Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '6-K |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
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 (Loss) Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
REVENUES | $452,254 | $430,707 | $958,748 | $881,744 |
OPERATING EXPENSES | ' | ' | ' | ' |
Voyage expenses | 33,439 | 26,154 | 68,451 | 52,469 |
Vessel operating expenses | 201,714 | 195,978 | 402,900 | 383,442 |
Time-charter hire expense | 9,714 | 26,544 | 26,006 | 53,996 |
Depreciation and amortization | 103,373 | 109,769 | 206,831 | 212,263 |
General and administrative | 36,945 | 35,395 | 74,823 | 74,666 |
Loan loss (recoveries) provisions (note 7b) | -2,521 | 7,042 | -2,521 | 10,207 |
(Gain) loss on sale of vessels and equipment | -9,615 | -1,341 | -9,453 | -1,309 |
Restructuring charges (note 12) | -244 | 1,789 | 395 | 3,843 |
Total operating expenses | 372,805 | 401,330 | 767,432 | 789,577 |
Income from vessel operations | 79,449 | 29,377 | 191,316 | 92,167 |
OTHER ITEMS | ' | ' | ' | ' |
Interest expense | -49,656 | -44,687 | -98,989 | -87,197 |
Interest income | 793 | 2,018 | 2,576 | 3,036 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 15) | -75,331 | 56,035 | -122,579 | 42,246 |
Equity income | 35,271 | 47,372 | 62,765 | 74,687 |
Foreign exchange (loss) gain (notes 8 and 15) | -2,046 | 678 | -2,940 | 2,867 |
Other (loss) income (note 13) | -734 | -1,386 | 7,517 | 3,856 |
Net (loss) income before income taxes | -12,254 | 89,407 | 39,666 | 131,662 |
Income tax expense (note 16) | -3,193 | -1,873 | -5,991 | -4,373 |
Net (loss) income | -15,447 | 87,534 | 33,675 | 127,289 |
Less: Net income attributable to non-controlling interests | -27,540 | -76,167 | -77,150 | -122,058 |
Net (loss) income attributable to stockholders of Teekay Corporation | ($42,987) | $11,367 | ($43,475) | $5,231 |
Per common share of Teekay Corporation (note 17) | ' | ' | ' | ' |
• Basic (loss) income attributable to stockholders of Teekay Corporation | ($0.60) | $0.16 | ($0.61) | $0.07 |
• Diluted (loss) income attributable to stockholders of Teekay Corporation | ($0.60) | $0.16 | ($0.61) | $0.07 |
• Cash dividends declared | $0.32 | $0.32 | $0.63 | $0.63 |
Weighted average number of common shares outstanding(note 17) | ' | ' | ' | ' |
• Basic | 72,036,526 | 70,393,531 | 71,687,549 | 70,142,301 |
• Diluted | 72,036,526 | 71,314,629 | 71,687,549 | 71,142,363 |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net (loss) income | ($15,447) | $87,534 | $33,675 | $127,289 |
Other comprehensive (loss) income before reclassifications | ' | ' | ' | ' |
Unrealized loss on marketable securities | -287 | -1,136 | -208 | -2,062 |
Unrealized loss on qualifying cash flow hedging instruments | -1,121 | -22 | -2,064 | -554 |
Pension adjustments, net of taxes | 581 | ' | -132 | 1,464 |
Foreign exchange gain (loss) on currency translation | 44 | -479 | -43 | 653 |
Amounts reclassified from accumulated other comprehensive (loss) income To other income: | ' | ' | ' | ' |
Impairment of marketable securities | ' | 2,062 | ' | 2,062 |
To general and administrative expenses: | ' | ' | ' | ' |
Realized loss on qualifying cash flow hedging instruments | 391 | 88 | 782 | 84 |
Settlement of defined benefit pension plan | ' | 974 | ' | 974 |
Other comprehensive (loss) income | -392 | 1,487 | -1,665 | 2,621 |
Comprehensive (loss) income | -15,839 | 89,021 | 32,010 | 129,910 |
Less: Comprehensive income attributable to non-controlling interests | -27,067 | -76,167 | -76,320 | -122,100 |
Comprehensive (loss) income attributable to stockholders of Teekay Corporation | ($42,906) | $12,854 | ($44,310) | $7,810 |
Unaudited_Consolidated_Balance
Unaudited Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Cash and cash equivalents (note 8) | $748,900 | $614,660 |
Restricted cash | 3,935 | 4,748 |
Accounts receivable, including non-trade of $100,009 (2013 - $109,114) and related party balance of $15,579 (2013 - $16,371) | 559,047 | 528,594 |
Assets held for sale (notes 7a and 11) | ' | 176,247 |
Net investment in direct financing leases (note 5) | 23,641 | 21,545 |
Prepaid expenses and other | 62,790 | 57,158 |
Current portion of loans to equity accounted investees | 21,634 | 37,019 |
Current portion of investment in term loans | ' | 211,579 |
Current portion of derivative assets (note 15) | 18,433 | 23,040 |
Total current assets | 1,438,380 | 1,674,590 |
Restricted cash - non-current | 499,108 | 497,984 |
Vessels and equipment (note 8) | ' | ' |
At cost, less accumulated depreciation of $2,324,470 (2013 - $2,135,780) | 5,894,500 | 5,983,128 |
Vessels under capital leases, at cost, less accumulated amortization of $159,701 (2013 - $152,020) | 530,195 | 571,692 |
Advances on newbuilding contracts and conversion costs (notes 1 and 10a) | 1,403,850 | 796,324 |
Total vessels and equipment | 7,828,545 | 7,351,144 |
Net investment in direct financing leases - non-current (note 5) | 750,385 | 705,717 |
Loans to equity accounted investees and joint venture partners, bearing interest between nil to 8% | 133,526 | 132,229 |
Derivative assets (note 15) | 113,550 | 69,797 |
Equity accounted investments (notes 4b, 4c and 4d) | 807,700 | 690,309 |
Other non-current assets | 214,788 | 159,494 |
Intangible assets - net | 101,157 | 107,898 |
Goodwill | 168,572 | 166,539 |
Total assets | 12,055,711 | 11,555,701 |
Current | ' | ' |
Accounts payable | 161,477 | 98,415 |
Accrued liabilities | 410,502 | 466,824 |
Liabilities associated with assets held for sale (notes 7a and 11) | ' | 168,007 |
Current portion of derivative liabilities (note 15) | 177,469 | 143,999 |
Current portion of long-term debt (note 8) | 655,601 | 996,425 |
Current obligation under capital leases | 65,716 | 31,668 |
Current portion of in-process revenue contracts | 29,983 | 40,176 |
Total current liabilities | 1,500,748 | 1,945,514 |
Long-term debt, including amounts due to joint venture partners of $13,282 (2013 - $13,282) (note 8) | 6,076,766 | 5,113,045 |
Long-term obligation under capital leases | 499,458 | 566,661 |
Derivative liabilities (note 15) | 372,046 | 299,570 |
In-process revenue contracts | 129,833 | 139,676 |
Other long-term liabilities (note 16) | 367,698 | 271,621 |
Total liabilities | 8,946,549 | 8,336,087 |
Commitments and contingencies (note 4a, 5, 8, 10 and 15) | ' | ' |
Redeemable non-controlling interest (note 10d) | 15,149 | 16,564 |
Equity | ' | ' |
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 72,239,252 shares outstanding (2013 - 70,729,399); 73,038,452 shares issued (2013 - 71,528,599)) (note 9) | 756,067 | 713,760 |
Retained earnings | 346,385 | 435,217 |
Non-controlling interest | 2,009,585 | 2,071,262 |
Accumulated other comprehensive loss (note 14) | -18,024 | -17,189 |
Total equity | 3,094,013 | 3,203,050 |
Total liabilities and equity | $12,055,711 | $11,555,701 |
Unaudited_Consolidated_Balance1
Unaudited Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, non-trade | $100,009 | $109,114 |
Accounts receivable, related party balance | 15,579 | 16,371 |
Accumulated depreciation on vessels and equipment | 2,324,470 | 2,135,780 |
Accumulated amortization on vessels under capital lease | 159,701 | 152,020 |
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 | 73,038,452 | 71,528,599 |
Common stock, share outstanding | 72,239,252 | 70,729,399 |
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, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $33,675 | $127,289 |
Non-cash items: | ' | ' |
Depreciation and amortization | 206,831 | 212,263 |
Amortization of in-process revenue contracts | -20,036 | -33,286 |
Gain on sale of vessels and equipment and other assets | -9,453 | -1,309 |
Loan loss (recoveries) provisions (note 7b) | -2,521 | 10,207 |
Equity income, net of dividends received | -54,577 | -73,437 |
Income tax expense | 5,991 | 4,373 |
Employee stock option compensation | -3,847 | 1,965 |
Unrealized foreign exchange gain | -7,244 | -54,506 |
Unrealized loss (gain) on derivative instruments | 73,640 | -54,699 |
Other | -3,912 | 7,435 |
Change in operating assets and liabilities | 7,199 | -45,879 |
Expenditures for dry docking | -24,217 | -33,592 |
Net operating cash flow | 201,529 | 66,824 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of long-term debt, net of issuance costs | 1,872,259 | 1,163,917 |
Scheduled repayments of long-term debt (note 8) | -613,516 | -228,982 |
Prepayments of long-term debt | -669,413 | -703,816 |
Repayments of capital lease obligations | -3,396 | -5,205 |
(Increase) decrease in restricted cash | -385 | 465 |
Net proceeds from equity issuances of subsidiaries (note 6) | 7,475 | 212,401 |
Equity contribution by joint venture partner | 22,017 | 1,684 |
Issuance of Common Stock upon exercise of stock options | 44,372 | 16,582 |
Distributions paid from subsidiaries to non-controlling interests | -155,567 | -125,728 |
Cash dividends paid | -45,188 | -45,282 |
Net financing cash flow | 458,658 | 286,036 |
INVESTING ACTIVITIES | ' | ' |
Expenditures for vessels and equipment | -602,257 | -320,018 |
Proceeds from sale of vessels and equipment and other | 165,055 | 39,551 |
Repayment of term loans | 4,814 | ' |
Purchase of ALP (net of cash acquired of $294) (note 4a) | -2,322 | ' |
Investment in equity accounted investments | -50,648 | -136,413 |
Repayments by (advances to) joint ventures and joint venture partners | 6,175 | -41,452 |
Investment in direct financing lease assets | -54,800 | ' |
Direct financing lease payments received | 8,036 | 6,187 |
Net investing cash flow | -525,947 | -452,145 |
Increase (decrease) in cash and cash equivalents | 134,240 | -99,285 |
Cash and cash equivalents, beginning of the period | 614,660 | 639,491 |
Cash and cash equivalents, end of the period | $748,900 | $540,206 |
Unaudited_Consolidated_Stateme3
Unaudited Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Statement of Cash Flows [Abstract] | ' |
Net of cash acquired | $294 |
Unaudited_Consolidated_Stateme4
Unaudited Consolidated Statement of Changes in Total Equity (USD $) | Total | Redeemable Non-controlling Interest [Member] | Common Stock [Member] | TOTAL EQUITY Common Stock and Additional Paid-in Capital [Member] | TOTAL EQUITY Retained Earnings [Member] | TOTAL EQUITY Accumulated Other Comprehensive Loss [Member] | TOTAL EQUITY Non-controlling Interests [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning Balance at Dec. 31, 2013 | $3,203,050 | $16,564 | ' | $713,760 | $435,217 | ($17,189) | $2,071,262 |
Beginning Balance, Shares at Dec. 31, 2013 | 70,729,399 | ' | 70,729,000 | ' | ' | ' | ' |
Net (loss) income | 33,675 | ' | ' | ' | -43,475 | ' | 77,150 |
Reclassification of redeemable non-controlling interest in net income | -2,085 | 2,085 | ' | ' | ' | ' | -2,085 |
Other comprehensive loss | -1,665 | ' | ' | ' | ' | -835 | -830 |
Dividends declared | -213,402 | -3,500 | ' | ' | -46,970 | ' | -166,432 |
Reinvested dividends | 4 | ' | ' | 4 | ' | ' | ' |
Reinvested dividends, Shares | ' | ' | 1,000 | ' | ' | ' | ' |
Exercise of stock options and other (note 9) | 44,372 | ' | ' | 44,372 | ' | ' | ' |
Exercise of stock options and other (note 9), Shares | ' | ' | 1,509,000 | ' | ' | ' | ' |
Employee stock compensation (note 9) | -2,069 | ' | ' | -2,069 | ' | ' | ' |
Dilution gain on public offering of Teekay Offshore (note 6) | 1,613 | ' | ' | ' | 1,613 | ' | ' |
Additions to non-controlling interest from equity contributions and other | 30,520 | ' | ' | ' | ' | ' | 30,520 |
Ending Balance at Jun. 30, 2014 | $3,094,013 | $15,149 | ' | $756,067 | $346,385 | ($18,024) | $2,009,585 |
Ending Balance, Shares at Jun. 30, 2014 | 72,239,252 | ' | 72,239,000 | ' | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
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, 2013, 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, 2014, 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 the current period the Company has presented the conversion costs incurred at period end for the Company’s committed vessel conversions in Advances on newbuilding contracts and conversion costs on the consolidated balance sheet. Prior to June 30, 2014, the Company included these amounts in Vessels and equipment – At cost, less accumulated depreciation. All such costs incurred in comparative periods have been reclassified from Vessels and equipment – At cost, less accumulated depreciation to Advances on newbuilding contracts and conversion costs to conform to the presentation adopted in the current period. The amount reclassified as at December 31, 2013 was $29.8 million. |
Accounting_Pronouncements_Not_
Accounting Pronouncements Not Yet Adopted | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
Accounting Pronouncements Not Yet Adopted | ' | |
2 | Accounting Pronouncements Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require companies to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires companies to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016 and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Company is evaluating the effect of adopting this new accounting guidance. | ||
In April 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (or ASU 2014-08) which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (i) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (ii) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. ASU 2014-08 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance. The impact, if any, of adopting ASU 2014-08 on the Company’s financial statements will depend on the occurrence and nature of disposals that occur after ASU 2014-08 is adopted. |
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
3 | Segment Reporting | ||||||||||||||||||||
The following tables include results for the Company’s four segments for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Three Months ended June 30, 2014 | Tanker and FSO | FPSO | Gas | Tanker | |||||||||||||||||
Segment | Segment | Segment | Segment | Total | |||||||||||||||||
Revenues | 142,816 | 131,155 | 81,970 | 96,313 | 452,254 | ||||||||||||||||
Voyage expenses | 24,890 | 172 | 739 | 7,638 | 33,439 | ||||||||||||||||
Vessel operating expenses | 46,989 | 92,436 | 17,139 | 45,150 | 201,714 | ||||||||||||||||
Time-charter hire expense | 4,975 | — | — | 4,739 | 9,714 | ||||||||||||||||
Depreciation and amortization | 27,039 | 38,056 | 17,888 | 20,390 | 103,373 | ||||||||||||||||
General and administrative(1) | 8,005 | 15,524 | 6,294 | 7,122 | 36,945 | ||||||||||||||||
Loan loss recoveries | — | (2,521 | ) | — | — | (2,521 | ) | ||||||||||||||
Gain on sale of vessels and equipment | — | — | — | (9,615 | ) | (9,615 | ) | ||||||||||||||
Restructuring charges | (820 | ) | — | — | 576 | (244 | ) | ||||||||||||||
Income (loss) from vessel operations | 31,738 | (12,512 | ) | 39,910 | 20,313 | 79,449 | |||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Three Months ended June 30, 2013 | Tanker and FSO | FPSO | Gas | Tanker | |||||||||||||||||
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 | ||||||||||||||||
Loan loss 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 | ||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Six Months ended June 30, 2014 | Tanker and FSO | FPSO | Gas | Tanker | |||||||||||||||||
Segment | Segment | Segment | Segment | Total | |||||||||||||||||
Revenues | 304,028 | 273,674 | 163,393 | 217,653 | 958,748 | ||||||||||||||||
Voyage expenses | 56,619 | 172 | 1,572 | 10,088 | 68,451 | ||||||||||||||||
Vessel operating expenses | 93,007 | 185,940 | 33,650 | 90,303 | 402,900 | ||||||||||||||||
Time-charter hire expense | 16,387 | — | — | 9,619 | 26,006 | ||||||||||||||||
Depreciation and amortization | 54,376 | 75,868 | 36,001 | 40,586 | 206,831 | ||||||||||||||||
General and administrative(1) | 17,382 | 30,865 | 13,494 | 13,082 | 74,823 | ||||||||||||||||
Loan loss recoveries | — | (2,521 | ) | — | — | (2,521 | ) | ||||||||||||||
Gain on sale of vessels and equipment | — | — | — | (9,453 | ) | (9,453 | ) | ||||||||||||||
Restructuring charges | (268 | ) | — | — | 663 | 395 | |||||||||||||||
Income (loss) from vessel operations | 66,525 | (16,650 | ) | 78,676 | 62,765 | 191,316 | |||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Six Months ended June 30, 2013 | Tanker and FSO | FPSO | Gas | Tanker | |||||||||||||||||
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 | ||||||||||||||||
Loan loss 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 | |||||||||||||||
-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, 2014 | December 31, 2013 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Shuttle tanker and FSO segment | 1,940,146 | 1,947,905 | |||||||||||||||||||
FPSO segment | 3,340,920 | 2,836,998 | |||||||||||||||||||
Liquefied gas segment | 3,699,293 | 3,616,044 | |||||||||||||||||||
Conventional tanker segment | 1,576,691 | 1,874,101 | |||||||||||||||||||
Cash | 748,900 | 614,660 | |||||||||||||||||||
Accounts receivable and other assets | 749,761 | 665,993 | |||||||||||||||||||
Consolidated total assets | 12,055,711 | 11,555,701 | |||||||||||||||||||
Investments
Investments | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Investments | ' | ||||
4 | Investments | ||||
a) | Teekay Offshore Acquisition of ALP Maritime Services B.V. | ||||
In March 2014, our publicly-listed subsidiary Teekay Offshore Partners L.P. (NYSE: TOO) (or Teekay Offshore) acquired 100% of the shares of ALP Maritime Services B.V. (or ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. Concurrently with this transaction, Teekay Offshore and ALP entered into an agreement with Niigata Shipbuilding & Repair of Japan for the construction of four state-of-the-art SX-157 Ulstein Design ultra-long distance towing and anchor handling vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery in 2016. Teekay Offshore is committed to acquire these newbuildings for a total cost of approximately $258 million. | |||||
Teekay Offshore acquired ALP for a purchase price of $2.6 million, which was paid in cash, and also entered into an arrangement to pay additional compensation to three former shareholders of ALP if certain requirements are satisfied. This contingent compensation consists of $2.4 million, which is payable upon the delivery and employment of ALP’s four newbuildings scheduled throughout 2016, and a further amount of up to $2.6 million, which is payable if ALP’s annual operating results from 2017 to 2021 meet certain targets. Teekay Offshore has the option to pay up to 50% of this compensation through the issuance of common units of Teekay Offshore. Each of the contingent compensation amounts is payable only if the three shareholders are employed by ALP at the time performance conditions are met. For the three and six months ended June 30, 2014, compensation costs were $0.2 million and were recorded under general and administrative expenses in the Company’s consolidated statements of (loss) income. Teekay Offshore also incurred a $1.0 million fee payable to a third party associated with the acquisition. | |||||
This acquisition of ALP and the related newbuilding orders represent Teekay Offshore’s entrance into the long-haul ocean towage and offshore installation services business. The Company believes that this acquisition allows Teekay Offshore to combine its infrastructure and access to capital with ALP’s experienced management team to further grow this niche business, which is in an adjacent sector to Teekay Offshore’s FPSO and shuttle tanker businesses. The acquisition of ALP was accounted for using the purchase method of accounting, based upon preliminary estimates of fair value. | |||||
The following table summarizes the preliminary estimates of fair values of the ALP assets acquired and liabilities assumed by Teekay Offshore on the acquisition date. | |||||
As at | |||||
(in thousands of U.S. dollars) | March 14, 2014 | ||||
$ | |||||
ASSETS | |||||
Cash and cash equivalents | 294 | ||||
Other current assets | 404 | ||||
Advances on newbuilding contracts | 164 | ||||
Other assets - long-term | 395 | ||||
Goodwill | 2,032 | ||||
Total assets acquired | 3,289 | ||||
LIABILITIES | |||||
Current liabilities | 387 | ||||
Other long-term liabilities | 286 | ||||
Total liabilities assumed | 673 | ||||
Net assets acquired | 2,616 | ||||
Consideration | 2,616 | ||||
The goodwill recognized in connection with the ALP acquisition is attributable primarily to the assembled workforce of ALP, including their experience, skills and abilities. Operating results of ALP are reflected in the Company’s consolidated financial statements commencing March 14, 2014, the effective date of acquisition. From the date of acquisition to June 30, 2014, the Company recognized $0.2 million of revenue and $1.7 million of net loss resulting from this acquisition. | |||||
b) | Tanker Investments Ltd. | ||||
