | $ 153,000,000 | |||||||||
Prepayment of short-term debt (note 10) | $ 150,000,000 | $ 0 | 0 | |||||||||
Interest at a weighted-average fixed rate | 4.60% | 3.70% | 4.60% | |||||||||
Aggregate annual long-term principal repayments, 2020 | $ 44,000,000 | |||||||||||
Aggregate annual long-term principal repayments, 2021 | 171,900,000 | |||||||||||
Aggregate annual long-term principal repayments, 2022 | 80,400,000 | |||||||||||
Long-term debt, maturities, repayments of principal in year four | 65,300,000 | |||||||||||
Long-term debt, maturities, repayments of principal in year five | 201,300,000 | |||||||||||
Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total principal | $ 323,995,000 | 221,729,000 | $ 323,995,000 | |||||||||
Secured Debt | Guaranteed By Teekay Corporation | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maintain the greater of free cash liquidity | $ 50,000,000 | |||||||||||
Minimum liquidity as a percentage of debt | 5.00% | |||||||||||
Secured Debt Two | Guaranteed By Teekay Corporation | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maintain the greater of free cash liquidity | $ 100,000,000 | |||||||||||
Minimum liquidity as a percentage of debt | 7.50% | |||||||||||
2020 Debt Facility Maturing in December 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 532,800,000 | |||||||||||
Working Cap Loan | Loans Payable [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit, Current | $ 166,400,000 | $ 145,000,000 | $ 166,400,000 | |||||||||
Term Loan Due 2021 | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of debt instruments | SecurityLoan | 3 | |||||||||||
Fixed rate percentage | 5.40% | 5.40% | 5.40% | |||||||||
Maturing In Two Thousand Twenty One [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of debt instruments | SecurityLoan | 2 | |||||||||||
Revolver 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of debt instruments | credit_facility | 2 | |||||||||||
Total principal | $ 125,300,000 | $ 61,200,000 | $ 125,300,000 | |||||||||
Debt Instrument, Face Amount | $ 270,000,000 | $ 270,000,000 | ||||||||||
Repayments of Debt | $ 215,800,000 | |||||||||||
Debt Instrument, Collateral, Number of Vessels | vessel | 7 | 5 | 7 | |||||||||
Debt Instrument, Collateral Amount | $ 192,600,000 | $ 139,100,000 | $ 192,600,000 | |||||||||
Debt covenant minimum hull coverage ratio | 125.00% | |||||||||||
Actual hull coverage ratio | 163.00% | 281.39% | 163.00% | |||||||||
Revolver 2017 [Member] | Not Guaranteed By Teekay Corporation [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Minimum liquidity covenant requirement | $ 35,000,000 | |||||||||||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | |||||||||||
2016 Debt Facility Maturing in January 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Collateral, Number of Vessels | vessel | 29 | 28 | 29 | |||||||||
Debt Instrument, Collateral Amount | $ 972,500,000 | $ 892,000,000 | $ 972,500,000 | |||||||||
Debt covenant minimum hull coverage ratio | 125.00% | |||||||||||
Actual hull coverage ratio | 136.87% | 211.49% | 136.87% | |||||||||
2016 Debt Facility Maturing in January 2021 [Member] | Not Guaranteed By Teekay Corporation [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Minimum liquidity covenant requirement | $ 35,000,000 | |||||||||||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | |||||||||||
2016 Debt Facility Maturing in January 2021 [Member] | Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 894,400,000 | |||||||||||
Term Loan [Member] | Loans Payable [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit, Current | $ 145,000,000 | |||||||||||
Term Loan [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total principal | $ 324,000,000 | $ 221,700,000 | $ 324,000,000 | |||||||||
Term Loan Due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of debt instruments | company | 2 | |||||||||||
Remaining Secured Debt | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Collateral, Number of Vessels | vessel | 6 | |||||||||||
Remaining Secured Debt | Remaining Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of debt instruments | credit_facility | 2 | |||||||||||
Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | |||||||||||
Minimum [Member] | Secured Debt | Guaranteed By Teekay Corporation | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 6 months | |||||||||||
Minimum [Member] | Revolver 2017 [Member] | Not Guaranteed By Teekay Corporation [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 6 months | |||||||||||
Minimum [Member] | 2016 Debt Facility Maturing in January 2021 [Member] | Not Guaranteed By Teekay Corporation [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 6 months | |||||||||||
Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | 0.30% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | ||||||||||
Secured Debt Two | Minimum [Member] | Guaranteed By Teekay Corporation | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 6 months | |||||||||||
Revolving Credit Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of debt instruments | credit_facility | 2 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 429,800,000 | $ 429,800,000 | ||||||||||
Undrawn amount of revolving credit facility | 11,800,000 | $ 30,400,000 | 11,800,000 | |||||||||
Total principal | 417,997,000 | 341,132,000 | 417,997,000 | |||||||||
Revolving Credit Facilities | 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Reduction in the total amount available under revolvers | 12,100,000 | |||||||||||
Revolving Credit Facilities | 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Reduction in the total amount available under revolvers | 297,000,000 | |||||||||||
Revolving Credit Facilities | Two Thousand Twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Reduction in the total amount available under revolvers | 62,400,000 | |||||||||||
Revolving Credit Facilities | Revolving Credit Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 371,500,000 | |||||||||||
Revolving Credit Facilities | 2016 Debt Facility Maturing in January 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total principal | $ 157,600,000 | $ 279,900,000 | $ 157,600,000 | |||||||||
Revolving Credit Facilities | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | ||||||||||
Revolving Credit Facilities | London Interbank Offered Rate (LIBOR) [Member] | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | 2.75% | ||||||||||
Suezmax Tankers | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 2 | |||||||||||
