Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '6-K |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q2 |
Trading Symbol | 'TK |
Entity Registrant Name | 'TEEKAY CORP |
Entity Central Index Key | '0000911971 |
Current Fiscal Year End Date | '--12-31 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
REVENUES | $430,707 | $486,781 | $881,744 | $987,887 |
OPERATING EXPENSES | ' | ' | ' | ' |
Voyage expenses | 26,154 | 39,176 | 52,469 | 77,813 |
Vessel operating expenses | 195,978 | 191,773 | 383,442 | 379,527 |
Time-charter hire expense | 26,544 | 31,491 | 53,996 | 75,470 |
Depreciation and amortization | 109,769 | 115,068 | 212,263 | 229,682 |
General and administrative | 35,395 | 36,230 | 74,666 | 74,592 |
Asset impairments and provisions (note 6b) | 7,042 | 1,048 | 10,207 | 1,048 |
(Gain) loss on sale of vessels and equipment (note 6a) | -1,341 | 2,221 | -1,309 | 2,024 |
Restructuring charges (note 11) | 1,789 | 1,525 | 3,843 | 1,525 |
Total operating expenses | 401,330 | 418,532 | 789,577 | 841,681 |
Income (loss) from vessel operations | 29,377 | 68,249 | 92,167 | 146,206 |
OTHER ITEMS | ' | ' | ' | ' |
Interest expense | -44,687 | -42,707 | -87,197 | -85,007 |
Interest income | 2,018 | 1,645 | 3,036 | 3,691 |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 14) | 56,035 | -94,598 | 42,246 | -89,783 |
Equity income | 47,372 | 5,291 | 74,687 | 22,935 |
Foreign exchange gain (notes 7 and 14) | 678 | 17,835 | 2,867 | 2,011 |
Other (loss) income (note 12) | -1,386 | 89 | 3,856 | 2,432 |
Net income (loss) before income taxes | 89,407 | -44,196 | 131,662 | 2,485 |
Income tax (expense) recovery (note 15) | -1,873 | 1,849 | -4,373 | 5,417 |
Net income (loss) | 87,534 | -42,347 | 127,289 | 7,902 |
Less: Net income attributable to non-controlling interests | -76,167 | -4,927 | -122,058 | -54,110 |
Net income (loss) attributable to stockholders of Teekay Corporation | $11,367 | ($47,274) | $5,231 | ($46,208) |
Per common share of Teekay Corporation (note 16) | ' | ' | ' | ' |
Basic earnings (loss) attributable to stockholders of Teekay Corporation | $0.16 | ($0.68) | $0.07 | ($0.67) |
Diluted earnings (loss) attributable to stockholders of Teekay Corporation | $0.16 | ($0.68) | $0.07 | ($0.67) |
Cash dividends declared | $0.32 | $0.32 | $0.63 | $0.63 |
Weighted average number of common shares outstanding(note 16) | ' | ' | ' | ' |
Basic | 70,393,531 | 69,231,419 | 70,142,301 | 69,043,639 |
Diluted | 71,314,629 | 69,231,419 | 71,142,363 | 69,043,639 |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $87,534 | ($42,347) | $127,289 | $7,902 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' |
Unrealized loss on marketable securities | -1,136 | -563 | -2,062 | -795 |
Unrealized (loss) gain on qualifying cash flow hedging instruments | -22 | -1,601 | -554 | 1,220 |
Pension adjustments, net of taxes | ' | ' | 1,464 | -2,361 |
Foreign exchange (loss) gain on currency translation | -479 | -40 | 653 | -800 |
To other income: | ' | ' | ' | ' |
Impairment of marketable securities | 2,062 | ' | 2,062 | ' |
Realized loss on marketable securities | ' | ' | ' | 420 |
To general and administrative expenses: | ' | ' | ' | ' |
Realized loss (gain) on qualifying cash flow hedging instruments | 88 | -374 | 84 | -1,377 |
Settlement of defined benefit pension plan | 974 | ' | 974 | ' |
Other comprehensive income (loss) | 1,487 | -2,578 | 2,621 | -3,693 |
Comprehensive income (loss) | 89,021 | -44,925 | 129,910 | 4,209 |
Less: Comprehensive income attributable to non-controlling interests | -76,167 | -4,432 | -122,100 | -54,157 |
Comprehensive income (loss) attributable to stockholders of Teekay Corporation | $12,854 | ($49,357) | $7,810 | ($49,948) |
Unaudited_Consolidated_Balance
Unaudited Consolidated Balance Sheets (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Cash and cash equivalents (note 7) | $540,206 | $639,491 |
Restricted cash | 37,357 | 39,390 |
Accounts receivable, including non-trade of $170,407 (2012-$83,046) and related party balance of $12,057 (2012-$9,101) | 548,896 | 488,834 |
Vessels held for sale | 6,800 | 22,364 |
Net investment in direct financing leases (note 4) | 12,556 | 12,303 |
Prepaid expenses and other | 74,860 | 61,549 |
Current portion of loans to equity accounted investees | 2,743 | 139,183 |
Investment in term loans (note 6b) | 188,895 | 120,642 |
Current portion of derivative assets (note 14) | 23,406 | 31,669 |
Total current assets | 1,435,719 | 1,555,425 |
Restricted cash-non-current | 495,714 | 494,429 |
Vessels and equipment (notes 6 and 7) | ' | ' |
At cost, less accumulated depreciation of $2,196,020 (2012-$1,976,257) | 6,130,009 | 6,004,324 |
Vessels under capital leases, at cost, less accumulated amortization of $144,636 (2012 - $133,228) | 612,633 | 624,059 |
Advances on newbuilding contracts (note 9a) | 706,965 | 692,675 |
Total vessels and equipment | 7,449,607 | 7,321,058 |
Net investment in direct financing leases-non-current (note 4) | 417,858 | 424,298 |
Loans to joint ventures and joint venture partners, bearing interest between nil to 8.0% | 177,111 | 67,720 |
Derivative assets (note 14) | 96,583 | 148,581 |
Equity accounted investments (notes 3 and 9b) | 621,484 | 480,043 |
Investment in term loans | ' | 68,114 |
Other non-current assets | 140,339 | 149,682 |
Intangible assets - net | 116,633 | 126,136 |
Goodwill | 166,539 | 166,539 |
Assets | 11,117,587 | 11,002,025 |
Current | ' | ' |
Accounts payable | 107,106 | 111,474 |
Accrued liabilities | 418,956 | 363,218 |
Current portion of derivative liabilities (note 14) | 180,724 | 115,835 |
Current portion of long-term debt (note 7) | 942,964 | 797,411 |
Current obligation under capital leases | 160,284 | 70,272 |
Current portion of in-process revenue contracts | 47,302 | 60,627 |
Advances from equity accounted investees | 5,941 | 4,064 |
Total current liabilities | 1,863,277 | 1,522,901 |
Long-term debt, including amounts due to joint venture partners of $13,282 (2012-$13,282) (note 7) | 4,800,145 | 4,762,303 |
Long-term obligation under capital leases | 472,440 | 567,302 |
Derivative liabilities (note 14) | 348,834 | 528,187 |
In-process revenue contracts | 160,964 | 180,964 |
Other long-term liabilities | 209,479 | 220,079 |
Total liabilities | 7,855,139 | 7,781,736 |
Commitments and contingencies (notes 4, 9, and 14) | ' | ' |
Redeemable non-controlling interest (note 9e) | 28,357 | 28,815 |
Equity | ' | ' |
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 70,713,470 shares outstanding (2012-69,704,188); 71,212,670 shares issued (2012-70,203,388) (note 8) | 700,484 | 681,933 |
Retained earnings | 563,120 | 648,224 |
Non-controlling interest | 1,982,676 | 1,876,085 |
Accumulated other comprehensive loss (note 13) | -12,189 | -14,768 |
Total equity | 3,234,091 | 3,191,474 |
Total liabilities and equity | $11,117,587 | $11,002,025 |
Unaudited_Consolidated_Balance1
Unaudited Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, non-trade | $170,407 | $83,046 |
Accounts receivable, related party balance | 12,057 | 9,101 |
Accumulated depreciation on vessels and equipment | 2,196,020 | 1,976,257 |
Accumulated amortization on vessels under capital leases | 144,636 | 133,228 |
Amounts due to joint venture partners | $13,282 | $13,282 |
Common stock, par value | $0.00 | $0.00 |
Common stock, share authorized | 725,000,000 | 725,000,000 |
Common stock, share issued | 71,212,670 | 70,203,388 |
Common stock, share outstanding | 70,713,470 | 69,704,188 |
Minimum [Member] | ' | ' |
Range of interest | 0.00% | 0.00% |
Maximum [Member] | ' | ' |
Range of interest | 8.00% | 8.00% |
Unaudited_Consolidated_Stateme2
Unaudited Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net income | $127,289 | $7,902 |
Non-cash items: | ' | ' |
Depreciation and amortization | 212,263 | 229,682 |
Amortization of in-process revenue contracts | -33,286 | -35,907 |
Gain on sale of vessels and equipment and other assets | -1,309 | -193 |
Asset impairments and provisions (note 6b) | 10,207 | 1,048 |
Equity income, net of dividends received | -73,437 | -22,934 |
Income tax expense (recovery) | 4,373 | -5,417 |
Employee stock option compensation | 1,965 | 4,026 |
Unrealized foreign exchange gain | -54,506 | -16,222 |
Unrealized (gain) loss on derivative instruments | -54,699 | 43,104 |
Other | 7,435 | 41,594 |
Change in operating assets and liabilities | -45,879 | -95,479 |
Expenditures for dry docking | -33,592 | -11,720 |
Net operating cash flow | 66,824 | 139,484 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of long-term debt, net of issuance costs | 1,163,917 | 819,955 |
Scheduled repayments of long-term debt (note 7) | -228,982 | -154,253 |
Prepayments of long-term debt | -703,816 | -487,548 |
Repayments of capital lease obligations | -5,205 | -5,040 |
Advances of loans from joint ventures and joint venture partners | ' | -3,659 |
Increase (decrease) in restricted cash | 465 | -31,641 |
Equity contribution by joint venture partner | 1,684 | ' |
Issuance of Common Stock upon exercise of stock options | 16,582 | 5,161 |
Repurchase of Teekay Tankers Ltd. shares | ' | -1,667 |
Distributions paid from subsidiaries to non-controlling interests | -125,728 | -121,109 |
Cash dividends paid | -45,282 | -44,956 |
Net financing cash flow | 286,036 | 41,097 |
INVESTING ACTIVITIES | ' | ' |
Expenditures for vessels and equipment | -320,018 | -205,186 |
Proceeds from sale of vessels and equipment and other | 39,551 | 205,096 |
Proceeds from sale of marketable securities | ' | 1,063 |
Investment in joint ventures | -136,413 | -161,209 |
Advances to joint ventures and joint venture partners | -41,452 | -58,916 |
Direct financing lease payments received | 6,187 | 12,162 |
Other investing activities | ' | 19 |
Net investing cash flow | -452,145 | -206,971 |
Decrease in cash and cash equivalents | -99,285 | -26,390 |
Cash and cash equivalents, beginning of the period | 639,491 | 692,127 |
Cash and cash equivalents, end of the period | 540,206 | 665,737 |
Teekay LNG [Member] | ' | ' |
FINANCING ACTIVITIES | ' | ' |
Net proceeds from issuance of units (note 5) | 4,819 | ' |
Teekay Offshore [Member] | ' | ' |
FINANCING ACTIVITIES | ' | ' |
Net proceeds from issuance of units (note 5) | 207,582 | ' |
Teekay Tankers [Member] | ' | ' |
FINANCING ACTIVITIES | ' | ' |
Net proceeds from issuance of units (note 5) | ' | $65,854 |
Unaudited_Consolidated_Stateme3
Unaudited Consolidated Statement of Changes in Total Equity (USD $) | Total | TOTAL EQUITY Thousands of Shares of Common Stock Outstanding [Member] | TOTAL EQUITY Common Stock and Additional Paid-in Capital [Member] | TOTAL EQUITY Retained Earnings [Member] | TOTAL EQUITY Accumulated Other Comprehensive Loss [Member] | TOTAL EQUITY Non-controlling Interests [Member] | Redeemable Non-controlling Interest [Member] |
In Thousands | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning Balance at Dec. 31, 2012 | $3,191,474 | ' | $681,933 | $648,224 | ($14,768) | $1,876,085 | $28,815 |
Beginning Balance, shares at Dec. 31, 2012 | ' | 69,704 | ' | ' | ' | ' | ' |
Net income | 127,289 | ' | ' | 5,231 | ' | 122,058 | ' |
Reclassification of redeemable non-controlling interest in net income | 458 | ' | ' | ' | ' | 458 | -458 |
Other comprehensive income | 2,621 | ' | ' | ' | 2,579 | 42 | ' |
Dividends declared | -171,014 | ' | ' | -45,286 | ' | -125,728 | ' |
Reinvested dividends | 4 | ' | 4 | ' | ' | ' | ' |
Reinvested dividends, shares | ' | 1 | ' | ' | ' | ' | ' |
Exercise of stock options and other (note 8) | 16,582 | ' | 16,582 | ' | ' | ' | ' |
Exercise of stock options and other (note 8), Shares | ' | 1,008 | ' | ' | ' | ' | ' |
Employee stock compensation (note 8) | 1,965 | ' | 1,965 | ' | ' | ' | ' |
Dilution loss on public offerings of Teekay LNG and Teekay Offshore (note 5) | -9,628 | ' | ' | -9,628 | ' | ' | ' |
Excess of purchase price over the carrying value upon acquisition of Variable Interest Entity (note 3a) | -35,421 | ' | ' | -35,421 | ' | ' | ' |
Additions to non-controlling interest from share and unit issuances of subsidiaries and other | 109,761 | ' | ' | ' | ' | 109,761 | ' |
Ending Balance at Jun. 30, 2013 | $3,234,091 | ' | $700,484 | $563,120 | ($12,189) | $1,982,676 | $28,357 |
Ending Balance, shares at Jun. 30, 2013 | ' | 70,713 | ' | ' | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The unaudited interim consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (or GAAP). They include the accounts of Teekay Corporation (or Teekay), which is incorporated under the laws of the Republic of the Marshall Islands, and its wholly-owned or controlled subsidiaries (collectively, the Company). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2012, included in the Company’s Annual Report on Form 20-F. In the opinion of management, these unaudited financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in total equity for the interim periods presented. The results of operations for the three and six months ended June 30, 2013, are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Given current credit market conditions, it is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement. | |
In order to more closely align the Company’s presentation to many of its peers, the cost of ship management activities of $19.1 million and $38.6 million related to the Company’s fleet and to services provided to third parties for the three and six months ended June 30, 2013, respectively, have been presented as vessel operating expenses. For the three and six months ended June 30, 2013, revenues of $7.3 million and $13.8 million, respectively, from ship management activities provided to third parties have been presented in revenues. Prior to 2013, the Company included these amounts in general and administrative expenses. All such costs incurred and revenues recorded in comparative periods have been reclassified from general and administrative expenses to vessel operating expenses and revenues to conform to the presentation adopted in the current period. The amounts reclassified from general and administrative expenses to vessel operating expenses were $19.4 million and $40.0 million for the three and six months ended June 30, 2012, respectively. The amounts reclassified from general and administrative expenses to revenues were $4.9 million and $10.4 million for the three and six months ended June 30, 2012, respectively. |
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
2. Segment Reporting | |||||||||||||||||||||
The following tables include results for the Company’s four segments for the three and six months ended June 30, 2013 and 2012: | |||||||||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Tanker and FSO | FPSO | Gas | Tanker | ||||||||||||||||||
Three Months ended June 30, 2013 | Segment | Segment | Segment | Segment | Total | ||||||||||||||||
Revenues | 140,062 | 122,560 | 70,983 | 97,102 | 430,707 | ||||||||||||||||
Voyage expenses | 22,275 | — | 487 | 3,392 | 26,154 | ||||||||||||||||
Vessel operating expenses | 43,472 | 84,054 | 15,164 | 53,288 | 195,978 | ||||||||||||||||
Time-charter hire expense | 14,110 | — | — | 12,434 | 26,544 | ||||||||||||||||
Depreciation and amortization | 29,093 | 39,285 | 18,328 | 23,063 | 109,769 | ||||||||||||||||
General and administrative(1) | 9,324 | 11,760 | 5,314 | 8,997 | 35,395 | ||||||||||||||||
Asset impairments and provisions | — | — | — | 7,042 | 7,042 | ||||||||||||||||
Gain on sale of vessels and equipment | — | (1,338 | ) | — | (3 | ) | (1,341 | ) | |||||||||||||
Restructuring charges | 1,043 | — | — | 746 | 1,789 | ||||||||||||||||
Income (loss) from vessel operations | 20,745 | (11,201 | ) | 31,690 | (11,857 | ) | 29,377 | ||||||||||||||
Segment assets as at June 30, 2013 | 1,844,517 | 2,787,470 | 3,279,847 | 1,983,339 | 9,895,173 | ||||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Tanker and FSO | FPSO | Gas | Tanker | ||||||||||||||||||
Three Months ended June 30, 2012 | Segment | Segment | Segment | Segment | Total | ||||||||||||||||
Revenues | 153,694 | 136,198 | 70,093 | 126,796 | 486,781 | ||||||||||||||||
Voyage expenses | 32,252 | — | 53 | 6,871 | 39,176 | ||||||||||||||||
Vessel operating expenses | 44,939 | 85,489 | 12,653 | 48,692 | 191,773 | ||||||||||||||||
Time-charter hire expense | 12,969 | — | — | 18,522 | 31,491 | ||||||||||||||||
Depreciation and amortization | 32,037 | 34,415 | 17,445 | 31,171 | 115,068 | ||||||||||||||||
General and administrative(1) | 11,241 | 10,214 | 4,513 | 10,262 | 36,230 | ||||||||||||||||
Asset impairments and provisions | 1,048 | — | — | — | 1,048 | ||||||||||||||||
Loss on sale of vessels and equipment | — | — | — | 2,221 | 2,221 | ||||||||||||||||
Restructuring charges | — | — | — | 1,525 | 1,525 | ||||||||||||||||
Income from vessel operations | 19,208 | 6,080 | 35,429 | 7,532 | 68,249 | ||||||||||||||||
Segment assets as at June 30, 2012 | 1,871,341 | 2,497,592 | 3,108,124 | 2,494,008 | 9,971,065 | ||||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Tanker and FSO | FPSO | Gas | Tanker | ||||||||||||||||||
Six Months ended June 30, 2013 | Segment | Segment | Segment | Segment | Total | ||||||||||||||||
Revenues | 278,715 | 263,489 | 141,984 | 197,556 | 881,744 | ||||||||||||||||
Voyage expenses | 44,084 | — | 491 | 7,894 | 52,469 | ||||||||||||||||
Vessel operating expenses | 88,379 | 161,438 | 30,260 | 103,365 | 383,442 | ||||||||||||||||
Time-charter hire expense | 28,887 | — | — | 25,109 | 53,996 | ||||||||||||||||
Depreciation and amortization | 56,789 | 73,317 | 35,619 | 46,538 | 212,263 | ||||||||||||||||
General and administrative(1) | 19,828 | 24,121 | 11,510 | 19,207 | 74,666 | ||||||||||||||||
Asset impairments and provisions | — | — | — | 10,207 | 10,207 | ||||||||||||||||
(Gain) loss on sale of vessels and equipment | — | (1,338 | ) | — | 29 | (1,309 | ) | ||||||||||||||
Restructuring charges | 1,630 | — | — | 2,213 | 3,843 | ||||||||||||||||
Income (loss) from vessel operations | 39,118 | 5,951 | 64,104 | (17,006 | ) | 92,167 | |||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Tanker and FSO | FPSO | Gas | Tanker | ||||||||||||||||||
Six Months ended June 30, 2012 | Segment | Segment | Segment | Segment | Total | ||||||||||||||||
Revenues | 309,929 | 264,866 | 143,678 | 269,414 | 987,887 | ||||||||||||||||
Voyage expenses | 59,267 | 232 | 149 | 18,165 | 77,813 | ||||||||||||||||
Vessel operating expenses | 94,758 | 159,571 | 25,620 | 99,578 | 379,527 | ||||||||||||||||
Time-charter hire expense | 26,586 | — | — | 48,884 | 75,470 | ||||||||||||||||
Depreciation and amortization | 63,829 | 67,563 | 34,683 | 63,607 | 229,682 | ||||||||||||||||
General and administrative(1) | 20,520 | 21,791 | 9,618 | 22,663 | 74,592 | ||||||||||||||||
Asset impairments and provisions | 1,048 | — | — | — | 1,048 | ||||||||||||||||
Loss on sale of vessels and equipment | — | — | — | 2,024 | 2,024 | ||||||||||||||||
Restructuring charges | — | — | — | 1,525 | 1,525 | ||||||||||||||||
Income from vessel operations | 43,921 | 15,709 | 73,608 | 12,968 | 146,206 | ||||||||||||||||
-1 | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||||||||||
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: | |||||||||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Total assets of all segments | 9,895,173 | 9,719,938 | |||||||||||||||||||
Cash | 540,206 | 639,491 | |||||||||||||||||||
Accounts receivable and other assets | 682,208 | 642,596 | |||||||||||||||||||
Consolidated total assets | 11,117,587 | 11,002,025 | |||||||||||||||||||
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
3. Acquisitions | |
a) FPSO Unit from Sevan Marine ASA | |
On November 30, 2011, Teekay entered into an agreement to acquire a floating, production, storage and off-loading (or FPSO) unit, the Sevan Voyageur (or Voyageur Spirit) and its existing customer contract from Sevan Marine ASA (or Sevan). Teekay agreed to acquire the Voyageur Spirit once the existing upgrade project was completed and the Voyageur Spirit commenced operations under its customer contract. In September 2012, the Voyageur Spirit completed its upgrade at the Nymo shipyard and arrived at the Huntington Field in the U.K. sector of the North Sea in October 2012. Under the terms of the agreement, Teekay prepaid Sevan $94 million to acquire the Voyageur Spirit, assumed the Voyageur Spirit’s existing $230.0 million credit facility, which had an outstanding balance of $220.5 million on November 30, 2011, and was responsible for all upgrade costs incurred after November 30, 2011, which were estimated to be between $140 million and $150 million. Teekay had control over the upgrade project and had guaranteed the repayment of the existing credit facility. | |