In January 2014, Teekay and its publicly-listed subsidiary Teekay Tankers Ltd. (NYSE: TNK) (or Teekay Tankers) formed Tanker Investments Ltd. (or TIL), which seeks to opportunistically acquire, operate and sell modern second-hand tankers to benefit from an expected recovery in the current cyclical low of the tanker market. Teekay and Teekay Tankers in the aggregate purchased 5.0 million shares of common stock, representing an initial 20% interest in TIL, as part of a $250 million private placement by TIL, which represents a total investment by Teekay and Teekay Tankers of $50.0 million. In addition, Teekay and Teekay Tankers received stock purchase warrants entitling them to purchase in the aggregate up to 1.5 million shares of common stock of TIL at a fixed price of $10 per share. The stock purchase warrants, which had a value of $6.8 million on issuance, were received in exchange for the Company’s involvement in the formation of TIL and such amount is reflected in other income (expenses) in the Company’s consolidated statements of (loss) income. The stock purchase warrants expire on January 23, 2019. See Note 15 for additional information about these warrants. The Company also received one Series A-1 preferred share and one Series A-2 preferred share, each of which entitles the holder to elect one board member of TIL. The preferred shares do not give the holder a right to any dividends or distributions of TIL. Teekay and Teekay Tankers account for their investment in TIL using the equity method. | |||||
In March 2014, TIL issued additional common shares and listed its shares on the Oslo Stock Exchange. The issuance of shares by an equity accounted investee is accounted by the Company as if the Company had sold a proportionate share of its investment, and the resulting gain or loss is recognized in equity income in the Company’s consolidated statements of income. For the six months ended June 30, 2014, the Company recognized a gain from this investment of $4.1 million. As of June 30, 2014, the combined interest of Teekay Tankers and Teekay in TIL was 13.0%. | |||||
As of June 30, 2014, a portion of the net proceeds from the equity issuances by TIL had been used to acquire four modern Suezmax crude oil tankers from Teekay, five modern Aframax tankers and two coated Aframax tankers from third parties and two VLCC vessels from Teekay Tankers. The remaining proceeds will be used to acquire additional tankers and for general corporate purposes. | |||||
c) | Teekay LNG – Exmar LPG BVBA Joint Venture | ||||
In February 2013, the Company’s publicly-listed subsidiary Teekay LNG Partners L.P. (NYSE: TGP) (or Teekay LNG), entered into a 50/50 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, as of June 30, 2014, included 21 owned LPG carriers (including 10 newbuilding carriers scheduled for delivery between late 2014 and 2018) and four chartered-in LPG carriers. For its 50% ownership interest in the joint venture, including newbuilding payments made prior to the November 1, 2012 economic effective date of the joint venture, Teekay LNG invested approximately $133.1 million in exchange for equity and a shareholder loan and assumed approximately $108 million of 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 the Exmar LPG BVBA, which amounted to approximately $6.0 million, has been accounted for as an adjustment to the value of the vessels, charter agreements and lease obligations of Exmar LPG BVBA, in accordance with the finalized 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. | |||||
d) | Teekay LNG – BG International Limited Joint Venture | ||||
In June 2014, Teekay LNG acquired from BG International Limited (or BG) its ownership interests in four 174,000-cubic meter Tri-Fuel Diesel Electric liquefied natural gas (or LNG) carrier newbuildings, which will be constructed by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. in China for a total fully built-up cost to the joint venture of approximately $1.0 billion. The vessels upon delivery, which are scheduled between September 2017 and January 2019, will each operate under 20-year fixed-rate time-charter contracts, plus extension options, with Methane Services Limited, a wholly-owned subsidiary of BG. As compensation for BG’s ownership interest in these four LNG carrier newbuildings, Teekay LNG assumed BG’s obligation to provide the shipbuilding supervision and crew training services for the four LNG carrier newbuildings up to their delivery dates pursuant to a ship construction support agreement. Teekay on behalf of Teekay LNG, will provide the shipbuilding supervision and crew training services for the four LNG carrier newbuildings up to their delivery dates. Teekay LNG estimates it will incur approximately $36.7 million of costs to provide these services, of which BG has agreed to pay a fixed amount of $20.3 million. In June 2014, Teekay LNG estimated that the fair value of the service obligation was $30.2 million and the fair value of the amount due from BG was $16.5 million. The $30.2 million service obligation is included in the current portion of in-process contracts, and the in-process contracts and the receivable from BG is included in other assets in the Company’s consolidated balance sheet. Through this transaction, Teekay LNG has a 30% ownership interest in two LNG carrier newbuildings and a 20% ownership interest in the remaining two LNG carrier newbuildings (collectively the BG Joint Venture). The excess of Teekay LNG’s investment in the BG Joint Venture over Teekay LNG’s share of the underlying carrying value of net assets acquired was approximately $13.7 million. This basis difference has notionally been allocated to the ship construction support agreements and the time-charter contracts. Teekay LNG accounts for its investment in the BG Joint Venture using the equity method. |
Vessel_Charters
Vessel Charters | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Vessel Charters | ' | ||||||||||||||||||||
5 | 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, 2013, the additional minimum estimated charter hire payments for the remainder of the year and the next four fiscal years, as at June 30, 2014, for the Company’s chartered-in and chartered-out vessels were as follows: | |||||||||||||||||||||
Remainder | |||||||||||||||||||||
of 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||
Charters-in - operating leases | 34.5 | 31.9 | 9.1 | 9.1 | 0.4 | ||||||||||||||||
Charters-in - capital leases (1) | 42.4 | 31.8 | 31.7 | 55 | 51.3 | ||||||||||||||||
76.9 | 63.7 | 40.8 | 64.1 | 51.7 | |||||||||||||||||
Charters-out - operating leases (2) | 624 | 1,438.80 | 1,231.40 | 1,225.10 | 997.2 | ||||||||||||||||
Charters-out - direct financing leases | 45 | 95.5 | 95.8 | 219.8 | 185.6 | ||||||||||||||||
669 | 1,534.30 | 1,327.20 | 1,444.90 | 1,182.80 | |||||||||||||||||
-1 | As at June 30, 2014 and December 31, 2013, the Company had $475.8 million and $475.6 million of restricted cash 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 cash totaled $27.3 million and $27.1 million as at June 30, 2014 and December 31, 2013, 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, 2014, revenue from unexercised option periods of contracts that existed on June 30, 2014 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, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity Financing Transactions | ' | ||||||||||||||||
6 | Equity Financing Transactions | ||||||||||||||||
During the six months ended June 30, 2014, one of the Company’s publicly-listed subsidiaries, Teekay Offshore, completed the following equity issuances under a continuous offering program: | |||||||||||||||||
Total Proceeds | Less: | Offering | Net Proceeds | ||||||||||||||
Received | Teekay | Expenses | Received | ||||||||||||||
$ | Corporation | $ | $ | ||||||||||||||
Portion | |||||||||||||||||
$ | |||||||||||||||||
Six Months ended June 30, 2014 | |||||||||||||||||
Teekay Offshore Continuous Offering Program | 7,784 | (156 | ) | (153 | ) | 7,475 | |||||||||||
In April 2013, the Voyageur Spirit floating, production, storage and offloading (or 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. Teekay Offshore financed the acquisition with the assumption of the $230.0 million debt facility secured by the unit, $253.0 million in cash and a $44.3 million equity private placement of common units to Teekay Corporation (including the general partner’s 2% proportionate capital contribution), which had a value of $40.0 million at the time Teekay offered to sell the units to Teekay Offshore. Upon completion of the private placement to Teekay, Teekay Offshore had 83.6 million common units outstanding. As at June 30, 2014, Teekay held a 29.2% interest in Teekay Offshore, including the Company’s 2% general partner interest. Teekay maintains control of Teekay Offshore by virtue of its control of the general partner and will continue to consolidate the subsidiary. |
Vessel_Sales_Asset_Impairments
Vessel Sales, Asset Impairments and Provisions | 6 Months Ended | |
Jun. 30, 2014 | ||
Property, Plant and Equipment [Abstract] | ' | |
Vessel Sales, Asset Impairments and Provisions | ' | |
7 | Vessel Sales, Asset Impairments and Provisions | |
a) | Vessel Sales | |
During three months ended June 30, 2014, Teekay Tankers sold two wholly-owned subsidiaries, each of which owns one VLCC, to TIL for aggregate proceeds of $154.0 million plus related working capital on closing of $1.7 million. The Company received $154.0 million of the aggregate purchase price in cash during the second quarter of 2014 and the remainder of the purchase price was received from TIL in July 2014. The Company used a portion of the proceeds from this transaction to prepay $152 million on one of the Company’s revolving credit facilities and the remainder of the proceeds will be used for general corporate purposes. During three months ended June 30, 2014, the Company realized a net gain of $10.0 million from the sale of the two subsidiaries to TIL (See Note 7b). | ||
During the six months ended June 30, 2014, the Company sold four 2009-built Suezmax tankers that were part of the Company’s conventional tanker segment. These vessels were classified as held for sale on the consolidated balance sheet as at December 31, 2013, with their net book values written down to their sale proceeds. During the six months ended June 30, 2014, the Company realized a net loss of $0.5 million from the sale of these vessels. | ||
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. | ||
b) | Loan Loss (Recoveries) Provisions | |
During the three and six months ended June 30, 2014, the Company reversed a $2.5 million loss provision for an amount receivable related to an FPSO front-end engineering and design study completed in 2013 as this receivable was recovered in the current period. | ||
During the three and six months ended June 30, 2013, the Company recorded $7.0 million and $10.2 million, respectively, of loan loss provisions in respect of its investments in three term loans. The term loan borrower was facing financial difficulty and had defaulted on its interest payment obligations since January 31, 2013. The Company reduced the net carrying amount of the investment in term loan as the value of the underlying collateral had declined during the three- and six month periods. Later in 2013, the Company increased the net carrying amount of the investments in term loans, which included accrued interest income as the estimated future cash flows, which primarily reflected the estimated value of the underlying collateral, increased during 2013. During March 2014, the Company assumed ownership of the three VLCCs that collateralized the investment in term loans (see Note 18a). At the time of assumption of ownership, these vessels had an aggregate fair value of approximately $222 million, which exceeded the carrying value of the loans. As a result, in the first quarter of 2014, the Company recognized $15.2 million of interest income, of which $11.2 million related to prior periods and was previously unrecognized, owing under the loans. In May 2014, Teekay Tankers sold two of the VLCCs to TIL and recognized a gain on sale of $10.0 million (see Note 7a). |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
8 | Long-Term Debt | ||||||||
June 30, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
Revolving Credit Facilities | 1,610,450 | 1,919,086 | |||||||
Senior Notes (8.5%) due January 15, 2020 | 447,598 | 447,430 | |||||||
Norwegian Kroner-denominated Bonds due through January 2019 | 847,860 | 691,778 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 3,011,214 | 2,523,523 | |||||||
U.S. Dollar Bonds due through 2023 | 471,118 | 174,150 | |||||||
Euro-denominated Term Loans due through 2023 | 330,845 | 340,221 | |||||||
U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners | 13,282 | 13,282 | |||||||
Total | 6,732,367 | 6,109,470 | |||||||
Less current portion | 655,601 | 996,425 | |||||||
Long-term portion | 6,076,766 | 5,113,045 | |||||||
As of June 30, 2014, the Company had 15 revolving credit facilities (or the Revolvers) available, which, as at such date, provided for aggregate borrowings of up to $2.5 billion, of which $0.9 billion was undrawn. Interest payments are based on LIBOR plus margins; at June 30, 2014 and December 31, 2013, the margins ranged between 0.45% and 4.5%. At June 30, 2014 and December 31, 2013, the three-month LIBOR was 0.23% and 0.25%, respectively. The total amount available under the Revolvers reduces by $612.6 million (remainder of 2014), $316.2 million (2015), $740.2 million (2016), $463.7 million (2017) and $355.7 million (2018). Subsequent to June 30, 2014, Teekay Offshore received commitments to refinance $330.0 million of revolving credit facilities coming due during the remainder of 2014. Teekay Offshore expects the refinancing to be completed in September 2014, and the amount available under the new revolving credit facility will reduce quarterly by $16.5 million per quarter over five years. The Revolvers are collateralized by first-priority mortgages granted on 55 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. | |||||||||
During 2013 and 2012, Teekay Offshore, Teekay LNG and Teekay issued in the Norwegian bond market a total of NOK 4.2 billion of senior unsecured bonds that mature between October 2015 and September 2018. As at June 30, 2014, the total carrying amount of the bonds was $684.8 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 4.00% 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 (or U.S. Dollars), with the interest payments fixed at rates ranging from 4.80% to 7.49%, and the transfer of principal fixed at $732.4 million upon maturity in exchange for NOK 4.2 billion (see Note 15). | |||||||||
In January 2014, Teekay Offshore issued NOK 1,000 million in senior unsecured bonds that mature in January 2019 in the Norwegian bond market. As of June 30, 2014, the carrying amount of the bonds was $163.1 million. The bonds were listed on the Oslo Stock Exchange in June 2014. The interest payments on the bonds are based on NIBOR plus a margin of 4.25%. Teekay Offshore entered into a cross currency swap to swap all interest and principal payments into USD, with the interest payments fixed at a rate of 6.28%, and the transfer of the principal amount fixed at $162.2 million upon maturity in exchange for NOK 1,000 million (see Note 15). | |||||||||
As of June 30, 2014, the Company had 17 U.S. Dollar-denominated term loans outstanding, which totaled $3.0 billion (December 31, 2013 – $2.5 billion). Certain of the term loans with a total outstanding principal balance of $159.0 million as at June 30, 2014 (December 31, 2013 – $176.3 million) bear interest at a weighted-average fixed rate of 5.2% (December 31, 2013 – 5.2%). Interest payments on the remaining term loans are based on LIBOR plus a margin. At June 30, 2014 and December 31, 2013, the margins ranged between 0.3% and 3.25%. At June 30, 2014 and December 31, 2013, the three-month LIBOR was 0.23% and 0.25%, 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 16 of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 33 (December 31, 2013 – 35) of the Company’s vessels, together with certain other security. In addition, at June 30, 2014, all but $84.1 million (December 31, 2013 – $94.4 million) of the outstanding term loans were guaranteed by Teekay or its subsidiaries. | |||||||||
During May 2014, Teekay Offshore issued $300 million in senior unsecured bonds that mature in July 2019 in the US bond market. As of June 30, 2014, the carrying amount of the bonds was $300.0 million. The bonds were listed on the New York Stock Exchange in June 2014. The interest payments on the bonds are fixed at a rate of 6.0%. | |||||||||
During 2013, Teekay Offshore had outstanding $171.1 million of ten-year senior unsecured bonds that mature in December 2023 and were issued in the second half of 2013 in a U.S. private placement to finance the Bossa Nova Spirit and the Sertanejo Spirit shuttle tankers. The bonds accrue interest at a fixed rate of 4.96%. The bonds are collateralized by first-priority mortgages on the two vessels to which the bonds relate, together with other related security. | |||||||||
The Company has two Euro-denominated term loans outstanding, which, as at June 30, 2014, totaled 241.7 million Euros ($330.8 million) (December 31, 2013 – 247.6 million Euros ($340.2 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, 2014 and December 31, 2013, the margins ranged between 0.6% and 2.25% and the one-month EURIBOR at June 30, 2014 was 0.1% (December 31, 2013 – 0.2%). The Euro-denominated term loans reduce in monthly payments with varying maturities through 2023, 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 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 $2.0 million (2013 – $0.7 million) and $2.9 million (2013 – $2.9 million) during the three and six months ended June 30, 2014, respectively. | |||||||||
The Company has one U.S. Dollar-denominated loan outstanding owing to a joint venture partner, which, as at June 30, 2014, totaled $13.3 million (2013 – $13.3 million). Interest payments on the loan are based on a fixed interest rate of 4.84%. This loan is repayable on demand. | |||||||||
The weighted-average effective interest rate on the Company’s aggregate long-term debt as at June 30, 2014 was 3.0% (December 31, 2013 – 3.0%). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 15). | |||||||||
Among other matters, the Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and five loan agreements require the maintenance of vessel market value to loan ratios. As at June 30, 2014, these ratios ranged from 141.0% to 481.5% 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, 2014 and December 31, 2013, 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, 2014, this aggregate amount was $377.1 million (December 31, 2013 - $344.9 million). As at June 30, 2014, 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, 2014, are $664.2 million (remainder of 2014), $582.2 million (2015), $796.0 million (2016), $1.1 billion (2017), $1.3 billion (2018) and $2.3 billion (thereafter). |
Capital_Stock
Capital Stock | 6 Months Ended | |
Jun. 30, 2014 | ||
Equity [Abstract] | ' | |
Capital Stock | ' | |
9 | Capital Stock | |
The authorized capital stock of Teekay at June 30, 2014 and December 31, 2013 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, 2014, Teekay had no shares of preferred stock issued. During the six months ended June 30, 2014, Teekay issued 1.5 million shares of common stock upon the exercise or issuance of stock options, restricted stock units and restricted stock awards. | ||
During 2008, Teekay announced that its Board of Directors had authorized the repurchase of up to $200 million of shares of its common stock in the open market. As at June 30, 2014, Teekay had repurchased approximately 5.2 million shares of common stock for $162.3 million pursuant to such authorizations. As at June 30, 2014, the total remaining amount under the share repurchase authorization was $37.7 million. | ||
During the six months ended June 30, 2014, the Company granted 15,243 stock options with an exercise price of $56.76 per share, 81,388 restricted stock units with a fair value of $4.6 million, 50,689 performance shares with a fair value of $3.4 million and 18,230 shares of restricted stock awards with a fair value of $1.0 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, restricted stock award 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 and restricted stock awards vest equally over three years from the grant date and the performance shares vest two or three years from the grant date. Upon vesting, the value of the restricted stock units, restricted stock awards and performance shares are paid to each grantee in the form of shares or cash. 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 the six months ended June 30, 2014 was $11.50 per stock option. The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the stock options granted: expected volatility of 34.7%; expected life of five years; dividend yield of 4.4%; risk-free interest rate of 1.6%; 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, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