Suezmax Tankers | May 2019 Sale Leaseback [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Actual hull coverage ratio | 109.00% | |||||||||||
Suezmax Tankers | July 2017 Sale Leaseback | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Actual hull coverage ratio | 101.00% | 122.00% | 101.00% | |||||||||
Suezmax, Aframax and LR2 Vessels | November 2018 Sale Leaseback | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt covenant minimum hull coverage ratio | 100.00% | |||||||||||
Actual hull coverage ratio | 122.00% | 158.00% | 122.00% | |||||||||
Aframax Tanker | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 1 | |||||||||||
Aframax Tanker | September 2018 Sale Leaseback [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Actual hull coverage ratio | 91.00% | 115.00% | 91.00% | |||||||||
Finance Lease Obligations | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 16 | |||||||||||
Finance Lease Obligations | May 2019 Sale Leaseback [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 63,700,000 | |||||||||||
Number Of Vessels | vessel | 2 | |||||||||||
Finance Lease Obligations | November 2018 Sale Leaseback | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 84,700,000 | |||||||||||
Number Of Vessels | vessel | 4 | |||||||||||
Finance Lease Obligations | September 2018 Sale Leaseback [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 156,600,000 | |||||||||||
Finance Lease Obligations | July 2017 Sale Leaseback | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 153,000,000 | |||||||||||
Finance Lease Obligations | Suezmax Tankers | May 2019 Sale Leaseback [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 2 | |||||||||||
Finance Lease Obligations | Suezmax Tankers | November 2018 Sale Leaseback | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 1 | |||||||||||
Finance Lease Obligations | Suezmax Tankers | July 2017 Sale Leaseback | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 4 | 4 | ||||||||||
Finance Lease Obligations | Suezmax, Aframax and LR2 Vessels | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Minimum liquidity covenant requirement | $ 35,000,000 | |||||||||||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | |||||||||||
Finance Lease Obligations | Suezmax, Aframax and LR2 Vessels | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 6 months | |||||||||||
Finance Lease Obligations | Suezmax, Aframax and LR2 Vessels | November 2018 Sale Leaseback | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 4 | |||||||||||
Finance Lease Obligations | Aframax Tanker | November 2018 Sale Leaseback | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 2 | |||||||||||
Finance Lease Obligations | Aframax Tanker | September 2018 Sale Leaseback [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Vessels | vessel | 6 | 6 | ||||||||||
Subsequent Event [Member] | 2020 Debt Facility Maturing in December 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 455,000,000 | |||||||||||
Subsequent Event [Member] | Revolving Credit Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of debt instruments | credit_facility | 2 | |||||||||||
Subsequent Event [Member] | Revolving Credit Facilities | Revolving Credit Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 532,800,000 | |||||||||||
Debt Instrument, Term | 5 years |
Operating Leases and Obligati_3
Operating Leases and Obligations Related to Finance Leases - Operating Leases (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Operating Leased Assets [Line Items] | |||
Time Charter Hire Expense | $ 43,189 | $ 19,538 | $ 30,661 |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 2 months | ||
Lease Commitment | |||
2020 | $ 30,362 | ||
2021 | 5,900 | ||
Total payments | 36,262 | ||
Carrying value of operating lease liabilities | $ 19,560 | ||
Commitment | |||
Number of time-charter contracts | vessel | 3 | ||
Lease [Member] | |||
Lease Commitment | |||
Less: imputed interest | $ (711) | ||
Short Term Lease less than 1 year [Member] | |||
Operating Leased Assets [Line Items] | |||
Time Charter Hire Expense | 18,000 | ||
Non-lease [Member] | |||
Lease Commitment | |||
2020 | 13,406 | ||
2021 | 2,585 | ||
Total payments | 15,991 | ||
Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Time Charter Hire Expense | 25,200 | ||
Lease Commitment | |||
2020 | 16,956 | ||
2021 | 3,315 | ||
Total payments | 20,271 | ||
Time-charter | |||
Operating Leased Assets [Line Items] | |||
Short-term Lease Commitment, Amount | $ 4,300 |
Operating Leases and Obligati_4
Operating Leases and Obligations Related to Finance Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
May 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Jul. 31, 2017USD ($)vessel | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2019USD ($) | |
Capital Leased Assets [Line Items] | ||||||||||
Time Charter Hire Expense | $ | $ 43,189 | $ 19,538 | $ 30,661 | |||||||
Charter Contract Extension, Period | 1 year | |||||||||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 2 months | |||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.55% | |||||||||
Lessor, Operating Lease, Term of Contract | 24 months | |||||||||
Operating lease right-of-use asset (notes 2 and 12) | $ | $ 0 | $ 19,560 | 0 | |||||||
Proceeds from Financing Related to Sales and Leaseback of Vessels | $ | $ 63,720 | $ 241,339 | $ 153,000 | |||||||
Finance Lease, Weighted Average Remaining Lease Term | 7.50% | 7.64% | 7.50% | |||||||
Suezmax Tankers | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 2 | |||||||||
Aframax Tanker | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 1 | |||||||||
Operating lease right-of-use asset (notes 2 and 12) | $ | $ 7,800 | |||||||||
Number of Vessels Obligated to Purchase | 6 | |||||||||
LR2 Tankers | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 2 | |||||||||
Operating lease right-of-use asset (notes 2 and 12) | $ | $ 14,700 | |||||||||
Minimum [Member] | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Sale Leaseback Transaction, Lease Terms | 9 | |||||||||
Maximum | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Sale Leaseback Transaction, Lease Terms | P12Y | |||||||||
Finance Lease Obligations | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 16 | |||||||||
Number of Lessors | 16 | |||||||||
Finance Lease Obligations | Suezmax, Aframax and LR2 Vessels | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Minimum Liquidity Covenant Requirement | $ | $ 35,000 | |||||||||
Minimum Liquidity as a Percentage of Consolidated Debt Covenant Requirement | 5.00% | |||||||||