On April 13, 2013, the Voyageur Spirit FPSO unit began production on the Huntington Field and commenced its five-year charter with E.ON Ruhrgas UK E&P Limited (or E.ON). On May 2, 2013, Teekay completed the acquisition of the Voyageur Spirit FPSO unit. The excess of the price paid over the carrying value of the non-controlling interest acquired was $35.4 million and has been accounted for as a reduction to equity. Immediately thereafter, the FPSO unit was sold by Teekay to its subsidiary Teekay Offshore Partners L.P. (or Teekay Offshore) for an initial purchase price of $540.0 million that was effectively reduced to $527.3 million as at June 30, 2013 (see below). The Voyageur Spirit FPSO unit has been consolidated by the Company since November 30, 2011, as the Voyageur Spirit FPSO unit was a variable interest entity (or VIE) and the Company was the primary beneficiary from November 30, 2011 until its purchase in May 2013. | |
Upon commencing production on April 13, 2013, the Voyageur Spirit FPSO unit had a specified time period to receive final acceptance from the charterer, E.ON, at which point the unit would commence full operations under the contract with E.ON. However, due to a defect encountered in one of its two gas compressors, the FPSO unit was unable to achieve final acceptance within the allowable timeframe under the charter contract, resulting in the FPSO unit being declared off-hire by the charterer retroactive to April 13, 2013. This resulted in $17.0 million of the charter rate being foregone during the second quarter of 2013. As part of the sales and purchase agreement for the Voyageur Spirit FPSO unit, Teekay has agreed to indemnify Teekay Offshore for this amount and any further loss of the charter rate under the charter agreement with E.ON from the date of first oil on April 13, 2013 until final acceptance is achieved, up to a maximum of $54 million. On August 27, 2013, the defect related to the FPSO unit’s gas compressor had been repaired and the Voyageur Spirit FPSO unit was producing at its full capacity as specified under the charter contract. Commercial discussions with E.ON are ongoing with respect to determining the date of final acceptance under the contract as well as compensation related to the period prior to final acceptance. | |
Any amounts paid as indemnification from Teekay to Teekay Offshore are effectively treated for accounting purposes as a reduction in the purchase price paid by Teekay Offshore. In addition, any compensation received from the charterer during the indemnification period will reduce the amount of Teekay’s indemnification to Teekay Offshore. The $540 million original purchase price of the Voyageur Spirit FPSO unit has effectively been reduced to $527.3 million ($297.3 million net of assumed debt of $230.0 million) to reflect the $17 million indemnification amount for the second quarter of 2013, partially offset by the excess value of $4.3 million relating to the difference in fair value of the 1.4 million Teekay Offshore common units issued to Teekay on the date of closing of the transaction in May 2013 as compared to the fair value of the common units on the date Teekay offered to sell the FPSO unit to Teekay Offshore. | |
b) Teekay LNG – Exmar LPG BVBA Joint Venture | |
In February 2013, the Company’s subsidiary Teekay LNG Partners L.P. (or Teekay LNG) entered into a joint venture agreement with Belgium-based Exmar NV (or Exmar) to own and charter-in liquefied petroleum gas (or LPG) carriers with a primary focus on the mid-size gas carrier segment. The joint venture entity called Exmar LPG BVBA, took economic effect as of November 1, 2012 and included 19 owned LPG carriers (including eight newbuilding carriers scheduled for delivery between 2014 and 2016, and taking into effect the sale of the Donau LPG carrier which was sold in April 2013) and five chartered-in LPG carriers. In July 2013, Exmar LPG BVBA exercised its options to construct two additional LPG carrier newbuildings. For its 50% ownership interest in the joint venture, including newbuilding payments made prior to the November 1, 2012 economic effective date of the joint venture, Teekay LNG invested $133.1 million in exchange for equity and a shareholder loan and assumed approximately $108 million as its pro rata share of existing debt and lease obligations as of the economic effective date. These debt and lease obligations are secured by certain vessels in the Exmar LPG BVBA fleet. The excess of the book value of net assets acquired over Teekay LNG’s investment in Exmar LPG BVBA, which amounted to approximately $6 million, has been accounted for as an adjustment to the value of the vessels, charter agreements and lease obligations of Exmar LPG BVBA and recognition of goodwill, in accordance with the preliminary purchase price allocation. Control of Exmar LPG BVBA is shared equally between Exmar and Teekay LNG. Teekay LNG accounts for its investment in Exmar LPG BVBA using the equity method. | |
c) Teekay LNG – Marubeni Joint Venture | |
In February 2012, a joint venture between Teekay LNG and Marubeni Corporation (or the Teekay LNG-Marubeni Joint Venture) acquired a 100% interest in six liquefied natural gas (or LNG) carriers (or the MALT LNG Carriers) from Denmark-based A.P. Moller-Maersk A/S for approximately $1.3 billion. Teekay LNG and Marubeni Corporation (or Marubeni) have 52% and 48% economic interests, respectively, but share control of the Teekay LNG-Marubeni Joint Venture. Since control of the Teekay LNG-Marubeni Joint Venture is shared jointly between Marubeni and Teekay LNG, Teekay LNG accounts for its investment in the Teekay LNG-Marubeni Joint Venture using the equity method. The Teekay LNG-Marubeni Joint Venture financed this acquisition with $1.06 billion from short-term secured loan facilities and $266 million from equity contributions from Teekay LNG and Marubeni Corporation. Teekay LNG has agreed to guarantee its 52% share of the secured loan facilities of the Teekay LNG-Marubeni Joint Venture and as a result, deposited $30 million in a restricted cash account as security for the debt within the Teekay LNG-Marubeni Joint Venture and recorded a guarantee liability of $1.4 million. The carrying value of the guarantee liability as at June 30, 2013, was $0.2 million (December 31, 2012 – $0.6 million) and is included as part of other long-term liabilities. Teekay LNG has a 52% economic interest in the Teekay LNG-Marubeni Joint Venture and, consequently, its share of the $266 million equity contribution was $138.2 million. Teekay LNG also contributed an additional $5.8 million for its share of legal and financing costs as part of the investment. Teekay LNG financed the equity contributions by borrowing under its existing credit facilities. The excess of Teekay LNG’s investment in the Teekay LNG-Marubeni Joint Venture over the book value of net assets acquired, which amounted to approximately $303 million, has been accounted for as an increase to the carrying value of the vessels and out-of-the-money charters of the Teekay LNG-Marubeni Joint Venture, in accordance with the purchase price allocation. During the period between June 2013 and August 2013, the Teekay-LNG Marubeni Joint Venture completed the refinancing of its short-term loan facilities by entering into separate long-term debt facilities totaling approximately $963 million. These debt facilities mature between 2017 and 2030. |
Vessel_Charters
Vessel Charters | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||||
Vessel Charters | ' | ||||||||||||||||||||
4. Vessel Charters | |||||||||||||||||||||
Teekay LNG owns a 99% interest in Teekay Tangguh Borrower LLC (or Teekay Tangguh), which owns a 70% interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), giving Teekay LNG a 69% interest in the Teekay Tangguh Joint Venture. The joint venture is a party to operating leases whereby it is leasing two LNG carriers (or the Tangguh LNG Carriers) to a third party, which is in turn leasing the vessels back to the joint venture. In addition to Teekay LNG’s minimum charter hire payments to be paid and received under these leases for the Tangguh LNG Carriers, which are described in Note 9 to the audited consolidated financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2012, the additional minimum estimated charter hire payments for the remainder of the year and the next four fiscal years, as at June 30, 2013, for the Company’s chartered-in and chartered-out vessels were as follows: | |||||||||||||||||||||
Remainder | |||||||||||||||||||||
of 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||
Charters-in—operating leases | 42.7 | 40.7 | 15.9 | 9.1 | 9.1 | ||||||||||||||||
Charters-in—capital leases (1) | 81.5 | 60 | 31.8 | 31.7 | 55 | ||||||||||||||||
124.2 | 100.7 | 47.7 | 40.8 | 64.1 | |||||||||||||||||
Charters-out—operating leases (2) | 535.8 | 1,226.80 | 1,175.80 | 1,089.00 | 1,106.90 | ||||||||||||||||
Charters-out—direct financing leases | 25 | 48.7 | 47.8 | 48 | 42.9 | ||||||||||||||||
560.8 | 1,275.50 | 1,223.60 | 1,137.00 | 1,149.80 | |||||||||||||||||
-1 | As at June 30, 2013 and December 31, 2012, the Company had $475.4 million and $475.5 million of restricted cash, respectively, which, including any interest earned on such amounts, is restricted to being used for charter hire payments of certain vessels chartered-in under capital leases. The Company also maintains restricted cash deposits relating to certain term loans and other obligations, which totaled $57.7 million and $58.3 million as at June 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
-2 | The minimum scheduled future operating lease revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after June 30, 2013, revenue from unexercised option periods of contracts that existed on June 30, 2013 or variable or contingent revenues. In addition, minimum scheduled future operating lease revenues presented in the table have been reduced by estimated off-hire time for any period maintenance. The amounts may vary given unscheduled future events such as vessel maintenance. |
Equity_Financing_Transactions
Equity Financing Transactions | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity Financing Transactions | ' | ||||||||||||||||
5. Equity Financing Transactions | |||||||||||||||||
During the six months ended June 30, 2013 the Company’s publicly traded subsidiaries, Teekay Offshore and Teekay LNG completed the following public offerings, equity placements and equity issuances under continuous offering programs: | |||||||||||||||||
Total Proceeds | Less: | Offering | Net Proceeds | ||||||||||||||
Received | Teekay | Expenses | Received | ||||||||||||||
$ | Corporation | $ | $ | ||||||||||||||
Portion | |||||||||||||||||
$ | |||||||||||||||||
Six Months ended June 30, 2013 | |||||||||||||||||
Teekay Offshore Direct Equity Placement | 61,224 | (1,224 | ) | (46 | ) | 59,954 | |||||||||||
Teekay Offshore Preferred Units Offering | 150,000 | — | (5,079 | ) | 144,921 | ||||||||||||
Teekay Offshore Continuous Offering Program | 2,819 | (59 | ) | (53 | ) | 2,707 | |||||||||||
Teekay LNG Continuous Offering Program | 5,383 | (108 | ) | (456 | ) | 4,819 | |||||||||||
In April 2013, the Voyageur Spirit FPSO unit began production and on May 2, 2013, Teekay completed the acquisition of the Voyageur Spirit FPSO unit and immediately thereafter, Teekay Offshore acquired the unit from Teekay for an original purchase price of $540.0 million (see Note 3(a)). Teekay Offshore financed the acquisition with the assumption of the $230.0 million debt facility secured by the unit, $253.0 million in cash and a $44.3 million equity private placement of common units to Teekay Corporation (including the general partner’s 2% proportionate capital contribution), which had a value of $40.0 million at the time Teekay offered to sell the units to Teekay Offshore. Upon completion of the private placement to Teekay, Teekay Offshore had 83.6 million common units outstanding. Teekay holds a 29.9% interest in Teekay Offshore, including the Company’s 2% general partner interest as at June 30, 2013. Teekay maintains control of Teekay Offshore by virtue of its control of the general partner and will continue to consolidate the subsidiary. |
Vessel_Sales_and_Asset_Impairm
Vessel Sales and Asset Impairments | 6 Months Ended |
Jun. 30, 2013 | |
Property Plant And Equipment [Abstract] | ' |
Vessel Sales and Asset Impairments | ' |
6. Vessel Sales and Asset Impairments | |
a) Vessel Sales | |
During the six months ended June 30, 2013, the Company sold a 1992-built shuttle tanker, a 1992-built conventional tanker, a 1995-built conventional tanker and a 1998-built conventional tanker, that were part of the Company’s shuttle tanker and conventional tanker segments. Three of these vessels were classified as held for sale on the consolidated balance sheet as at December 31, 2012, with their net book values written down to their sale proceeds net of cash outlays to complete the sales. All of the vessels were older vessels that the Company disposed of in the ordinary course of business. | |
During the three and six months ended June 30, 2013, the Company sold sub-sea equipment from the Petrojarl I FPSO unit that is part of the Company’s FPSO segment. The Company realized a gain of $1.3 million from the sale of the equipment. | |
During the three and six months ended June 30, 2012, the Company sold a 1997-built conventional tanker that was part of the Company’s conventional tanker segment. The Company realized a loss of $2.2 million from the sale of the conventional tanker. | |
b) Loan Loss Provisions and Asset Impairments | |
In February 2011, Teekay made a $70 million term loan (or the 2011 Loan) to an unrelated ship-owner of a 2011-built Very Large Crude Carrier (or VLCC). The 2011 Loan bears interest at 9% per annum, which is payable quarterly. The 2011 Loan is repayable in full in February 2014. The 2011 Loan is collateralized by a first-priority mortgage on the VLCC, together with other related collateral. In July 2010, the Company’s subsidiary Teekay Tankers Ltd. (or Teekay Tankers) acquired two term loans with a total principal amount outstanding of $115.0 million for a total cost of $115.6 million (the Loans). The Loans bear interest at an annual interest rate of 9% per annum. The Loans were payable in full at maturity in July 2013. The Loans are collateralized by first-priority mortgages on two 2010-built VLCCs owned by a shipowner based in Asia, together with other related security. During the three and six months ended June 30, 2013, the Company recorded $7.0 million and $10.2 million, respectively, of allowances in respect of its investments in the three term loans. The term loan borrowers are facing financial difficulty and have been in default on their interest payment obligations since January 31, 2013, and subsequently, in default on the repayment of the loan principal for the two loans maturing in July 2013. The Company has assumed commercial and technical management of two of the three vessels which collateralize the loans. The Company reduced the net carrying amount of the investments in term loans, including accrued interest income, as the expected future cash flows and the value of the underlying collateral declined further during the three and six-month periods ended June 30, 2013. The net carrying amount of the impaired loans consists of the present value of expected future cash flows at June 30, 2013, and will be adjusted each subsequent reporting period to reflect any changes in the present value of expected future cash flows. | |
During the three months ended June 30, 2012, the Company decided to pursue the sale of a 1992-built shuttle tanker and thus, wrote down the carrying value of the vessel to fair value, which was the estimated sales price of the vessel. The Company subsequently sold the vessel in early August 2012. The Company’s consolidated statement of income (loss) for the three and six months ended June 30, 2012 includes a $1.0 million write-down related to this vessel. The write-down is included within the Company’s shuttle tanker segment. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
7. Long-Term Debt | |||||||||
June 30, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
Revolving Credit Facilities | 1,705,306 | 1,627,979 | |||||||
Senior Notes (8.5%) due January 15, 2020 | 447,269 | 447,115 | |||||||
Norwegian Kroner-denominated Bonds due through January 2018 | 578,509 | 467,223 | |||||||
U.S. Dollar-denominated Term Loans due through 2021 | 2,669,263 | 2,432,374 | |||||||
U.S. Dollar-denominated Term Loan of Variable Interest Entity due October 2016 | — | 230,359 | |||||||
Euro-denominated Term Loans due through 2023 | 329,480 | 341,382 | |||||||
U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners | 13,282 | 13,282 | |||||||
Total | 5,743,109 | 5,559,714 | |||||||
Less current portion | 942,964 | 797,411 | |||||||
Long-term portion | 4,800,145 | 4,762,303 | |||||||
As of June 30, 2013, the Company had 13 revolving credit facilities (or the Revolvers) available, which, as at such date, provided for aggregate borrowings of up to $2.4 billion, of which $0.7 billion was undrawn. Interest payments are based on LIBOR plus margins. At June 30, 2013 and December 31, 2012, the margins ranged between 0.45% and 4.5%. At June 30, 2013 and December 31, 2012, the three-month LIBOR was 0.27% and 0.31%, respectively. The total amount available under the Revolvers reduces by $389.5 million (remainder of 2013), $710.3 million (2014), $222.4 million (2015), $342.5 million (2016), $445.0 million (2017) and $321.0 million (thereafter). The Revolvers are collateralized by first-priority mortgages granted on 52 of the Company’s vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all outstanding amounts. | |||||||||
The Company’s 8.5% senior unsecured notes (or the 8.5% Notes) are due January 15, 2020 with a principal amount of $450 million. The 8.5% Notes were sold at a price equal to 99.181% of par and the discount is accreted through the maturity date of the notes using the effective interest rate of 8.625% per year. The Company capitalized issuance costs of $9.4 million, which is recorded in other non-current assets in the consolidated balance sheet and is amortized to interest expense over the term of the 8.5% Notes. The 8.5% Notes rank equally in right of payment with all of Teekay’s existing and future senior unsecured debt and senior to any future subordinated debt of Teekay. The 8.5% Notes are not guaranteed by any of Teekay’s subsidiaries and effectively rank behind all existing and future secured debt of Teekay and other liabilities of its subsidiaries. | |||||||||
The Company may redeem the 8.5% Notes in whole or in part at any time before their maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the 8.5% Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 8.5% Notes to be redeemed (excluding accrued interest), discounted to the redemption date on a semi-annual basis, at the treasury yield plus 50 basis points, plus accrued and unpaid interest to the redemption date. | |||||||||
Teekay Offshore has 211.5 million (of the original 600 million issued) in Norwegian Kroner (or NOK) senior unsecured bonds that mature in November 2013 in the Norwegian bond market. As at June 30, 2013, the carrying amount of the bonds was $34.8 million. The bonds are listed on the Oslo Stock Exchange. Interest payments on the bonds are based on NIBOR plus a margin of 4.75%. Teekay Offshore entered into a cross currency swap to swap the interest payments from NIBOR plus a margin of 4.75% into LIBOR plus a margin of 5.04%, and to fix the transfer of the principal amount at $34.7 million upon maturity in exchange for NOK 211.5 million. Teekay Offshore also entered into an interest rate swap to swap the interest payments from LIBOR to a fixed rate of 1.12%. The floating LIBOR rate receivable from the interest rate swap is capped at 3.5%, which effectively results in a fixed rate of 1.12% unless LIBOR exceeds 3.5%, in which case Teekay Offshore’s related interest rate effectively floats at LIBOR, but reduced by 2.38% (see Note 14). In January 2013, Teekay Offshore repurchased NOK 388.5 million of the above-mentioned NOK 600 million bond issue maturing in November 2013 at a premium in connection with the issuance of NOK 1.3 billion in senior unsecured bonds. The Company recorded a $1.8 million loss on bond repurchase and $6.6 million of realized losses included in foreign currency exchange gain in its consolidated statements of income (loss) for the six months ended June 30, 2013. In connection with this bond repurchase, Teekay Offshore terminated a similar notional amount of the related cross currency swap and recorded $6.8 million of realized gains included in foreign currency exchange gain in its consolidated statement of income (loss) for the six months ended June 30, 2013 (see Note 14). | |||||||||