10 | Commitments and Contingencies | |
a) | Vessels Under Construction | |
As at June 30, 2014, the Company was committed to the construction of five LNG carriers, four ALP towage vessels and two floating, storage and offloading (or FSO) conversions for a total cost of approximately $1.5 billion, excluding capitalized interest and other miscellaneous construction costs. Two LNG carriers are scheduled for delivery in 2016, and three LNG carriers are scheduled for delivery in 2017, the four ALP towage vessels are scheduled for delivery in 2016 and the two FSO conversions are scheduled for completion in the fourth quarter of 2014 and the fourth quarter of 2016, respectively. As at June 30, 2014, payments made towards these commitments totaled $221.4 million (excluding $4.6 million of capitalized interest and other miscellaneous construction costs) and the carrying value of completed units not yet in service was $1.2 billion. As at June 30, 2014, the remaining payments required to be made under these newbuilding and conversion capital commitments were $131.2 million (remainder of 2014), $271.2 million (2015), $445.8 million (2016), and $399.0 million (2017). | ||
b) | Joint Ventures | |
As described in Note 4d, Teekay LNG has an ownership interest in the BG Joint Venture and, as part of the acquisition, agreed to assume BG’s obligation to provide shipbuilding supervision and crew training services for the four LNG carrier newbuildings up to their delivery dates pursuant to a ship construction support agreement. The shipbuilding and crew training obligation to be incurred, net of the reimbursement from BG, are estimated to be $2.5 million (remainder of 2014), $3.7 million (2015), $2.0 million (2016), $2.4 million (2017), $3.0 million (2018) and $2.8 million (thereafter). | ||
In addition, the BG Joint Venture secured a $787.0 million debt facility to finance a portion of the estimated fully built-up cost of $1.0 billion for its four newbuilding carriers, with the remaining portion to be financed on a pro rata ownership basis by Teekay LNG and the other partners. Teekay LNG’s proportionate share of the newbuilding installments, net of the existing debt financing, is $3.8 million (remainder of 2014), $4.9 million (2015), $7.9 million (2016), $15.0 million (2017), $17.3 million (2018) and $6.3 million (thereafter). | ||
c) | Legal Proceedings and Claims | |
The Company may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. The Company believes that any adverse outcome of existing claims, individually or in the aggregate, would not have a material effect on its financial position, results of operations or cash flows, when taking into account its insurance coverage and indemnifications from charterers. | ||
Navion Hispania Incident | ||
On November 13, 2006, one of Teekay Offshore’s shuttle tankers, the Navion Hispania, collided with the Njord Bravo, an FSO unit, while preparing to load an oil cargo from the Njord Bravo. The Njord Bravo services the Njord field, which is operated by Statoil Petroleum AS (or Statoil) and is located off the Norwegian coast. At the time of the incident, Statoil was chartering the Navion Hispania from Teekay Offshore. The Navion Hispania and the Njord Bravo both incurred damage as a result of the collision. In November 2007, Navion Offshore Loading AS (or NOL) and Teekay Navion Offshore Loading Pte Ltd. (or TNOL), subsidiaries of Teekay Offshore, and Teekay Shipping Norway AS (or TSN), a subsidiary of Teekay, were named as co-defendants in a legal action filed by Norwegian Hull Club (the hull and machinery insurers of the Njord Bravo), several other insurance underwriters and various licensees in the Njord field. The plaintiffs sought damages for vessel repairs, expenses for a replacement vessel and other amounts related to production stoppage on the field, totaling NOK 213,000,000 (approximately $34.7 million). | ||
The appellate court in June 2013 held that NOL, TNOL and TSN are jointly and severally responsible towards the plaintiffs for all the losses as a result of the collision, plus interest accrued on the amount of damages. In addition, Statoil ASA was held not to be under an obligation to indemnify NOL, TNOL and TSN for the losses. NOL, TNOL and TSN were also held liable for legal costs associated with court proceedings. As a result of this judgment, in the second quarter of 2013 Teekay Offshore recognized a liability in the amount of NOK 213,000,000 in respect of damages, NOK 66,000,000 in respect of interest and NOK 11,000,000 in respect of legal costs, totaling NOK 290,000,000 (approximately $47.3 million), to the plaintiffs recorded in accrued liabilities. In the fourth quarter of 2013, Teekay Offshore recognized an additional liability of NOK 4,000,000 in respect of interest, bringing the total liability to NOK 294,000,000 (approximately $47.9 million). The judgment rendered deals with liability only and the ultimate amount of damages may be reduced compared to the NOK 213,000,000 claimed by the plaintiffs. | ||
Teekay Offshore and Teekay maintain protection and indemnity insurance for damages to the Navion Hispania and insurance for collision-related costs and claims. These insurance policies are expected to cover the costs related to this incident, including any costs not indemnified by Statoil, and thus a receivable of NOK 294,000,000 (approximately $47.9 million) was concurrently recorded in accounts receivable, which equals the total cost of the claim. In addition, Teekay has agreed to indemnify Teekay Offshore for any losses it may incur in connection with this incident. In the fourth quarter of 2013, the insurer made payments directly to the plaintiffs in full settlement of interest and partial settlement of legal costs and thus Teekay Offshore, as at December 31, 2013, reduced its liability and related receivable to NOK 213,000,000 in respect of damages and approximately NOK 3,400,000 in respect of legal costs, totaling approximately NOK 216,400,000 (approximately $35.3 million). No further payments were made in the first six months of 2014. | ||
Teekay Nakilat Capital Lease | ||
Teekay Nakilat Corporation (or Teekay Nakilat), a subsidiary of Teekay LNG, is the lessee under 30-year capital lease arrangements with a third party for the three LNG carriers (or the RasGas II Leases). The UK taxing authority (or HMRC) has been urging the lessor as well as other lessors under capital lease arrangements that have tax benefits similar to the ones provided by the RasGas II Leases, to terminate such finance lease arrangements, and has in other circumstances challenged the use of similar structures. As a result, the lessor has requested that the Teekay Nakilat Joint Venture contemplate the termination of the RasGas II Leases or entertain other alternatives for the leasing structure. The Teekay Nakilat Joint Venture has declined the request from HMRC to voluntarily terminate the RasGas II Leases primarily because of a January 2012 court decision from the First Tribunal regarding a similar financial lease of an LNG carrier that ruled in favor of the taxpayer, as well as a 2013 decision from the Upper Tribunal that upheld the 2012 verdict. However, HMRC appealed the 2013 decision to the Court of Appeal and in August 2014, HMRC was successful in having the judgment of the First Tribunal (in favor of the taxpayer) set aside. The matter will now be reconsidered by the First Tribunal, taking into account the appellate court’s comments on their earlier judgment. If HMRC is able to successfully challenge the RasGas II Leases, the Teekay Nakilat Joint Venture 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 70.0% share of the potential exposure to be approximately $34 million, exclusive of any interest rate swap termination costs and costs associated with any new financing. | ||
Petrojarl Banff Storm Damage | ||
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 while the necessary repairs and upgrades were completed and the weather permitted re-installation of the unit on the Banff field. The Company does not have off-hire insurance covering the Banff FPSO. The repairs and upgrades were completed in 2014, and the Banff FPSO unit resumed production on the Banff field in July 2014, 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 incurred 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 returned to service on the Banff field at the same time as the Banff FPSO unit. The total of these capital upgrade costs is approximately $164 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. Any capital upgrade costs not recovered from the charterer will be capitalized to the vessel cost. | ||
d) | Redeemable Non-Controlling Interest | |
During 2010, an unrelated party contributed a shuttle tanker with a value of $35.0 million to a subsidiary of Teekay Offshore for a 33% equity interest in the subsidiary. The non-controlling interest owner of Teekay Offshore’s 67% owned subsidiary holds a put option which, if exercised, would obligate Teekay Offshore to purchase the non-controlling interest owner’s 33% share in the entity for cash in accordance with a defined formula. The redeemable non-controlling interest is subject to remeasurement if the formulaic redemption amount exceeds the carrying value. No remeasurement was required as at June 30, 2014. | ||
e) | Other | |
The Company enters into indemnification agreements with certain officers and directors. In addition, the Company enters into other indemnification agreements in the ordinary course of business. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains what it believes is appropriate liability insurance that reduces its exposure and enables the Company to recover future amounts paid up to the maximum amount of the insurance coverage, less any deductible amounts pursuant to the terms of the respective policies, the amounts of which are not considered material. |
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||
11 | 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, 2013. 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, 2014 | December 31, 2013 | ||||||||||||||||||||
Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Value | Amount | Value | Amount | Value | |||||||||||||||||
Hierarchy | Asset | Asset | Asset | Asset | |||||||||||||||||
Level | (Liability) | (Liability) | (Liability) | (Liability) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Recurring | |||||||||||||||||||||
Cash and cash equivalents, restricted cash, and marketable securities | Level 1 | 1,254,309 | 1,254,309 | 1,119,966 | 1,119,966 | ||||||||||||||||
Derivative instruments (note 15) | |||||||||||||||||||||
Interest rate swap agreements - assets | Level 2 | 122,506 | 122,506 | 91,415 | 91,415 | ||||||||||||||||
Interest rate swap agreements - liabilities | Level 2 | (506,314 | ) | (506,314 | ) | (410,470 | ) | (410,470 | ) | ||||||||||||
Cross currency interest swap agreement | Level 2 | (63,741 | ) | (63,741 | ) | (52,219 | ) | (52,219 | ) | ||||||||||||
Foreign currency contracts | Level 2 | (354 | ) | (354 | ) | (1,480 | ) | (1,480 | ) | ||||||||||||
Stock purchase warrants (notes 4b and 15) | Level 3 | 8,051 | 8,051 | — | — | ||||||||||||||||
Non-recurring | |||||||||||||||||||||
Vessels and equipment | Level 2 | — | — | 17,250 | 17,250 | ||||||||||||||||
Assets held for sale (1) | Level 2 | — | — | 176,247 | 176,247 | ||||||||||||||||
Other | |||||||||||||||||||||
Investment in term loans | Level 3 | — | — | 211,579 | 209,570 | ||||||||||||||||
Loans to equity accounted investees and joint venture partners - Current | Level 3 | 21,634 | 21,634 | 37,019 | 37,019 | ||||||||||||||||
Loans to equity accounted investees and joint venture partners - Long-term | (2) | 133,526 | (2) | 132,229 | (2) | ||||||||||||||||
Liabilities associated with assets held for sale (1) | Level 2 | — | — | (168,007 | ) | (168,007 | ) | ||||||||||||||
Long-term receivable included in other assets | Level 2 | 16,452 | 16,452 | — | — | ||||||||||||||||
Long-term debt - public (note 8) | Level 1 | (1,766,576 | ) | (1,873,925 | ) | (1,313,358 | ) | (1,376,829 | ) | ||||||||||||
Long-term debt - non-public (note 8) | Level 2 | (4,965,791 | ) | (4,830,135 | ) | (4,796,112 | ) | (4,582,274 | ) | ||||||||||||
-1 | The fair value of the Company’s assets held for sale and liabilities associated with assets held for sale include vessels held for sale, long-term debt and other working capital balances. | ||||||||||||||||||||
-2 | In these consolidated financial statements, the Company’s loans to and equity investments in equity accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the loans to joint venture partners together with the joint venture partner’s equity investment in joint 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. | ||||||||||||||||||||
Changes in fair value during the six months ended June 30, 2014 and 2013 for the Company’s derivative instrument, TIL stock purchase warrants, which are described below and are measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Fair value at the beginning of the period | 11,714 | — | — | — | |||||||||||||||||
Fair value on issuance | — | — | 6,840 | — | |||||||||||||||||
Unrealized (loss) gain included in earnings | (3,663 | ) | — | 1,211 | — | ||||||||||||||||
Fair value at the end of the period | 8,051 | — | 8,051 | — | |||||||||||||||||
During January 2014, the Company received stock purchase warrants entitling it to purchase up to 1.5 million shares of the common stock of TIL at a fixed price of $10 per share (see Note 15). The estimated fair value of the stock purchase warrants was determined using a Monte-Carlo simulation and is based, in part, on the historical price of common shares of TIL, risk-free rate, vesting conditions and the historical volatility of the comparable companies. The estimated fair value of these stock purchase warrants as of June 30, 2014 is based on the historical volatility of the comparable companies of 54.1%. A higher or lower volatility would result in a higher or lower fair value of this derivative asset. | |||||||||||||||||||||
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 | Grade | June 30, 2014 | December 31, 2013 | |||||||||||||||||
Indicator | $ | $ | |||||||||||||||||||
Direct financing leases | Payment activity | Performing | 774,026 | 727,262 | |||||||||||||||||
Other loan receivables | |||||||||||||||||||||
Investment in term loans and interest receivable | Collateral | Non-Performing(1) | — | 211,579 | |||||||||||||||||
Loans to equity accounted investees and joint venture partners(2) | Other internal metrics | Performing | 155,160 | 169,248 | |||||||||||||||||
Long-term receivable included in other assets | Payment activity | Performing | 50,136 | 31,634 | |||||||||||||||||
979,322 | 1,139,723 | ||||||||||||||||||||
-1 | On March 21, 2014, Teekay and Teekay Tankers took ownership of the vessels held as collateral in satisfaction of the loans and accrued interest. | ||||||||||||||||||||
-2 | The Company’s subsidiary Teekay LNG owns a 99% interest in Teekay Tangguh, which owns a 70% interest in the Teekay Tangguh Joint Venture. During the year ended December 31, 2012, the parent company of Teekay LNG‘s joint venture partner, BLT, suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The remaining loans to joint venture partner, BLT LNG Tangguh Corporation, totaling $10.3 million as at June 30, 2014 (December 31, 2013 - $28.5 million) are considered to be collectible given a signed settlement Agreement between the Company and BLT LNG Tangguh Corporation regarding repayment terms. In February 2014, the Teekay Tangguh Joint Venture declared dividends of $69.5 million, of which $14.4 million was used to offset the advances made to BLT LNG Tangguh Corporation and P.T. Berlian Laju Tanker and $6.5 million was repaid to Teekay by BLT LNG Tangguh Corporation. In addition, $1.0 million was paid to Teekay by BLT as part of the settlement agreement. |
Restructuring_Charges
Restructuring Charges | 6 Months Ended | |
Jun. 30, 2014 | ||
Restructuring and Related Activities [Abstract] | ' | |
Restructuring Charges | ' | |
12 | Restructuring Charges | |
During the three and six months ended June 30, 2014, the Company recorded restructuring (reversal) charges of $(0.2) million ($1.8 million – 2013) and $0.4 million ($3.8 million – 2013), respectively. The restructuring charges in 2014 relate to the termination of the employment of certain seafarers from the reflagging of one shuttle tanker which commenced in January 2014 and was completed in March 2014 and the reversal of an accrual for costs related to the reorganization of the Company’s marine operations. The restructuring charges in 2013 primarily relate to reorganization of the Company’s marine operations intended to create better alignment with its conventional tanker business unit and its three publicly-listed subsidiaries and a lower cost organization. The Company does not expect to incur further restructuring charges associated with this reorganization. | ||
At June 30, 2014 and December 31, 2013, $1.6 million and $4.9 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, 2014 | |||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||
Other (Loss) Income | ' | ||||||||||||||||
13 | Other (Loss) Income | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
TIL stock purchase warrants received | — | — | 6,839 | — | |||||||||||||
Loss on bond repurchase | — | — | — | (1,759 | ) | ||||||||||||
Volatile organic compound emission plant lease income | (166 | ) | 39 | (67 | ) | 197 | |||||||||||
Impairment of marketable securities | — | (2,062 | ) | — | (2,062 | ) | |||||||||||
Miscellaneous (loss) income | (568 | ) | 637 | 745 | 7,480 | ||||||||||||
Other (loss) income | (734 | ) | (1,386 | ) | 7,517 | 3,856 | |||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||
14 | Accumulated Other Comprehensive Loss | ||||||||
As at June 30, 2014 and December 31, 2013, the Company’s accumulated other comprehensive loss consisted of the following components: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
$ | $ | ||||||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | (436 | ) | 17 | ||||||
Pension adjustments, net of tax recoveries | (19,050 | ) | (18,919 | ) | |||||
Unrealized loss on marketable securities | (379 | ) | (171 | ) | |||||
Foreign exchange gain on currency translation | 1,841 | 1,884 | |||||||
(18,024 | ) | (17,189 | ) | ||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||
15 | Derivative Instruments and Hedging Activities | ||||||||||||||||||||
The Company uses derivatives to manage certain risks in accordance with its overall risk management policies. | |||||||||||||||||||||
Foreign Exchange Risk | |||||||||||||||||||||
The Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. | |||||||||||||||||||||
As at June 30, 2014, the Company was committed to the following foreign currency forward contracts: | |||||||||||||||||||||
Fair Value / | |||||||||||||||||||||
Carrying | |||||||||||||||||||||
Amount | |||||||||||||||||||||
Of Asset | Expected Maturity | ||||||||||||||||||||
Contract Amount in | Average | (Liability) | 2014 | 2015 | |||||||||||||||||
Foreign Currency | Forward Rate (1) | $ | $ | $ | |||||||||||||||||
Norwegian Kroner | 667,700 | 6.15 | (400 | ) | 54,930 | 53,599 | |||||||||||||||
Singapore Dollar | 6,000 | 1.26 | 46 | 4,767 | — | ||||||||||||||||
(354 | ) | 59,697 | 53,599 | ||||||||||||||||||
-1 | Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||
The Company enters into cross currency swaps, and pursuant to these swaps the Company receives the principal amount in NOK on the maturity date of the swap, in exchange for payment of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal at maturity of the Company’s NOK-denominated bonds due in 2015 through 2019. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2015 through 2019. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2015 through 2019. As at June 30, 2014, the Company was committed to the following cross currency swaps: | |||||||||||||||||||||
Fair Value / | |||||||||||||||||||||
Carrying | |||||||||||||||||||||
Notional | Notional | Floating Rate Receivable | Amount of | ||||||||||||||||||
Amount | Amount | Reference | Fixed Rate | Asset / | Remaining | ||||||||||||||||
NOK | USD | Rate | Margin | Payable | (Liability) | Term (years) | |||||||||||||||
700,000 | 122,800 | NIBOR | 4.75% | 5.52% | -9,537 | 1.3 | |||||||||||||||
500,000 | 89,700 | NIBOR | 4.00% | 4.80% | -8,943 | 1.6 | |||||||||||||||
600,000 | 101,400 | NIBOR | 5.75% | 7.49% | -6,337 | 2.6 | |||||||||||||||
700,000 | 125,000 | NIBOR | 5.25% | 6.88% | -14,513 | 2.8 | |||||||||||||||
800,000 | 143,500 | NIBOR | 4.75% | 5.93% | -14,285 | 3.6 | |||||||||||||||
900,000 | 150,000 | NIBOR | 4.35% | 6.43% | -7,505 | 4.2 | |||||||||||||||
1,000,000 | 162,200 | NIBOR | 4.25% | 6.28% | -2,621 | 4.6 | |||||||||||||||
-63,741 | |||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||