Finance Lease Obligations | Minimum [Member] | Suezmax, Aframax and LR2 Vessels | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Debt Term (in months) | 6 months | |||||||||
Option to Purchase July 2020 and November 2021 to End of Term | Suezmax, Aframax and LR2 Vessels | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number of Vessels with Purchase Option | 16 | |||||||||
May 2019 Sale Leaseback [Member] | Suezmax Tankers | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Year 1 | 75.00% | |||||||||
Actual Hull Coverage Ratio | 109.00% | |||||||||
Debt Covenant Minimum Hull Coverage Ratio, Year 2 | 78.00% | |||||||||
Maintain 80% Hull Coverage Ratio for the Third & Fourth Year | 80.00% | |||||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 90.00% | |||||||||
May 2019 Sale Leaseback [Member] | Finance Lease Obligations | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 2 | |||||||||
Period Required to Maintain 78% Hull Coverage Ratio | two | |||||||||
Proceeds from Financing Related to Sales and Leaseback of Vessels | $ | $ 63,700 | |||||||||
May 2019 Sale Leaseback [Member] | Finance Lease Obligations | Suezmax Tankers | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 2 | |||||||||
November 2018 Sale Leaseback | Suezmax, Aframax and LR2 Vessels | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Debt Covenant Minimum Hull Coverage Ratio | 100.00% | |||||||||
Actual Hull Coverage Ratio | 122.00% | 158.00% | 122.00% | |||||||
November 2018 Sale Leaseback | Finance Lease Obligations | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 4 | |||||||||
Proceeds from Financing Related to Sales and Leaseback of Vessels | $ | $ 84,700 | |||||||||
November 2018 Sale Leaseback | Finance Lease Obligations | Suezmax Tankers | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 1 | |||||||||
November 2018 Sale Leaseback | Finance Lease Obligations | Suezmax, Aframax and LR2 Vessels | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 4 | |||||||||
November 2018 Sale Leaseback | Finance Lease Obligations | Aframax Tanker | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 2 | |||||||||
November 2018 Sale Leaseback | Finance Lease Obligations | LR2 Tankers | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 1 | |||||||||
September 2018 Sale Leaseback [Member] | Aframax Tanker | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Maintain Hull Coverage 78% Year One and Two | 78.00% | |||||||||
Actual Hull Coverage Ratio | 91.00% | 115.00% | 91.00% | |||||||
Maintain 80% Hull Coverage Ratio for the Third & Fourth Year | 80.00% | |||||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 90.00% | |||||||||
September 2018 Sale Leaseback [Member] | Finance Lease Obligations | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Period Required to Maintain 78% Hull Coverage Ratio | two | |||||||||
Proceeds from Financing Related to Sales and Leaseback of Vessels | $ | $ 156,600 | |||||||||
September 2018 Sale Leaseback [Member] | Finance Lease Obligations | Aframax Tanker | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 6 | 6 | ||||||||
July 2017 Sale Leaseback | Suezmax Tankers | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Debt Covenant Minimum Hull Coverage Ratio, Years 1, 2 and 3 | 90.00% | |||||||||
Actual Hull Coverage Ratio | 101.00% | 122.00% | 101.00% | |||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 100.00% | |||||||||
July 2017 Sale Leaseback | Finance Lease Obligations | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Proceeds from Financing Related to Sales and Leaseback of Vessels | $ | $ 153,000 | |||||||||
Period Required to Maintain 90% Hull Coverage Ratio | 3 years | |||||||||
July 2017 Sale Leaseback | Finance Lease Obligations | Suezmax Tankers | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number Of Vessels | 4 | 4 | ||||||||
Lease [Member] | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Time Charter Hire Expense | $ | $ 14,100 | |||||||||
Non-lease Component [Member] | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Time Charter Hire Expense | $ | $ 11,100 | |||||||||
Time-charter | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ | $ 36,900 | $ 36,900 | ||||||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ | 23,500 | 23,500 | ||||||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | $ | $ 2,000 | $ 2,000 | ||||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Number of Lessors | 14 | |||||||||
Revolver 2017 [Member] | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Debt Covenant Minimum Hull Coverage Ratio | 125.00% | |||||||||
Actual Hull Coverage Ratio | 163.00% | 281.39% | 163.00% | |||||||
2016 Debt Facility Maturing in January 2021 | ||||||||||
Capital Leased Assets [Line Items] | ||||||||||
Debt Covenant Minimum Hull Coverage Ratio | 125.00% | |||||||||
Actual Hull Coverage Ratio | 136.87% | 211.49% | 136.87% |
Operating Leases and Obligati_5
Operating Leases and Obligations Related to Finance Leases - Finance Lease Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Total obligations related to finance leases | $ 414,788 | $ 375,289 |
Less: current portion | (25,357) | (20,896) |
Long-term obligations related to finance leases | $ 389,431 | $ 354,393 |
Operating Leases and Obligati_6
Operating Leases and Obligations Related to Finance Leases - Future Minimum Lease Payments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2019vessel | Nov. 30, 2018vessel | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | |
Year | ||||
2020 | $ 56,364 | |||
2021 | 56,202 | |||
2022 | 56,193 | |||
2023 | 56,184 | |||
2025 | 56,328 | |||
Thereafter | $ 320,388 | |||
Finance Lease Obligations | ||||
Operating Leased Assets [Line Items] | ||||
Number of Vessels | vessel | 16 | |||
November 2018 Sale leaseback Transaction | Finance Lease Obligations | ||||
Operating Leased Assets [Line Items] | ||||
Number of Vessels | vessel | 4 | |||
May 2019 Sale Leaseback [Member] | Finance Lease Obligations | ||||
Operating Leased Assets [Line Items] | ||||
Period Required to Maintain 78% Hull Coverage Ratio | two | |||
Number of Vessels | vessel | 2 | |||
Suezmax, Aframax and LR2 Vessels | Finance Lease Obligations | ||||
Operating Leased Assets [Line Items] | ||||
Capital Leases, Future Minimum Payments Due | $ 601,700 | $ 557,100 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | $ 186,900 | $ 181,800 | ||
Suezmax, Aframax and LR2 Vessels | November 2018 Sale leaseback Transaction | Finance Lease Obligations | ||||
Operating Leased Assets [Line Items] | ||||
Number of Vessels | vessel | 4 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) $ in Millions | Mar. 31, 2016USD ($)agreement | Feb. 29, 2016USD ($)agreement |