During 2012, Teekay Offshore, Teekay LNG and Teekay issued in the Norwegian bond market a total of NOK 2 billion of senior unsecured bonds that mature between October 2015 and May 2017. As at June 30, 2013, the total carrying amount of the bonds was $329.5 million. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin, which ranges from 4.75% to 5.75%. The Company entered into cross currency rate swaps to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging from 5.52% to 7.49%, and the transfer of principal fixed at $349.2 million upon maturity in exchange for NOK 2 billion (see Note 14). | |||||||||
In January 2013, Teekay Offshore issued in the Norwegian bond market NOK 1.3 billion in senior unsecured bonds. The bonds were issued in two tranches maturing in January 2016 (NOK 500 million) and January 2018 (NOK 800 million). As at June 30, 2013, the carrying amount of the bonds was $214.3 million. Teekay Offshore has applied for listing of the bonds on the Oslo Stock Exchange. Interest payments on the tranche maturing in 2016 are based on NIBOR plus a margin of 4.00%. Interest payments on the tranche maturing in 2018 are based on NIBOR plus a margin of 4.75%. Teekay Offshore entered into cross currency rate swaps to swap all interest and principal payments into U.S. Dollars, with interest payments fixed at a rate of 4.80% on the tranche maturing in 2016 and 5.93% on the tranche maturing in 2018 and the transfer of the principal amount fixed at $89.7 million upon maturity in exchange for NOK 500 million on the tranche maturing in 2016 and fixed at $143.5 million upon maturity in exchange for NOK 800 million on the tranche maturing in 2018 (see Note 14). | |||||||||
As of June 30, 2013, the Company had 19 U.S. Dollar-denominated term loans outstanding, which totaled $2.7 billion (December 31, 2012 – $2.4 billion). Certain of the term loans with a total outstanding principal balance of $305.7 million as at June 30, 2013 (December 31, 2012 – $328.0 million) bear interest at a weighted-average fixed rate of 5.3% (December 31, 2012 – 5.3%). Interest payments on the remaining term loans are based on LIBOR plus a margin. At June 30, 2013 and December 31, 2012, the margins ranged between 0.3% and 3.25%, and 0.3% and 4.0%, respectively. At June 30, 2013 and December 31, 2012, the three-month LIBOR was 0.27% and 0.31%, respectively. The term loan payments are made in quarterly or semi-annual payments commencing three or six months after delivery of each newbuilding vessel financed thereby, and 18 of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 38 (December 31, 2012 – 36) of the Company’s vessels, together with certain other security. In addition, at June 30, 2013, all but $100.7 million (December 31, 2012 – $107.0 million) of the outstanding term loans were guaranteed by Teekay or its subsidiaries. | |||||||||
The Company has two Euro-denominated term loans outstanding, which, as at June 30, 2013, totaled 253.3 million Euros ($329.5 million) (December 31, 2012 – 258.8 million Euros ($341.4 million)). The Company is repaying the loans with funds generated by two Euro-denominated, long-term time-charter contracts. Interest payments on the loans are based on EURIBOR plus a margin. At June 30, 2013 and December 31, 2012, the margins ranged between 0.60% and 2.25% and the one-month EURIBOR at June 30, 2013 was 0.1% (December 31, 2012 – 0.1%). The Euro-denominated term loans reduce in monthly payments with varying maturities through 2023 and are collateralized by first-priority mortgages on two of the Company’s vessels, together with certain other security, and are guaranteed by a subsidiary of Teekay. | |||||||||
Both Euro-denominated term loans and the NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK-denominated bonds, the Company’s Euro-denominated term loans, capital leases and restricted cash, and the change in the valuation of the Company’s cross currency swaps, the Company recognized foreign exchange gains of $0.7 million (2012 – $17.8 million gain) and $2.9 million (2012 – $2.0 million gain) during the three and six months ended June 30, 2013, respectively. | |||||||||
The Company has one U.S. Dollar-denominated loan outstanding owing to a joint venture partner, which, as at June 30, 2013, totaled $13.3 million (2012 – $13.3 million). Interest payments on the loan are based on a fixed interest rate of 4.84%. This loan is repayable on demand no earlier than February 27, 2027. | |||||||||
The weighted-average effective interest rate on the Company’s aggregate long-term debt as at June 30, 2013 was 2.8% (December 31, 2012 – 2.6%). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 14). | |||||||||
Among other matters, the Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and five loan agreements require the maintenance of vessel market value to loan ratios. As at June 30, 2013, these ratios ranged from 117.3% to 311.1% compared to their minimum required ratios of 105% to 120%, respectively. The vessel values used in these ratios are the appraised values prepared by the Company based on second-hand sale and purchase market data. A further delay in the recovery of the conventional tanker market and a weakening of the LNG/LPG carrier market could negatively affect the ratios. Certain loan agreements require that a minimum level of free cash be maintained and, as at June 30, 2013 and December 31, 2012, this amount was $100.0 million. Most of the loan agreements also require that the Company maintain an aggregate minimum level of free liquidity and undrawn revolving credit lines with at least six months to maturity, in amounts ranging from 5% to 7.5% of total debt. As at June 30, 2013, this aggregate amount was $321.3 million (December 31, 2012—$319.1 million). As at June 30, 2013, the Company was in compliance with all covenants required by its credit facilities and other long-term debt. | |||||||||
The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to June 30, 2013 are $431.4 million (remainder of 2013), $1.2 billion (2014), $463.2 million (2015), $443.4 million (2016), $990.5 million (2017) and $2.3 billion (thereafter). |
Capital_Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2013 | |
Equity [Abstract] | ' |
Capital Stock | ' |
8. Capital Stock | |
The authorized capital stock of Teekay at June 30, 2013 and December 31, 2012 was 25 million shares of Preferred Stock, with a par value of $1 per share, and 725 million shares of Common Stock, with a par value of $0.001 per share. As at June 30, 2013, Teekay had no shares of Preferred Stock issued. During the six months ended June 30, 2013, the Company issued 1.0 million shares of Common Stock upon the exercise of stock options, restricted stock units and restricted stock awards. | |
During March 2013, the Company granted 72,810 stock options with an exercise price of $34.07 per share, 158,957 restricted stock units with a fair value of $5.4 million, 54,773 performance shares with a fair value of $2.3 million and 26,412 shares of restricted stock with a fair value of $0.9 million to certain of the Company’s employees and directors. Each stock option has a ten-year term and vests equally over three years from the grant date. Each restricted stock unit and performance share is equal in value to one share of the Company’s common stock plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date and the performance shares vest three years from the grant date. Upon vesting, the value of the restricted stock units and performance shares are paid to each grantee in the form of shares. The number of performance share units that vest will range from zero to a multiple of the original number granted, based on certain performance and market conditions. | |
The weighted-average grant-date fair value of stock options granted during March 2013 was $10.54 per option. The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the stock options granted: expected volatility of 53.7%; expected life of five years; dividend yield of 4.8%; risk-free interest rate of 0.8% and estimated forfeiture rate of 12%. The expected life of the stock options granted was estimated using the historical exercise behavior of employees. The expected volatility was generally based on historical volatility as calculated using historical data during the five years prior to the grant date. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
9. Commitments and Contingencies | |
a) Vessels Under Construction | |
As at June 30, 2013, the Company was committed to the construction of two shuttle tankers, two LNG carriers, two floating, storage and offloading (or FSO) conversions and one FPSO unit for a total cost of approximately $1.8 billion, excluding capitalized interest and other miscellaneous construction costs. The two shuttle tankers are scheduled for delivery in mid-to-late 2013, the two LNG carriers are scheduled for delivery in 2016, the two FSO conversions are scheduled for completion in the third quarter of 2014 and 2017, respectively, and the FPSO unit is scheduled to be delivered in mid-2014. As at June 30, 2013, payments made towards these commitments totaled $678.4 million (excluding $38.8 million of capitalized interest and other miscellaneous construction costs). As at June 30, 2013, the estimated remaining payments required to be made under these newbuilding and conversion contracts were $213.3 million (remainder of 2013), $431.9 million (2014), $150.0 million (2015), and $343.1 million (2016). | |
In addition, on April 8, 2013, Teekay Tankers entered into an agreement with STX Offshore & Shipbuilding Co., Ltd (or STX) of South Korea to construct four, fuel-efficient 113,000 dead-weight tonne Long Range 2 (or LR2) product tanker newbuildings plus options to order up to an additional 12 vessels. The payment of Teekay Tankers’ first shipyard installment was contingent on Teekay Tankers receiving acceptable refund guarantees for the shipyard installment payments. In late-May 2013, STX commenced a voluntary financial restructuring with its lenders and as a result, STX’s refund guarantee applications were temporarily suspended. Teekay Tankers has not yet received any refund guarantees as at June 30, 2013. The first installment payment required under the newbuilding agreement is equal to 10% of the contract price in respect of the initial four vessels and is due and payable within five business days after refund guarantees are received. Teekay Tankers intends to finance the installment payments for the four newbuilding vessels with its existing liquidity and expects to secure long-term debt financing for the vessels prior to their scheduled deliveries in late-2015 and early-2016. According to the existing newbuilding agreement, payments required as at June 30, 2013 were $17.0 million (remainder of 2013), $8.5 million (2014), $89.0 million (2015) and $63.5 million (2016). As at June 30, 2013, Teekay Tankers has not made any installment payments to STX for the four newbuilding LR2 vessels and, prior to receiving the refund guarantees, Teekay Tankers has the ability to cancel the newbuilding orders at its discretion. | |
b) Joint Ventures | |
As at June 30, 2013, Exmar LPG BVBA was committed to the construction of eight mid-sized gas carriers for a total cost of $364.5 million, excluding capitalized interest and other miscellaneous construction costs. The eight newbuildings are scheduled for delivery between 2014 and 2016. As at June 30, 2013, payments made by Exmar LPG BVBA towards these commitments totaled $28.8 million. As at June 30, 2013, the remaining payments required to be made by Exmar LPG BVBA under these newbuilding contracts was $23.7 million in 2013, $172.8 million in 2014, $69.6 million in 2015, and $69.6 million in 2016. Teekay LNG owns a 50% interest in Exmar LPG BVBA. | |
c) Purchase Obligation | |
In November 2012, Teekay Offshore agreed to acquire a 2010-built HiLoad Dynamic Positioning (or DP) unit from Remora AS (or Remora), a Norway-based offshore marine technology company, for a total purchase price of approximately $55 million including modification costs. The acquisition of the HiLoad DP unit, which will operate under a ten-year time-charter contract with Petroleo Brasileiro SA in Brazil, is expected to be completed in September 2013 and the unit is expected to commence operating at its full time-charter rate in early 2014 once modifications, delivery of the DP unit to Brazil, and operational testing have been completed. Under the terms of an agreement between Remora and Teekay Offshore, Teekay Offshore has the right of first refusal to acquire any future HiLoad projects developed by Remora. | |
d) Legal Proceedings and Claims | |
The Company may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. The Company believes that any adverse outcome of existing claims, individually or in the aggregate, would not have a material effect on its financial position, results of operations or cash flows, when taking into account its insurance coverage and indemnifications from charterers. | |
On November 13, 2006, Teekay Offshore’s shuttle tanker the Navion Hispania collided with the Njord Bravo, an FSO unit, while preparing to load an oil cargo from the Njord Bravo. The Njord Bravo services the Njord field, which is operated by Statoil Petroleum AS (or Statoil) and is located off the Norwegian coast. At the time of the incident, Statoil was chartering the Navion Hispania from Teekay Offshore. The Navion Hispania and the Njord Bravo both incurred damage as a result of the collision. In November 2007, Navion Offshore Loading AS (or NOL) and Teekay Navion Offshore Loading Pte Ltd. (or TNOL), subsidiaries of Teekay Offshore, and Teekay Shipping Norway AS (or TSN), a subsidiary of Teekay, were named as co-defendants in a legal action filed by Norwegian Hull Club (the hull and machinery insurers of the Njord Bravo), several other insurance underwriters and various licensees in the Njord field. The plaintiffs sought damages for vessel repairs, expenses for a replacement vessel and other amounts related to production stoppage on the field, totaling NOK 213,000,000 (approximately $35.1 million). | |
In December 2011, the Stavanger District Court ruling in the first instance found that NOL was liable for damages except for damages related to certain indirect or consequential losses. The court also found that Statoil ASA was liable to NOL for the same amount of damages to NOL. As a result of this ruling, as at December 31, 2012, Teekay Offshore reported a liability in the total amount of NOK 76,000,000 (approximately $12.5 million) to the plaintiffs recorded in other long-term liabilities and a corresponding receivable from Statoil ASA recorded in other assets. | |
The plaintiffs appealed the decision and in June 2013, the appellate court held that NOL, TNOL and TSN are jointly and severally responsible towards the plaintiffs for all the losses as a result of the collision, plus interest accrued on the amount of damages. In addition, Statoil ASA was held not to be under an obligation to indemnify NOL, TNOL and TSN for the losses. NOL, TNOL and TSN were also held liable for legal costs associated with court proceedings. As a result of this recent judgment, as at June 30, 2013, Teekay Offshore has recognized a liability in the amount of NOK 213,000,000 in respect of damages, NOK 66,000,000 in respect of interest and NOK 11,000,000 in respect of legal costs, totaling NOK 290,000,000 (approximately $47.8 million), to the plaintiffs recorded in accrued liabilities. The receivable from Statoil ASA previously recorded in other assets has been reversed in the second quarter of 2013. The judgment rendered deals with liability only and the ultimate amount of damages may be reduced compared to the NOK 213,000,000 claimed by the plaintiffs. | |
Teekay Offshore and Teekay maintain protection and indemnity insurance for damages to the Navion Hispania and insurance for collision-related costs and claims. These insurance policies are expected to cover the costs related to this incident, including any costs not indemnified by Statoil, and thus a receivable of NOK 290,000,000 (approximately $47.8 million) has been recorded as of June 30, 2013 in accounts receivable, which equals the total cost of the claim. In addition, Teekay has agreed to indemnify Teekay Offshore for any losses it may incur in connection with this incident. | |
Teekay Nakilat Corporation (or Teekay Nakilat), a subsidiary of Teekay LNG, is the lessee under 30-year capital lease arrangements with a third party for three LNG Carriers (or the RasGas II Leases). The UK taxing authority (or HMRC) has been urging the lessor as well as other lessors under capital lease arrangements that have tax benefits similar to the ones provided by the RasGas II Leases, to terminate such finance lease arrangements, and has in other circumstances challenged the use of similar structures. As a result, the lessor has requested that the Teekay Nakilat enter into negotiations to terminate the RasGas II Leases. The Teekay Nakilat has declined this request as it does not believe that HMRC would be able to successfully challenge the availability of the tax benefits of these leases to the lessor. This assessment is partially based on a January 2012 court decision, regarding a similar financial lease of an LNG carrier, that ruled in favor of the taxpayer as well as a 2013 decision from the Upper Tribunal which upheld the First-tier Tribunal (or FTT) verdict of 2012. We do not know if the HMRC will try to appeal the Upper Tribunal decision to the Court of Appeal which would require permission from the court and if permission is granted it would be limited to points of law. If the HMRC were able to successfully challenge the RasGas II Leases, the Teekay Nakilat could be subject to significant costs associated with the termination of the lease or increased lease payments to compensate the lessor for the lost tax benefits. Teekay LNG estimates its 70% share of the potential exposure to be approximately $29 million, exclusive of potential financing and interest rate swap termination costs. In addition, the lessor for the three vessels chartered out by Teekay Nakilat has communicated to Teekay Nakilat that the credit rating of the bank (or LC Bank) that is providing the letter of credit to Teekay Nakilat’s lease has been downgraded. As a result, the lessor has indicated a potential increase in the lease rentals over the remaining term of the RasGas II Leases and that an estimated $12 million additional amount of cash may need to be placed on deposit by the Teekay Nakilat. The Teekay Nakilat has engaged external legal counsel to assess these claims. Teekay LNG’s 70% share of the present value of the potential lease rental increase claim is approximately $10 million. The Teekay Nakilat is looking at alternatives to mitigate the impact of the downgrade to the LC Bank’s credit rating in the event the lessor increases the rental payments. | |
On December 7, 2011, the Petrojarl Banff FPSO unit (or Banff), which operates on the Banff field in the U.K. sector of the North Sea, suffered a severe storm event and sustained damage to its moorings, turret and subsea equipment, which necessitated the shutdown of production on the unit. Due to the damage, the Company declared force majeure under the customer contract on December 8, 2011 and the Banff FPSO unit commenced a period of off-hire which is currently expected to continue until the first quarter or early in the second quarter of 2014 while the necessary repairs and upgrades are completed and the weather permits re-installation of the unit on the Banff field. The Company does not have off-hire insurance covering the Banff FPSO. After the repairs and upgrades are completed, the Banff FPSO unit is expected to resume production on the Banff field, where it is expected to remain under contract until the end of 2018. | |
The Company expects that repair costs to the Banff FPSO unit and equipment and costs associated with the emergency response to prevent loss or further damage during the December 7, 2011 storm event will be primarily reimbursed through its insurance coverage, subject to a $0.8 million deductible and the other terms and conditions of the applicable policies. In addition, the Company will also incur certain capital upgrade costs for the Banff FPSO unit and the Apollo Spirit related to upgrades to the mooring system required by the relevant regulatory authorities due to the extreme weather and sea states experienced during the December 7, 2011 storm. The Apollo Spirit was operating on the Banff field as a storage tanker and is expected to return to the Banff field at the same time as the Banff FPSO unit. The total of these capital upgrade costs is expected to be approximately $120 million. The recovery of the capital upgrade costs from the charterer is subject to commercial negotiations or, failing agreement, the responsibility for these costs will be determined by an expedited arbitration procedure already agreed to by the parties. Any capital upgrade costs not recovered from the charterer will be capitalized to the vessel cost and any increases in future periods to the current estimates of such costs may result in the recognition of an impairment charge in that future period. | |