The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. In addition, the Company holds interest rate swaps which exchange a payment of floating rate interest for a receipt of fixed interest in order to reduce the Company’s exposure to the variability of interest income on its restricted cash deposits. The Company has not designated any of its interest rate swap agreements in its consolidated entities as cash flow hedges for accounting purposes. | |||||||||||||||||||||
As at June 30, 2014, 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 | Weighted- | ||||||||||||||||||||
Amount of | Average | Fixed | |||||||||||||||||||
Interest | Principal | Asset / | Remaining | Interest | |||||||||||||||||
Rate | Amount | (Liability) | Term | Rate | |||||||||||||||||
Index | $ | $ | (years) | (%) (1) | |||||||||||||||||
LIBOR-Based Debt: | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 400,757 | (91,531 | ) | 22.6 | 4.9 | |||||||||||||||
U.S. Dollar-denominated interest rate swaps (3) | LIBOR | 3,653,623 | (362,136 | ) | 6.1 | 3.6 | |||||||||||||||
U.S. Dollar-denominated interest rate swaps (4) | LIBOR | 500,000 | (7,416 | ) | 1.2 | 3.1 | |||||||||||||||
LIBOR-Based Restricted Cash Deposit: | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 469,066 | 121,309 | 22.6 | 4.8 | ||||||||||||||||
EURIBOR-Based Debt: | |||||||||||||||||||||
Euro-denominated interest rate swaps (5) (6) | EURIBOR | 330,845 | (44,034 | ) | 6.5 | 3.1 | |||||||||||||||
(383,808 | ) | ||||||||||||||||||||
-1 | Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2014, 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 | Interest rate swap with an aggregate principal amount of $180 million is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2028. The interest rate swap is subject to mandatory early termination in 2014 whereby the swap will be settled based on its fair value at that time. Interest rate swaps with an aggregate principal amount of $320 million are being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2021. These interest rate swaps are subject to mandatory early termination in 2016 whereby the swaps will be settled based on their fair value at that time. | ||||||||||||||||||||
-5 | Principal amount reduces monthly to 70.1 million Euros ($96.0 million) by the maturity dates of the swap agreements. | ||||||||||||||||||||
-6 | Principal amount is the U.S. Dollar equivalent of 241.7 million Euros. | ||||||||||||||||||||
Stock Purchase Warrants | |||||||||||||||||||||
In January 2014, Teekay and Teekay Tankers formed TIL. Teekay and Teekay Tankers purchased an aggregate of 5.0 million shares of TIL’s common stock, representing an initial 20% interest in TIL, as part of a $250 million private placement by TIL, which represents a total investment by Teekay and Teekay Tankers of $50.0 million. In addition, Teekay and Teekay Tankers received stock purchase warrants entitling them to purchase an aggregate of up to 1.5 million shares of common stock of TIL at a fixed price of $10 per share. The estimated fair value of the warrants on issuance was $6.8 million and is included in other income in the consolidated statements of (loss) income. The stock purchase warrants vest in four equally sized tranches. Each tranche will vest and become exercisable when and if the fair market value of a share of TIL’s common stock equals or exceeds $12.50, $15.00, $17.50 and $20.00, respectively (or equivalent amounts in NOK) for such tranche for any ten consecutive trading days. The stock purchase warrants expire on January 23, 2019. The fair value of the stock purchase warrants at June 30, 2014 was $8.1 million. The Company reports the unrealized gains and losses from the stock purchase warrants in realized and unrealized (losses) gains on non-designated derivatives in the consolidated statements of (loss) income. | |||||||||||||||||||||
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, 2014 | |||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||
Foreign currency contracts | 696 | 11 | — | (741 | ) | (320 | ) | ||||||||||||||
Interest rate swap agreements | 17,200 | 105,488 | (22,281 | ) | (173,920 | ) | (310,295 | ) | |||||||||||||
Cross currency swap agreements | 537 | — | (39 | ) | (2,808 | ) | (61,431 | ) | |||||||||||||
Stock purchase warrants | — | 8,051 | — | — | — | ||||||||||||||||
18,433 | 113,550 | (22,320 | ) | (177,469 | ) | (372,046 | ) | ||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||
Foreign currency contracts | 482 | 12 | — | (1,819 | ) | (155 | ) | ||||||||||||||
Interest rate swap agreements | 21,779 | 69,785 | (22,025 | ) | (140,503 | ) | (248,091 | ) | |||||||||||||
Cross currency swap agreements | 779 | — | 3 | (1,677 | ) | (51,324 | ) | ||||||||||||||
23,040 | 69,797 | (22,022 | ) | (143,999 | ) | (299,570 | ) | ||||||||||||||
As at June 30, 2014, the Company had multiple interest rate swaps and cross currency swaps with the same counterparty that are subject to the same master agreements. 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, 2014, these interest rate swaps and cross currency swaps had an aggregate fair value asset amount of $122.0 million and an aggregate fair value liability amount of $411.2 million. | |||||||||||||||||||||
Realized and unrealized gains and losses from derivative instruments that are not designated for accounting purposes as cash flow hedges, are recognized in earnings and reported in realized and unrealized losses on non-designated derivatives in the consolidated statements of income. The effect of the gains and losses on derivatives not designated as hedging instruments in the consolidated statements of income are as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||
Interest rate swap agreements | (30,755 | ) | (30,899 | ) | (60,245 | ) | (61,251 | ) | |||||||||||||
Interest rate swap agreement terminations | — | (4,187 | ) | 1,000 | (4,187 | ) | |||||||||||||||
Foreign currency forward contracts | 110 | (1,873 | ) | (1,175 | ) | (1,452 | ) | ||||||||||||||
(30,645 | ) | (36,959 | ) | (60,420 | ) | (66,890 | ) | ||||||||||||||
Unrealized (losses) gains relating to: | |||||||||||||||||||||
Interest rate swap agreements | (39,096 | ) | 96,911 | (64,494 | ) | 116,115 | |||||||||||||||
Foreign currency forward contracts | (1,926 | ) | (3,917 | ) | 1,125 | (6,979 | ) | ||||||||||||||
Stock purchase warrants | (3,664 | ) | — | 1,210 | — | ||||||||||||||||
(44,686 | ) | 92,994 | (62,159 | ) | 109,136 | ||||||||||||||||
Total realized and unrealized (losses) gains on derivative instruments | (75,331 | ) | 56,035 | (122,579 | ) | 42,246 | |||||||||||||||
Realized and unrealized losses of the cross currency swaps are recognized in earnings and reported in foreign currency exchange (loss) gain in the consolidated statements of (loss) income. The effect of the loss on cross currency swaps on the consolidated statements of (loss) income is as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Realized gain on partial termination of cross currency swap | — | — | — | 6,800 | |||||||||||||||||
Realized (losses) gains | (144 | ) | 503 | (289 | ) | 1,565 | |||||||||||||||
Unrealized losses | (24,803 | ) | (16,399 | ) | (11,481 | ) | (54,353 | ) | |||||||||||||
Total realized and unrealized losses on cross currency swaps | (24,947 | ) | (15,896 | ) | (11,770 | ) | (45,988 | ) | |||||||||||||
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
Income Tax Expense | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Tax Expense | ' | ||||||||||||||||
16 | Income Tax Expense | ||||||||||||||||
The components of the provision for income tax expense are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Current | (3,398 | ) | (1,943 | ) | (6,563 | ) | (4,057 | ) | |||||||||
Deferred | 205 | 70 | 572 | (316 | ) | ||||||||||||
Income tax expense | (3,193 | ) | (1,873 | ) | (5,991 | ) | (4,373 | ) | |||||||||
The following reflects the changes in the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from December 31, 2013 to June 30, 2014: | |||||||||||||||||
Balance of unrecognized tax benefits as at January 1, 2014 | $ | 20,304 | |||||||||||||||
Increase for positions related to the current period | 3,822 | ||||||||||||||||
Decrease related to statute of limitations | (972 | ) | |||||||||||||||
Balance of unrecognized tax benefits as at June 30, 2014 | $ | 23,154 | |||||||||||||||
The majority of the net increase for positions for the six months ended June 30, 2014 relates to potential tax on freight income. | |||||||||||||||||
The Company does not presently anticipate these uncertain tax positions, which are uncertain, will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected. |
Net_Loss_Income_Per_Share
Net (Loss) Income Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net (Loss) Income Per Share | ' | ||||||||||||||||
17 | Net (Loss) Income Per Share | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Net (loss) income attributable to stockholders of Teekay Corporation | (42,987 | ) | 11,367 | (43,475 | ) | 5,231 | |||||||||||
Weighted average number of common shares | 72,036,526 | 70,393,531 | 71,687,549 | 70,142,301 | |||||||||||||
Dilutive effect of stock-based compensation | — | 921,098 | — | 1,000,062 | |||||||||||||
Common stock and common stock equivalents | 72,036,526 | 71,314,629 | 71,687,549 | 71,142,363 | |||||||||||||
(Loss) income per common share: | |||||||||||||||||
- Basic | (0.60 | ) | 0.16 | (0.61 | ) | 0.07 | |||||||||||
- Diluted | (0.60 | ) | 0.16 | (0.61 | ) | 0.07 | |||||||||||
Stock-based awards, which have an anti-dilutive effect on the calculation of diluted (loss) income per common share, are excluded from this calculation. For the three and six months ended June 30, 2013, options to acquire 3.1 million shares of Common Stock had an anti-dilutive effect on the calculation of diluted income per common share. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | |
Jun. 30, 2014 | ||
Supplemental Cash Flow Elements [Abstract] | ' | |
Supplemental Cash Flow Information | ' | |
18 | Supplemental Cash Flow Information | |
a) | In March 2014, the Company took ownership of three VLCCs, which were collateral for all amounts owing under the investment in term loans, and the investment in term loans was concurrently discharged. The VLCCs had an estimated aggregate fair value of $222.0 million on this date, which approximated all the amounts owing under the investment in term loans. During the first quarter of 2014, second-hand vessel values for VLCCs increased and, as a result, the Company recognized $15.2 million of interest income owing under the investment in term loans in the first quarter of 2014. The assumption of ownership of the VLCCs and concurrent discharge of the loans has been treated as a non-cash transaction in the Company’s consolidated statement of cash flows. | |
b) | As described in Note 4d, Teekay LNG acquired BG’s ownership interest in the BG Joint Ventures. As compensation, Teekay LNG assumed BG’s obligation (net of an agreement by BG to pay Teekay LNG approximately $20.3 million) to provide shipbuilding supervision and crew training services for the four LNG carrier newbuildings up to their delivery dates pursuant to a ship construction support agreement. The fair value of the assumed obligation of approximately $30.2 million was used to offset the purchase price and Teekay LNG’s receivable from BG and was treated as a non-cash transaction in the consolidated statement of cash flows. |
Subsequent_Events
Subsequent Events | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
19 | Subsequent Events | |
a) | In July 2014, Teekay LNG, through a new 50/50 joint venture with China LNG, has finalized shipbuilding contracts for six internationally-flagged icebreaker LNG carriers for a project, located on the Yamal Peninsula in Northern Russia (or the Yamal LNG Project). The Yamal LNG Project is a joint venture between Russia-based Novatek OAO (60%), France-based Total S.A. (20%) and China-based China National Petroleum Corporation (or CNPC) (20%), and will consist of three LNG trains with a total expected capacity of 16.5 million metric tons of LNG per annum and is currently scheduled to start-up in early-2018. The joint venture between Teekay LNG and China LNG will provide the six 172,000-cubic meter ARC7 LNG carrier newbuildings to be constructed by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (or DSME), of South Korea, for a total fully built-up cost of approximately $2.1 billion. The vessels, which will be constructed with maximum 2.1 meter icebreaking capabilities in both the forward and reverse directions, are scheduled to deliver at various times between the first quarter of 2018 and first quarter of 2020. Upon their deliveries, the six LNG carriers will each operate under fixed-rate time-charter contracts with Yamal Trade Pte. Ltd. until December 31, 2045, plus extension options. | |
b) | In July 2014, Teekay LNG completed a public offering of 3.1 million common units (including 0.3 million common units issued upon exercise of the underwriters’ over-allotment option) at the price of $44.65 per unit, for gross proceeds of approximately $140.8 million (including a 2% proportionate capital contribution by Teekay LNG’s general partner). Teekay LNG used the net proceeds from the offering of approximately $140.5 million to prepay a portion of its outstanding debt under two of its revolving credit facilities, to fund the equity portion of its first installment payment to approximately $95 million for the six newbuilding LNG carriers ordered by Teekay LNG’s 50/50 joint venture with China LNG for the Yamal LNG Project and to fund a portion of its M-type, Electronically Controlled, Gas Injection (or MEGI) newbuildings’ shipyard installments. As a result of this public offering, Teekay’s ownership of Teekay LNG was reduced to 34.0% (including the Company’s 2% general partner interest). Teekay maintains control of Teekay LNG by virtue of its control of the general partner and will continue to consolidate the subsidiary. | |
c) | In August 2014, Teekay Offshore acquired 100% of the outstanding shares of Logitel Offshore Holdings AS (Logitel), a Norway-based company focused on the high-end floating accommodation market. The purchase price for the shares of Logitel consisted of $4.0 million in cash due on closing and a potential additional cash amount of $27.6 million, subject to reductions of some or all of this potential additional amount if certain performance criteria, primarily relating to the construction of the three floating accommodation units (or FAUs) ordered from the COSCO (Nantong) Shipyard (or COSCO) in China, are not met. Two of the FAUs are currently under construction and in August 2014, Teekay Offshore exercised one of its existing six options with COSCO to construct a third FAU. Prior to the acquisition, Logitel secured a three-year fixed-rate charter contract, plus extension options, with Petroleo Brasileiro SA (or Petrobras) in Brazil for the first FAU which is scheduled to deliver in the first quarter of 2015. Teekay Offshore expects to secure charter contracts for the remaining two newbuilding FAUs prior to their respective scheduled deliveries in the fourth quarter of 2015 and the third quarter of 2016. | |
Teekay Offshore is committed to acquire the three FAUs ordered from COSCO for a total cost of approximately $534.0 million, including estimated site supervision costs and license fees to be paid to Sevan Marine ASA (or Sevan) to allow for use of its cylindrical hull design in these FAUs. As at the date of acquisition, payments made towards these commitments totaled $18.0 million and the remaining payments required to be made under these newbuilding contracts were $8.8 million (balance of 2014), $341.0 million (2015) and $166.2 million (2016). The amount of the license fees, in aggregate for the three FAUs ordered from COSCO, is $22.2 million, subject to reductions of some or all of this amount if certain performance criteria, primarily relating to the construction of the three FAUs ordered from COSCO, is not met. The amount of site supervision costs are based on hours spent at agreed upon hourly rates as per Teekay Offshore’s agreement with Sevan. | ||
Teekay Offshore intends to finance the initial newbuilding payments through its existing liquidity and expects to secure long-term debt financing for the units prior to their scheduled deliveries. Prior to the acquisition, financing for $60.0 million of costs incurred by Logitel relating to the acquisition of two partially completed hulls from Sevan and the subsequent construction installments to COSCO were provided by a bond agreement between Logitel and Sevan, Teekay Offshore has assumed Logitel’s obligations under the bond agreement as part of this acquisition. The bond is non-interest bearing and is repayable in amounts of $10.0 million within six months of delivery of each of the next six FAUs, including the three ordered from COSCO. The bonds are redeemable at par at any time. The bonds are convertible by Sevan. The conversion option is exercisable if the fourth of six options with COSCO is not exercised by its option expiry date on November 30, 2016. In this case, Sevan has a one-time option to receive the remaining two options with COSCO in exchange for the extinguishment of the remaining amount owing on the bond agreement. If the one-time option is not exercised by Sevan, any remaining amount owing on the bond agreement will be forgiven when there is a continuous three-year period, from the date of the latest delivery of a newbuilding FAU based on the Sevan cylindrical hull design, where no such Seven design FAUs are ordered. | ||
d) | On August 1, 2014, Teekay Tankers acquired from Teekay a 50% interest in its conventional tanker commercial management and technical management operations, including the direct ownership in three commercially managed tanker pools, which generate fee income from commercially managing currently a fleet of approximately 89 vessels and technically managing currently a fleet of approximately 51 vessels, including vessels owned by Teekay Tankers. The purchase price for this acquisition was approximately $15 million, paid in Class B common shares of Teekay Tankers at a price of $3.70 per share. Teekay Tankers will account for its interest in the conventional tanker commercial management and technical management operations by the equity method. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
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, 2013, 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, 2014, 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 the current period the Company has presented the conversion costs incurred at period end for the Company’s committed vessel conversions in Advances on newbuilding contracts and conversion costs on the consolidated balance sheet. Prior to June 30, 2014, the Company included these amounts in Vessels and equipment – At cost, less accumulated depreciation. All such costs incurred in comparative periods have been reclassified from Vessels and equipment – At cost, less accumulated depreciation to Advances on newbuilding contracts and conversion costs to conform to the presentation adopted in the current period. The amount reclassified as at December 31, 2013 was $29.8 million. | |
Accounting Pronouncements Not Yet Adopted | ' |
Accounting Pronouncements Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require companies to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires companies to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016 and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Company is evaluating the effect of adopting this new accounting guidance. | |
In April 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (or ASU 2014-08) which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (i) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (ii) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. ASU 2014-08 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance. The impact, if any, of adopting ASU 2014-08 on the Company’s financial statements will depend on the occurrence and nature of disposals that occur after ASU 2014-08 is adopted. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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, 2014 and 2013: | |||||||||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Three Months ended June 30, 2014 | Tanker and FSO | FPSO | Gas | Tanker | |||||||||||||||||
Segment | Segment | Segment | Segment | Total | |||||||||||||||||
Revenues | 142,816 | 131,155 | 81,970 | 96,313 | 452,254 | ||||||||||||||||
Voyage expenses | 24,890 | 172 | 739 | 7,638 | 33,439 | ||||||||||||||||
Vessel operating expenses | 46,989 | 92,436 | 17,139 | 45,150 | 201,714 | ||||||||||||||||
Time-charter hire expense | 4,975 | — | — | 4,739 | 9,714 | ||||||||||||||||
Depreciation and amortization | 27,039 | 38,056 | 17,888 | 20,390 | 103,373 | ||||||||||||||||
General and administrative(1) | 8,005 | 15,524 | 6,294 | 7,122 | 36,945 | ||||||||||||||||
Loan loss recoveries | — | (2,521 | ) | — | — | (2,521 | ) | ||||||||||||||