Interest rate swap | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | 9 | |
Interest Rate Swap, October 2016 Through December 2020 | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | 4 | |
Notional amount | $ | $ 50 | |
Interest rate swaps fixed rate | 1.462% | |
Interest Rate Swap, Q1 2016 Through January 2021 | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | 5 | |
Interest Rate Swap, Q1 2016 Through January 2021, $75 Million Notional Amount | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | 1 | |
Notional amount | $ | $ 75 | |
Interest rate swaps fixed rate | 1.549% | |
Interest Rate Swap, Q1 2016 Through January 2021, $50 Million Notional Amount | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | 1 | |
Notional amount | $ | $ 50 | |
Interest rate swaps fixed rate | 1.155% | |
Interest Rate Swap, Q1 2016 Through January 2021, $25 Million Notional Amount | ||
Derivative [Line Items] | ||
Number of interest rate derivatives held | 3 | |
Notional amount | $ | $ 25 | |
Interest rate swaps fixed rate | 1.549% |
Derivative Instruments - Summar
Derivative Instruments - Summary of Interest Rate Swap Positions (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Minimum [Member] | |
Derivative [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.30% |
Maximum | |
Derivative [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
United States Dollar Denominated Interest Rate Swaps One | |
Derivative [Line Items] | |
Notional Amount | $ 46,281 |
Fair Value / Carrying Amount of Asset (Liability) | $ 97 |
Remaining Term (years) | 1 year |
Fixed Interest Rate | 1.46% |
United States Dollar Denominated Interest Rate Swaps Two | |
Derivative [Line Items] | |
Notional Amount | $ 150,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 268 |
Remaining Term (years) | 1 year |
Fixed Interest Rate | 1.55% |
United States Dollar Denominated Interest Rate Swaps Three | |
Derivative [Line Items] | |
Notional Amount | $ 50,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 294 |
Remaining Term (years) | 1 year |
Fixed Interest Rate | 1.16% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Current portion of derivative assets (note 13) | $ 577 | $ 2,905 |
Current portion of derivative liabilities | (86) | (57) |
Reported Value Measurement | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 13) | 577 | 2,905 |
Derivative assets | 82 | 2,973 |
Accrued assets (liabilities) | (230) | (419) |
Current portion of derivative liabilities | (86) | (57) |
Reported Value Measurement | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 13) | 577 | 2,905 |
Derivative assets | 82 | 2,973 |
Accrued assets (liabilities) | (230) | (422) |
Current portion of derivative liabilities | 0 | 0 |
Reported Value Measurement | Forward freight agreements | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 13) | 0 | |
Derivative assets | 0 | |
Accrued assets (liabilities) | 0 | (3) |
Current portion of derivative liabilities | $ (86) | $ (57) |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Derivative instruments not designated as hedging instruments realized gain (loss) net | $ 4,280 | $ 2,453 | $ 382 |
Unrealized gain (loss) on derivative instruments (note 13) | (5,247) | 579 | 937 |
Total realized and unrealized (loss) gain on derivatives | (967) | 3,032 | 1,319 |
Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative instruments not designated as hedging instruments realized gain (loss) net | 2,791 | 2,316 | (994) |
Unrealized gain (loss) on derivative instruments (note 13) | (5,218) | 636 | 2,099 |
Forward freight agreements | |||
Derivative [Line Items] | |||
Derivative instruments not designated as hedging instruments realized gain (loss) net | 1,489 | 137 | 270 |
Unrealized gain (loss) on derivative instruments (note 13) | (29) | (57) | 0 |
Other Contract [Member] | |||
Derivative [Line Items] | |||
Derivative instruments not designated as hedging instruments realized gain (loss) net | 0 | 0 | 1,106 |
Unrealized gain (loss) on derivative instruments (note 13) | $ 0 | $ 0 | $ (1,162) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 18d) | $ 96,790 | $ 60,507 | $ 75,710 | $ 94,907 |
Short-term debt | (50,000) | 0 | ||
Advances to equity-accounted for investments | 9,930 | 9,930 | ||
Long-term debt, including current portion (note 11) | (562,861) | (741,992) | ||
Obligations related to finance leases, including current portion (note 12) | (414,788) | (375,289) | ||
Reported Value Measurement | Fair Value, Measurements, Recurring | Equity accounted investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Advances to equity-accounted for investments | 9,930 | 9,930 | ||
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 18d) | 95,332 | 60,507 | ||
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term debt | (50,000) | 0 | ||
Long-term debt, including current portion (note 11) | (559,679) | (735,406) | ||
Obligations related to finance leases, including current portion (note 12) | (414,788) | (375,289) | ||
Assets held for sale (note 21) | 37,240 | 0 | ||
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 2 | Interest rate swap | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 659 | 5,878 | ||
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements | (86) | (57) | ||
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 18d) | 95,332 | 60,507 | ||
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term debt | (50,000) | 0 | ||
Long-term debt, including current portion (note 11) | (558,657) | (723,031) | ||
Obligations related to finance leases, including current portion (note 12) | (442,648) | (377,652) | ||
Assets held for sale (note 21) | 37,240 | 0 | ||
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 2 | Interest rate swap | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 659 | 5,878 | ||
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements | $ (86) | $ (57) |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2018 | Jan. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Common stock, shares authorized (in shares) | 585,000,000 | 585,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||
Conversion basis (in shares) | 1 | |||||
Minimum percentage of common stock | 15.00% | |||||
Stock based compensation expense | $ 1,660,000 | $ 1,220,000 | $ 1,014,000 | |||
Proceeds from issuance of common stock, net of offering costs (in shares) | 269,397 | |||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||
Class of Stock [Line Items] | ||||||