e) Redeemable Non-Controlling Interest | |
During 2010, an unrelated party contributed a shuttle tanker with a value of $35.0 million to a subsidiary of Teekay Offshore for a 33% equity interest in the subsidiary. The owner of the 33% interest holds a put option which, if exercised, would obligate Teekay Offshore to purchase the non-controlling interest owner’s interest in the entity for cash in accordance with a defined formula. The redeemable non-controlling interest is subject to remeasurement if the formulaic redemption amount exceeds the carrying value. No remeasurement was required as at June 30, 2013. | |
f) Other | |
The Company enters into indemnification agreements with certain officers and directors. In addition, the Company enters into other indemnification agreements in the ordinary course of business. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains what it believes is appropriate liability insurance that reduces its exposure and enables the Company to recover future amounts paid up to the maximum amount of the insurance coverage, less any deductible amounts pursuant to the terms of the respective policies, the amounts of which are not considered material. |
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||
10. Financial Instruments | |||||||||||||||||||
a) Fair Value Measurements | |||||||||||||||||||
For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Note 11 in the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2012. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at fair value on a recurring basis. | |||||||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||||||
Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||
Value | Amount | Value | Amount | Value | |||||||||||||||
Hierarchy | Asset (Liability) | Asset (Liability) | Asset (Liability) | Asset (Liability) | |||||||||||||||
Level | $ | $ | $ | $ | |||||||||||||||
Recurring | |||||||||||||||||||
Cash and cash equivalents, restricted cash, and marketable securities | Level 1 | 1,076,022 | 1,076,022 | 1,178,118 | 1,178,118 | ||||||||||||||
Derivative instruments (note 14) | |||||||||||||||||||
Interest rate swap agreements—assets | Level 2 | 118,683 | 118,683 | 165,688 | 165,688 | ||||||||||||||
Interest rate swap agreements—liabilities | Level 2 | (504,429 | ) | (504,429 | ) | (667,825 | ) | (667,825 | ) | ||||||||||
Cross currency swap agreement | Level 2 | (40,963 | ) | (40,963 | ) | 13,886 | 13,886 | ||||||||||||
Foreign currency contracts | Level 2 | (4,671 | ) | (4,671 | ) | 2,885 | 2,885 | ||||||||||||
Non-recurring | |||||||||||||||||||
Vessels and equipment | Level 2 | — | — | 287,983 | 287,983 | ||||||||||||||
Vessels held for sale | Level 2 | 6,800 | 6,800 | 22,364 | 22,364 | ||||||||||||||
Other | |||||||||||||||||||
Investment in term loans | Level 3 | 188,895 | 184,246 | 188,756 | 186,048 | ||||||||||||||
Loans to equity accounted investees and joint venture partners—Current | Level 3 | 2,743 | 2,743 | 139,183 | 139,183 | ||||||||||||||
Loans to equity accounted investees and joint venture partners—Long-term | -1 | 177,111 | (1 | ) | 67,720 | (1 | ) | ||||||||||||
Long-term debt—public (note 7) | Level 1 | (1,025,778 | ) | (1,072,211 | ) | (914,338 | ) | (949,326 | ) | ||||||||||
Long-term debt—non-public (note 7) | Level 2 | (4,717,331 | ) | (4,441,873 | ) | (4,645,376 | ) | (4,329,117 | ) | ||||||||||
-1 | In these consolidated financial statements, the Company’s long-term loans to and equity investments in equity accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the long-term loans to joint venture partners together with the joint venture partner’s equity investment in joint ventures form the net aggregate carrying value of the Company’s interest in the joint ventures. The fair value of the individual components of such aggregate interests is not determinable. | ||||||||||||||||||
b. Financing Receivables | |||||||||||||||||||
The following table contains a summary of the Company’s financing receivables by type of borrower and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. | |||||||||||||||||||
Class of Financing Receivable | Credit Quality Indicator | Grade | June 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||||
$ | $ | ||||||||||||||||||
Direct financing leases | Payment activity | Performing | 430,414 | 436,601 | |||||||||||||||
Other loan receivables | |||||||||||||||||||
Investment in term loans (note 6b) | Collateral | Non-Performing | 188,895 | 188,756 | |||||||||||||||
Loans to equity accounted investees and joint venture partners (1) | Other internal metrics | Performing | 179,854 | 206,903 | |||||||||||||||
Long term receivable included in other assets | Payment activity | Performing | — | 1,704 | |||||||||||||||
799,163 | 833,964 | ||||||||||||||||||
-1 | Teekay LNG owns a 99% interest in Teekay Tangguh, which owns a 70% interest in Teekay BLT Corporation (or Teekay Tangguh Subsidiary). During the year ended December 31, 2012, one of Teekay LNG‘s joint venture partner‘s parent company, PT Berlian Laju Tanker (or BLT), suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The Company believes the loans to BLT and Teekay LNG‘s joint venture partner, BLT LNG Tangguh Corporation, totaling $24.0 million as at June 30, 2013 (December 31, 2012—$24.0 million), are collectible given the expected cash flows anticipated to be generated by the Teekay Tangguh Subsidiary that can be used to repay the loan and given the underlying collateral securing the loans to BLT. |
Restructuring_Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2013 | |
Restructuring And Related Activities [Abstract] | ' |
Restructuring Charges | ' |
11. Restructuring Charges | |
During the three and six months ended June 30, 2013, the Company recorded restructuring charges of $1.8 million ($1.5 million – 2012) and $3.8 million ($1.5 million – 2012), respectively. The restructuring charges primarily relate to the reorganization of the Company’s marine operations. The purpose of the restructuring is to create better alignment between certain of the Company’s business units and its three publicly-listed subsidiaries, as well as a lower cost organization. The Company expects to incur further restructuring charges of approximately $1.0 million associated with this reorganization. | |
At June 30, 2013 and December 31, 2012, $4.1 million and $3.4 million, respectively, of restructuring liabilities were recorded in accrued liabilities on the consolidated balance sheets. |
Other_Loss_Income
Other (Loss) Income | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||||||
Other (Loss) Income | ' | ||||||||||||||||
12. Other (Loss) Income | |||||||||||||||||
Three Months | Six Months Ended | ||||||||||||||||
Ended June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Gain on sale of other assets | — | — | — | 2,217 | |||||||||||||
Loss on bond repurchase | — | — | (1,759 | ) | — | ||||||||||||
Volatile organic compound emission plant lease income | 39 | 617 | 197 | 1,045 | |||||||||||||
Impairment of marketable securities | (2,062 | ) | — | (2,062 | ) | — | |||||||||||
Loss on sale of marketable securities | — | — | — | (420 | ) | ||||||||||||
Miscellaneous income (loss) | 637 | (528 | ) | 7,480 | (410 | ) | |||||||||||
Other (loss) income | (1,386 | ) | 89 | 3,856 | 2,432 | ||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||
13. Accumulated Other Comprehensive Loss | |||||||||
As at June 30, 2013 and December 31, 2012, the Company’s accumulated other comprehensive loss consisted of the following components: | |||||||||
June 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | (165 | ) | 341 | ||||||
Pension adjustments, net of tax recoveries | (13,821 | ) | (16,253 | ) | |||||
Foreign exchange gain on currency translation | 1,797 | 1,144 | |||||||
(12,189 | ) | (14,768 | ) | ||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||||||||||
14. Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||||||
The Company uses derivatives to manage certain risks in accordance with its overall risk management policies. | |||||||||||||||||||||||||||||||||
Foreign Exchange Risk | |||||||||||||||||||||||||||||||||
The Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. Certain of these foreign currency forward contracts are designated, for accounting purposes, as cash flow hedges of forecasted foreign currency expenditures. | |||||||||||||||||||||||||||||||||
As at June 30, 2013, the Company was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||||||||||
Contract | Average | Fair Value / | Expected | ||||||||||||||||||||||||||||||
Amount | Forward | Carrying Amount | Maturity | ||||||||||||||||||||||||||||||
in | Rate (1) | of Asset (Liability) | |||||||||||||||||||||||||||||||
Foreign | Hedge | Non-hedge | 2013 | 2014 | |||||||||||||||||||||||||||||
Currency | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(millions) | (in millions of U.S. | (in millions of | |||||||||||||||||||||||||||||||
Dollars) | U.S. Dollars) | ||||||||||||||||||||||||||||||||
Norwegian Kroner | 1,039.40 | 5.97 | — | (4.3 | ) | 106.1 | 68.1 | ||||||||||||||||||||||||||
Euro | 2 | 0.75 | — | (0.1 | ) | 2.7 | — | ||||||||||||||||||||||||||
Canadian Dollar | 10.5 | 1.03 | (0.1 | ) | (0.1 | ) | 10.2 | — | |||||||||||||||||||||||||
British Pound | 1.8 | 0.63 | (0.1 | ) | — | 2.9 | — | ||||||||||||||||||||||||||
(0.2 | ) | (4.5 | ) | 121.9 | 68.1 | ||||||||||||||||||||||||||||
-1 | Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||||||||||
The Company enters into cross currency swaps, and pursuant to these swaps the Company receives the principal amount in NOK on the maturity date of the swap, in exchange for payment of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest or U.S. Dollar floating interest based on LIBOR plus a margin. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal at maturity of the Company’s NOK-denominated bonds due in 2013 through 2018. In addition, the cross currency swaps due in 2018 economically hedge the interest rate exposure on the NOK-denominated bonds due in 2018. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2013 through 2018. As at June 30, 2013, the Company was committed to the following cross currency swaps: | |||||||||||||||||||||||||||||||||
Notional | Floating Rate Receivable | Floating Rate Payable | Fair | Remaining | |||||||||||||||||||||||||||||
Value / | |||||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||
Notional Amount NOK | Amount | Reference | Margin | Reference | Margin | Fixed Rate | of Asset / | Term | |||||||||||||||||||||||||
USD | Rate | Rate | Payable | (Liability) | (years) | ||||||||||||||||||||||||||||
211,500 | 34,721 | (1) | NIBOR | 4.75 | % | LIBOR | (2) | 5.04 | % | 120 | 0.4 | ||||||||||||||||||||||
700,000 | 122,800 | NIBOR | 4.75 | % | 5.52 | % | (7,734 | ) | 2.3 | ||||||||||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (7,328 | ) | 2.6 | ||||||||||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (4,716 | ) | 3.6 | ||||||||||||||||||||||||
700,000 | 125,000 | NIBOR | 5.25 | % | 6.88 | % | (11,677 | ) | 3.8 | ||||||||||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (9,628 | ) | 4.6 | ||||||||||||||||||||||||
(40,963 | ) | ||||||||||||||||||||||||||||||||
-1 | Teekay Offshore partially terminated the cross currency swap in connection with its repurchase in January 2013 of NOK 388.5 million of Teekay Offshore’s original NOK 600 million bond issue (see note 7). | ||||||||||||||||||||||||||||||||
-2 | LIBOR subsequently fixed at 1.1%, subject to a LIBOR rate receivable cap of 3.5% (see next section). | ||||||||||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||||||||
The Company enters into interest rate swap agreements that exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. In addition, the Company holds interest rate swaps that exchange a payment of floating rate interest for a receipt of fixed interest in order to reduce the Company’s exposure to the variability of interest income on its restricted cash deposits. As at June 30, 2013, the Company has not designated any of its interest rate swap agreements as cash flow hedges for accounting purposes. | |||||||||||||||||||||||||||||||||
As at June 30, 2013, the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt, restricted cash deposits and EURIBOR-based debt, whereby certain of the Company’s floating-rate debt and restricted cash deposits were swapped with fixed-rate obligations or fixed-rate deposits: | |||||||||||||||||||||||||||||||||
Fair | |||||||||||||||||||||||||||||||||
Value / | |||||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||||
Amount | Weighted- | ||||||||||||||||||||||||||||||||
of Asset / | Average | ||||||||||||||||||||||||||||||||
(Liability) | Remaining | Fixed | |||||||||||||||||||||||||||||||
Term | Interest | ||||||||||||||||||||||||||||||||
Interest | Principal | Rate | |||||||||||||||||||||||||||||||
Rate Index | Amount | ||||||||||||||||||||||||||||||||
$ | $ | (years) | (%) (1) | ||||||||||||||||||||||||||||||
LIBOR-Based Debt: | |||||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 408,143 | (79,307 | ) | 23.6 | 4.9 | |||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (3) | LIBOR | 2,923,688 | (391,903 | ) | 7 | 4.2 | |||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (4) | LIBOR | 713,672 | 8,661 | 3.2 | 1.4 | ||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (5) | LIBOR | 98,500 | (415 | ) | 0.4 | 1.1 | |||||||||||||||||||||||||||
LIBOR-Based Restricted Cash Deposit: | |||||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 469,018 | 108,605 | 23.6 | 4.8 | ||||||||||||||||||||||||||||
EURIBOR-Based Debt: | |||||||||||||||||||||||||||||||||
Euro-denominated interest rate swaps (6) (7) | EURIBOR | 329,480 | (31,387 | ) | 7.5 | 3.1 | |||||||||||||||||||||||||||
(385,746 | ) | ||||||||||||||||||||||||||||||||
-1 | Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2013, ranged from 0.3% to 4.5%. | ||||||||||||||||||||||||||||||||
-2 | Principal amount reduces quarterly. | ||||||||||||||||||||||||||||||||
-3 | Principal amount of $200 million is fixed at 2.14%, unless LIBOR exceeds 6%, in which case the Company pays a floating rate of interest. | ||||||||||||||||||||||||||||||||
-4 | Inception date of swaps are 2013 ($413.7 million) and 2014 ($300.0 million). | ||||||||||||||||||||||||||||||||
-5 | The floating LIBOR rate receivable is capped at 3.5%, which effectively results in a fixed rate of 1.12% unless LIBOR exceeds 3.5%, in which case the Company’s related interest rate effectively floats at LIBOR reduced by 2.38%. | ||||||||||||||||||||||||||||||||
-6 | Principal amount reduces monthly to 70.1 million Euros ($91.2 million) by the maturity dates of the swap agreements. | ||||||||||||||||||||||||||||||||
-7 | Principal amount is the U.S. Dollar equivalent of 253.3 million Euros. | ||||||||||||||||||||||||||||||||
Tabular Disclosure | |||||||||||||||||||||||||||||||||
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. | |||||||||||||||||||||||||||||||||
Current | Current | ||||||||||||||||||||||||||||||||
Portion of | Portion of | ||||||||||||||||||||||||||||||||
Derivative | Derivative | Accrued | Derivative | Derivative | |||||||||||||||||||||||||||||
Assets | Assets | Liabilities | Liabilities | Liabilities | |||||||||||||||||||||||||||||
As at June 30, 2013 | |||||||||||||||||||||||||||||||||
Derivatives designated as a cash flow hedge: | |||||||||||||||||||||||||||||||||
Foreign currency contracts | — | — | — | (142 | ) | — | |||||||||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||||||||||||||
Foreign currency contracts | 161 | 1 | — | (4,238 | ) | (453 | ) | ||||||||||||||||||||||||||
Interest rate swap agreements | 22,336 | 96,582 | (22,033 | ) | (175,596 | ) | (307,035 | ) | |||||||||||||||||||||||||
Cross currency swap agreements | 909 | — | 222 | (748 | ) | (41,346 | ) | ||||||||||||||||||||||||||
23,406 | 96,583 | (21,811 | ) | (180,724 | ) | (348,834 | ) | ||||||||||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||||||||||
Derivatives designated as a cash flow hedge: | |||||||||||||||||||||||||||||||||
Foreign currency contracts | 441 | — | — | (1 | ) | — | |||||||||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||||||||||||||
Foreign currency contracts | 2,506 | — | — | (60 | ) | — | |||||||||||||||||||||||||||
Interest rate swap agreements | 16,927 | 144,247 | (22,312 | ) | (115,774 | ) | (525,225 | ) | |||||||||||||||||||||||||
Cross currency swap agreements | 11,795 | 4,334 | 719 | — | (2,962 | ) | |||||||||||||||||||||||||||
31,669 | 148,581 | (21,593 | ) | (115,835 | ) | (528,187 | ) | ||||||||||||||||||||||||||
As at June 30, 2013, the Company had multiple interest rate swaps and cross currency swaps with the same counterparty that are subject to the same master agreement. Each of these master agreements provides for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these interest rate swaps are presented on a gross basis in the Company’s consolidated balance sheets. As at June 30, 2013, these interest rate swaps and cross currency swaps had an aggregate fair value asset amount of $111.5 million and an aggregate fair value liability amount of $395.1 million. | |||||||||||||||||||||||||||||||||
Realized and unrealized (losses) gains from derivative instruments that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized gain (loss) on non-designated derivatives in the consolidated statements of income (loss). The effect of the gain (loss) on derivatives not designated as hedging instruments in the consolidated statements of income (loss) are as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | (30,899 | ) | (29,669 | ) | (61,251 | ) | (60,085 | ) | |||||||||||||||||||||||||
Interest rate swap agreement terminations | (4,187 | ) | — | (4,187 | ) | — | |||||||||||||||||||||||||||
Foreign currency forward contracts | (1,873 | ) | 147 | (1,452 | ) | 1,384 | |||||||||||||||||||||||||||
Foinaven embedded derivative | — | — | — | 11,452 | |||||||||||||||||||||||||||||
(36,959 | ) | (29,522 | ) | (66,890 | ) | (47,249 | ) | ||||||||||||||||||||||||||
Unrealized gains (losses) relating to: | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | 96,911 | (58,425 | ) | 116,115 | (41,290 | ) | |||||||||||||||||||||||||||
Foreign currency forward contracts | (3,917 | ) | (6,651 | ) | (6,979 | ) | 2,141 | ||||||||||||||||||||||||||
Foinaven embedded derivative | — | — | — | (3,385 | ) | ||||||||||||||||||||||||||||
92,994 | (65,076 | ) | 109,136 | (42,534 | ) | ||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) on derivative instruments | 56,035 | (94,598 | ) | 42,246 | (89,783 | ) | |||||||||||||||||||||||||||
Realized and unrealized gains of the cross currency swaps are recognized in earnings and reported in foreign currency exchange gain (loss) in the consolidated statements of income (loss). The effect of the gain (loss) on cross currency swaps on the consolidated statements of income (loss) is as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Realized gain on partial termination of cross currency swap | — | — | 6,800 | — | |||||||||||||||||||||||||||||
Realized gains | 503 | 744 | 1,565 | 1,738 | |||||||||||||||||||||||||||||
Unrealized losses | (16,399 | ) | (21,046 | ) | (54,353 | ) | (13,167 | ) | |||||||||||||||||||||||||
Total realized and unrealized losses on cross currency swaps | (15,896 | ) | (20,302 | ) | (45,988 | ) | (11,429 | ) | |||||||||||||||||||||||||
As at June 30, 2013, the Company’s accumulated other comprehensive loss included $0.2 million of unrealized losses on foreign currency forward contracts designated as cash flow hedges. As at June 30, 2013, the Company estimated, based on then current foreign exchange rates, that it would reclassify approximately $0.2 million of net losses on foreign currency forward contracts from accumulated other comprehensive loss to earnings during the next 12 months. | |||||||||||||||||||||||||||||||||
The Company is exposed to credit loss to the extent the fair value represents an asset in the event of non-performance by the counterparties to the foreign currency forward contracts, and cross currency and interest rate swap agreements; however, the Company does not anticipate non-performance by any of the counterparties. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. |
Income_Tax_Expense_Recovery
Income Tax (Expense) Recovery | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Tax (Expense) Recovery | ' | ||||||||||||||||
15. Income Tax (Expense) Recovery | |||||||||||||||||
The components of the provision for income tax (expense) recovery are as follows: | |||||||||||||||||