Gain on sale of vessels and equipment | — | — | — | (9,615 | ) | (9,615 | ) | ||||||||||||||
Restructuring charges | (820 | ) | — | — | 576 | (244 | ) | ||||||||||||||
Income (loss) from vessel operations | 31,738 | (12,512 | ) | 39,910 | 20,313 | 79,449 | |||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Three Months ended June 30, 2013 | Tanker and FSO | FPSO | Gas | Tanker | |||||||||||||||||
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 | ||||||||||||||||
Loan loss 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 | ||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Six Months ended June 30, 2014 | Tanker and FSO | FPSO | Gas | Tanker | |||||||||||||||||
Segment | Segment | Segment | Segment | Total | |||||||||||||||||
Revenues | 304,028 | 273,674 | 163,393 | 217,653 | 958,748 | ||||||||||||||||
Voyage expenses | 56,619 | 172 | 1,572 | 10,088 | 68,451 | ||||||||||||||||
Vessel operating expenses | 93,007 | 185,940 | 33,650 | 90,303 | 402,900 | ||||||||||||||||
Time-charter hire expense | 16,387 | — | — | 9,619 | 26,006 | ||||||||||||||||
Depreciation and amortization | 54,376 | 75,868 | 36,001 | 40,586 | 206,831 | ||||||||||||||||
General and administrative(1) | 17,382 | 30,865 | 13,494 | 13,082 | 74,823 | ||||||||||||||||
Loan loss recoveries | — | (2,521 | ) | — | — | (2,521 | ) | ||||||||||||||
Gain on sale of vessels and equipment | — | — | — | (9,453 | ) | (9,453 | ) | ||||||||||||||
Restructuring charges | (268 | ) | — | — | 663 | 395 | |||||||||||||||
Income (loss) from vessel operations | 66,525 | (16,650 | ) | 78,676 | 62,765 | 191,316 | |||||||||||||||
Shuttle | Liquefied | Conventional | |||||||||||||||||||
Six Months ended June 30, 2013 | Tanker and FSO | FPSO | Gas | Tanker | |||||||||||||||||
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 | ||||||||||||||||
Loan loss 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 | |||||||||||||||
-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, 2014 | December 31, 2013 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Shuttle tanker and FSO segment | 1,940,146 | 1,947,905 | |||||||||||||||||||
FPSO segment | 3,340,920 | 2,836,998 | |||||||||||||||||||
Liquefied gas segment | 3,699,293 | 3,616,044 | |||||||||||||||||||
Conventional tanker segment | 1,576,691 | 1,874,101 | |||||||||||||||||||
Cash | 748,900 | 614,660 | |||||||||||||||||||
Accounts receivable and other assets | 749,761 | 665,993 | |||||||||||||||||||
Consolidated total assets | 12,055,711 | 11,555,701 | |||||||||||||||||||
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||
The following table summarizes the preliminary estimates of fair values of the ALP assets acquired and liabilities assumed by Teekay Offshore on the acquisition date. | |||||
As at | |||||
(in thousands of U.S. dollars) | March 14, 2014 | ||||
$ | |||||
ASSETS | |||||
Cash and cash equivalents | 294 | ||||
Other current assets | 404 | ||||
Advances on newbuilding contracts | 164 | ||||
Other assets - long-term | 395 | ||||
Goodwill | 2,032 | ||||
Total assets acquired | 3,289 | ||||
LIABILITIES | |||||
Current liabilities | 387 | ||||
Other long-term liabilities | 286 | ||||
Total liabilities assumed | 673 | ||||
Net assets acquired | 2,616 | ||||
Consideration | 2,616 | ||||
Vessel_Charters_Tables
Vessel Charters (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Text Block [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, 2014, for the Company’s chartered-in and chartered-out vessels were as follows: | |||||||||||||||||||||
Remainder | |||||||||||||||||||||
of 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||
Charters-in - operating leases | 34.5 | 31.9 | 9.1 | 9.1 | 0.4 | ||||||||||||||||
Charters-in - capital leases (1) | 42.4 | 31.8 | 31.7 | 55 | 51.3 | ||||||||||||||||
76.9 | 63.7 | 40.8 | 64.1 | 51.7 | |||||||||||||||||
Charters-out - operating leases (2) | 624 | 1,438.80 | 1,231.40 | 1,225.10 | 997.2 | ||||||||||||||||
Charters-out - direct financing leases | 45 | 95.5 | 95.8 | 219.8 | 185.6 | ||||||||||||||||
669 | 1,534.30 | 1,327.20 | 1,444.90 | 1,182.80 | |||||||||||||||||
-1 | As at June 30, 2014 and December 31, 2013, the Company had $475.8 million and $475.6 million of restricted cash 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 cash totaled $27.3 million and $27.1 million as at June 30, 2014 and December 31, 2013, 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, 2014, revenue from unexercised option periods of contracts that existed on June 30, 2014 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, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Summary of Proceeds Received from Financial Transactions | ' | ||||||||||||||||
During the six months ended June 30, 2014, one of the Company’s publicly-listed subsidiaries, Teekay Offshore, completed the following equity issuances under a continuous offering program: | |||||||||||||||||
Total Proceeds | Less: | Offering | Net Proceeds | ||||||||||||||
Received | Teekay | Expenses | Received | ||||||||||||||
$ | Corporation | $ | $ | ||||||||||||||
Portion | |||||||||||||||||
$ | |||||||||||||||||
Six Months ended June 30, 2014 | |||||||||||||||||
Teekay Offshore Continuous Offering Program | 7,784 | (156 | ) | (153 | ) | 7,475 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
June 30, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
Revolving Credit Facilities | 1,610,450 | 1,919,086 | |||||||
Senior Notes (8.5%) due January 15, 2020 | 447,598 | 447,430 | |||||||
Norwegian Kroner-denominated Bonds due through January 2019 | 847,860 | 691,778 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 3,011,214 | 2,523,523 | |||||||
U.S. Dollar Bonds due through 2023 | 471,118 | 174,150 | |||||||
Euro-denominated Term Loans due through 2023 | 330,845 | 340,221 | |||||||
U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners | 13,282 | 13,282 | |||||||
Total | 6,732,367 | 6,109,470 | |||||||
Less current portion | 655,601 | 996,425 | |||||||
Long-term portion | 6,076,766 | 5,113,045 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||||||
Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Value | Amount | Value | Amount | Value | |||||||||||||||||
Hierarchy | Asset | Asset | Asset | Asset | |||||||||||||||||
Level | (Liability) | (Liability) | (Liability) | (Liability) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Recurring | |||||||||||||||||||||
Cash and cash equivalents, restricted cash, and marketable securities | Level 1 | 1,254,309 | 1,254,309 | 1,119,966 | 1,119,966 | ||||||||||||||||
Derivative instruments (note 15) | |||||||||||||||||||||
Interest rate swap agreements - assets | Level 2 | 122,506 | 122,506 | 91,415 | 91,415 | ||||||||||||||||
Interest rate swap agreements - liabilities | Level 2 | (506,314 | ) | (506,314 | ) | (410,470 | ) | (410,470 | ) | ||||||||||||
Cross currency interest swap agreement | Level 2 | (63,741 | ) | (63,741 | ) | (52,219 | ) | (52,219 | ) | ||||||||||||
Foreign currency contracts | Level 2 | (354 | ) | (354 | ) | (1,480 | ) | (1,480 | ) | ||||||||||||
Stock purchase warrants (notes 4b and 15) | Level 3 | 8,051 | 8,051 | — | — | ||||||||||||||||
Non-recurring | |||||||||||||||||||||
Vessels and equipment | Level 2 | — | — | 17,250 | 17,250 | ||||||||||||||||
Assets held for sale (1) | Level 2 | — | — | 176,247 | 176,247 | ||||||||||||||||
Other | |||||||||||||||||||||
Investment in term loans | Level 3 | — | — | 211,579 | 209,570 | ||||||||||||||||
Loans to equity accounted investees and joint venture partners - Current | Level 3 | 21,634 | 21,634 | 37,019 | 37,019 | ||||||||||||||||
Loans to equity accounted investees and joint venture partners - Long-term | (2) | 133,526 | (2) | 132,229 | (2) | ||||||||||||||||
Liabilities associated with assets held for sale (1) | Level 2 | — | — | (168,007 | ) | (168,007 | ) | ||||||||||||||
Long-term receivable included in other assets | Level 2 | 16,452 | 16,452 | — | — | ||||||||||||||||
Long-term debt - public (note 8) | Level 1 | (1,766,576 | ) | (1,873,925 | ) | (1,313,358 | ) | (1,376,829 | ) | ||||||||||||
Long-term debt - non-public (note 8) | Level 2 | (4,965,791 | ) | (4,830,135 | ) | (4,796,112 | ) | (4,582,274 | ) | ||||||||||||
-1 | The fair value of the Company’s assets held for sale and liabilities associated with assets held for sale include vessels held for sale, long-term debt and other working capital balances. | ||||||||||||||||||||
-2 | In these consolidated financial statements, the Company’s loans to and equity investments in equity accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the loans to joint venture partners together with the joint venture partner’s equity investment in joint 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. | ||||||||||||||||||||
Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | ' | ||||||||||||||||||||
Changes in fair value during the six months ended June 30, 2014 and 2013 for the Company’s derivative instrument, TIL stock purchase warrants, which are described below and are measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Fair value at the beginning of the period | 11,714 | — | — | — | |||||||||||||||||
Fair value on issuance | — | — | 6,840 | — | |||||||||||||||||
Unrealized (loss) gain included in earnings | (3,663 | ) | — | 1,211 | — | ||||||||||||||||
Fair value at the end of the period | 8,051 | — | 8,051 | — | |||||||||||||||||
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 | Grade | June 30, 2014 | December 31, 2013 | |||||||||||||||||
Indicator | $ | $ | |||||||||||||||||||
Direct financing leases | Payment activity | Performing | 774,026 | 727,262 | |||||||||||||||||
Other loan receivables | |||||||||||||||||||||
Investment in term loans and interest receivable | Collateral | Non-Performing(1) | — | 211,579 | |||||||||||||||||
Loans to equity accounted investees and joint venture partners(2) | Other internal metrics | Performing | 155,160 | 169,248 | |||||||||||||||||
Long-term receivable included in other assets | Payment activity | Performing | 50,136 | 31,634 | |||||||||||||||||
979,322 | 1,139,723 | ||||||||||||||||||||
-1 | On March 21, 2014, Teekay and Teekay Tankers took ownership of the vessels held as collateral in satisfaction of the loans and accrued interest. | ||||||||||||||||||||
-2 | The Company’s subsidiary Teekay LNG owns a 99% interest in Teekay Tangguh, which owns a 70% interest in the Teekay Tangguh Joint Venture. During the year ended December 31, 2012, the parent company of Teekay LNG‘s joint venture partner, BLT, suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The remaining loans to joint venture partner, BLT LNG Tangguh Corporation, totaling $10.3 million as at June 30, 2014 (December 31, 2013 - $28.5 million) are considered to be collectible given a signed settlement Agreement between the Company and BLT LNG Tangguh Corporation regarding repayment terms. In February 2014, the Teekay Tangguh Joint Venture declared dividends of $69.5 million, of which $14.4 million was used to offset the advances made to BLT LNG Tangguh Corporation and P.T. Berlian Laju Tanker and $6.5 million was repaid to Teekay by BLT LNG Tangguh Corporation. In addition, $1.0 million was paid to Teekay by BLT as part of the settlement agreement. |
Other_Loss_Income_Tables
Other (Loss) Income (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||
Summary of Other (Loss) Income | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
TIL stock purchase warrants received | — | — | 6,839 | — | |||||||||||||
Loss on bond repurchase | — | — | — | (1,759 | ) | ||||||||||||
Volatile organic compound emission plant lease income | (166 | ) | 39 | (67 | ) | 197 | |||||||||||
Impairment of marketable securities | — | (2,062 | ) | — | (2,062 | ) | |||||||||||
Miscellaneous (loss) income | (568 | ) | 637 | 745 | 7,480 | ||||||||||||
Other (loss) income | (734 | ) | (1,386 | ) | 7,517 | 3,856 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Schedule of Accumulated Other comprehensive loss | ' | ||||||||
As at June 30, 2014 and December 31, 2013, the Company’s accumulated other comprehensive loss consisted of the following components: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
$ | $ | ||||||||
Unrealized (loss) gain on qualifying cash flow hedging instruments | (436 | ) | 17 | ||||||
Pension adjustments, net of tax recoveries | (19,050 | ) | (18,919 | ) | |||||
Unrealized loss on marketable securities | (379 | ) | (171 | ) | |||||
Foreign exchange gain on currency translation | 1,841 | 1,884 | |||||||
(18,024 | ) | (17,189 | ) | ||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Commitment of Foreign Currency Forward Contracts | ' | ||||||||||||||||||||
As at June 30, 2014, the Company was committed to the following foreign currency forward contracts: | |||||||||||||||||||||
Fair Value / | |||||||||||||||||||||
Carrying | |||||||||||||||||||||
Amount | |||||||||||||||||||||
Of Asset | Expected Maturity | ||||||||||||||||||||
Contract Amount in | Average | (Liability) | 2014 | 2015 | |||||||||||||||||
Foreign Currency | Forward Rate (1) | $ | $ | $ | |||||||||||||||||
Norwegian Kroner | 667,700 | 6.15 | (400 | ) | 54,930 | 53,599 | |||||||||||||||
Singapore Dollar | 6,000 | 1.26 | 46 | 4,767 | — | ||||||||||||||||
(354 | ) | 59,697 | 53,599 | ||||||||||||||||||
-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, 2014, the Company was committed to the following cross currency swaps: | |||||||||||||||||||||
Fair Value / | |||||||||||||||||||||
Carrying | |||||||||||||||||||||
Notional | Notional | Floating Rate Receivable | Amount of | ||||||||||||||||||
Amount | Amount | Reference | Fixed Rate | Asset / | Remaining | ||||||||||||||||
NOK | USD | Rate | Margin | Payable | (Liability) | Term (years) | |||||||||||||||
700,000 | 122,800 | NIBOR | 4.75% | 5.52% | -9,537 | 1.3 | |||||||||||||||
500,000 | 89,700 | NIBOR | 4.00% | 4.80% | -8,943 | 1.6 | |||||||||||||||
600,000 | 101,400 | NIBOR | 5.75% | 7.49% | -6,337 | 2.6 | |||||||||||||||
700,000 | 125,000 | NIBOR | 5.25% | 6.88% | -14,513 | 2.8 | |||||||||||||||
800,000 | 143,500 | NIBOR | 4.75% | 5.93% | -14,285 | 3.6 | |||||||||||||||
900,000 | 150,000 | NIBOR | 4.35% | 6.43% | -7,505 | 4.2 | |||||||||||||||
1,000,000 | 162,200 | NIBOR | 4.25% | 6.28% | -2,621 | 4.6 | |||||||||||||||
-63,741 | |||||||||||||||||||||
Interest Rate Swap Agreements | ' | ||||||||||||||||||||
As at June 30, 2014, 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 | Weighted- | ||||||||||||||||||||
Amount of | Average | Fixed | |||||||||||||||||||
Interest | Principal | Asset / | Remaining | Interest | |||||||||||||||||
Rate | Amount | (Liability) | Term | Rate | |||||||||||||||||
Index | $ | $ | (years) | (%) (1) | |||||||||||||||||
LIBOR-Based Debt: | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 400,757 | (91,531 | ) | 22.6 | 4.9 | |||||||||||||||
U.S. Dollar-denominated interest rate swaps (3) | LIBOR | 3,653,623 | (362,136 | ) | 6.1 | 3.6 | |||||||||||||||
U.S. Dollar-denominated interest rate swaps (4) | LIBOR | 500,000 | (7,416 | ) | 1.2 | 3.1 | |||||||||||||||
LIBOR-Based Restricted Cash Deposit: | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 469,066 | 121,309 | 22.6 | 4.8 | ||||||||||||||||
EURIBOR-Based Debt: | |||||||||||||||||||||
Euro-denominated interest rate swaps (5) (6) | EURIBOR | 330,845 | (44,034 | ) | 6.5 | 3.1 | |||||||||||||||
(383,808 | ) | ||||||||||||||||||||
-1 | Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2014, 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 | Interest rate swap with an aggregate principal amount of $180 million is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2028. The interest rate swap is subject to mandatory early termination in 2014 whereby the swap will be settled based on its fair value at that time. Interest rate swaps with an aggregate principal amount of $320 million are being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2021. These interest rate swaps are subject to mandatory early termination in 2016 whereby the swaps will be settled based on their fair value at that time. | ||||||||||||||||||||
-5 | Principal amount reduces monthly to 70.1 million Euros ($96.0 million) by the maturity dates of the swap agreements. | ||||||||||||||||||||
-6 | Principal amount is the U.S. Dollar equivalent of 241.7 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, 2014 | |||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||
Foreign currency contracts | 696 | 11 | — | (741 | ) | (320 | ) | ||||||||||||||
Interest rate swap agreements | 17,200 | 105,488 | (22,281 | ) | (173,920 | ) | (310,295 | ) | |||||||||||||
Cross currency swap agreements | 537 | — | (39 | ) | (2,808 | ) | (61,431 | ) | |||||||||||||
Stock purchase warrants | — | 8,051 | — | — | — | ||||||||||||||||
18,433 | 113,550 | (22,320 | ) | (177,469 | ) | (372,046 | ) | ||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||
Derivatives not designated as a cash flow hedge: | |||||||||||||||||||||
Foreign currency contracts | 482 | 12 | — | (1,819 | ) | (155 | ) | ||||||||||||||
Interest rate swap agreements | 21,779 | 69,785 | (22,025 | ) | (140,503 | ) | (248,091 | ) | |||||||||||||
Cross currency swap agreements | 779 | — | 3 | (1,677 | ) | (51,324 | ) | ||||||||||||||
23,040 | 69,797 | (22,022 | ) | (143,999 | ) | (299,570 | ) | ||||||||||||||
Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | ' | ||||||||||||||||||||
The effect of the gains and losses on derivatives not designated as hedging instruments in the consolidated statements of income are as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||
Interest rate swap agreements | (30,755 | ) | (30,899 | ) | (60,245 | ) | (61,251 | ) | |||||||||||||
Interest rate swap agreement terminations | — | (4,187 | ) | 1,000 | (4,187 | ) | |||||||||||||||
Foreign currency forward contracts | 110 | (1,873 | ) | (1,175 | ) | (1,452 | ) | ||||||||||||||
(30,645 | ) | (36,959 | ) | (60,420 | ) | (66,890 | ) | ||||||||||||||
Unrealized (losses) gains relating to: | |||||||||||||||||||||
Interest rate swap agreements | (39,096 | ) | 96,911 | (64,494 | ) | 116,115 | |||||||||||||||
Foreign currency forward contracts | (1,926 | ) | (3,917 | ) | 1,125 | (6,979 | ) | ||||||||||||||
Stock purchase warrants | (3,664 | ) | — | 1,210 | — | ||||||||||||||||
(44,686 | ) | 92,994 | (62,159 | ) | 109,136 | ||||||||||||||||
Total realized and unrealized (losses) gains on derivative instruments | (75,331 | ) | 56,035 | (122,579 | ) | 42,246 | |||||||||||||||
Effect of Loss on Cross Currency Swaps | ' | ||||||||||||||||||||
The effect of the loss on cross currency swaps on the consolidated statements of (loss) income is as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Realized gain on partial termination of cross currency swap | — | — | — | 6,800 | |||||||||||||||||
Realized (losses) gains | (144 | ) | 503 | (289 | ) | 1,565 | |||||||||||||||
Unrealized losses | (24,803 | ) | (16,399 | ) | (11,481 | ) | (54,353 | ) | |||||||||||||
Total realized and unrealized losses on cross currency swaps | (24,947 | ) | (15,896 | ) | (11,770 | ) | (45,988 | ) | |||||||||||||
Income_Tax_Expense_Tables
Income Tax Expense (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Components of Provision for Income Tax Expense | ' | ||||||||||||||||
The components of the provision for income tax expense are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Current | (3,398 | ) | (1,943 | ) | (6,563 | ) | (4,057 | ) | |||||||||
Deferred | 205 | 70 | 572 | (316 | ) | ||||||||||||
Income tax expense | (3,193 | ) | (1,873 | ) | (5,991 | ) | (4,373 | ) | |||||||||
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, 2013 to June 30, 2014: | |||||||||||||||||
Balance of unrecognized tax benefits as at January 1, 2014 | $ | 20,304 | |||||||||||||||
Increase for positions related to the current period | 3,822 | ||||||||||||||||
Decrease related to statute of limitations | (972 | ) | |||||||||||||||
Balance of unrecognized tax benefits as at June 30, 2014 | $ | 23,154 | |||||||||||||||
Net_Loss_Income_Per_Share_Tabl
Net (Loss) Income Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Net (Loss) Income Per Share | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Net (loss) income attributable to stockholders of Teekay Corporation | (42,987 | ) | 11,367 | (43,475 | ) | 5,231 | |||||||||||
Weighted average number of common shares | 72,036,526 | 70,393,531 | 71,687,549 | 70,142,301 | |||||||||||||
Dilutive effect of stock-based compensation | — | 921,098 | — | 1,000,062 | |||||||||||||
Common stock and common stock equivalents | 72,036,526 | 71,314,629 | 71,687,549 | 71,142,363 | |||||||||||||
(Loss) income per common share: | |||||||||||||||||
- Basic | (0.60 | ) | 0.16 | (0.61 | ) | 0.07 | |||||||||||
- Diluted | (0.60 | ) | 0.16 | (0.61 | ) | 0.07 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' |
Advances on newbuilding contracts and conversion costs | $1,403,850 | $796,324 |
Reclassification to advances on newbuilding contracts and conversion costs [Member] | ' | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' |