Unrecognized compensation cost related to non-vested stock options granted | $ 500,000 | $ 300,000 | 300,000 | |||
Stock based compensation expense | 400,000 | 200,000 | 200,000 | |||
Intrinsic value of outstanding in-the-money stock options | 7,200,000 | 0 | 0 | |||
Intrinsic value of exercisable stock options | $ 2,300,000 | $ 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years | 8 years 1 month | 8 years 4 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 1 month | 7 years 8 months | 8 years | |||
Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Restricted stock units vested (in shares) | 53,800 | 34,200 | 29,800 | |||
Market value of restricted stock units | $ 500,000 | $ 300,000 | $ 600,000 | |||
2007 Long-Term Incentive Plan | Share-based Payment Arrangement, Option [Member] | ||||||
Class of Stock [Line Items] | ||||||
Weighted-average grant date fair value of stock options granted (in dollars per share) | $ 2.79 | $ 2.77 | $ 5.36 | |||
Expected volatility rate | 48.70% | 48.70% | 50.20% | |||
Expected life (in years) | 5 years | 5 years | 5 years | |||
Dividend yield | 3.00% | 5.50% | 5.00% | |||
Risk-free interest rate | 2.40% | 2.60% | 2.10% | |||
General and Administrative Expense [Member] | Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 800,000 | $ 700,000 | $ 800,000 | |||
Non Management Directors | 2007 Long-Term Incentive Plan | Share-based Payment Arrangement, Option [Member] | ||||||
Class of Stock [Line Items] | ||||||
Grants in period (shares) | 58,800 | 63,000 | 49,600 | |||
Exercise price of stock options granted (in dollars per share) | $ 8 | $ 9.76 | $ 17.84 | |||
Term of stock options (in years) | 10 years | |||||
Officers and Certain Subsidiaries Employees | 2007 Long-Term Incentive Plan | Share-based Payment Arrangement, Option [Member] | ||||||
Class of Stock [Line Items] | ||||||
Grants in period (shares) | 218,200 | 92,000 | 60,800 | |||
Term of stock options (in years) | 10 years | |||||
Vesting period (in years) | 3 years | |||||
Officer | 2007 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Subsidiaries Employees | ||||||
Class of Stock [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Restricted stock units aggregate value, granted (in shares) | $ 800,000 | $ 900,000 | $ 800,000 | |||
2007 Long-Term Incentive Plan | Officer | Restricted Stock Units (RSUs) | Subsidiaries Employees | ||||||
Class of Stock [Line Items] | ||||||
Common stock, granted (in shares) | 99,100 | 95,300 | 47,800 | |||
Maximum | ||||||
Class of Stock [Line Items] | ||||||
Dividend range under dividend policy | 50.00% | 50.00% | ||||
Minimum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dividend range under dividend policy | 30.00% | 30.00% | ||||
Dividends per quarter (USD per share) | $ 0.24 | |||||
Class A | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Outstanding | 29,000,000 | 29,000,000 | ||||
Common stock, shares authorized (in shares) | 485,000,000 | 485,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Votes per share owned | 1 | |||||
Common Stock, Shares, Issued | 29,000,000 | 29,000,000 | ||||
Class A | Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 34,100 | 23,600 | 23,700 | |||
Class A | General and Administrative Expense [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 200,000 | $ 200,000 | $ 0 | |||
Class A | Non Management Directors | 2007 Long-Term Incentive Plan | ||||||
Class of Stock [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 19,918 | 0 | ||||
Class A | 2007 Long-Term Incentive Plan | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares reserved for issuance upon awards to be granted (in shares) | 1,250,000 | 1,250,000 | ||||
Class B | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Outstanding | 4,600,000 | 4,600,000 | ||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Votes per share owned | 5 | |||||
Maximum percentage of voting power | 49.00% | |||||
Common Stock, Shares, Issued | 4,600,000 | 4,600,000 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Option Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years | 8 years 1 month | 8 years 4 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 1 month | 7 years 8 months | 8 years |
Stock Option | |||
Options | |||
Outstanding - beginning of year (in shares) | 359,496 | 208,788 | 102,793 |
Grants in period (shares) | 277,066 | 155,053 | 110,343 |
Exercised (in shares) | (30,968) | 0 | 0 |
Forfeited / expired (in shares) | 0 | (4,345) | (4,348) |
Outstanding - end of year (in shares) | 605,594 | 359,496 | 208,788 |
Exercisable - end of year (in shares) | 309,609 | 224,687 | 131,906 |
Weighted-Average Exercise Price ($) | |||
Outstanding - beginning of year (in dollars per share) | $ 18.45 | $ 24.78 | $ 31.94 |
Granted (in dollars per share) | 8 | 9.76 | 17.84 |
Exercised (in dollars per share) | 8.96 | 0 | 0 |
Forfeited / expired (in dollars per share) | 0 | 12.45 | 17.84 |
Outstanding - end of year (in dollars per share) | 14.16 | 18.45 | 24.78 |
Exercisable - end of year (in dollars per share) | $ 19.12 | $ 21.54 | $ 26.71 |
Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Shares, Issued | 29,000,000 | 29,000,000 | |
Class A | General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 200,000 | $ 200,000 | $ 0 |
2007 Long-Term Incentive Plan | Non Management Director [Member] | Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 21,004 |
Capital Stock - Summary of Non-
Capital Stock - Summary of Non-Vested Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years | 8 years 1 month | 8 years 4 months |
Nonvested | |||
Options | |||
Outstanding non-vested stock options - beginning of year (in shares) | 134,809 | 76,881 | 36,539 |
Grants in period (shares) | 218,223 | 92,041 | 60,791 |
Vested (in shares) | (57,048) | (29,768) | (16,101) |
Forfeited / expired (in shares) | 0 | (4,345) | (4,348) |
Outstanding non-vested stock options - end of year (in shares) | 295,984 | 134,809 | 76,881 |
Weighted-Average Grant Date Fair Value | |||
Outstanding non-vested stock options - beginning of year (in dollars per share) | $ 13.30 | $ 21.47 | $ 32.20 |
Granted (in dollars per share) | 8 | 9.76 | 17.84 |
Vested (in dollars per share) | 15.54 | 23.56 | 33.10 |
Forfeited / expired (in dollars per share) | 0 | 12.45 | 17.84 |
Outstanding non-vested stock options - end of year (in dollars per share) | $ 8.96 | $ 13.30 | $ 21.47 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Nov. 27, 2017 | Nov. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | Aug. 31, 2014 |
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 269,397 | |||||||