Three Months | Six Months Ended | ||||||||||||||||
Ended June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Current | (1,943 | ) | 2,139 | (4,057 | ) | 5,973 | |||||||||||
Deferred | 70 | (290 | ) | (316 | ) | (556 | ) | ||||||||||
Income tax (expense) recovery | (1,873 | ) | 1,849 | (4,373 | ) | 5,417 | |||||||||||
The following reflects the changes in the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from December 31, 2012 to June 30, 2013: | |||||||||||||||||
Balance of unrecognized tax benefits as at January 1, 2013 | $ | 29,364 | |||||||||||||||
Decrease for positions taken in prior years | (267 | ) | |||||||||||||||
Decrease for positions related to the current period | (924 | ) | |||||||||||||||
Decrease related to statute of limitations | (388 | ) | |||||||||||||||
Balance of unrecognized tax benefits as at June 30, 2013 | $ | 27,785 | |||||||||||||||
The majority of the net decrease for positions for the six months ended June 30, 2013 relates to foreign currency exchange gains. | |||||||||||||||||
The Company does not presently anticipate such uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected. |
Income_Loss_Per_Share
Income (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income (Loss) Per Share | ' | ||||||||||||||||
16. Income (Loss) Per Share | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Net income (loss) attributable to stockholders’ of Teekay Corporation | 11,367 | (47,274 | ) | 5,231 | (46,208 | ) | |||||||||||
Weighted average number of common stock and common stock equivalents | 70,393,531 | 69,231,419 | 70,142,301 | 69,043,639 | |||||||||||||
Dilutive effect of stock-based compensation | 921,098 | — | 1,000,062 | — | |||||||||||||
Common stock and common stock equivalents | 71,314,629 | 69,231,419 | 71,142,363 | 69,043,639 | |||||||||||||
Earnings (loss) per common share: | |||||||||||||||||
—Basic | 0.16 | (0.68 | ) | 0.07 | (0.67 | ) | |||||||||||
—Diluted | 0.16 | (0.68 | ) | 0.07 | (0.67 | ) | |||||||||||
The anti-dilutive effect attributable to outstanding stock-based awards is excluded from the calculation of diluted loss per common share. For the three and six months ended June 30, 2013, the anti-dilutive effect attributable to outstanding stock-based awards was 3.1 million shares. For the three and six months ended June 30, 2012, the anti-dilutive effect attributable to outstanding stock-based awards was 3.9 million shares. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Supplemental Cash Flow Information | ' |
17. Supplemental Cash Flow Information | |
During January 2012, the Company’s 50% joint venture with Odebrecht Oil & Gas S.A. (a member of the Odebrecht group) (or Odebrecht) purchased the assets related to the Baúna and Piracaba (previously named Tiro and Sidon) FPSO project, including the then partially constructed Itajai FPSO unit, and the customer contracts from the Company for approximately $179 million. The purchase price was financed 80% with borrowings and the balance of the purchase price was financed with equity contributions by each of the joint venture partners. The Company’s initial equity contribution was funded by contributing the partially constructed FPSO unit and the customer contracts. This initial equity contribution has been treated as a non-cash transaction in the Company’s consolidated statement of cash flows. |
Subsequent_Events
Subsequent Events | 6 Months Ended | |
Jun. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
18. Subsequent Events | ||
a) | In July 2013, Teekay LNG exercised two of its existing three options with Daewoo Shipbuilding & Marine Engineering Co. Ltd. (or DSME) to construct two additional LNG carrier newbuildings, equipped with the MEGI twin engines, for a total cost of approximately $415 million. Teekay LNG intends to secure charter contracts for these vessels prior to their delivery in 2016. In connection with the exercise of these two options, Teekay LNG obtained options to order up to five additional LNG carrier newbuildings. | |
b) | In July 2013, Teekay LNG issued approximately 0.9 million common units in a private placement to an institutional investor for net proceeds, including the general partner’s 2% proportionate capital contribution, of $40.8 million. Teekay LNG used the proceeds from the private placement to fund the first installment payments on the two newbuilding LNG carriers ordered in July 2013 and for general corporate purposes. | |
c) | In July 2013, Exmar LPG BVBA exercised its options with Hanjin Heavy Industries and Construction Co., Ltd. to construct two LPG carrier newbuildings, scheduled for delivery in 2017. | |
d) | In August 2013, Teekay LNG agreed to acquire a 155,900 cubic meter (or cbm) LNG carrier newbuilding from Norway-based Awilco LNG ASA (or Awilco), which is currently under construction by DSME in South Korea. The vessel is expected to deliver in September 2013, at which time Awilco will sell the vessel to Teekay LNG and bareboat charter the vessel back on a five-year fixed-rate charter contract (plus a one-year extension option) with a fixed-price purchase obligation at the end of the initial term (and option period). Teekay LNG will purchase the vessel for a price of $205 million less a $50 million upfront payment of charter hire by Awilco, which is in addition to the daily bareboat charter rate. Teekay LNG intends to finance the transaction with a portion of its existing liquidity and expects to secure long-term debt financing in September 2013. As part of the transaction, Awilco has the option to sell to Teekay LNG and bareboat charter back a second 155,900 cbm LNG carrier newbuilding, currently under construction by DSME, under similar terms. The second LNG carrier newbuilding is expected to deliver in late-2013 or early-2014. | |
e) | In September 2013, Teekay LNG issued in the Norwegian bond market NOK 900 million in senior unsecured bonds. The bonds mature in September 2018. The aggregate principal amount of the bonds is equivalent to approximately $150 million and all interest and principal payments have been swapped into U.S. dollars at a fixed rate of 6.43%. Teekay LNG will apply to list the bonds on the Oslo Stock Exchange. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Results Information | ' | ||||||||||||||||||||
The following tables include results for the Company’s four segments for the three and six months ended June 30, 2013 and 2012: | |||||||||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Tanker and FSO | FPSO | Gas | Tanker | ||||||||||||||||||
Three Months ended June 30, 2013 | Segment | Segment | Segment | Segment | Total | ||||||||||||||||
Revenues | 140,062 | 122,560 | 70,983 | 97,102 | 430,707 | ||||||||||||||||
Voyage expenses | 22,275 | — | 487 | 3,392 | 26,154 | ||||||||||||||||
Vessel operating expenses | 43,472 | 84,054 | 15,164 | 53,288 | 195,978 | ||||||||||||||||
Time-charter hire expense | 14,110 | — | — | 12,434 | 26,544 | ||||||||||||||||
Depreciation and amortization | 29,093 | 39,285 | 18,328 | 23,063 | 109,769 | ||||||||||||||||
General and administrative(1) | 9,324 | 11,760 | 5,314 | 8,997 | 35,395 | ||||||||||||||||
Asset impairments and provisions | — | — | — | 7,042 | 7,042 | ||||||||||||||||
Gain on sale of vessels and equipment | — | (1,338 | ) | — | (3 | ) | (1,341 | ) | |||||||||||||
Restructuring charges | 1,043 | — | — | 746 | 1,789 | ||||||||||||||||
Income (loss) from vessel operations | 20,745 | (11,201 | ) | 31,690 | (11,857 | ) | 29,377 | ||||||||||||||
Segment assets as at June 30, 2013 | 1,844,517 | 2,787,470 | 3,279,847 | 1,983,339 | 9,895,173 | ||||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Tanker and FSO | FPSO | Gas | Tanker | ||||||||||||||||||
Three Months ended June 30, 2012 | Segment | Segment | Segment | Segment | Total | ||||||||||||||||
Revenues | 153,694 | 136,198 | 70,093 | 126,796 | 486,781 | ||||||||||||||||
Voyage expenses | 32,252 | — | 53 | 6,871 | 39,176 | ||||||||||||||||
Vessel operating expenses | 44,939 | 85,489 | 12,653 | 48,692 | 191,773 | ||||||||||||||||
Time-charter hire expense | 12,969 | — | — | 18,522 | 31,491 | ||||||||||||||||
Depreciation and amortization | 32,037 | 34,415 | 17,445 | 31,171 | 115,068 | ||||||||||||||||
General and administrative(1) | 11,241 | 10,214 | 4,513 | 10,262 | 36,230 | ||||||||||||||||
Asset impairments and provisions | 1,048 | — | — | — | 1,048 | ||||||||||||||||
Loss on sale of vessels and equipment | — | — | — | 2,221 | 2,221 | ||||||||||||||||
Restructuring charges | — | — | — | 1,525 | 1,525 | ||||||||||||||||
Income from vessel operations | 19,208 | 6,080 | 35,429 | 7,532 | 68,249 | ||||||||||||||||
Segment assets as at June 30, 2012 | 1,871,341 | 2,497,592 | 3,108,124 | 2,494,008 | 9,971,065 | ||||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Tanker and FSO | FPSO | Gas | Tanker | ||||||||||||||||||
Six Months ended June 30, 2013 | Segment | Segment | Segment | Segment | Total | ||||||||||||||||
Revenues | 278,715 | 263,489 | 141,984 | 197,556 | 881,744 | ||||||||||||||||
Voyage expenses | 44,084 | — | 491 | 7,894 | 52,469 | ||||||||||||||||
Vessel operating expenses | 88,379 | 161,438 | 30,260 | 103,365 | 383,442 | ||||||||||||||||
Time-charter hire expense | 28,887 | — | — | 25,109 | 53,996 | ||||||||||||||||
Depreciation and amortization | 56,789 | 73,317 | 35,619 | 46,538 | 212,263 | ||||||||||||||||
General and administrative(1) | 19,828 | 24,121 | 11,510 | 19,207 | 74,666 | ||||||||||||||||
Asset impairments and provisions | — | — | — | 10,207 | 10,207 | ||||||||||||||||
(Gain) loss on sale of vessels and equipment | — | (1,338 | ) | — | 29 | (1,309 | ) | ||||||||||||||
Restructuring charges | 1,630 | — | — | 2,213 | 3,843 | ||||||||||||||||
Income (loss) from vessel operations | 39,118 | 5,951 | 64,104 | (17,006 | ) | 92,167 | |||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Tanker and FSO | FPSO | Gas | Tanker | ||||||||||||||||||
Six Months ended June 30, 2012 | Segment | Segment | Segment | Segment | Total | ||||||||||||||||
Revenues | 309,929 | 264,866 | 143,678 | 269,414 | 987,887 | ||||||||||||||||
Voyage expenses | 59,267 | 232 | 149 | 18,165 | 77,813 | ||||||||||||||||
Vessel operating expenses | 94,758 | 159,571 | 25,620 | 99,578 | 379,527 | ||||||||||||||||
Time-charter hire expense | 26,586 | — | — | 48,884 | 75,470 | ||||||||||||||||
Depreciation and amortization | 63,829 | 67,563 | 34,683 | 63,607 | 229,682 | ||||||||||||||||
General and administrative(1) | 20,520 | 21,791 | 9,618 | 22,663 | 74,592 | ||||||||||||||||
Asset impairments and provisions | 1,048 | — | — | — | 1,048 | ||||||||||||||||
Loss on sale of vessels and equipment | — | — | — | 2,024 | 2,024 | ||||||||||||||||
Restructuring charges | — | — | — | 1,525 | 1,525 | ||||||||||||||||
Income from vessel operations | 43,921 | 15,709 | 73,608 | 12,968 | 146,206 | ||||||||||||||||
-1 | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||||||||||
Reconciliation of Total Segment Assets | ' | ||||||||||||||||||||
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: | |||||||||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Total assets of all segments | 9,895,173 | 9,719,938 | |||||||||||||||||||
Cash | 540,206 | 639,491 | |||||||||||||||||||
Accounts receivable and other assets | 682,208 | 642,596 | |||||||||||||||||||
Consolidated total assets | 11,117,587 | 11,002,025 | |||||||||||||||||||
Vessel_Charters_Tables
Vessel Charters (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||||
Schedule of Estimated Minimum Hire Payments | ' | ||||||||||||||||||||
the additional minimum estimated charter hire payments for the remainder of the year and the next four fiscal years, as at June 30, 2013, for the Company’s chartered-in and chartered-out vessels were as follows: | |||||||||||||||||||||
Remainder | |||||||||||||||||||||
of 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||
Charters-in—operating leases | 42.7 | 40.7 | 15.9 | 9.1 | 9.1 | ||||||||||||||||
Charters-in—capital leases (1) | 81.5 | 60 | 31.8 | 31.7 | 55 | ||||||||||||||||
124.2 | 100.7 | 47.7 | 40.8 | 64.1 | |||||||||||||||||
Charters-out—operating leases (2) | 535.8 | 1,226.80 | 1,175.80 | 1,089.00 | 1,106.90 | ||||||||||||||||
Charters-out—direct financing leases | 25 | 48.7 | 47.8 | 48 | 42.9 | ||||||||||||||||
560.8 | 1,275.50 | 1,223.60 | 1,137.00 | 1,149.80 | |||||||||||||||||
-1 | As at June 30, 2013 and December 31, 2012, the Company had $475.4 million and $475.5 million of restricted cash, respectively, which, including any interest earned on such amounts, is restricted to being used for charter hire payments of certain vessels chartered-in under capital leases. The Company also maintains restricted cash deposits relating to certain term loans and other obligations, which totaled $57.7 million and $58.3 million as at June 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
-2 | The minimum scheduled future operating lease revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after June 30, 2013, revenue from unexercised option periods of contracts that existed on June 30, 2013 or variable or contingent revenues. In addition, minimum scheduled future operating lease revenues presented in the table have been reduced by estimated off-hire time for any period maintenance. The amounts may vary given unscheduled future events such as vessel maintenance. |
Equity_Financing_Transactions_
Equity Financing Transactions (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Summary of Proceeds Received from Financial Transactions | ' | ||||||||||||||||
During the six months ended June 30, 2013 the Company’s publicly traded subsidiaries, Teekay Offshore and Teekay LNG completed the following public offerings, equity placements and equity issuances under continuous offering programs: | |||||||||||||||||
Total Proceeds | Less: | Offering | Net Proceeds | ||||||||||||||
Received | Teekay | Expenses | Received | ||||||||||||||
$ | Corporation | $ | $ | ||||||||||||||
Portion | |||||||||||||||||
$ | |||||||||||||||||
Six Months ended June 30, 2013 | |||||||||||||||||
Teekay Offshore Direct Equity Placement | 61,224 | (1,224 | ) | (46 | ) | 59,954 | |||||||||||
Teekay Offshore Preferred Units Offering | 150,000 | — | (5,079 | ) | 144,921 | ||||||||||||
Teekay Offshore Continuous Offering Program | 2,819 | (59 | ) | (53 | ) | 2,707 | |||||||||||
Teekay LNG Continuous Offering Program | 5,383 | (108 | ) | (456 | ) | 4,819 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
June 30, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
Revolving Credit Facilities | 1,705,306 | 1,627,979 | |||||||
Senior Notes (8.5%) due January 15, 2020 | 447,269 | 447,115 | |||||||
Norwegian Kroner-denominated Bonds due through January 2018 | 578,509 | 467,223 | |||||||
U.S. Dollar-denominated Term Loans due through 2021 | 2,669,263 | 2,432,374 | |||||||
U.S. Dollar-denominated Term Loan of Variable Interest Entity due October 2016 | — | 230,359 | |||||||
Euro-denominated Term Loans due through 2023 | 329,480 | 341,382 | |||||||
U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners | 13,282 | 13,282 | |||||||
Total | 5,743,109 | 5,559,714 | |||||||
Less current portion | 942,964 | 797,411 | |||||||
Long-term portion | 4,800,145 | 4,762,303 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||
Fair Value of Financial Instruments and Other Non-Financial Assets | ' | ||||||||||||||||||
The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at fair value on a recurring basis. | |||||||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||||||
Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||
Value | Amount | Value | Amount | Value | |||||||||||||||
Hierarchy | Asset (Liability) | Asset (Liability) | Asset (Liability) | Asset (Liability) | |||||||||||||||
Level | $ | $ | $ | $ | |||||||||||||||
Recurring | |||||||||||||||||||
Cash and cash equivalents, restricted cash, and marketable securities | Level 1 | 1,076,022 | 1,076,022 | 1,178,118 | 1,178,118 | ||||||||||||||
Derivative instruments (note 14) | |||||||||||||||||||
Interest rate swap agreements—assets | Level 2 | 118,683 | 118,683 | 165,688 | 165,688 | ||||||||||||||
Interest rate swap agreements—liabilities | Level 2 | (504,429 | ) | (504,429 | ) | (667,825 | ) | (667,825 | ) | ||||||||||
Cross currency swap agreement | Level 2 | (40,963 | ) | (40,963 | ) | 13,886 | 13,886 | ||||||||||||
Foreign currency contracts | Level 2 | (4,671 | ) | (4,671 | ) | 2,885 | 2,885 | ||||||||||||
Non-recurring | |||||||||||||||||||
Vessels and equipment | Level 2 | — | — | 287,983 | 287,983 | ||||||||||||||
Vessels held for sale | Level 2 | 6,800 | 6,800 | 22,364 | 22,364 | ||||||||||||||
Other | |||||||||||||||||||
Investment in term loans | Level 3 | 188,895 | 184,246 | 188,756 | 186,048 | ||||||||||||||
Loans to equity accounted investees and joint venture partners—Current | Level 3 | 2,743 | 2,743 | 139,183 | 139,183 | ||||||||||||||
Loans to equity accounted investees and joint venture partners—Long-term | -1 | 177,111 | (1 | ) | 67,720 | (1 | ) | ||||||||||||
Long-term debt—public (note 7) | Level 1 | (1,025,778 | ) | (1,072,211 | ) | (914,338 | ) | (949,326 | ) | ||||||||||
Long-term debt—non-public (note 7) | Level 2 | (4,717,331 | ) | (4,441,873 | ) | (4,645,376 | ) | (4,329,117 | ) | ||||||||||
-1 | In these consolidated financial statements, the Company’s long-term loans to and equity investments in equity accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the long-term loans to joint venture partners together with the joint venture partner’s equity investment in joint ventures form the net aggregate carrying value of the Company’s interest in the joint ventures. The fair value of the individual components of such aggregate interests is not determinable. | ||||||||||||||||||
Summary of Financing Receivables | ' | ||||||||||||||||||
The following table contains a summary of the Company’s financing receivables by type of borrower and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. | |||||||||||||||||||
Class of Financing Receivable | Credit Quality Indicator | Grade | June 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||||
$ | $ | ||||||||||||||||||
Direct financing leases | Payment activity | Performing | 430,414 | 436,601 | |||||||||||||||
Other loan receivables | |||||||||||||||||||
Investment in term loans (note 6b) | Collateral | Non-Performing | 188,895 | 188,756 | |||||||||||||||
Loans to equity accounted investees and joint venture partners (1) | Other internal metrics | Performing | 179,854 | 206,903 | |||||||||||||||
Long term receivable included in other assets | Payment activity | Performing | — | 1,704 | |||||||||||||||
799,163 | 833,964 | ||||||||||||||||||
-1 | Teekay LNG owns a 99% interest in Teekay Tangguh, which owns a 70% interest in Teekay BLT Corporation (or Teekay Tangguh Subsidiary). During the year ended December 31, 2012, one of Teekay LNG‘s joint venture partner‘s parent company, PT Berlian Laju Tanker (or BLT), suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The Company believes the loans to BLT and Teekay LNG‘s joint venture partner, BLT LNG Tangguh Corporation, totaling $24.0 million as at June 30, 2013 (December 31, 2012—$24.0 million), are collectible given the expected cash flows anticipated to be generated by the Teekay Tangguh Subsidiary that can be used to repay the loan and given the underlying collateral securing the loans to BLT. |
Other_Loss_Income_Tables
Other (Loss) Income (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||||||
Summary of Other (Loss) Income | ' | ||||||||||||||||
Three Months | Six Months Ended | ||||||||||||||||
Ended June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Gain on sale of other assets | — | — | — | 2,217 | |||||||||||||
Loss on bond repurchase | — | — | (1,759 | ) | — | ||||||||||||
Volatile organic compound emission plant lease income | 39 | 617 | 197 | 1,045 | |||||||||||||
Impairment of marketable securities | (2,062 | ) | — | (2,062 | ) | — | |||||||||||
Loss on sale of marketable securities | — | — | — | (420 | ) | ||||||||||||
Miscellaneous income (loss) | 637 | (528 | ) | 7,480 | (410 | ) | |||||||||||
Other (loss) income | (1,386 | ) | 89 | 3,856 | 2,432 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Accumulated Other comprehensive loss | ' | ||||||||
As at June 30, 2013 and December 31, 2012, the Company’s accumulated other comprehensive loss consisted of the following components: | |||||||||
June 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | (165 | ) | 341 | ||||||
Pension adjustments, net of tax recoveries | (13,821 | ) | (16,253 | ) | |||||
Foreign exchange gain on currency translation | 1,797 | 1,144 | |||||||
(12,189 | ) | (14,768 | ) | ||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Commitment of Foreign Currency Forward Contracts | ' | ||||||||||||||||||||||||||||||||