Advances on newbuilding contracts and conversion costs | ' | $29,800 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment | Segment | Segment | Segment | |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Number of reportable segments | 4 | 4 | 4 | 4 |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | $452,254 | $430,707 | $958,748 | $881,744 |
Voyage expenses | 33,439 | 26,154 | 68,451 | 52,469 |
Vessel operating expenses | 201,714 | 195,978 | 402,900 | 383,442 |
Time-charter hire expense | 9,714 | 26,544 | 26,006 | 53,996 |
Depreciation and amortization | 103,373 | 109,769 | 206,831 | 212,263 |
General and administrative | 36,945 | 35,395 | 74,823 | 74,666 |
Loan loss provisions (recoveries) | -2,521 | 7,042 | -2,521 | 10,207 |
(Gain) loss on sale of vessels and equipment | -9,615 | -1,341 | -9,453 | -1,309 |
Restructuring charges | -244 | 1,789 | 395 | 3,843 |
Income from vessel operations | 79,449 | 29,377 | 191,316 | 92,167 |
Shuttle Tanker and FSO Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | 142,816 | 140,062 | 304,028 | 278,715 |
Voyage expenses | 24,890 | 22,275 | 56,619 | 44,084 |
Vessel operating expenses | 46,989 | 43,472 | 93,007 | 88,379 |
Time-charter hire expense | 4,975 | 14,110 | 16,387 | 28,887 |
Depreciation and amortization | 27,039 | 29,093 | 54,376 | 56,789 |
General and administrative | 8,005 | 9,324 | 17,382 | 19,828 |
Restructuring charges | -820 | 1,043 | -268 | 1,630 |
Income from vessel operations | 31,738 | 20,745 | 66,525 | 39,118 |
FPSO Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | 131,155 | 122,560 | 273,674 | 263,489 |
Voyage expenses | 172 | ' | 172 | ' |
Vessel operating expenses | 92,436 | 84,054 | 185,940 | 161,438 |
Depreciation and amortization | 38,056 | 39,285 | 75,868 | 73,317 |
General and administrative | 15,524 | 11,760 | 30,865 | 24,121 |
Loan loss provisions (recoveries) | -2,521 | ' | -2,521 | ' |
(Gain) loss on sale of vessels and equipment | ' | -1,338 | ' | -1,338 |
Income from vessel operations | -12,512 | -11,201 | -16,650 | 5,951 |
Liquefied Gas Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | 81,970 | 70,983 | 163,393 | 141,984 |
Voyage expenses | 739 | 487 | 1,572 | 491 |
Vessel operating expenses | 17,139 | 15,164 | 33,650 | 30,260 |
Depreciation and amortization | 17,888 | 18,328 | 36,001 | 35,619 |
General and administrative | 6,294 | 5,314 | 13,494 | 11,510 |
Income from vessel operations | 39,910 | 31,690 | 78,676 | 64,104 |
Conventional Tanker [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | 96,313 | 97,102 | 217,653 | 197,556 |
Voyage expenses | 7,638 | 3,392 | 10,088 | 7,894 |
Vessel operating expenses | 45,150 | 53,288 | 90,303 | 103,365 |
Time-charter hire expense | 4,739 | 12,434 | 9,619 | 25,109 |
Depreciation and amortization | 20,390 | 23,063 | 40,586 | 46,538 |
General and administrative | 7,122 | 8,997 | 13,082 | 19,207 |
Loan loss provisions (recoveries) | ' | 7,042 | ' | 10,207 |
(Gain) loss on sale of vessels and equipment | -9,615 | -3 | -9,453 | 29 |
Restructuring charges | 576 | 746 | 663 | 2,213 |
Income from vessel operations | $20,313 | ($11,857) | $62,765 | ($17,006) |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Total Segment Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Consolidated total assets | $12,055,711 | $11,555,701 |
Shuttle Tanker and FSO Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Consolidated total assets | 1,940,146 | 1,947,905 |
FPSO Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Consolidated total assets | 3,340,920 | 2,836,998 |
Liquefied Gas Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Consolidated total assets | 3,699,293 | 3,616,044 |
Conventional Tanker [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Consolidated total assets | 1,576,691 | 1,874,101 |
Cash [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Consolidated total assets | 748,900 | 614,660 |
Accounts Receivable [Member] | Other Assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Consolidated total assets | $749,761 | $665,993 |
Investments_Additional_Informa
Investments - Additional Information - Teekay Offshore Acquisition of ALP Maritime Services B.V. (Detail) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
ALP Maritime Services B.V [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 [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | |||||
ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | Majority Shareholder [Member] | Delivered [Member] | Contingent Consideration On Operating Results [Member] | Newbuildings [Member] | |||||||
ALP Maritime Services B.V [Member] | Majority Shareholder [Member] | Majority Shareholder [Member] | ALP Maritime Services B.V [Member] | |||||||||||||
Stockholders | ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | Towage Segment [Member] | |||||||||||||
Vessel | ||||||||||||||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership acquired | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | 100.00% | ' | ' | ' | ' |
Expected cost of project | ' | ' | $1,500,000,000 | ' | ' | ' | $258,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid in cash | ' | ' | ' | ' | ' | 253,000,000 | ' | 2,616,000 | 2,616,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Contingent consideration payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,600,000 | ' |
Business Combination, Contingent Consideration Arrangements, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Teekay Offshore has the option to pay up to 50% of this compensation through the issuance of common units of Teekay Offshore. Each of the contingent compensation amounts is payable only if the three shareholders are employed by ALP at the time performance conditions are met. | ' | ' | ' | ' |
General and administrative | 36,945,000 | 35,395,000 | 74,823,000 | 74,666,000 | ' | ' | ' | ' | ' | 200,000 | ' | 200,000 | ' | ' | ' | ' |
Acquisition and success fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Revenue | 452,254,000 | 430,707,000 | 958,748,000 | 881,744,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ($15,447,000) | $87,534,000 | $33,675,000 | $127,289,000 | ($1,700,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Summary_of_Prelimi
Investments - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 14, 2014 |
In Thousands, unless otherwise specified | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | ||
ALP Maritime Services B.V [Member] | ALP Maritime Services B.V [Member] | ||||
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | $294 |
Other current assets | ' | ' | ' | ' | 404 |
Advances on newbuilding contracts | ' | ' | ' | ' | 164 |
Other assets - long-term | ' | ' | ' | ' | 395 |
Goodwill | 168,572 | 166,539 | ' | ' | 2,032 |
Total assets acquired | ' | ' | ' | ' | 3,289 |
LIABILITIES | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | 387 |
Other long-term liabilities | 129,833 | 139,676 | ' | ' | 286 |
Total liabilities assumed | ' | ' | ' | ' | 673 |
Net assets acquired | ' | ' | ' | ' | 2,616 |
Consideration | ' | ' | $253,000 | $2,616 | $2,616 |
Investments_Additional_Informa1
Investments - Additional Information - Tanker Investments Ltd (Detail) (USD $) | 1 Months Ended | 6 Months Ended |
Jan. 31, 2014 | Jun. 30, 2014 | |
Net Investment Income [Line Items] | ' | ' |
Stock purchase warrants | ' | $6,839,000 |
Preferred Stock, Share | ' | 0 |
Tanker Investments Limited [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Preferred stock, voting rights | ' | 'elect one board member |
Tanker Investments Limited [Member] | Series A- One Preferred Stock [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Preferred Stock, Share | 1 | ' |
Tanker Investments Limited [Member] | Series A- Two Preferred Stock [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Preferred Stock, Share | 1 | ' |
Teekay Tankers [Member] | Tanker Investments Limited [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Purchase of common stock | 5,000,000 | ' |
Percentage of combined ownership interest | 20.00% | 13.00% |
Issuance of equity private placement | 250,000,000 | ' |
Equity method investment | 50,000,000 | ' |
Stock purchase warrants | 6,839,000 | ' |
Gain from sale of investment | ' | $4,100,000 |
Teekay Tankers [Member] | Tanker Investments Limited [Member] | Suezmax tankers [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of vessels | ' | 4 |
Teekay Tankers [Member] | Tanker Investments Limited [Member] | Aframax tankers [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of vessels | ' | 5 |
Teekay Tankers [Member] | Tanker Investments Limited [Member] | Coated Aframax Tankers [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of vessels | ' | 2 |
Teekay Tankers [Member] | Tanker Investments Limited [Member] | VLCC [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of vessels | ' | 2 |
Teekay Tankers [Member] | Tanker Investments Limited [Member] | Warrant [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Purchase price of common stock | $10 | ' |
Teekay Tankers [Member] | Tanker Investments Limited [Member] | Warrant [Member] | Maximum [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of shares available through exercise of stock purchase warrant | 1,500,000 | ' |
Investments_Additional_Informa2
Investments - Additional Information - Teekay LNG - Exmar LPG BVBA Joint Venture (Detail) (USD $) | 6 Months Ended | 1 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | |||
Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | Exmar LPG Joint Venture [Member] | |||
Vessel | Pro Rata Share [Member] | Newbuildings [Member] | Charters-in [Member] | ||||
Secured debt [Member] | Vessel | Vessel | |||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | 21 | ' | 10 | 4 |
Percentage of ownership | ' | ' | ' | 50.00% | ' | ' | ' |
Pro rata share of existing debt and lease obligations | ' | ' | ' | ' | $108,000,000 | ' | ' |
Excess of book value over the investment | ' | ' | 6,000,000 | ' | ' | ' | ' |
Investments in joint venture | $50,648,000 | $136,413,000 | $133,100,000 | ' | ' | ' | ' |
Investments_Additional_Informa3
Investments - Additional Information - Teekay LNG - BG International Limited Joint Venture (Detail) (USD $) | 1 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Vessel | ||
Net Investment Income [Line Items] | ' | ' |
Expected cost of project | ' | $1,500 |
BG International Limited [Member] | Newbuildings [Member] | Shipbuilding supervision and crew training services [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Volume of vessels | 174,000 | ' |
Expected cost of project | 1,000 | ' |
Teekay LNG [Member] | BG International Limited [Member] | Newbuildings [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of vessels | 2 | ' |
Teekay LNG [Member] | BG International Limited [Member] | Newbuildings [Member] | Shipbuilding supervision and crew training services [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of vessels | 4 | ' |
Operating lease arrangement period, lessor | ' | '20 years |
Investments in joint venture | 20.3 | 20.3 |
Fair value of service obligation | 30.2 | 30.2 |
Fair value of amount due | 16.5 | 16.5 |
Ownership Percentage | 30.00% | 30.00% |
Teekay LNG [Member] | BG International Limited [Member] | Newbuildings [Member] | Shipbuilding supervision and crew training services [Member] | Scenario, Forecast [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Ship construction support | 36.7 | ' |
Teekay LNG [Member] | BG Joint Venture [Member] | Newbuildings [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of vessels | 2 | ' |
Teekay LNG [Member] | BG Joint Venture [Member] | Newbuildings [Member] | Shipbuilding supervision and crew training services [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Number of vessels | 4 | ' |
Expected cost of project | 1,000 | ' |
Ownership Percentage | 20.00% | 20.00% |
Excess of book value over the investment | $13.70 | $13.70 |
Vessel_Charters_Additional_Inf
Vessel Charters - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Teekay Tangguh Borrower LLC [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Ownership interest held by partnership | 99.00% |
Teekay Tangguh Joint Venture [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Ownership interest held by partnership | 69.00% |
Number of vessels | 2 |
Teekay BLT Corporation [Member] | Teekay Tangguh Joint Venture [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Percentage of ownership interest held by Teekay Tangguh Borrower LLC in Teekay BLT Corporation | 70.00% |
Vessel_Charters_Schedules_of_E
Vessel Charters - Schedules of Estimated Minimum Hire Payments (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Charters-out [Member] | ' |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' |
Operating leases, Remainder of 2014 | $624 |
Operating leases, 2015 | 1,438.80 |
Operating leases, 2016 | 1,231.40 |
Operating leases, 2017 | 1,225.10 |
Operating leases, 2018 | 997.2 |
Direct financing leases, Remainder of 2014 | 45 |
Direct financing leases, 2015 | 95.5 |
Direct financing leases, 2016 | 95.8 |
Direct financing leases, 2017 | 219.8 |
Direct financing leases, 2018 | 185.6 |
Future minimum payments, Remainder of 2014 | 669 |
Future minimum payments, 2015 | 1,534.30 |
Future minimum payments, 2016 | 1,327.20 |
Future minimum payments, 2017 | 1,444.90 |
Future minimum payments, 2018 | 1,182.80 |
Charters-in [Member] | ' |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' |
Operating leases, Remainder of 2014 | 34.5 |
Operating leases, 2015 | 31.9 |
Operating leases, 2016 | 9.1 |
Operating leases, 2017 | 9.1 |
Operating leases, 2018 | 0.4 |
Capital leases, Remainder of 2014 | 42.4 |
Capital leases, 2015 | 31.8 |
Capital leases, 2016 | 31.7 |
Capital leases, 2017 | 55 |
Capital leases, 2018 | 51.3 |
Future minimum payments, Remainder of 2014 | 76.9 |
Future minimum payments, 2015 | 63.7 |
Future minimum payments, 2016 | 40.8 |
Future minimum payments, 2017 | 64.1 |
Future minimum payments, 2018 | $51.70 |
Vessel_Charters_Schedules_of_E1
Vessel Charters - Schedules of Estimated Minimum Hire Payments (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' | ' |
Restricted cash on deposit | $499,108,000 | $497,984,000 |
Teekay Nakilat Corporation [Member] | ' | ' |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' | ' |
Restricted cash on deposit | 475,800,000 | 475,600,000 |
Certain Term Loans and Other Obligations [Member] | ' | ' |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' | ' |
Restricted cash deposits related to certain term loans and other obligations | $27,300,000 | $27,100,000 |
Equity_Financing_Transactions_1
Equity Financing Transactions - Summary of Proceeds Received from Financial Transactions (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Net Proceeds Received | $7,475 | $212,401 |
Teekay Offshore [Member] | Continuous Offering Program [Member] | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' |
Total Proceeds Received | 7,784 | ' |
Less: Teekay Corporation Portion | -156 | ' |
Offering Expenses | -153 | ' |
Net Proceeds Received | $7,475 | ' |
Equity_Financing_Transactions_2
Equity Financing Transactions - Additional Information (Detail) (Teekay Offshore [Member], USD $) | 6 Months Ended |
Share data in Millions, unless otherwise specified | Jun. 30, 2014 |
Teekay Offshore [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Total purchase price | $540,000,000 |
Business acquisition, debt assumed | 230,000,000 |
Business acquisition, cash paid | 253,000,000 |
Business acquisition, value of common units | 44,300,000 |
Business acquisition, fair value of common units | $40,000,000 |
Common units outstanding | 83.6 |
Minority interest ownership percentage | 29.20% |
Interest of Company's general partner | 2.00% |
Vessel_Sales_Asset_Impairments1
Vessel Sales, Asset Impairments and Provisions - 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 | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | 31-May-14 | |
Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | FPSO Segment [Member] | FPSO Segment [Member] | FPSO Segment [Member] | FPSO Segment [Member] | Suezmax tankers [Member] | VLCC [Member] | VLCC [Member] | Sold Asset [Member] | Sold Asset [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | |||||
Vessel | Vessel | Suezmax tankers [Member] | VLCC [Member] | Subsidiaries | VLCC [Member] | ||||||||||||||
Vessel | Vessel | ||||||||||||||||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Aggregate proceeds received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $154,000,000 | ' |
Related working capital receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' |
Revolving credit facilities repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000,000 | ' |
Gain on sale of assets | 9,615,000 | 1,341,000 | 9,453,000 | 1,309,000 | 9,615,000 | 3,000 | 9,453,000 | -29,000 | ' | 1,338,000 | ' | 1,338,000 | -500,000 | ' | ' | ' | ' | 10,000,000 | 10,000,000 |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | 3 | ' | 4 | 2 | ' | ' |
Reversal of loss provision related to receivable | ' | ' | ' | ' | ' | ' | ' | ' | 2,521,000 | ' | 2,521,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loan loss provisions recorded in respect of investments | -2,521,000 | 7,042,000 | -2,521,000 | 10,207,000 | ' | 7,042,000 | ' | 10,207,000 | -2,521,000 | ' | -2,521,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,000,000 | 222,000,000 | ' | ' | ' | ' |
Interest income recognized | 793,000 | 2,018,000 | 2,576,000 | 3,036,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | ' | ' |
Interest receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,200,000 | $11,200,000 | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Revolving Credit Facilities [Member] | Revolving Credit Facilities [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Senior Notes (8.5%) due January 15, 2020 [Member] | Norwegian Kroner-denominated Bonds due through January 2019 [Member] | Norwegian Kroner-denominated Bonds due through January 2019 [Member] | U.S. Dollar-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Term Loans due through 2023 [Member] | U.S. Dollar Bonds due through 2023 [Member] | U.S. Dollar Bonds due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] | U.S. Dollar-denominated Unsecured Demand Loans due to Joint Venture Partners [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | Teekay Nakilat Corporation [Member] | Teekay Nakilat Corporation [Member] | |||
USD ($) | USD ($) | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $6,732,367 | $6,109,470 | $1,610,450 | $1,919,086 | $447,598 | $447,430 | $847,860 | $691,778 | $3,011,214 | $2,523,523 | $471,118 | $174,150 | $330,845 | € 241,700 | $340,221 | € 247,600 | $13,300 | $13,300 | $13,282 | $13,282 |
Less current portion | 655,601 | 996,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term portion | $6,076,766 | $5,113,045 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information - Revolvers (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Amount reduced under revolving credit facility in 2014 | 664,200,000 | ' |
Amount reduced under revolving credit facility in 2015 | 582,200,000 | ' |
Amount reduced under revolving credit facility in 2016 | 796,000,000 | ' |
Amount reduced under revolving credit facility in 2017 | 1,100,000,000 | ' |
Amount reduced under revolving credit facility in 2018 | 1,300,000,000 | ' |
Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument interest | 0.00% | 0.00% |
Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument interest | 8.00% | 8.00% |
Revolving Credit Facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate borrowings | 2,500,000,000 | ' |
Undrawn amount of revolving credit facility | 900,000,000 | ' |
Reference rate on variable rate of the debt instrument | 'LIBOR | ' |
Number of debt instruments | 15 | ' |
Debt instrument interest | 0.23% | 0.25% |
Amount reduced under revolving credit facility in 2014 | 612,600,000 | ' |
Amount reduced under revolving credit facility in 2015 | 316,200,000 | ' |
Amount reduced under revolving credit facility in 2016 | 740,200,000 | ' |
Amount reduced under revolving credit facility in 2017 | 463,700,000 | ' |
Amount reduced under revolving credit facility in 2018 | 355,700,000 | ' |
Debt instrument collateral, description | 'The Revolvers are collateralized by first-priority mortgages granted on 55 of the Company's vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all outstanding amounts. | ' |
Revolving Credit Facilities [Member] | Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Percentage of margin | 0.45% | 0.45% |
Revolving Credit Facilities [Member] | Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Percentage of margin | 4.50% | 4.50% |
Revolving Credit Facilities [Member] | Teekay Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit facilities refinanced amount | 330,000,000 | ' |
Amount reduced under revolving credit facilities | 16,500,000 | ' |
Revolving credit facilities payment frequency, description | 'per quarter | ' |