Percentage of voting interests acquired | 50.00% | |||||||
Shares issued, price per share (in dollars per share) | $ 18.56 | |||||||
Proceeds from equity offerings, net of offering costs | $ 0 | $ 0 | $ 8,521,000 | |||||
Reimbursement of manager's crewing and manning costs | 2,139,000 | 18,570,000 | ||||||
Working capital advanced to pool managers | $ 697,000 | 39,663,000 | ||||||
Minimum threshold for payment of performance fee to manager (in dollars per share) | $ 25.60 | |||||||
Percentage of performance fee payable on gross cash available for distribution | 20.00% | |||||||
Performance Fee | $ 0 | 0 | 0 | |||||
Pool Receivables From Affiliates Net | 0 | 56,549,000 | ||||||
RSA Participants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Pool Receivables From Affiliates Net | 0 | 56,500,000 | ||||||
Lay-up Services | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from Related Parties | 0 | 0 | 33,000 | |||||
Other Income | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from Related Parties | 320,000 | 1,019,000 | 1,939,000 | |||||
Other Income | Entities Under Common Control | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from Related Parties | 0 | 0 | 1,772,000 | |||||
Technical management fee revenue | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from Related Parties | 765,000 | 13,811,000 | 7,666,000 | |||||
Payable to Manager | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursement of manager's crewing and manning costs | 7,900,000 | 7,600,000 | ||||||
Vessels Hire | RSA Participants [Member] | Aframax Tanker | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses due to hiring vessels | $ 8,800,000 | $ 28,400,000 | $ 14,100,000 | |||||
TIL | ||||||||
Related Party Transaction [Line Items] | ||||||||
Business acquisition, share price per share agreed (in dollars per share) | $ 13.60 | |||||||
Percentage of voting interests acquired | 88.70% | |||||||
Shares issued, price per share (in dollars per share) | $ 13.6 | |||||||
TIL | Class A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 11,122,193 | 11,122,193 | ||||||
Purchase price consideration | $ 151,300,000 | $ 151,300,000 | ||||||
Business acquisition, share price per share agreed (in dollars per share) | $ 13.6 | $ 13.6 | ||||||
TIL | Class A | Teekay Corporation | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 1,031,250 | |||||||
Teekay Tanker Operations Ltd | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares issued, price per share (in dollars per share) | $ 15.04 | |||||||
Private Placement | Class A | Teekay Corporation | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 269,397 | |||||||
Shares issued, price per share (in dollars per share) | $ 18.6 | |||||||
Proceeds from equity offerings, net of offering costs | $ 5,000,000 | |||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | Teekay Corporation | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | Nov. 30, 2016 | |
Related Party Transaction [Line Items] | |||||
Pool Receivables From Affiliates Net | $ 0 | $ 56,549,000 | |||
RSA pool management fees and commissions | 0 | 0 | $ (2,799,000) | ||
Commercial management fees | 0 | 0 | (1,187,000) | ||
Operating Costs and Expenses | 208,601,000 | 209,131,000 | 175,389,000 | ||
Strategic and administrative service fees | (31,422,000) | (32,918,000) | (21,185,000) | ||
Revenue earned | 943,917,000 | 776,493,000 | $ 431,178,000 | ||
Percentage of voting interests acquired | 50.00% | ||||
RSA Participants [Member] | |||||
Related Party Transaction [Line Items] | |||||
Pool Receivables From Affiliates Net | 0 | 56,500,000 | |||
Entities Under Common Control | |||||
Related Party Transaction [Line Items] | |||||
RSA pool management fees and commissions | 0 | 0 | $ (2,799,000) | ||
Commercial management fees | 0 | 0 | (1,187,000) | ||
Strategic and administrative service fees | 0 | 0 | (7,026,000) | ||
Technical management fee | |||||
Related Party Transaction [Line Items] | |||||
Operating Costs and Expenses | 1,202,000 | 10,400,000 | 8,775,000 | ||
Technical management fee | Entities Under Common Control | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 0 | 0 | 4,890,000 | ||
Secondment fees | |||||
Related Party Transaction [Line Items] | |||||
Strategic and administrative service fees | (185,000) | (679,000) | (382,000) | ||
Secondment fees | Entities Under Common Control | |||||
Related Party Transaction [Line Items] | |||||
Strategic and administrative service fees | 0 | 0 | (248,000) | ||
Lay-up Services | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 0 | 0 | 33,000 | ||
LNG terminal services | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 1,979,000 | 1,689,000 | 388,000 | ||
Technical management fee revenue | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 765,000 | 13,811,000 | 7,666,000 | ||
Service revenue | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 320,000 | 1,019,000 | 1,939,000 | ||
Service revenue | Entities Under Common Control | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | $ 0 | $ 0 | 1,772,000 | ||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||
Related Party Transaction [Line Items] | |||||
Revenue earned | $ 8,600,000 | ||||
Percentage of voting interests acquired | 50.00% | ||||
Teekay LNG Operating LLC | Bahrain LNG W.I.L. | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage by noncontrolling owners | 30.00% |
Other (Expense) Income - Summa
Other (Expense) Income - Summary of Other Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange gain | $ 486 | $ 3,133 | $ 79 |
Other income | 209 | 49 | 250 |
Total | $ 695 | $ 3,182 | $ 329 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Changes in Non-cash Working Capital Items Related to Operating Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable, including other current assets | $ (171,342) | $ (16,020) | $ 14,603 |
Pool receivables from affiliates | 56,549 | (40,999) | 16,193 |
Due from affiliates | 38,966 | 9,440 | 17,562 |
Increase (Decrease) in Inventories | (28,628) | (15,564) | 8,322 |
Prepaid expenses | 119 | 57 | 445 |
Accounts payable and accrued liabilities | 83,244 | 9,778 | (13,996) |
Due to affiliates | (16,431) | (1,147) | (32,641) |
Increase (Decrease) in Deferred Revenue | 7,485 | (557) | (3,898) |
Other | (394) | 60 | 0 |
Change in operating assets and liabilities | $ (30,432) | $ (54,952) | $ 6,590 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 27, 2017 | Nov. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Information [Line Items] | ||||||