As at June 30, 2013, the Company was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||||||||||
Contract | Average | Fair Value / | Expected | ||||||||||||||||||||||||||||||
Amount | Forward | Carrying Amount | Maturity | ||||||||||||||||||||||||||||||
in | Rate (1) | of Asset (Liability) | |||||||||||||||||||||||||||||||
Foreign | Hedge | Non-hedge | 2013 | 2014 | |||||||||||||||||||||||||||||
Currency | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(millions) | (in millions of U.S. | (in millions of | |||||||||||||||||||||||||||||||
Dollars) | U.S. Dollars) | ||||||||||||||||||||||||||||||||
Norwegian Kroner | 1,039.40 | 5.97 | — | (4.3 | ) | 106.1 | 68.1 | ||||||||||||||||||||||||||
Euro | 2 | 0.75 | — | (0.1 | ) | 2.7 | — | ||||||||||||||||||||||||||
Canadian Dollar | 10.5 | 1.03 | (0.1 | ) | (0.1 | ) | 10.2 | — | |||||||||||||||||||||||||
British Pound | 1.8 | 0.63 | (0.1 | ) | — | 2.9 | — | ||||||||||||||||||||||||||
(0.2 | ) | (4.5 | ) | 121.9 | 68.1 | ||||||||||||||||||||||||||||
-1 | Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||||||||||
Commitment of Cross Currency Swaps | ' | ||||||||||||||||||||||||||||||||
As at June 30, 2013, the Company was committed to the following cross currency swaps: | |||||||||||||||||||||||||||||||||
Notional | Floating Rate Receivable | Floating Rate Payable | Fair | Remaining | |||||||||||||||||||||||||||||
Value / | |||||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||
Notional Amount NOK | Amount | Reference | Margin | Reference | Margin | Fixed Rate | of Asset / | Term | |||||||||||||||||||||||||
USD | Rate | Rate | Payable | (Liability) | (years) | ||||||||||||||||||||||||||||
211,500 | 34,721 | (1) | NIBOR | 4.75 | % | LIBOR | (2) | 5.04 | % | 120 | 0.4 | ||||||||||||||||||||||
700,000 | 122,800 | NIBOR | 4.75 | % | 5.52 | % | (7,734 | ) | 2.3 | ||||||||||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (7,328 | ) | 2.6 | ||||||||||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (4,716 | ) | 3.6 | ||||||||||||||||||||||||
700,000 | 125,000 | NIBOR | 5.25 | % | 6.88 | % | (11,677 | ) | 3.8 | ||||||||||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (9,628 | ) | 4.6 | ||||||||||||||||||||||||
(40,963 | ) | ||||||||||||||||||||||||||||||||
-1 | Teekay Offshore partially terminated the cross currency swap in connection with its repurchase in January 2013 of NOK 388.5 million of Teekay Offshore’s original NOK 600 million bond issue (see note 7). | ||||||||||||||||||||||||||||||||
-2 | LIBOR subsequently fixed at 1.1%, subject to a LIBOR rate receivable cap of 3.5% (see next section). | ||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements | ' | ||||||||||||||||||||||||||||||||
As at June 30, 2013, the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt, restricted cash deposits and EURIBOR-based debt, whereby certain of the Company’s floating-rate debt and restricted cash deposits were swapped with fixed-rate obligations or fixed-rate deposits: | |||||||||||||||||||||||||||||||||
Fair | |||||||||||||||||||||||||||||||||
Value / | |||||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||||
Amount | Weighted- | ||||||||||||||||||||||||||||||||
of Asset / | Average | ||||||||||||||||||||||||||||||||
(Liability) | Remaining | Fixed | |||||||||||||||||||||||||||||||
Term | Interest | ||||||||||||||||||||||||||||||||
Interest | Principal | Rate | |||||||||||||||||||||||||||||||
Rate Index | Amount | ||||||||||||||||||||||||||||||||
$ | $ | (years) | (%) (1) | ||||||||||||||||||||||||||||||
LIBOR-Based Debt: | |||||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 408,143 | (79,307 | ) | 23.6 | 4.9 | |||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (3) | LIBOR | 2,923,688 | (391,903 | ) | 7 | 4.2 | |||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (4) | LIBOR | 713,672 | 8,661 | 3.2 | 1.4 | ||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (5) | LIBOR | 98,500 | (415 | ) | 0.4 | 1.1 | |||||||||||||||||||||||||||
LIBOR-Based Restricted Cash Deposit: | |||||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 469,018 | 108,605 | 23.6 | 4.8 | ||||||||||||||||||||||||||||
EURIBOR-Based Debt: | |||||||||||||||||||||||||||||||||
Euro-denominated interest rate swaps (6) (7) | EURIBOR | 329,480 | (31,387 | ) | 7.5 | 3.1 | |||||||||||||||||||||||||||
(385,746 | ) | ||||||||||||||||||||||||||||||||
-1 | Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2013, ranged from 0.3% to 4.5%. | ||||||||||||||||||||||||||||||||
-2 | Principal amount reduces quarterly. | ||||||||||||||||||||||||||||||||
-3 | Principal amount of $200 million is fixed at 2.14%, unless LIBOR exceeds 6%, in which case the Company pays a floating rate of interest. | ||||||||||||||||||||||||||||||||
-4 | Inception date of swaps are 2013 ($413.7 million) and 2014 ($300.0 million). | ||||||||||||||||||||||||||||||||
-5 | The floating LIBOR rate receivable is capped at 3.5%, which effectively results in a fixed rate of 1.12% unless LIBOR exceeds 3.5%, in which case the Company’s related interest rate effectively floats at LIBOR reduced by 2.38%. | ||||||||||||||||||||||||||||||||
-6 | Principal amount reduces monthly to 70.1 million Euros ($91.2 million) by the maturity dates of the swap agreements. | ||||||||||||||||||||||||||||||||
-7 | Principal amount is the U.S. Dollar equivalent of 253.3 million Euros. | ||||||||||||||||||||||||||||||||
Location and Fair Value Amounts of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. | |||||||||||||||||||||||||||||||||
Current | Current | ||||||||||||||||||||||||||||||||
Portion of | Portion of | ||||||||||||||||||||||||||||||||
Derivative | Derivative | Accrued | Derivative | Derivative | |||||||||||||||||||||||||||||
Assets | Assets | Liabilities | Liabilities | Liabilities | |||||||||||||||||||||||||||||
As at June 30, 2013 | |||||||||||||||||||||||||||||||||
Derivatives designated as a cash flow hedge: | |||||||||||||||||||||||||||||||||
Foreign currency contracts | — | — | — | (142 | ) | — | |||||||||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||||||||||||||
Foreign currency contracts | 161 | 1 | — | (4,238 | ) | (453 | ) | ||||||||||||||||||||||||||
Interest rate swap agreements | 22,336 | 96,582 | (22,033 | ) | (175,596 | ) | (307,035 | ) | |||||||||||||||||||||||||
Cross currency swap agreements | 909 | — | 222 | (748 | ) | (41,346 | ) | ||||||||||||||||||||||||||
23,406 | 96,583 | (21,811 | ) | (180,724 | ) | (348,834 | ) | ||||||||||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||||||||||
Derivatives designated as a cash flow hedge: | |||||||||||||||||||||||||||||||||
Foreign currency contracts | 441 | — | — | (1 | ) | — | |||||||||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||||||||||||||
Foreign currency contracts | 2,506 | — | — | (60 | ) | — | |||||||||||||||||||||||||||
Interest rate swap agreements | 16,927 | 144,247 | (22,312 | ) | (115,774 | ) | (525,225 | ) | |||||||||||||||||||||||||
Cross currency swap agreements | 11,795 | 4,334 | 719 | — | (2,962 | ) | |||||||||||||||||||||||||||
31,669 | 148,581 | (21,593 | ) | (115,835 | ) | (528,187 | ) | ||||||||||||||||||||||||||
Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | ' | ||||||||||||||||||||||||||||||||
The effect of the gain (loss) on derivatives not designated as hedging instruments in the consolidated statements of income (loss) are as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | (30,899 | ) | (29,669 | ) | (61,251 | ) | (60,085 | ) | |||||||||||||||||||||||||
Interest rate swap agreement terminations | (4,187 | ) | — | (4,187 | ) | — | |||||||||||||||||||||||||||
Foreign currency forward contracts | (1,873 | ) | 147 | (1,452 | ) | 1,384 | |||||||||||||||||||||||||||
Foinaven embedded derivative | — | — | — | 11,452 | |||||||||||||||||||||||||||||
(36,959 | ) | (29,522 | ) | (66,890 | ) | (47,249 | ) | ||||||||||||||||||||||||||
Unrealized gains (losses) relating to: | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | 96,911 | (58,425 | ) | 116,115 | (41,290 | ) | |||||||||||||||||||||||||||
Foreign currency forward contracts | (3,917 | ) | (6,651 | ) | (6,979 | ) | 2,141 | ||||||||||||||||||||||||||
Foinaven embedded derivative | — | — | — | (3,385 | ) | ||||||||||||||||||||||||||||
92,994 | (65,076 | ) | 109,136 | (42,534 | ) | ||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) on derivative instruments | 56,035 | (94,598 | ) | 42,246 | (89,783 | ) | |||||||||||||||||||||||||||
Effect of Gain (Loss) on Cross Currency Swaps | ' | ||||||||||||||||||||||||||||||||
Realized and unrealized gains of the cross currency swaps are recognized in earnings and reported in foreign currency exchange gain (loss) in the consolidated statements of income (loss). The effect of the gain (loss) on cross currency swaps on the consolidated statements of income (loss) is as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Realized gain on partial termination of cross currency swap | — | — | 6,800 | — | |||||||||||||||||||||||||||||
Realized gains | 503 | 744 | 1,565 | 1,738 | |||||||||||||||||||||||||||||
Unrealized losses | (16,399 | ) | (21,046 | ) | (54,353 | ) | (13,167 | ) | |||||||||||||||||||||||||
Total realized and unrealized losses on cross currency swaps | (15,896 | ) | (20,302 | ) | (45,988 | ) | (11,429 | ) | |||||||||||||||||||||||||
Income_Tax_Expense_Recovery_Ta
Income Tax (Expense) Recovery (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Components of Provision for Income Tax (Expense) Recovery | ' | ||||||||||||||||
The components of the provision for income tax (expense) recovery are as follows: | |||||||||||||||||
Three Months | Six Months Ended | ||||||||||||||||
Ended June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Current | (1,943 | ) | 2,139 | (4,057 | ) | 5,973 | |||||||||||
Deferred | 70 | (290 | ) | (316 | ) | (556 | ) | ||||||||||
Income tax (expense) recovery | (1,873 | ) | 1,849 | (4,373 | ) | 5,417 | |||||||||||
Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities | ' | ||||||||||||||||
The following reflects the changes in the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from December 31, 2012 to June 30, 2013: | |||||||||||||||||
Balance of unrecognized tax benefits as at January 1, 2013 | $ | 29,364 | |||||||||||||||
Decrease for positions taken in prior years | (267 | ) | |||||||||||||||
Decrease for positions related to the current period | (924 | ) | |||||||||||||||
Decrease related to statute of limitations | (388 | ) | |||||||||||||||
Balance of unrecognized tax benefits as at June 30, 2013 | $ | 27,785 | |||||||||||||||
Income_Loss_Per_Share_Tables
Income (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income (Loss) Per Share | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Net income (loss) attributable to stockholders’ of Teekay Corporation | 11,367 | (47,274 | ) | 5,231 | (46,208 | ) | |||||||||||
Weighted average number of common stock and common stock equivalents | 70,393,531 | 69,231,419 | 70,142,301 | 69,043,639 | |||||||||||||
Dilutive effect of stock-based compensation | 921,098 | — | 1,000,062 | — | |||||||||||||
Common stock and common stock equivalents | 71,314,629 | 69,231,419 | 71,142,363 | 69,043,639 | |||||||||||||
Earnings (loss) per common share: | |||||||||||||||||
—Basic | 0.16 | (0.68 | ) | 0.07 | (0.67 | ) | |||||||||||
—Diluted | 0.16 | (0.68 | ) | 0.07 | (0.67 | ) |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Vessel operating expenses [Member] | ' | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' | ' |
Amount reclassified from general and administration expenses | $19.10 | $19.40 | $38.60 | $40 |
Revenues [Member] | ' | ' | ' | ' |
Basis Of Presentation [Line Items] | ' | ' | ' | ' |
Amount reclassified from general and administration expenses | $7.30 | $4.90 | $13.80 | $10.40 |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
REVENUES | $430,707 | $486,781 | $881,744 | $987,887 | ' |
Voyage expenses | 26,154 | 39,176 | 52,469 | 77,813 | ' |
Vessel operating expenses | 195,978 | 191,773 | 383,442 | 379,527 | ' |
Time-charter hire expense | 26,544 | 31,491 | 53,996 | 75,470 | ' |
Depreciation and amortization | 109,769 | 115,068 | 212,263 | 229,682 | ' |
General and administrative | 35,395 | 36,230 | 74,666 | 74,592 | ' |
Asset impairments and provisions | 7,042 | 1,048 | 10,207 | 1,048 | ' |
(Gain) loss on sale of vessels and equipment | -1,341 | 2,221 | -1,309 | 2,024 | ' |
Restructuring charges | 1,789 | 1,525 | 3,843 | 1,525 | ' |
Income (loss) from vessel operations | 29,377 | 68,249 | 92,167 | 146,206 | ' |
Segment assets | 9,895,173 | 9,971,065 | 9,895,173 | 9,971,065 | 9,719,938 |
Operating Segments [Member] | Shuttle Tanker and FSO Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
REVENUES | 140,062 | 153,694 | 278,715 | 309,929 | ' |
Voyage expenses | 22,275 | 32,252 | 44,084 | 59,267 | ' |
Vessel operating expenses | 43,472 | 44,939 | 88,379 | 94,758 | ' |
Time-charter hire expense | 14,110 | 12,969 | 28,887 | 26,586 | ' |
Depreciation and amortization | 29,093 | 32,037 | 56,789 | 63,829 | ' |
General and administrative | 9,324 | 11,241 | 19,828 | 20,520 | ' |
Asset impairments and provisions | ' | 1,048 | ' | 1,048 | ' |
Restructuring charges | 1,043 | ' | 1,630 | ' | ' |
Income (loss) from vessel operations | 20,745 | 19,208 | 39,118 | 43,921 | ' |
Segment assets | 1,844,517 | 1,871,341 | 1,844,517 | 1,871,341 | ' |
Operating Segments [Member] | FPSO Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
REVENUES | 122,560 | 136,198 | 263,489 | 264,866 | ' |
Voyage expenses | ' | ' | ' | 232 | ' |
Vessel operating expenses | 84,054 | 85,489 | 161,438 | 159,571 | ' |
Depreciation and amortization | 39,285 | 34,415 | 73,317 | 67,563 | ' |
General and administrative | 11,760 | 10,214 | 24,121 | 21,791 | ' |
(Gain) loss on sale of vessels and equipment | -1,338 | ' | -1,338 | ' | ' |
Income (loss) from vessel operations | -11,201 | 6,080 | 5,951 | 15,709 | ' |
Segment assets | 2,787,470 | 2,497,592 | 2,787,470 | 2,497,592 | ' |
Operating Segments [Member] | Liquefied Gas Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
REVENUES | 70,983 | 70,093 | 141,984 | 143,678 | ' |
Voyage expenses | 487 | 53 | 491 | 149 | ' |
Vessel operating expenses | 15,164 | 12,653 | 30,260 | 25,620 | ' |
Depreciation and amortization | 18,328 | 17,445 | 35,619 | 34,683 | ' |
General and administrative | 5,314 | 4,513 | 11,510 | 9,618 | ' |
Income (loss) from vessel operations | 31,690 | 35,429 | 64,104 | 73,608 | ' |
Segment assets | 3,279,847 | 3,108,124 | 3,279,847 | 3,108,124 | ' |
Operating Segments [Member] | Conventional Tanker Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
REVENUES | 97,102 | 126,796 | 197,556 | 269,414 | ' |
Voyage expenses | 3,392 | 6,871 | 7,894 | 18,165 | ' |
Vessel operating expenses | 53,288 | 48,692 | 103,365 | 99,578 | ' |
Time-charter hire expense | 12,434 | 18,522 | 25,109 | 48,884 | ' |
Depreciation and amortization | 23,063 | 31,171 | 46,538 | 63,607 | ' |
General and administrative | 8,997 | 10,262 | 19,207 | 22,663 | ' |
Asset impairments and provisions | 7,042 | ' | 10,207 | ' | ' |
(Gain) loss on sale of vessels and equipment | -3 | 2,221 | 29 | 2,024 | ' |
Restructuring charges | 746 | 1,525 | 2,213 | 1,525 | ' |
Income (loss) from vessel operations | -11,857 | 7,532 | -17,006 | 12,968 | ' |
Segment assets | $1,983,339 | $2,494,008 | $1,983,339 | $2,494,008 | ' |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Total Segment Assets (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Segment Reporting [Abstract] | ' | ' | ' | ' |
Total assets of all segments | $9,895,173 | $9,719,938 | $9,971,065 | ' |
Cash | 540,206 | 639,491 | 665,737 | 692,127 |
Accounts receivable and other assets | 682,208 | 642,596 | ' | ' |
Assets | $11,117,587 | $11,002,025 | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||
Share data in Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jan. 31, 2012 | Feb. 28, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Feb. 28, 2012 | Feb. 28, 2012 | Feb. 28, 2012 | Feb. 28, 2012 | Jul. 31, 2013 | Jun. 30, 2013 | Nov. 01, 2012 | Feb. 28, 2013 | Jun. 30, 2013 | Nov. 01, 2012 | Nov. 01, 2012 | Nov. 01, 2012 | Feb. 28, 2012 | Jun. 30, 2013 | Feb. 28, 2012 | Feb. 28, 2012 | Feb. 28, 2012 | Jun. 30, 2013 | Apr. 13, 2013 | 2-May-13 | Jun. 30, 2013 | 2-May-13 | Nov. 30, 2011 | Jun. 30, 2013 | Nov. 30, 2011 | Nov. 30, 2011 |
Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | |||||
Minimum [Member] | Maximum [Member] | Secured Debt [Member] | Shareholders' Equity [Member] | Vessel | Teekay LNG-Marubeni Joint Venture [Member] | Vessel | Vessel | 2014 and 2016 [Member] | July 2013 [Member] | Vessel | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Capital Addition Purchase Commitments [Member] | ||||||||||||||||
Vessel | Vessel | Secured Debt [Member] | Shareholders' Equity [Member] | ||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost | ' | ' | ' | ' | $1,300,000,000 | ' | ' | ' | ' | $1,060,000,000 | $266,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $94,000,000 |
Assumed debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | 230,000,000 | ' | ' | ' | ' | 230,000,000 |
Outstanding balance of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,500,000 |
Purchase price of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000,000 | ' | 150,000,000 | ' |
Charter contract term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Acquisition completed date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-May-13 | ' | ' | ' | ' |
Excess price paid for the carrying value of non-controlling interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,400,000 | ' | ' | ' | ' |
Business acquisition initial purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,000,000 | 527,300,000 | ' | ' | ' | ' | ' |
Charter rate being foregone during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification of revenue loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000,000 | ' | ' |
Adjusted purchase price including assumed debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 297,300,000 | ' | ' | 297,300,000 | ' | ' | ' | ' | ' |
Carrying value in excess of fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' | ' | ' |
Number of LPG carriers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of new building carriers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 8 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of chartered-in LPG carriers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in LNG carriers | ' | ' | ' | 50.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in joint venture | 136,413,000 | 161,209,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,100,000 | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | 138,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro rata share of existing debt and lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess investment over the book value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | 303,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Co-venturer interest in joint venture | ' | ' | ' | ' | ' | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of secured debt guaranteed by the Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash deposits relating to certain term loans | 37,357,000 | ' | 39,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee liability | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the guarantee liability | ' | ' | ' | ' | ' | 200,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $5,743,109,000 | ' | $5,559,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $963,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt facilities maturing year | ' | ' | ' | ' | ' | ' | ' | '2017 | '2030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel_Charters_Additional_Inf
Vessel Charters - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2013 | |
Operating Leased Assets [Line Items] | ' |
Number of LNG carriers | 2 |
Teekay LNG [Member] | Teekay Tangguh Borrower LLC [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Agreed ownership interest in Teekay Tangguh Borrower LLC | 99.00% |
Teekay LNG [Member] | Teekay Tangguh Joint Venture [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Agreed ownership interest in Teekay Tangguh Borrower LLC | 69.00% |
Teekay BLT Corporation [Member] | Teekay Tangguh Joint Venture [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Ownership interest | 70.00% |
Vessel_Charters_Schedule_of_Es
Vessel Charters - Schedule of Estimated Minimum Hire Payments (Detail) (USD $) | Jun. 30, 2013 |
In Millions, unless otherwise specified | |
Charters-out [Member] | ' |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' |
Operating leases, Remainder of 2013 | $535.80 |
Operating leases, 2014 | 1,226.80 |
Operating leases, 2015 | 1,175.80 |
Operating leases, 2016 | 1,089 |
Operating leases, 2017 | 1,106.90 |