Debt instrument maturity period | '5 years | ' |
LongTerm_Debt_Additional_Infor1
Long-Term Debt - Additional Information - Senior unsecured notes (Detail) (Senior Notes (8.5%) due January 15, 2020 [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Senior Notes (8.5%) due January 15, 2020 [Member] | ' |
Debt Instrument [Line Items] | ' |
Fixed interest rate on the portion of U. S. Dollar-denominated term loans outstanding | 8.50% |
Debt instrument, principal amount | $450 |
Percentage over par at which notes sold | 99.18% |
Effective interest rate | 8.63% |
Capitalized cost included in other non-current asset | $9.40 |
Debt instrument, redemption price as percentage of principal amount | 100.00% |
Discount rate for redemption feature | 0.50% |
LongTerm_Debt_Additional_Infor2
Long-Term Debt - Additional Information - NOK Bonds (Detail) | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 |
Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore, Teekay LNG and Teekay [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | |
USD ($) | Norwegian Kroner-denominated bonds due between October 2015 and September 2018 [Member] | Norwegian Kroner-denominated bonds due between October 2015 and September 2018 [Member] | Minimum [Member] | Maximum [Member] | Norwegian Kroner Bond Mature in January 2019 [Member] | Norwegian Kroner Bond Mature in January 2019 [Member] | Norwegian Kroner Bond Mature in January 2019 [Member] | |
NOK | USD ($) | NOK | Derivatives not designated as a cash flow hedge [Member] | |||||
Foreign currency contracts [Member] | ||||||||
USD ($) | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | ' | 4,200,000,000 | ' | ' | ' | 1,000,000,000 | ' |
Reference rate on variable rate of the debt instrument | ' | 'NIBOR | ' | ' | ' | 'NIBOR | ' | ' |
Debt instrument, carrying amount | 684,800,000 | ' | ' | ' | ' | 163,100,000 | ' | ' |
Percentage of margin | ' | ' | ' | 4.00% | 5.75% | 4.25% | ' | ' |
Debt instrument interest | ' | ' | ' | 4.80% | 7.49% | 6.28% | ' | ' |
Debt instrument transfer of principal amount | $732,400,000 | ' | ' | ' | ' | ' | ' | $162,200,000 |
LongTerm_Debt_Additional_Infor3
Long-Term Debt - Additional Information - USD Term Loans (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Term_loan | Vessel | |
Vessel | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $6,732,367,000 | $6,109,470,000 |
Interest at a weighted-average fixed rate | 3.00% | 3.00% |
Secured debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Number of debt instruments | 17 | ' |
Long-term Debt | 3,000,000,000 | 2,500,000,000 |
Debt instrument variable interest rate | 0.30% | 3.25% |
Debt instrument interest | 0.23% | 0.25% |
Number of term loans which have balloon or bullet repayments | 16 | ' |
Number of vessels | 33 | 35 |
Debt instrument collateral, description | 'The term loans are collateralized by first-priority mortgages on 33 (December 31, 2013 - 35) of the Company's vessels, together with certain other security. | ' |
Outstanding term loans not guaranteed by Teekay or its subsidiaries | 84,100,000 | 94,400,000 |
Term loan payments | 'Quarterly or semi-annual payments commencing three or six months after delivery of each newbuilding vessel financed thereby | ' |
Secured debt [Member] | Certain Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $159,000,000 | $176,300,000 |
Interest at a weighted-average fixed rate | 5.20% | 5.20% |
LongTerm_Debt_Additional_Infor4
Long-Term Debt - Additional Information - Senior unsecured bonds (Detail) (Teekay Offshore [Member], USD $) | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Senior Unsecured Bonds Mature in July 2019 [Member] | Senior Unsecured Bonds Mature in July 2019 [Member] | Ten-year senior unsecured bonds [Member] | Ten-year senior unsecured bonds [Member] |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | $300 | ' | $171.10 |
Debt instrument, carrying amount | $300 | ' | ' | ' |
Debt instrument interest | ' | 6.00% | ' | 4.96% |
Debt instrument collateral, description | ' | ' | 'The bonds are collateralized by first-priority mortgages on the two vessels to which the bonds relate, together with other related security. | ' |
LongTerm_Debt_Additional_Infor5
Long-Term Debt - Additional Information - Term Loans (Detail) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] |
USD ($) | EUR (€) | USD ($) | EUR (€) | |||
Term_loan | Term_loan | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Number of debt instruments | ' | ' | 2 | 2 | ' | ' |
Reference rate on variable rate of the debt instrument | ' | ' | 'EURIBOR | 'EURIBOR | ' | ' |
Long-term Debt | $6,732,367 | $6,109,470 | $330,845 | € 241,700 | $340,221 | € 247,600 |
Debt instrument variable interest rate | ' | ' | 0.60% | 0.60% | 2.25% | 2.25% |
Debt instrument interest | ' | ' | 0.10% | 0.10% | 0.20% | 0.20% |
Debt instrument collateral, description | ' | ' | 'Collateralized by first-priority mortgages on two of the Company's vessels, together with certain other security, and are guaranteed by a subsidiary of Teekay. | 'Collateralized by first-priority mortgages on two of the Company's vessels, together with certain other security, and are guaranteed by a subsidiary of Teekay. | ' | ' |
LongTerm_Debt_Additional_Infor6
Long-Term Debt - Additional Information - Other (Detail) | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [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] | |
SecurityLoan | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized foreign exchange gain (loss) | $7,244,000 | $54,506,000 | ' | ' | ' | $2,000,000 | $700,000 | $2,900,000 | $2,900,000 | ' | ' | ' | ' | ' |
Long-term Debt | 6,732,367,000 | ' | 6,109,470,000 | ' | ' | 330,845,000 | ' | 330,845,000 | ' | 241,700,000 | 340,221,000 | 247,600,000 | 13,300,000 | 13,300,000 |
Fixed interest rate on the portion of U. S. Dollar-denominated term loans outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.84% | ' |
Interest at a weighted-average fixed rate | 3.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel market value to loan ratio | ' | ' | ' | 141.00% | 481.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel market value to loan minimum required ratio | ' | ' | ' | 105.00% | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loan agreement | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum level of free cash be maintained as per loan agreements | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Free liquidity and undrawn revolving credit line as percentage of debt | ' | ' | ' | 5.00% | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of free liquidity and undrawn revolving credit line | 377,100,000 | ' | 344,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit lines maturity period | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in remainder of the year | 664,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in second year | 582,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in third year | 796,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in fourth year | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility in fifth year | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facility thereafter | $2,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2008 | Jun. 30, 2014 |
Restricted stock units [Member] | Performance shares [Member] | Restricted Stock Awards [Member] | Stock Option [Member] | Minimum [Member] | Maximum [Member] | Common Stock [Member] | Common Stock [Member] | |||
Times | Performance shares [Member] | Performance shares [Member] | Share Repurchase Program Two Thousand And Eight [Member] | Two Thousand Fourteen Repurchase Authorization [Member] | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, share authorized | 25,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, par value | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, share authorized | 725,000,000 | 725,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares issued related to the exercise of share based compensation during the period | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, share issued | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchase, amount authorized | ' | ' | ' | ' | ' | ' | ' | ' | $200 | $162.30 |
Common stock repurchase, total remaining amount authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.7 |
Repurchase of common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 |
Stock options granted | 15,243 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option per share value | $56.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Granted | ' | ' | 81,388 | 50,689 | 18,230 | ' | ' | ' | ' | ' |
Fair value of granted stock | ' | ' | $4.60 | $3.40 | $1 | ' | ' | ' | ' | ' |
Stock option, term | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Vesting period of stock option, restricted stock units and performance shares | ' | ' | '3 years | ' | ' | '3 years | '2 years | '3 years | ' | ' |
Value of each restricted stock unit and performance share unit in shares | ' | ' | 'Each restricted stock unit, restricted stock award 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. | ' | ' | ' | ' | ' | ' | ' |
Number of times performance units to vest, Minimum | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Weighted-average grant-date fair value of options granted | ' | ' | ' | ' | ' | $11.50 | ' | ' | ' | ' |
Expected volatility used in computing fair value of options granted | ' | ' | ' | ' | ' | 34.70% | ' | ' | ' | ' |
Expected life used in computing fair value of options granted, years | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' |
Dividend yield used in computing fair value of options granted | ' | ' | ' | ' | ' | 4.40% | ' | ' | ' | ' |
Risk-free interest rate used in computing fair value of options granted | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' |
Estimated forfeiture rate used in computing fair value of options granted | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information - Vessels Under Construction (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Long-term Purchase Commitment [Line Items] | ' | ' |
Estimated purchase price | $1,500,000,000 | ' |
Payments made towards commitments for construction of certain carriers and tankers | 1,403,850,000 | 796,324,000 |
Newbuildings [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Payments made towards commitments for construction of certain carriers and tankers | 221,400,000 | ' |
Carrying value of completed units not yet in service | 1,200,000,000 | ' |
Capitalized interest and other miscellaneous construction costs | 4,600,000 | ' |
Estimated remaining payments required to be made under newbuilding contract in 2014 | 131,200,000 | ' |
Estimated remaining payments required to be made under newbuilding contract in 2015 | 271,200,000 | ' |
Estimated remaining payments required to be made under newbuilding contract in 2016 | 445,800,000 | ' |
Estimated remaining payments required to be made under newbuilding contract in 2017 | $399,000,000 | ' |
Newbuildings [Member] | Liquefied Natural Gas [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Number of vessels | 5 | ' |
Newbuildings [Member] | 2016 [Member] | Liquefied Natural Gas [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Number of vessels | 2 | ' |
Newbuildings [Member] | 2016 [Member] | Towage Segment [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Number of vessels | 4 | ' |
Newbuildings [Member] | 2016 [Member] | Fso Segment [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Number of vessels | 1 | ' |
Newbuildings [Member] | 2017 [Member] | Liquefied Natural Gas [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Number of vessels | 3 | ' |
Newbuildings [Member] | 2014 [Member] | Fso Segment [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Number of vessels | 1 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information - Joint Ventures (Detail) (USD $) | 6 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Newbuildings [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | ||
BG Joint Venture [Member] | BG Joint Venture [Member] | BG Joint Venture [Member] | |||
Newbuildings [Member] | Newbuildings [Member] | Newbuildings [Member] | |||
Vessel | Shipbuilding supervision and crew training services [Member] | Pro Rata Share [Member] | |||
Vessel | Shipbuilding supervision and crew training services [Member] | ||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | 2 | 4 | ' |
Shipbuilding and crew training obligation in 2014 | ' | ' | ' | $2.50 | ' |
Shipbuilding and crew training obligation in 2015 | ' | ' | ' | 3.7 | ' |
Shipbuilding and crew training obligation in 2016 | ' | ' | ' | 2 | ' |
Shipbuilding and crew training obligation in 2017 | ' | ' | ' | 2.4 | ' |
Shipbuilding and crew training obligation in 2018 | ' | ' | ' | 3 | ' |
Shipbuilding and crew training obligation thereafter | ' | ' | ' | 2.8 | ' |
Debt facility | ' | ' | ' | 787 | ' |
Expected cost of project | 1,500 | ' | ' | 1,000 | ' |
Proportionate share of the newbuilding installments, net of the existing debt financing in 2014 | ' | 131.2 | ' | ' | 3.8 |
Proportionate share of the newbuilding installments, net of the existing debt financing in 2015 | ' | ' | ' | ' | 4.9 |
Proportionate share of the newbuilding installments, net of the existing debt financing in 2016 | ' | 271.2 | ' | ' | 7.9 |
Proportionate share of the newbuilding installments, net of the existing debt financing in 2017 | ' | 445.8 | ' | ' | 15 |
Proportionate share of the newbuilding installments, net of the existing debt financing in 2018 | ' | 399 | ' | ' | 17.3 |
Proportionate share of the newbuilding installments, net of the existing debt financing thereafter | ' | ' | ' | ' | $6.30 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information - Navion Hispania (Detail) (Teekay Offshore [Member]) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Nov. 30, 2007 | Nov. 30, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | |
USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Plaintiffs sought for damages | $34,700,000 | 213,000,000 | ' | ' | ' | 213,000,000 | ' |
Loss contingency, interest accrual | ' | ' | ' | 4,000,000 | ' | 66,000,000 | ' |
Loss contingency, legal costs accrual | ' | ' | ' | 3,400,000 | ' | 11,000,000 | ' |
Liability recognized in legal costs | ' | ' | 35,300,000 | 216,400,000 | 47,300,000 | 290,000,000 | 0 |
Total liability | ' | ' | 47,900,000 | 294,000,000 | ' | ' | ' |
Accounts receivable | ' | ' | ' | 213,000,000 | ' | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies - Additional Information - Teekay Nakilat (Detail) (Teekay LNG [Member], Teekay Nakilat Corporation [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Vessel | |
Loss Contingencies [Line Items] | ' |
Capital lease arrangement period, lessee | 'Teekay Nakilat Corporation (or Teekay Nakilat), a subsidiary of Teekay LNG, is the lessee under 30-year capital lease arrangements with a third party for the three LNG carriers (or the RasGas II Leases). The UK taxing authority (or HMRC) has been urging the lessor as well as other lessors under capital lease arrangements that have tax benefits similar to the ones provided by the RasGas II Leases, to terminate such finance lease arrangements, and has in other circumstances challenged the use of similar structures. |
Number of vessels | 3 |
Foreign Tax Authority [Member] | ' |
Loss Contingencies [Line Items] | ' |
Share of potential exposure | 70.00% |
Estimated shares of lease rental increase claim | 34 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Additional Information - Banff (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Loss Contingencies [Line Items] | ' |
Maximum recovery of capital lease | $164 |
Insurance Claims [Member] | ' |
Loss Contingencies [Line Items] | ' |
Recovery from deductible insurance coverage | $0.80 |
Commitments_and_Contingencies_5
Commitments and Contingencies - Additional Information - Redeemable Non-Controlling Interest (Detail) (Teekay Offshore [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | TOTAL EQUITY Non-controlling Interests [Member] | |
Redeemable Noncontrolling Interest [Line Items] | ' | ' |
Value of shuttle tanker contributed by unrelated party in exchange of equity interest in subsidiary | ' | $35,000 |
Minority interest ownership percentage | 29.20% | 67.00% |
Percentage of non-controlling interest owner's share | ' | 33.00% |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cross currency interest swap agreement | $354 | ' |
Assets held for sale | ' | 176,247 |
Investment in term loans | ' | 211,579 |
Loans to equity accounted investees and joint venture partners - Current | 21,634 | 37,019 |
Loans to equity accounted investees and joint venture partners - Long-term | 133,526 | 132,229 |
Liabilities associated with assets held for sale | ' | -168,007 |
Long-term debt | -6,732,367 | -6,109,470 |
Fair Value Asset (Liability) [Member] | Level 1 [Member] | Public [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -1,873,925 | -1,376,829 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities associated with assets held for sale | ' | -168,007 |
Long-term receivable included in other assets | 16,452 | ' |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Private [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -4,830,135 | -4,582,274 |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in term loans | ' | 209,570 |
Loans to equity accounted investees and joint venture partners - Current | 21,634 | 37,019 |
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 | 1,254,309 | 1,119,966 |
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 | 122,506 | 91,415 |
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 | -506,314 | -410,470 |
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 | -63,741 | -52,219 |
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 | -354 | -1,480 |
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 3 [Member] | Warrant [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock purchase warrants | 8,051 | ' |
Fair Value Asset (Liability) [Member] | Non-recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Vessels and equipment | ' | 17,250 |
Assets held for sale | ' | 176,247 |
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 | 133,526 | 132,229 |
Carrying Amount Asset (Liability) [Member] | Level 1 [Member] | Public [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -1,766,576 | -1,313,358 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities associated with assets held for sale | ' | -168,007 |
Long-term receivable included in other assets | 16,452 | ' |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Private [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | -4,965,791 | -4,796,112 |
Carrying Amount Asset (Liability) [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in term loans | ' | 211,579 |
Loans to equity accounted investees and joint venture partners - Current | 21,634 | 37,019 |
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 | 1,254,309 | 1,119,966 |
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 | 122,506 | 91,415 |
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 | -506,314 | -410,470 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Cross currency swap agreements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cross currency interest swap agreement | -63,741 | -52,219 |
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 | -354 | -1,480 |
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 3 [Member] | Warrant [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock purchase warrants | 8,051 | ' |
Carrying Amount Asset (Liability) [Member] | Non-recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Vessels and equipment | ' | 17,250 |
Assets held for sale | ' | $176,247 |
Financial_Instruments_Changes_
Financial Instruments - Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (Recurring [Member], Level 3 [Member], Warrant [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Recurring [Member] | Level 3 [Member] | Warrant [Member] | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value at the beginning of the period | $11,714 | ' |
Fair value on issuance | ' | 6,840 |
Unrealized (loss) gain included in earnings | -3,663 | 1,211 |
Fair value at the end of the period | $8,051 | $8,051 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (Tanker Investments Limited [Member], Warrant [Member], USD $) | 6 Months Ended | 1 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 |
Maximum [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Number of shares available through exercise of stock purchase warrant | ' | ' | 1.5 |
Purchase price of common stock | ' | $10 | ' |
Expected volatility used in computing fair value of stock purchase warrants | 54.10% | ' | ' |
Financial_Instruments_Summary_
Financial Instruments - Summary of Financing Receivables (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other loan receivables | ' | ' |
Investment in term loans and interest receivable | ' | $211,579 |