Cash interest paid including realized losses on the interest rate swap agreements | $ 61,800 | $ 47,600 | $ 26,400 | |||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | 269,397 | |||||
Cash acquired in TIL acquisition | $ 0 | $ 0 | ||||
TIL | ||||||
Supplemental Cash Flow Information [Line Items] | ||||||
Cash acquired in TIL acquisition | $ 37,600 | $ 30,831 | ||||
Transaction costs | $ 6,900 | |||||
TIL | Class A | ||||||
Supplemental Cash Flow Information [Line Items] | ||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | 11,122,193 | 11,122,193 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and Cash Equivalents [Line Items] | ||||
Cash, cash equivalents, and restricted cash | $ 96,790 | $ 60,507 | $ 75,710 | $ 94,907 |
Restricted cash - long-term | 3,437 | 3,437 | 2,672 | 0 |
Restricted cash (note 18) | 3,071 | 2,153 | 1,599 | 750 |
Cash and cash equivalents | 88,824 | 54,917 | 71,439 | 94,157 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 23,725 | 0 | ||
Cash, cash equivalents and restricted cash | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 1,121 | |||
Cash and Cash Equivalents [Domain] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Restricted Cash [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash (note 18) | $ 0 | $ 0 | $ 0 | |
Restricted Cash and Cash Equivalents | $ 337 |
Liquidity Liquidity (Details)
Liquidity Liquidity (Details) $ in Millions | Dec. 31, 2019USD ($) |
Loans Payable [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Line of Credit, Current | $ 145 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 31, 2017 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net income (loss) | $ 41,362 | $ (52,548) | $ (58,023) | ||||
Weighted average number of common shares - basic (in shares) | 33,617,635 | 33,561,615 | 23,404,422 | ||||
Dilutive effect of stock-based awards (in shares) | 113,536 | 0 | 0 | ||||
Weighted average number of common shares - diluted (in shares) | 33,731,171 | 33,561,615 | 23,404,422 | ||||
Earnings (loss) per common share: | |||||||
Basic (in dollars per share) | $ 1.23 | $ (1.57) | $ (2.48) | ||||
Diluted (in dollars per share) | $ 1.23 | $ (1.57) | $ (2.48) | ||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 269,397 | ||||||
Percentage of voting interests acquired | 50.00% | ||||||
Class B | Teekay Tanker Operations Ltd | |||||||
Earnings (loss) per common share: | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 1,721,903 | ||||||
Entities Under Common Control | |||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net income (loss) | $ 1,304 | ||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||
Earnings (loss) per common share: | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net income (loss) | $ 1,300 | ||||||
Earnings (loss) per common share: | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||
Earnings (loss) per common share: | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Teekay Corporation | Entities Under Common Control | Class B | Teekay Tanker Operations Ltd | |||||||
Earnings (loss) per common share: | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 1,700,000 | 500,000 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - Class A | 12 Months Ended |
Dec. 31, 2019shares | |
Restricted Stock Units (RSUs) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards (in shares) | 7,300 |
Share-based Payment Arrangement, Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards (in shares) | 500,000 |
Sale of Vessels and Other Ass_3
Sale of Vessels and Other Assets (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
(Loss) gain and write-down on sale of vessels (note 21) | $ (5,544,000) | $ 170,000 | $ (12,984,000) | |
Cash and cash equivalents | 88,824,000 | 54,917,000 | 71,439,000 | $ 94,157,000 |
Accounts receivable, including affiliate balances of $nil (2018 - $2.1 million) (notes 1 and 2) | 95,648,000 | 17,365,000 | ||
Bunker and lube oil inventory (note 1) | 49,790,000 | 23,179,000 | ||
Prepaid expenses | 10,288,000 | 10,917,000 | ||
Property, Plant and Equipment, Net | 1,769,726,000 | 1,883,561,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 2,545,000 | 11,625,000 | ||
Goodwill (note 8) | 2,426,000 | 8,059,000 | ||
Other non-current assets | 1,923,000 | 74,000 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 65,458,000 | 0 | ||
Liabilities, Current | 279,705,000 | 197,761,000 | ||
Other long-term liabilities (note 22) | 51,044,000 | 32,829,000 | ||
Liabilities associated with assets held for sale (note 21) | 2,980,000 | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 20,008,000 | 589,000 | $ 52,131,000 | |
Suezmax Tankers | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (Loss) on Disposition of Assets | 2,300,000 | |||
(Loss) gain and write-down on sale of vessels (note 21) | $ 3,200,000 | |||
Number Of Vessels Sold | vessel | 2 | |||
Number Of Vessels | vessel | 2 | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 38,000,000 | |||
Tanker and Ship-to-Ship Transfer [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Net | 44,802,000 | |||
Disposal Group, Including Discontinued Operation, Net Assets | 62,478,000 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 65,458,000 | |||
Tanker [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Bunker and lube oil inventory (note 1) | 2,017,000 | |||
Property, Plant and Equipment, Net | 37,240,000 | |||
Disposal Group, Including Discontinued Operation, Net Assets | 39,257,000 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 39,257,000 | |||
Ship To Ship Transfer [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cash and cash equivalents | 1,121,000 | |||
Restricted Cash, Current | 337,000 | |||
Accounts receivable, including affiliate balances of $nil (2018 - $2.1 million) (notes 1 and 2) | 4,129,000 | |||
Prepaid expenses | 510,000 | |||
Property, Plant and Equipment, Net | 7,562,000 | |||
Intangible Assets, Net (Excluding Goodwill) | 6,880,000 | |||
Goodwill (note 8) | 5,633,000 | |||
Other non-current assets | 29,000 | |||
Disposal Group, Including Discontinued Operation, Net Assets | 23,221,000 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 26,201,000 | |||
Liabilities, Current | 2,650,000 | |||
Other long-term liabilities (note 22) | 330,000 | |||
Liabilities associated with assets held for sale (note 21) | 2,980,000 | |||
LNG Segment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible Assets, Net (Excluding Goodwill) | 1 | |||
Ship-to-ship Support Vessel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
(Loss) gain and write-down on sale of vessels (note 21) | $ 200,000 | |||
Number Of Vessels Sold | vessel | 1 | |||