Direct financing leases, Remainder of 2013 | 25 |
Direct financing leases, 2014 | 48.7 |
Direct financing leases, 2015 | 47.8 |
Direct financing leases, 2016 | 48 |
Direct financing leases, 2017 | 42.9 |
Future minimum payments, Remainder of 2013 | 560.8 |
Future minimum payments, 2014 | 1,275.50 |
Future minimum payments, 2015 | 1,223.60 |
Future minimum payments, 2016 | 1,137 |
Future minimum payments, 2017 | 1,149.80 |
Charters-in [Member] | ' |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' |
Operating leases, Remainder of 2013 | 42.7 |
Operating leases, 2014 | 40.7 |
Operating leases, 2015 | 15.9 |
Operating leases, 2016 | 9.1 |
Operating leases, 2017 | 9.1 |
Capital leases, Remainder of 2013 | 81.5 |
Capital leases, 2014 | 60 |
Capital leases, 2015 | 31.8 |
Capital leases, 2016 | 31.7 |
Capital leases, 2017 | 55 |
Future minimum payments, Remainder of 2013 | 124.2 |
Future minimum payments, 2014 | 100.7 |
Future minimum payments, 2015 | 47.7 |
Future minimum payments, 2016 | 40.8 |
Future minimum payments, 2017 | $64.10 |
Vessel_Charters_Schedule_of_Es1
Vessel Charters - Schedule of Estimated Minimum Hire Payments (Parenthetical) (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' | ' |
Restricted cash on deposit | $495,714,000 | $494,429,000 |
Restricted cash deposits related to certain term loans and other obligations | 57,700,000 | 58,300,000 |
Teekay Nakilat Corporation [Member] | ' | ' |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' | ' |
Restricted cash on deposit | $475,400,000 | $475,500,000 |
Equity_Financing_Transactions_1
Equity Financing Transactions - Summary of Proceeds Received form Financial Transactions (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2010 |
Teekay Offshore [Member] | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Total Proceeds Received | ' | $35,000 |
Net Proceeds Received | 207,582 | ' |
Teekay Offshore [Member] | Direct Equity Placement [Member] | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Total Proceeds Received | 61,224 | ' |
Less: Teekay Corporation Portion | -1,224 | ' |
Offering Expenses | -46 | ' |
Net Proceeds Received | 59,954 | ' |
Teekay Offshore [Member] | Preferred Units Offering [Member] | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Total Proceeds Received | 150,000 | ' |
Offering Expenses | -5,079 | ' |
Net Proceeds Received | 144,921 | ' |
Teekay Offshore [Member] | Continuous Offering Program [Member] | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Total Proceeds Received | 2,819 | ' |
Less: Teekay Corporation Portion | -59 | ' |
Offering Expenses | -53 | ' |
Net Proceeds Received | 2,707 | ' |
Teekay LNG [Member] | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Net Proceeds Received | 4,819 | ' |
Teekay LNG [Member] | Continuous Offering Program [Member] | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Total Proceeds Received | 5,383 | ' |
Less: Teekay Corporation Portion | -108 | ' |
Offering Expenses | -456 | ' |
Net Proceeds Received | $4,819 | ' |
Equity_Financing_Transactions_2
Equity Financing Transactions - Additional Information (Detail) (Teekay Offshore [Member], USD $) | 1 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | 2-May-13 | Jun. 30, 2013 | Dec. 31, 2010 |
Teekay Offshore [Member] | ' | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' |
Acquisition completion date | 2-May-13 | ' | ' |
Total purchase price | $540 | ' | ' |
Business acquisition, debt assumed | 230 | ' | ' |
Business acquisition, cash paid | 253 | ' | ' |
Business acquisition, value of common units | 44.3 | ' | ' |
Business acquisition, Fair value of common units | $40 | ' | ' |
Common units outstanding | 83.6 | ' | ' |
Ownership interest | ' | 29.90% | 33.00% |
Percentage of general partner interest | ' | 2.00% | ' |
Vessel_Sales_and_Asset_Impairm1
Vessel Sales and Asset Impairments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Feb. 28, 2011 | Jul. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | |
SecurityLoan | SecurityLoan | Teekay Tankers [Member] | Teekay Tankers [Member] | Shuttle Tanker and FSO Segment [Member] | Shuttle Tanker and FSO Segment [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Petrojarl I FPSO [Member] | Petrojarl I FPSO [Member] | 1997-built conventional tanker [Member] | 1997-built conventional tanker [Member] | |||
Operating Segments [Member] | Operating Segments [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | ||||||||||||
Vessel | |||||||||||||||
Term_loan | |||||||||||||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gain (loss) from sale of equipment | $1,341,000 | ($2,221,000) | $1,309,000 | ($2,024,000) | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | $1,300,000 | ($2,200,000) | ($2,200,000) |
Advances on loans | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | 115,600,000 | ' | ' | ' | ' | ' |
Interest rate on term loan | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 9.00% | ' | ' | ' | ' | ' |
Acquired term loans | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Principal amount outstanding of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | ' |
Term loan acquired, maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013-07 | ' | ' | ' | ' |
Number of vessels collateralized for loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Allowances recorded in respect of investments | ' | ' | ' | ' | 7,000,000 | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loan matured | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-down charges related to vessel | $7,042,000 | $1,048,000 | $10,207,000 | $1,048,000 | ' | ' | $1,048,000 | $1,048,000 | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Norwegian Kroner-denominated Bonds due through January 2018 [Member] | Norwegian Kroner-denominated Bonds due through January 2018 [Member] | U.S. Dollar-denominated Term Loans due through 2021 [Member] | U.S. Dollar-denominated Term Loans due through 2021 [Member] | U.S. Dollar-denominated Term Loan of Variable Interest Entity due October 2016 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | Co-venturer [Member] | Co-venturer [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | |||
USD ($) | USD ($) | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $5,743,109 | $5,559,714 | $1,705,306 | $1,627,979 | $447,269 | $447,115 | $578,509 | $467,223 | $2,669,263 | $2,432,374 | $230,359 | $329,480 | € 253,300 | $341,382 | € 258,800 | $13,300 | $13,300 | $13,282 | $13,282 |
Less current portion | 942,964 | 797,411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term portion | $4,800,145 | $4,762,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | NOK | NOK | USD ($) | Interest rate swap agreements [Member] | Teekay Offshore [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner-denominated Bonds due November 2013 [Member] | Norwegian Kroner Bond [Member] | Norwegian Kroner Bond [Member] | Cross currency swap agreement partial termination [Member] | Norwegian Kroner-denominated bonds due between October 2015 and May 2017 [Member] | Norwegian Kroner Bond Maturing in January 2016 [Member] | Norwegian Kroner Bond Maturing in January 2016 [Member] | Norwegian Kroner Bond Maturing in September 2018 [Member] | Norwegian Kroner Bond Maturing in September 2018 [Member] | Norwegian Kroner Bond Maturing in January 2018 [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | 5.3% term loan [Member] | 5.3% term loan [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | |
EUR (€) | USD ($) | USD ($) | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | USD ($) | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | USD ($) | USD ($) | ||||||||||
CreditFacility | USD ($) | NOK | NOK | Interest rate swap agreements [Member] | Foreign currency contracts [Member] | USD ($) | NOK | USD ($) | NOK | NOK | Interest rate swap agreements [Member] | NOK | Interest rate swap agreements [Member] | Term_loan | |||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements [Member] | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as a cash flow hedge [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undrawn amount of revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of debt instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | 5.75% | ' | ' | ' | ' | 0.45% | 0.45% | 4.50% | 4.50% | 4.75% | 4.75% | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | 4.75% | ' | ' | 0.30% | 0.30% | 3.25% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | 0.60% | 2.25% | 2.25% | ' | ' |
LIBOR as at date indicated | 0.27% | ' | 0.27% | ' | ' | ' | 0.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.27% | 0.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in first year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 389,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in second year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 710,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in third year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in fourth year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 342,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in fifth year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 321,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateralized by first-priority mortgages granted, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Revolvers are collateralized by first-priority mortgages granted on 52 of the Company's vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all outstanding amounts. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The term loans are collateralized by first-priority mortgages on 38 (December 31, 2012 - 36) of the Company's vessels, together with certain other security. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate on the portion of U. S. Dollar-denominated term loans outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.84% | 4.84% |
Debt instrument, face amount | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage over par at which notes sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized cost included in other non-current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price as percentage of principle amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury yield plus 50 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211,500,000 | ' | ' | ' | ' | 1,300,000,000 | ' | 2,000,000,000 | 500,000,000 | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 329,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,800,000 | ' | ' | ' | ' | 214,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin added to reference rate on cross currency swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.04% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of principal amount | ' | ' | ' | ' | ' | ' | ' | 253,300,000 | ' | 349,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,700,000 | ' | ' | ' | ' | ' | 89,700,000 | ' | 143,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rates based on interest rate and cross currency swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.52% | ' | 7.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.12% | ' | ' | ' | ' | ' | ' | 4.80% | ' | 5.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate on interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR rate receivable variable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Teekay Offshore also entered into an interest rate swap to swap the interest payments from LIBOR to a fixed rate of 1.12%. The floating LIBOR rate receivable from the interest rate swap is capped at 3.5%, which effectively results in a fixed rate of 1.12% unless LIBOR exceeds 3.5%, in which case Teekay Offshore's related interest rate effectively floats at LIBOR, but reduced by 2.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of bond | ' | ' | ' | ' | ' | 388,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on bond repurchase | ' | ' | -1,759,000 | ' | ' | ' | ' | ' | -1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gains (losses) included in foreign currency exchange gain | ' | ' | ' | ' | ' | ' | ' | ' | -6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 5,743,109,000 | ' | 5,743,109,000 | ' | ' | ' | 5,559,714,000 | ' | ' | ' | ' | ' | ' | ' | 447,269,000 | 447,115,000 | 1,705,306,000 | 1,627,979,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000,000 | 2,400,000,000 | ' | ' | ' | ' | 305,700,000 | 328,000,000 | 329,480,000 | ' | 329,480,000 | ' | 253,300,000 | 341,382,000 | 258,800,000 | ' | ' | ' | ' | 13,300,000 | 13,300,000 |
Interest at a weighted-average fixed rate | 2.80% | ' | 2.80% | ' | ' | ' | 2.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | 5.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of term loans which have balloon or bullet repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding term loans not guaranteed by Teekay or its subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,700,000 | 107,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EURIBOR as at date indicated | 0.10% | ' | 0.10% | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized foreign exchange gains (loss) | 678,000 | 17,835,000 | 2,867,000 | 2,011,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 678,000 | 17,835,000 | 2,867,000 | 2,011,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel market value to loan ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117.30% | ' | 311.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel market value to loan minimum required ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.00% | ' | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum level of free cash be maintained as per loan agreements | 100,000,000 | ' | 100,000,000 | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Free liquidity and undrawn revolving credit line as percentage of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of free liquidity and undrawn revolving credit line | 321,300,000 | ' | 321,300,000 | ' | ' | ' | 319,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in first year | 431,400,000 | ' | 431,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in second year | 1,200,000,000 | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in third year | 463,200,000 | ' | 463,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in fourth year | 443,400,000 | ' | 443,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in fifth year | 990,500,000 | ' | 990,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility thereafter | $2,300,000,000 | ' | $2,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Times | |||
Class of Stock [Line Items] | ' | ' | ' |
Number of common shares issued related to the exercise of share based compensation during the period | ' | 1,000,000 | ' |
Preferred stock, share authorized | ' | 25,000,000 | 25,000,000 |
Preferred stock, par value | ' | $1 | $1 |
Common stock, share authorized | ' | 725,000,000 | 725,000,000 |
Common stock, par value | ' | $0.00 | $0.00 |
Options granted | 72,810 | ' | ' |
Stock option per share value | $34.07 | ' | ' |
Number of times performance units to vest, Minimum | 0 | ' | ' |
Weighted-average grant-date fair value of options granted | $10.54 | ' | ' |
Expected volatility used in computing fair value of options granted | 53.70% | ' | ' |
Expected life used in computing fair value of options granted, years | '5 years | ' | ' |
Dividend yield used in computing fair value of options granted | 4.80% | ' | ' |
Risk-free interest rate used in computing fair value of options granted | 0.80% | ' | ' |
Estimated forfeiture rate used in computing fair value of options granted | 12.00% | ' | ' |
Period of historical data used to calculate expected volatility in years | '5 years | ' | ' |
Restricted stock units [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Options granted | 158,957 | ' | ' |
Fair value of granted stock | $5.40 | ' | ' |
Performance shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Options granted | 54,773 | ' | ' |
Fair value of granted stock | 2.3 | ' | ' |
Vesting period of stock option, restricted stock units and performance shares | '3 years | ' | ' |
Restricted stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Options granted | 26,412 | ' | ' |
Fair value of restricted stock awards | $0.90 | ' | ' |
Value of each restricted stock unit and performance share unit in shares | 'Each restricted stock unit and performance share is equal in value to one share of the Company's common stock plus reinvested dividends from the grant date to the vesting date. | ' | ' |
Vesting period of stock option, restricted stock units and performance shares | '3 years | ' | ' |
Stock option [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock option, term | '10 years | ' | ' |
Vesting period of stock option, restricted stock units and performance shares | '3 years | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | Jun. 30, 2013 | Jan. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Nov. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Apr. 08, 2013 | Jun. 30, 2013 |
USD ($) | Insurance Claims [Member] | Vessels [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | RasGas II LNG Carriers [Member] | RasGas II LNG Carriers [Member] | RasGas II LNG Carriers [Member] | RasGas II LNG Carriers [Member] | 2014 and 2016 [Member] | Shuttle tankers [Member] | LNG carriers [Member] | FSO [Member] | FPSO [Member] | LR II Product Tanker [Member] | LR II Product Tanker [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | NOK | USD ($) | USD ($) | NOK | Insurance Claims [Member] | Insurance Claims [Member] | Vessel | USD ($) | Teekay LNG Exmar LPG BVBA Joint Venture [Member] | Vessel | Letter of Credit [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Exmar LPG BVBA [Member] | Vessel | Vessel | Vessel | Vessel | Vessel | USD ($) | ||||
USD ($) | NOK | Vessel | USD ($) | USD ($) | Letter of Credit [Member] | Vessel | DWT | Vessel | |||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | 8 | ' | 3 | ' | ' | ' | ' | 2 | 2 | 2 | 1 | ' | 4 |
Estimated purchase price | ' | ' | ' | $1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $364,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment made towards commitments | ' | ' | ' | 678,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest and other miscellaneous construction costs | ' | ' | ' | 38,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated remaining payments required to be made under new building and conversion contracts in remainder of 2013 | ' | ' | ' | 213,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 |
Estimated remaining payments required to be made under new building and conversion contracts in remainder of 2014 | ' | ' | ' | 431,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 172,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 |
Estimated remaining payments required to be made under new building and conversion contracts in remainder of 2015 | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,000,000 |
Estimated remaining payments required to be made under new building and conversion contracts in remainder of 2016 | ' | ' | ' | 343,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,500,000 |
Weight capacity in dead-weight tonne | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,000 | ' |
Number of additional vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' |
Percentage of first installment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Number of new building carriers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' |
Percentage of ownership in joint venture arrangement | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of acquisition | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of charter contract | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claim sought for damages | ' | ' | ' | ' | ' | 35,100,000 | 213,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability recognized in legal proceedings | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | 76,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability recognized in legal costs | ' | ' | ' | ' | ' | 47,800,000 | 290,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, interest accrual | ' | ' | ' | ' | ' | ' | 66,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, legal costs accrual | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,800,000 | 290,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of capital leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Teekay Nakilat Corporation (or Teekay Nakilat), a subsidiary of Teekay LNG, is the lessee under 30-year capital lease arrangements with a third party for three LNG Carriers (or the RasGas II Leases). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated shares of lease rental increase claim | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Share of potential exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery from deductible insurance coverage | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum recovery of capital lease | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shuttle tanker contributed by unrelated party in exchange of equity interest in subsidiary | ' | ' | ' | ' | ' | ' | ' | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional interest acquired by subsidiary | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Joint venture interests | ' | ' | ' | ' | ' | 29.90% | 29.90% | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cross currency swap agreement | ($4,500) | ' |