Total direct financing leases and other loan receivables | 979,322 | 1,139,723 |
Payment activity [Member] | Performing [Member] | ' | ' |
Summary of financing receivables | ' | ' |
Direct financing leases | 774,026 | 727,262 |
Other loan receivables | ' | ' |
Long-term receivable included in other assets | 50,136 | 31,634 |
Collateral [Member] | Non-Performing [Member] | ' | ' |
Other loan receivables | ' | ' |
Investment in term loans and interest receivable | ' | 211,579 |
Other internal metrics [Member] | Performing [Member] | ' | ' |
Other loan receivables | ' | ' |
Loans to equity accounted investees and joint venture partners | $155,160 | $169,248 |
Financial_Instruments_Summary_1
Financial Instruments - Summary of Financing Receivables (Parenthetical) (Detail) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Teekay Tangguh Borrower LLC [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Ownership percentage | ' | 99.00% | ' |
Teekay Tangguh Joint Venture [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Dividends declared | $69.50 | ' | ' |
Amount offset to total advances | 14.4 | ' | ' |
Teekay Tangguh Joint Venture [Member] | Teekay Tangguh Borrower LLC [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Ownership percentage | ' | 70.00% | ' |
Teekay BLT Corporation [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans to equity accounted investees and joint venture partners carrying value | ' | 10.3 | 28.5 |
Advances repaid | 6.5 | ' | ' |
Additional amount repaid as part of settlement agreement | $1 | ' | ' |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' | ' |
Restructuring (reversal) charges | ($244,000) | $1,789,000 | $395,000 | $3,843,000 | ' |
Restructuring liability | $1,600,000 | ' | $1,600,000 | ' | $4,900,000 |
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, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
TIL stock purchase warrants received | ' | ' | $6,839 | ' |
Loss on bond repurchase | ' | ' | ' | -1,759 |
Volatile organic compound emission plant lease income | -166 | 39 | -67 | 197 |
Impairment of marketable securities | ' | -2,062 | ' | -2,062 |
Miscellaneous (loss) income | -568 | 637 | 745 | 7,480 |
Other (loss) income | ($734) | ($1,386) | $7,517 | $3,856 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other comprehensive loss (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Unrealized (loss) gain on qualifying cash flow hedging instruments | ($436) | $17 |
Pension adjustments, net of tax recoveries | -19,050 | -18,919 |
Unrealized loss on marketable securities | -379 | -171 |
Foreign exchange gain on currency translation | 1,841 | 1,884 |
Accumulated other comprehensive loss | ($18,024) | ($17,189) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Commitment of Foreign Currency Forward Contracts (Detail) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | USD ($) | Norwegian Kroner [Member] | Norwegian Kroner [Member] | Singapore Dollar [Member] | Singapore Dollar [Member] |
USD ($) | Foreign currency forward contracts [Member] | USD ($) | Foreign currency forward contracts [Member] | ||
NOK | SGD | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Contract Amount in Foreign Currency | ' | ' | 667,700 | ' | 6,000 |
Average Forward Rate | ' | 6.15 | ' | 1.26 | ' |
Fair Value / Carrying Amount of Asset (Liability) | -354 | -400 | ' | 46 | ' |
Expected Maturity Amount of Foreign Currency Derivatives in Current Year | 59,697 | 54,930 | ' | 4,767 | ' |
Expected Maturity Amount of Foreign Currency Derivatives in Next Fiscal Year | $53,599 | $53,599 | ' | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | USD ($) | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] |
USD ($) | Maturing In October 2015 [Member] | Maturing In October 2015 [Member] | Maturing In January 2016 [Member] | Maturing In January 2016 [Member] | Maturing In January 2017 [Member] | Maturing In January 2017 [Member] | Maturing In May 2017 [Member] | Maturing In May 2017 [Member] | Maturing In 2018 [Member] | Maturing In 2018 [Member] | Maturing In September 2018 [Member] | Maturing In September 2018 [Member] | Maturing In January 2019 [Member] | Maturing In January 2019 [Member] | ||
NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | NIBOR [Member] | |||
USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value / Carrying Amount of Asset / (Liability) | ($354) | ($63,741) | ($9,537) | ' | ($8,943) | ' | ($6,337) | ' | ($14,513) | ' | ($14,285) | ' | ($7,505) | ' | ($2,621) | ' |
Notional Amount NOK | ' | ' | $122,800 | 700,000 | $89,700 | 500,000 | $101,400 | 600,000 | $125,000 | 700,000 | $143,500 | 800,000 | $150,000 | 900,000 | $162,200 | 1,000,000 |
Receivable Margin | ' | ' | 4.75% | 4.75% | 4.00% | 4.00% | 5.75% | 5.75% | 5.25% | 5.25% | 4.75% | 4.75% | 4.35% | 4.35% | 4.25% | 4.25% |
Fixed Rate Payable | ' | ' | 5.52% | 5.52% | 4.80% | 4.80% | 7.49% | 7.49% | 6.88% | 6.88% | 5.93% | 5.93% | 6.43% | 6.43% | 6.28% | 6.28% |
Remaining Term (years) | ' | ' | '1 year 3 months 18 days | '1 year 3 months 18 days | '1 year 7 months 6 days | '1 year 7 months 6 days | '2 years 7 months 6 days | '2 years 7 months 6 days | '2 years 9 months 18 days | '2 years 9 months 18 days | '3 years 7 months 6 days | '3 years 7 months 6 days | '4 years 2 months 12 days | '4 years 2 months 12 days | '4 years 7 months 6 days | '4 years 7 months 6 days |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) | 6 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
U.S. Dollar-denominated interest rate swaps 1 [Member] | U.S. Dollar-denominated interest rate swaps 2 [Member] | U.S. Dollar-denominated interest rate swaps 3 [Member] | U.S. Dollar-denominated interest rate swaps 4 [Member] | Euro-denominated interest rate swaps [Member] | Euro-denominated interest rate swaps [Member] | Interest rate swap agreements [Member] | |
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | EUR (€) | Euro Interbank Offered Rate Euribor [Member] | USD ($) | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Principal Amount | $400,757 | $3,653,623 | $500,000 | $469,066 | € 241,700 | $330,845 | ' |
Fair Value / Carrying Amount of Asset / (Liability) | ($91,531) | ($362,136) | ($7,416) | $121,309 | ' | ($44,034) | ($383,808) |
Weighted-Average Remaining Term (Years) | '22 years 7 months 6 days | '6 years 1 month 6 days | '1 year 2 months 12 days | '22 years 7 months 6 days | ' | '6 years 6 months | ' |
Fixed Interest Rate | 4.90% | 3.60% | 3.10% | 4.80% | ' | 3.10% | ' |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Parenthetical) (Detail) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Euro-denominated interest rate swaps [Member] | Euro-denominated interest rate swaps [Member] | Floating Rate Payable [Member] | Derivatives designated as a cash flow hedge [Member] | Derivatives designated as a cash flow hedge [Member] | ||
USD ($) | EUR (€) | USD ($) | U.S. Dollar-denominated interest rate swaps 3 [Member] | U.S. Dollar-denominated interest rate swaps 3 [Member] | ||
2014 Termination [Member] | 2016 Termination [Member] | |||||
USD ($) | USD ($) | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Minimum variable interest rate on debt | 0.30% | ' | ' | ' | ' | ' |
Maximum variable interest rate on debt | 4.50% | ' | ' | ' | ' | ' |
Interest rate swap aggregate principal amount used to economically hedge on new debt | ' | ' | € 241,700,000 | $200,000,000 | $180,000,000 | $320,000,000 |
LIBOR rate receivable fixed | ' | ' | ' | 2.14% | ' | ' |
Floating LIBOR rate receivable/payable cap | ' | ' | ' | 6.00% | ' | ' |
Reducing principal amount of Euro-denominated interest rate swaps | ' | $96,000,000 | € 70,100,000 | ' | ' | ' |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | 1 Months Ended | |||||||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2014 |
Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Teekay Tankers [Member] | Interest Rate Swaps And Cross Currency Swaps Agreement [Member] | ||
Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | Tanker Investments Limited [Member] | |||
Warrant [Member] | Warrant [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||||
Warrant [Member] | Tranche One [Member] | Tranche Two [Member] | Tranche Three [Member] | Tranche Four [Member] | ||||||
Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership interest | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of equity private placement | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available through exercise of stock purchase warrant | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' |
Fixed price of stock purchase warrants, per share | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' |
Fair market value of the shares | ' | ' | ' | ' | ' | 12.5 | 15 | 17.5 | 20 | ' |
Consecutive trading days | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock purchase warrants | 6,839,000 | ' | 6,839,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock purchase warrants | ' | ' | ' | 8,051,000 | ' | ' | ' | ' | ' | ' |
Fair value asset amount of interest rate swaps and cross currency swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,000,000 |
Fair value liability amount of interest rate swaps and cross currency swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | $411,200,000 |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | $18,433 | $23,040 |
Derivative Assets | 113,550 | 69,797 |
Accrued Liabilities | -22,320 | -22,022 |
Current Portion of Derivative Liabilities | -177,469 | -143,999 |
Derivative Liabilities | -372,046 | -299,570 |
Derivatives not designated as a cash flow hedge [Member] | Warrant [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 8,051 | ' |
Derivatives not designated as a cash flow hedge [Member] | Foreign currency contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 696 | 482 |
Derivative Assets | 11 | 12 |
Current Portion of Derivative Liabilities | -741 | -1,819 |
Derivative Liabilities | -320 | -155 |
Derivatives not designated as a cash flow hedge [Member] | Interest rate swap agreements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 17,200 | 21,779 |
Derivative Assets | 105,488 | 69,785 |
Accrued Liabilities | -22,281 | -22,025 |
Current Portion of Derivative Liabilities | -173,920 | -140,503 |
Derivative Liabilities | -310,295 | -248,091 |
Derivatives not designated as a cash flow hedge [Member] | Cross currency swap agreements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 537 | 779 |
Accrued Liabilities | -39 | 3 |
Current Portion of Derivative Liabilities | -2,808 | -1,677 |
Derivative Liabilities | ($61,431) | ($51,324) |
Derivative_Instruments_and_Hed8
Derivative Instruments and Hedging Activities - Effect of (Loss) Gain on Derivatives Not Designated as Hedging Instruments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | ($30,645) | ($36,959) | ($60,420) | ($66,890) |
Unrealized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | -44,686 | 92,994 | -62,159 | 109,136 |
Total realized and unrealized (losses) gains on derivative instruments | -75,331 | 56,035 | -122,579 | 42,246 |
Interest rate swap agreements [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -30,755 | -30,899 | -60,245 | -61,251 |
Unrealized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | -39,096 | 96,911 | -64,494 | 116,115 |
Interest rate swap agreement terminations [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | ' | -4,187 | 1,000 | -4,187 |
Foreign currency forward contracts [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | 110 | -1,873 | -1,175 | -1,452 |
Unrealized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | -1,926 | -3,917 | 1,125 | -6,979 |
Stock purchase warrants [Member] | ' | ' | ' | ' |
Unrealized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | ($3,664) | ' | $1,210 | ' |
Derivative_Instruments_and_Hed9
Derivative Instruments and Hedging Activities - Effect of Loss on Cross Currency Swaps (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and Unrealized (losses) gains | ($2,046) | $678 | ($2,940) | $2,867 |
Cross Currency Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and Unrealized (losses) gains | -24,947 | -15,896 | -11,770 | -45,988 |
Cross Currency Interest Rate Contract [Member] | Realized gain on partial termination of cross currency swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and Unrealized (losses) gains | ' | ' | ' | 6,800 |
Cross Currency Interest Rate Contract [Member] | Realized (losses) gains [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and Unrealized (losses) gains | -144 | 503 | -289 | 1,565 |
Cross Currency Interest Rate Contract [Member] | Unrealized losses [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and Unrealized (losses) gains | ($24,803) | ($16,399) | ($11,481) | ($54,353) |
Income_Tax_Expense_Components_
Income Tax Expense - Components of Provision for Income Tax Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Current | ($3,398) | ($1,943) | ($6,563) | ($4,057) |
Deferred | 205 | 70 | 572 | -316 |
Income tax expense | ($3,193) | ($1,873) | ($5,991) | ($4,373) |
Income_Tax_Expense_Unrecognize
Income Tax Expense - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ' |
Balance of unrecognized tax benefits as at January 1, 2014 | $20,304 |
Increase for positions related to the current period | 3,822 |
Decrease related to statute of limitations | -972 |
Balance of unrecognized tax benefits as at June 30, 2014 | $23,154 |
Net_Loss_Income_Per_Share_Sche
Net (Loss) Income Per Share - Schedule of Net (Loss) Income Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net (loss) income attributable to stockholders of Teekay Corporation | ($42,987) | $11,367 | ($43,475) | $5,231 |
Weighted average number of common shares | 72,036,526 | 70,393,531 | 71,687,549 | 70,142,301 |
Dilutive effect of stock-based compensation | ' | 921,098 | ' | 1,000,062 |
Common stock and common stock equivalents | 72,036,526 | 71,314,629 | 71,687,549 | 71,142,363 |
(Loss) income per common share: | ' | ' | ' | ' |
Basic | ($0.60) | $0.16 | ($0.61) | $0.07 |
Diluted | ($0.60) | $0.16 | ($0.61) | $0.07 |
Net_Loss_Income_Per_Share_Addi
Net (Loss) Income Per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Anti-dilutive effect attributable to outstanding stock-based compensation | 3.1 | 3.1 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
VLCC [Member] | VLCC [Member] | BG International Limited [Member] | BG International Limited [Member] | |||||
Vessel | Teekay LNG [Member] | Teekay LNG [Member] | ||||||
Newbuildings [Member] | Newbuildings [Member] | |||||||
Vessel | Shipbuilding supervision and crew training services [Member] | |||||||
Vessel | ||||||||
Noncash or Part Noncash Divestitures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | 3 | ' | 2 | 4 |
Estimated aggregate fair value of vessels | ' | ' | ' | ' | $222,000,000 | $222,000,000 | ' | ' |
Interest income recognized | 793,000 | 2,018,000 | 2,576,000 | 3,036,000 | ' | 15,200,000 | ' | ' |
Payments to acquire ownership interest | ' | ' | ' | ' | ' | ' | ' | 20,300,000 |
Fair value of the service obligation | ' | ' | ' | ' | ' | ' | ' | $30,200,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information - China LNG (Detail) (USD $) | 6 Months Ended | 1 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 |
Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | ||
m | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | China Lng [Member] | ||
Metric_Tons | Russia-based Novatek OAO [Member] | France-based Total S.A. [Member] | China-based China National Petroleum Corporation [Member] | Teekay LNG [Member] | |||
Trains | m3 | ||||||
Vessel | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in joint venture | ' | ' | ' | ' | ' | ' | 50.00% |
Ownership percentage | ' | ' | ' | 60.00% | 20.00% | 20.00% | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | 6 |
Number of LNG trains | ' | ' | 3 | ' | ' | ' | ' |
Total expected capacity of trains | ' | ' | 16,500,000 | ' | ' | ' | ' |
Volume of vessels | ' | ' | ' | ' | ' | ' | 172,000 |
Fully built-up cost | $1,500 | ' | ' | ' | ' | ' | $2,100 |
Maximum icebreaking capabilities in meters | ' | 2.1 | ' | ' | ' | ' | ' |
Subsequent_Events_Additional_I1
Subsequent Events - Additional Information - Public Offering (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 |
Share data in Millions, except Per Share data, unless otherwise specified | Newbuildings [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | ||
Teekay LNG [Member] | Teekay LNG [Member] | Teekay LNG [Member] | Newbuildings [Member] | ||||
Common Stock [Member] | Common Stock [Member] | Teekay LNG [Member] | |||||
Over-allotment option [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common units in public offering | ' | ' | ' | ' | 3.1 | 0.3 | ' |
Issuance of common units in public offering, Per unit | ' | ' | ' | ' | $44.65 | ' | ' |
Proceeds from public offering | ' | ' | ' | ' | $140,800,000 | ' | ' |
Percentage of general partner capital | ' | ' | ' | ' | 2.00% | ' | ' |
Net proceeds from public offering | ' | ' | ' | ' | 140,500,000 | ' | ' |
First installment payment | $1,403,850,000 | $796,324,000 | $221,400,000 | ' | ' | ' | $95,000,000 |
Ownership percentage after public offering | ' | ' | ' | 34.00% | ' | ' | ' |
Subsequent_Events_Additional_I2
Subsequent Events - Additional Information - Logitel (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | |||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | |
Newbuildings [Member] | Teekay Offshore [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |||
Teekay Offshore [Member] | Teekay Offshore [Member] | Logitel Offshore Holdings [Member] | Logitel Offshore Holdings [Member] | Logitel Offshore Holdings [Member] | Logitel Offshore Holdings [Member] | Sevan Marine ASA [Member] | |||||
FloatingAccommodationUnits | Purchase Commitment [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | Teekay Offshore [Member] | |||||
Newbuildings [Member] | Order or Production Backlog [Member] | Order or Production Backlog [Member] | |||||||||
FloatingAccommodationUnits | FloatingAccommodationUnits | Newbuildings [Member] | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership acquired | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Portion of purchase price paid in cash | ' | ' | ' | $253,000,000 | ' | ' | $4,000,000 | ' | ' | ' | ' |
Potential additional cash amount for purchase price | ' | ' | ' | ' | ' | ' | 27,600,000 | ' | ' | ' | ' |
Number of floating accommodation units | ' | ' | ' | ' | 3 | ' | ' | 2 | 6 | ' | ' |
Expected cost of project | 1,500,000,000 | ' | ' | ' | 534,000,000 | ' | ' | ' | ' | ' | ' |
Advances on newbuilding contracts and conversion costs | 1,403,850,000 | 796,324,000 | 221,400,000 | ' | ' | 18,000,000 | ' | ' | ' | ' | ' |
Purchase obligation due (balance of 2014) | ' | ' | ' | ' | ' | 8,800,000 | ' | ' | ' | ' | ' |
Purchase obligation due (2015) | ' | ' | ' | ' | ' | 341,000,000 | ' | ' | ' | ' | ' |
Purchase obligation due (2016) | ' | ' | ' | ' | ' | 166,200,000 | ' | ' | ' | ' | ' |
License fees | ' | ' | ' | ' | 22,200,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt | 6,732,367,000 | 6,109,470,000 | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' |
Repayment of non-interest bearing amount on bond | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 |
Long-term debt, maturities, repayment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'within 6 months of delivery of each of the next six FAUs, including the three ordered from COSCO | ' |
Debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The conversion option is exercisable if the fourth of six options with COSCO is not exercised by its option expiry date on November 30, 2016. In this case, Sevan has a one-time option to receive the remaining two options with COSCO in exchange for the extinguishment of the remaining amount owing on the bond agreement. If the one-time option is not exercised by Sevan, any remaining amount owing on the bond agreement will be forgiven when there is a continuous three-year period, from the date of the latest delivery of a newbuilding FAU based on the Sevan cylindrical hull design, where no such Seven design FAUs are ordered. |
Subsequent_Events_Additional_I3
Subsequent Events - Additional Information - Teekay Tankers (Detail) (Subsequent Events [Member], Teekay Tankers [Member], USD $) | 0 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Aug. 01, 2014 |
Pools | |
Subsequent Event [Line Items] | ' |
Commercially managed tanker pools | 3 |
Purchase price consideration | $15 |
Conventional Tanker Commercial Operations and Technical Management Operations [Member] | ' |
Subsequent Event [Line Items] | ' |
Percentage of ownership acquired | 50.00% |
Commercial Management Fee [Member] | ' |
Subsequent Event [Line Items] | ' |
Number of vessels | 89 |
Technical Management Fee [Member] | ' |
Subsequent Event [Line Items] | ' |
Number of vessels | 51 |
Common Class B [Member] | ' |
Subsequent Event [Line Items] | ' |
Price per share | $3.70 |