Intangible Assets, Net (Excluding Goodwill) | $ 0.91 | |||
Aframax Tanker | ||||
Property, Plant and Equipment [Line Items] | ||||
(Loss) gain and write-down on sale of vessels (note 21) | $ (11,200,000) | |||
Number Of Vessels Sold | vessel | 3 | |||
Suezmaxes Tankers Two | ||||
Property, Plant and Equipment [Line Items] | ||||
(Loss) gain and write-down on sale of vessels (note 21) | $ (1,800,000) |
Income Tax Expenses - Summary o
Income Tax Expenses - Summary of Income Tax Expenses (Recovery) Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | ||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $ 3,385 | $ 5,399 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance of unrecognized tax benefits as at January 1 | 32,059 | 26,054 |
Increases for positions related to the current year | 1,200 | |
Changes for positions taken in prior years | 15,781 | 1,701 |
Decreases related to statute of limitations | (1,646) | (1,095) |
Balance of unrecognized tax benefits as at December 31 | $ 49,579 | $ 32,059 |
Income Tax Expenses - Additiona
Income Tax Expenses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | ||
Interest and penalties on freight tax expenses (recoveries) | $ 8.4 | $ 5.4 |
Foreign exchange gains on freight tax expenses | $ 0.6 | $ 3.3 |
Shipbuilding Contracts (Detail)
Shipbuilding Contracts (Detail) - STX | Feb. 15, 2016USD ($)subsidiary | Jun. 30, 2018shares | Nov. 30, 2017USD ($) | Apr. 30, 2013vessel | Mar. 31, 2014contract | Dec. 31, 2019USD ($) |
Property, Plant and Equipment [Line Items] | ||||||
Number of special purpose subsidiaries | subsidiary | 4 | |||||
Number of shipbuilding contracts | contract | 4 | |||||
Litigation settlement amount | $ | $ 8,900,000 | $ 8,900,000 | ||||
Litigation settlement, amount receivable in cash, in percent | 7.00% | |||||
Litigation settlement, amount receivable in equity, in percent | 93.00% | |||||
Number of shares awarded in rehabilitation plan (in shares) | shares | 315,856 | |||||
Value of shares acquired in bankruptcy | $ | $ 0 | |||||
Orders to Construct Newbuildings | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number Of Vessels | vessel | 4 | |||||
Additional Order Option Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number Of Vessels | vessel | 12 |
Acquisition of Tanker Investm_2
Acquisition of Tanker Investments Ltd. (Details) $ / shares in Units, $ in Thousands | Nov. 27, 2017USD ($)vessel$ / sharesshares | May 31, 2017shares | Nov. 30, 2017USD ($)$ / sharesshares | Jan. 31, 2017USD ($)shares | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 24, 2017 |
Business Acquisition [Line Items] | ||||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 269,397 | |||||||
Purchase price consideration | $ 5,000 | $ 0 | $ 0 | $ 5,000 | ||||
Percentage of voting interests acquired | 100.00% | |||||||
Total acquisition cost | $ 177,400 | |||||||
Suezmax Tankers | ||||||||
Business Acquisition [Line Items] | ||||||||
Number Of Vessels | vessel | 2 | |||||||
Aframax Tanker | ||||||||
Business Acquisition [Line Items] | ||||||||
Number Of Vessels | vessel | 1 | |||||||
LR2 Tankers [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number Of Vessels | vessel | 2 | |||||||
TIL | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Number Of Shares Acquiring | shares | 27,000,000 | |||||||
Purchase price consideration | $ 151,300 | $ 151,262 | ||||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 13.60 | |||||||
Secured debt | $ 338,900 | |||||||
Transaction costs | 6,900 | |||||||
Percentage of voting interests acquired | 11.30% | 11.30% | ||||||
Fair value | 19,200 | |||||||
Working capital | 47,100 | |||||||
Liabilities, excluding banking debt | 47,100 | |||||||
Vessels | 467,200 | |||||||
Existing time-charter contracts | 200 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 337,100 | |||||||
TIL | Suezmax Tankers | ||||||||
Business Acquisition [Line Items] | ||||||||
Number Of Vessels | vessel | 10 | |||||||
TIL | Aframax Tanker | ||||||||
Business Acquisition [Line Items] | ||||||||
Number Of Vessels | vessel | 6 | |||||||
TIL | Vessels | ||||||||
Business Acquisition [Line Items] | ||||||||
Average age of acquired vessels | 7 years 4 months | |||||||
TIL | LR2 Tankers [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number Of Vessels | vessel | 2 | |||||||
TIL | Class A | ||||||||
Business Acquisition [Line Items] | ||||||||
Share exchange (in shares) | shares | 0.4 | |||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 11,122,193 | 11,122,193 | ||||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 13.6 | $ 13.6 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) $ in Thousands | Jan. 30, 2020vessel | Jan. 28, 2020USD ($)vessel | Jan. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel |
Subsequent Event [Line Items] | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 20,008 | $ 589 | $ 52,131 | |||||
(Loss) gain and write-down on sale of vessels (note 21) | (5,544) | 170 | (12,984) | |||||
Aframax Tanker | ||||||||
Subsequent Event [Line Items] | ||||||||
(Loss) gain and write-down on sale of vessels (note 21) | $ (11,200) | |||||||
Number Of Vessels Sold | vessel | 3 | |||||||
Suezmaxes Tankers Two | ||||||||
Subsequent Event [Line Items] | ||||||||
(Loss) gain and write-down on sale of vessels (note 21) | $ (1,800) | |||||||
Ship-to-ship Support Vessel [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
(Loss) gain and write-down on sale of vessels (note 21) | $ 200 | |||||||
Number Of Vessels Sold | vessel | 1 | |||||||
Suezmax Tankers | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 38,000 | |||||||
(Loss) gain and write-down on sale of vessels (note 21) | $ 3,200 | |||||||
Number Of Vessels Sold | vessel | 2 | |||||||
Number Of Vessels | vessel | 2 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of vessels refinanced | vessel | 31 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 40,800 | |||||||
(Loss) gain and write-down on sale of vessels (note 21) | $ 2,700 | |||||||
Subsequent Event [Member] | Suezmax Tankers | ||||||||
Subsequent Event [Line Items] | ||||||||
Number Of Vessels Sold | vessel | 2 | |||||||
Forecast | Ship to Ship Transfer Business | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from business divestiture | $ 26,000 | $ 26,000 | ||||||
Forecast | Subsequent Event [Member] | Ship to Ship Transfer Business | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from business divestiture | $ 26,000 | |||||||
2020 Debt Facility Maturing in December 2024 [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayments of Debt | $ 455,000 |