Vessels held for sale | 6,800 | 22,364 |
Investment in term loans | 188,895 | 120,642 |
Loans to equity accounted investees and joint venture partners-Current | 2,743 | 139,183 |
Loans to equity accounted investees and joint venture partners-Long-term | 177,111 | 67,720 |
Long-term debt | -5,743,109 | -5,559,714 |
Fair Value Asset (Liability) [Member] | Level 1 [Member] | Public [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -1,072,211 | -949,326 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Private [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -4,441,873 | -4,329,117 |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in term loans | 184,246 | 186,048 |
Loans to equity accounted investees and joint venture partners-Current | 2,743 | 139,183 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents, restricted cash, and marketable securities | 1,076,022 | 1,178,118 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap agreements-assets | 118,683 | 165,688 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap agreements-liabilities | -504,429 | -667,825 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Cross currency swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cross currency interest swap agreement | -40,963 | 13,886 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Foreign currency contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Foreign currency contracts | -4,671 | 2,885 |
Fair Value Asset (Liability) [Member] | Non-recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Vessels and equipment | ' | 287,983 |
Vessels held for sale | 6,800 | 22,364 |
Carrying Amount Asset (Liability) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans to equity accounted investees and joint venture partners-Long-term | 177,111 | 67,720 |
Carrying Amount Asset (Liability) [Member] | Level 1 [Member] | Public [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -1,025,778 | -914,338 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Private [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -4,717,331 | -4,645,376 |
Carrying Amount Asset (Liability) [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in term loans | 188,895 | 188,756 |
Loans to equity accounted investees and joint venture partners-Current | 2,743 | 139,183 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents, restricted cash, and marketable securities | 1,076,022 | 1,178,118 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap agreements-assets | 118,683 | 165,688 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap agreements-liabilities | -504,429 | -667,825 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Cross currency swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cross currency swap agreement | -40,963 | 13,886 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Foreign currency contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Foreign currency contracts | -4,671 | 2,885 |
Carrying Amount Asset (Liability) [Member] | Non-recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Vessels and equipment | ' | 287,983 |
Vessels held for sale | $6,800 | $22,364 |
Financial_Instruments_Summary_
Financial Instruments - Summary of Financing Receivables (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other loan receivables | ' | ' |
Investment in term loans | $188,895 | $120,642 |
Total direct financing leases and other loan receivables | 799,163 | 833,964 |
Payment activity [Member] | Performing [Member] | ' | ' |
Summary of financing receivables | ' | ' |
Direct financing leases | 430,414 | 436,601 |
Other loan receivables | ' | ' |
Long term receivable included in other assets | ' | 1,704 |
Collateral [Member] | Non-Performing [Member] | ' | ' |
Other loan receivables | ' | ' |
Investment in term loans | 188,895 | 188,756 |
Other internal metrics [Member] | Performing [Member] | ' | ' |
Other loan receivables | ' | ' |
Loans to equity accounted investees and joint venture partners | $179,854 | $206,903 |
Financial_Instruments_Summary_1
Financial Instruments - Summary of Financing Receivables (Parenthetical) (Detail) (Teekay Tangguh Borrower LLC [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Teekay LNG [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Ownership percentage | 99.00% | ' |
Teekay BLT Corporation [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Ownership percentage | 70.00% | ' |
Loans to equity accounted investees and joint venture partners carrying value | $24 | $24 |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | |
Reorganizations [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | $1,789,000 | $1,525,000 | $3,843,000 | $1,525,000 | ' |
Expected restructuring charges | ' | ' | 1,000,000 | ' | ' |
Restructuring liability | $4,100,000 | ' | $4,100,000 | ' | $3,400,000 |
Other_Loss_Income_Summary_of_O
Other (Loss) Income - Summary of Other (Loss) Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Gain on sale of other assets | ' | ' | ' | $2,217 |
Loss on bond repurchase | ' | ' | -1,759 | ' |
Volatile organic compound emission plant lease income | 39 | 617 | 197 | 1,045 |
Impairment of marketable securities | -2,062 | ' | -2,062 | ' |
Loss on sale of marketable securities | ' | ' | ' | -420 |
Miscellaneous income (loss) | 637 | -528 | 7,480 | -410 |
Other (loss) income | ($1,386) | $89 | $3,856 | $2,432 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Unrealized (loss) gain on qualifying cash flow hedging instruments | ($165) | $341 |
Pension adjustments, net of tax recoveries | -13,821 | -16,253 |
Foreign exchange gain on currency translation | 1,797 | 1,144 |
Accumulated other comprehensive loss | ($12,189) | ($14,768) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Commitment of Foreign Currency Forward Contracts (Detail) | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
USD ($) | Norwegian Kroner [Member] | Norwegian Kroner [Member] | Euro [Member] | Euro [Member] | Canadian Dollar [Member] | Canadian Dollar [Member] | British Pound [Member] | British Pound [Member] | |
USD ($) | NOK | USD ($) | EUR (€) | USD ($) | CAD | USD ($) | GBP (£) | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Amount in Foreign Currency | ' | ' | 1,039,400,000 | ' | € 2,000,000 | ' | 10,500,000 | ' | £ 1,800,000 |
Average Forward Rate | ' | 5.97 | 5.97 | 0.75 | 0.75 | 1.03 | 1.03 | 0.63 | 0.63 |
Fair Value / Carrying Amount of Asset (Liability) Hedge Derivatives | -200,000 | ' | ' | ' | ' | -100,000 | ' | -100,000 | ' |
Fair Value / Carrying Amount of Asset (Liability) Non-hedge Derivatives | -4,500,000 | -4,300,000 | ' | -100,000 | ' | -100,000 | ' | ' | ' |
Expected Maturity Amount of Foreign Currency Derivatives in Current Year | 121,900,000 | 106,100,000 | ' | 2,700,000 | ' | 10,200,000 | ' | 2,900,000 | ' |
Expected Maturity Amount of Foreign Currency Derivatives in Next Fiscal Year | $68,100,000 | $68,100,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | USD ($) | Cross Currency Swap One [Member] | Cross Currency Swap One [Member] | Cross Currency Swap Two [Member] | Cross Currency Swap Two [Member] | Cross Currency Swap Three [Member] | Cross Currency Swap Three [Member] | Cross Currency Swap Four [Member] | Cross Currency Swap Four [Member] | Cross Currency Swap Five [Member] | Cross Currency Swap Five [Member] | Cross Currency Swap Six [Member] | Cross Currency Swap Six [Member] | Fixed Rate Payable [Member] | Fixed Rate Payable [Member] | Fixed Rate Payable [Member] | Fixed Rate Payable [Member] | Fixed Rate Payable [Member] | Fixed Rate Payable [Member] | Floating Rate Receivable [Member] | Floating Rate Receivable [Member] | Floating Rate Receivable [Member] | Floating Rate Receivable [Member] | Floating Rate Receivable [Member] | Floating Rate Receivable [Member] | Floating Rate Receivable [Member] | Floating Rate Payable [Member] | Floating Rate Payable [Member] |
USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | Cross Currency Swap One [Member] | Cross Currency Swap Two [Member] | Cross Currency Swap Three [Member] | Cross Currency Swap Four [Member] | Cross Currency Swap Five [Member] | Cross Currency Swap Six [Member] | Cross Currency Swap One [Member] | Cross Currency Swap Two [Member] | Cross Currency Swap Three [Member] | Cross Currency Swap Four [Member] | Cross Currency Swap Five [Member] | Cross Currency Swap Six [Member] | USD ($) | Cross Currency Swap One [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | $34,721 | 211,500 | $122,800 | 700,000 | $89,710 | 500,000 | $101,351 | 600,000 | $125,000 | 700,000 | $143,536 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' |
Floating Rate Receivable and Payable Reference Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | ' | 'LIBOR |
Floating Rate Receivable and Payable Margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | 4.75% | 4.00% | 5.75% | 5.25% | 4.75% | ' | 5.04% |
Fixed Rate Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 5.52% | 4.80% | 7.49% | 6.88% | 5.93% | 1.12% | ' | ' | ' | ' | ' | ' | 2.14% | ' |
Fair Value/ Carrying Amount of Asset/ Liability | ($40,963) | $120 | ' | ($7,734) | ' | ($7,328) | ' | ($4,716) | ' | ($11,677) | ' | ($9,628) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Term (years) | ' | '4 months 24 days | '4 months 24 days | '2 years 3 months 18 days | '2 years 3 months 18 days | '2 years 7 months 6 days | '2 years 7 months 6 days | '3 years 7 months 6 days | '3 years 7 months 6 days | '3 years 9 months 18 days | '3 years 9 months 18 days | '4 years 7 months 6 days | '4 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Parenthetical) (Detail) (NOK) | Jun. 30, 2013 | Jan. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Repurchase of bond | ' | 388.5 |
Bond issue, original value | 600 | ' |
Fixed Rate Payable [Member] | Cross Currency Swap One [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
LIBOR fixed | 1.10% | ' |
LIBOR rate receivable cap | 3.50% | ' |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreement (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 |
Derivative [Line Items] | ' |
Fair Value / Carrying Amount of Asset / (Liability) | ($40,963) |
U.S. Dollar-denominated interest rate swaps 1 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 408,143 |
Fair Value / Carrying Amount of Asset / (Liability) | -79,307 |
Weighted-Average Remaining Term (Years) | '23 years 7 months 6 days |
Fixed Interest Rate (%) | 4.90% |
U.S. Dollar-denominated interest rate swaps 2 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 2,923,688 |
Fair Value / Carrying Amount of Asset / (Liability) | -391,903 |
Weighted-Average Remaining Term (Years) | '7 years |
Fixed Interest Rate (%) | 4.20% |
U.S. Dollar-denominated interest rate swaps 3 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 713,672 |
Fair Value / Carrying Amount of Asset / (Liability) | 8,661 |
Weighted-Average Remaining Term (Years) | '3 years 2 months 12 days |
Fixed Interest Rate (%) | 1.40% |
U.S. Dollar-denominated Interest Rate Swaps 4 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 98,500 |
Fair Value / Carrying Amount of Asset / (Liability) | -415 |
Weighted-Average Remaining Term (Years) | '4 months 24 days |
Fixed Interest Rate (%) | 1.10% |
U.S. Dollar-denominated interest rate swaps 5 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 469,018 |
Fair Value / Carrying Amount of Asset / (Liability) | 108,605 |
Weighted-Average Remaining Term (Years) | '23 years 7 months 6 days |
Fixed Interest Rate (%) | 4.80% |
Euro-denominated interest rate swaps [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'EURIBOR |
Principal Amount | 329,480 |
Fair Value / Carrying Amount of Asset / (Liability) | -31,387 |
Weighted-Average Remaining Term (Years) | '7 years 6 months |
Fixed Interest Rate (%) | 3.10% |
Interest rate swap agreements [Member] | ' |
Derivative [Line Items] | ' |
Fair Value / Carrying Amount of Asset / (Liability) | ($385,746) |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreement (Parenthetical) (Detail) | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
USD ($) | EUR (€) | Floating Rate Payable [Member] | Floating Rate Receivable [Member] | Interest rate swap agreements [Member] | Inception date of swaps 2013 [Member] | Inception date of swaps 2014 [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Minimum variable interest rate on debt | 0.30% | 0.30% | ' | ' | ' | ' | ' |
Maximum variable interest rate on debt | 4.50% | 4.50% | ' | ' | ' | ' | ' |
Principal Amount | ' | ' | $200,000,000 | ' | € 253,300,000 | $413,700,000 | $300,000,000 |
LIBOR rate receivable fixed | ' | ' | 2.14% | 1.12% | ' | ' | ' |
Floating LIBOR rate receivable/payable cap | ' | ' | 6.00% | 3.50% | ' | ' | ' |
Effective reduction rate should rate exceed LIBOR rate | ' | ' | ' | 2.38% | ' | ' | ' |
Reducing principal amount of Euro-denominated interest rate swaps | $91,200,000 | € 70,100,000 | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | $23,406 | $31,669 |
Derivative Assets | 96,583 | 148,581 |
Accrued Liabilities | -21,811 | -21,593 |
Current Portion of Derivative Liabilities | -180,724 | -115,835 |
Derivative Liabilities | -348,834 | -528,187 |
Derivatives designated as a cash flow hedge [Member] | Foreign currency contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | ' | 441 |
Current Portion of Derivative Liabilities | -142 | -1 |
Derivatives not designated as a cash flow hedge [Member] | Foreign currency contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 161 | 2,506 |
Derivative Assets | 1 | ' |
Current Portion of Derivative Liabilities | -4,238 | -60 |
Derivative Liabilities | -453 | ' |
Derivatives not designated as a cash flow hedge [Member] | Interest rate swap agreements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 22,336 | 16,927 |
Derivative Assets | 96,582 | 144,247 |
Accrued Liabilities | -22,033 | -22,312 |
Current Portion of Derivative Liabilities | -175,596 | -115,774 |
Derivative Liabilities | -307,035 | -525,225 |
Derivatives not designated as a cash flow hedge [Member] | Cross currency swap agreements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 909 | 11,795 |
Derivative Assets | ' | 4,334 |
Accrued Liabilities | 222 | 719 |
Current Portion of Derivative Liabilities | -748 | ' |
Derivative Liabilities | ($41,346) | ($2,962) |
Derivative_Instruments_and_Hed8
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Fair value asset amount of interest rate swaps and cross currency swaps | $111,500,000 | ' |
Fair value liability amount of interest rate swaps and cross currency swaps | 395,100,000 | ' |
Unrealized loss on foreign currency forward contracts designated cash flow hedges | -165,000 | 341,000 |
Net losses on foreign currency forward contract | -200,000 | ' |
Foreign currency forward contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized loss on foreign currency forward contracts designated cash flow hedges | ($200,000) | ' |
Derivative_Instruments_and_Hed9
Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | ($36,959) | ($29,522) | ($66,890) | ($47,249) |
Unrealized gains (losses) relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 92,994 | -65,076 | 109,136 | -42,534 |
Total realized and unrealized gains (losses) on derivative instruments | 56,035 | -94,598 | 42,246 | -89,783 |
Interest rate swap agreements [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -30,899 | -29,669 | -61,251 | -60,085 |
Unrealized gains (losses) relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 96,911 | -58,425 | 116,115 | -41,290 |
Interest rate swap agreement terminations [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -4,187 | ' | -4,187 | ' |
Foreign currency forward contracts [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -1,873 | 147 | -1,452 | 1,384 |
Unrealized gains (losses) relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | -3,917 | -6,651 | -6,979 | 2,141 |
Foinaven embedded derivative [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | ' | ' | ' | 11,452 |
Unrealized gains (losses) relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | ' | ' | ' | ($3,385) |
Recovered_Sheet1
Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Cross Currency Swaps (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Unrealized losses | ' | ' | $54,699 | ($43,104) |
Cross currency swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized gains | 503 | 744 | 1,565 | 1,738 |
Unrealized losses | -16,399 | -21,046 | -54,353 | -13,167 |
Total realized and unrealized losses on cross currency swaps | -15,896 | -20,302 | -45,988 | -11,429 |
Cross currency swaps [Member] | Partial termination [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized gains | ' | ' | $6,800 | ' |
Income_Tax_Expense_Recovery_Co
Income Tax (Expense) Recovery - Components of Provision for Income Tax (Expense) Recovery (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Current | ($1,943) | $2,139 | ($4,057) | $5,973 |
Deferred | 70 | -290 | -316 | -556 |
Income tax (expense) recovery | ($1,873) | $1,849 | ($4,373) | $5,417 |
Income_Tax_Expense_Recovery_Un
Income Tax (Expense) Recovery - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' |
Balance of unrecognized tax benefits as at January 1, 2013 | $29,364 |
Decrease for positions taken in prior years | -267 |
Decrease for positions related to the current period | -924 |
Decrease related to statute of limitations | -388 |
Balance of unrecognized tax benefits as at June 30, 2013 | $27,785 |
Income_Loss_Per_Share_Income_L
Income (Loss) Per Share - Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to stockholders' of Teekay Corporation | $11,367 | ($47,274) | $5,231 | ($46,208) |
Weighted average number of common stock and common stock equivalents | 70,393,531 | 69,231,419 | 70,142,301 | 69,043,639 |
Dilutive effect of stock-based compensation | 921,098 | ' | 1,000,062 | ' |
Common stock and common stock equivalents | 71,314,629 | 69,231,419 | 71,142,363 | 69,043,639 |
Earnings (loss) per common share: | ' | ' | ' | ' |
Basic | $0.16 | ($0.68) | $0.07 | ($0.67) |
Diluted | $0.16 | ($0.68) | $0.07 | ($0.67) |
Income_Loss_Per_Share_Addition
Income (Loss) Per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive effect attributable to outstanding stock-based awards | 3.1 | 3.9 | 3.1 | 3.9 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2012 |
Statement Of Cash Flows [Abstract] | ' |
Percentage of ownership in joint venture | 50.00% |
Purchase price of vessels | $179 |
Percentage of borrowings | 80.00% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member]) | 1 Months Ended | |||||
Share data in Millions, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Aug. 31, 2013 |
USD ($) | Exmar LPG BVBA [Member] | Norwegian Kroner Bond Maturing in September 2018 [Member] | Norwegian Kroner Bond Maturing in September 2018 [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Awilco LNG ASA [Member] | |
Vessel | Vessel | Teekay LNG [Member] | Teekay LNG [Member] | USD ($) | USD ($) | |
USD ($) | NOK | Buildings | m3 | |||
Vessel | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Number of new building carriers | 2 | 2 | ' | ' | 2 | ' |
Construction expenses of LNG building | ' | ' | ' | ' | $415,000,000 | ' |
Expected delivery date of new buildings | ' | '2017 | ' | ' | '2016 | 'Late-2013 or early-2014 |
Option obtained, maximum number of additional new buildings to be order | ' | ' | ' | ' | 5 | ' |
Issuance of common units in private placement | 0.9 | ' | ' | ' | ' | ' |
Percentage of general partner's capital | 2.00% | ' | ' | ' | ' | ' |
General partner's capital contribution value | 40,800,000 | ' | ' | ' | ' | ' |
Area of cubic meter to be acquired | ' | ' | ' | ' | ' | 155,900 |
Expected delivery date of vessel | ' | ' | ' | ' | ' | 'September 2013 |
Purchase price of vessels | ' | ' | ' | ' | ' | 205,000,000 |
Upfront payment of charter hired by Awilco | ' | ' | ' | ' | ' | 50,000,000 |
Aggregate principal amount of bonds | ' | ' | $150,000,000 | 900,000,000 | ' | ' |
Senior unsecured bond maturity date | ' | ' | 30-Sep-18 | 30-Sep-18 | ' | ' |
Fixed interest rates based on interest rate and cross currency swaps | ' | ' | 6.43% | 6.43% | ' | ' |