Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | TK |
Entity Registrant Name | TEEKAY CORP |
Entity Central Index Key | 911,971 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 89,127,041 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenues (note 13) | $ 1,880,332 | $ 2,328,569 | $ 2,450,382 |
Voyage expenses | (153,766) | (138,339) | (115,787) |
Vessel operating expenses (note 13) | (731,150) | (825,024) | (844,039) |
Time-charter hire expense | (120,893) | (150,145) | (138,548) |
Depreciation and amortization | (485,829) | (571,825) | (509,500) |
General and administrative expenses (note 13) | (106,150) | (119,889) | (133,184) |
Asset impairments (note 18a) | (232,659) | (45,796) | (67,744) |
Net loss on sale of vessels, equipment and other operating assets (note 18b) | (38,084) | (66,450) | (2,431) |
Restructuring charges (note 20) | (5,101) | (26,811) | (14,017) |
Income from vessel operations | 6,700 | 384,290 | 625,132 |
Interest expense | (268,400) | (282,966) | (242,469) |
Interest income | 6,290 | 4,821 | 5,988 |
Realized and unrealized loss on non-designated derivative instruments (note 15) | (38,854) | (35,091) | (102,200) |
Equity (loss) income (notes 4a and 22) | (37,344) | 85,639 | 102,871 |
Foreign exchange loss | (26,463) | (6,548) | (2,195) |
Loss on deconsolidation of Teekay Offshore (note 3) | (104,788) | 0 | 0 |
Other (loss) income (note 14) | (53,981) | (39,013) | 1,566 |
Net (loss) income before income taxes | (516,840) | 111,132 | 388,693 |
Income tax (expense) recovery (note 21) | (12,232) | (24,468) | 16,767 |
Net (loss) income | (529,072) | 86,664 | 405,460 |
Less: Net loss (income) attributable to non-controlling interests (note 1) | 365,796 | (209,846) | (323,309) |
Net (loss) income attributable to shareholders of Teekay Corporation | $ (163,276) | $ (123,182) | $ 82,151 |
Per common share of Teekay Corporation (note 19) | |||
Basic (loss) earnings attributable to shareholders of Teekay Corporation (dollars per share) | $ (1.89) | $ (1.62) | $ 1.13 |
Diluted (loss) earnings attributable to shareholders of Teekay Corporation (dollars per share) | (1.89) | (1.62) | 1.12 |
Cash dividends declared (dollars per share) | $ 0.22 | $ 0.22 | $ 1.7325 |
Weighted average number of common shares outstanding (note 19) | |||
Basic (shares) | 86,335,473 | 79,211,154 | 72,665,783 |
Diluted (shares) | 86,335,473 | 79,211,154 | 73,190,564 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net (loss) income | $ (529,072) | $ 86,664 | $ 405,460 |
Other comprehensive income (loss) before reclassifications | |||
Unrealized gain (loss) on marketable securities | 438 | 47 | (463) |
Unrealized loss on qualifying cash flow hedging instruments | (1,895) | (2,183) | (2,564) |
Pension adjustments, net of taxes | 1,463 | 7,594 | 14,178 |
Foreign exchange gain (loss) on currency translation | 1,279 | 179 | (217) |
Amounts reclassified from accumulated other comprehensive loss | |||
Sale of marketable securities | (22) | 0 | 0 |
Settlement of defined benefit pension plan | 0 | (3,905) | (140) |
Other comprehensive income | 5,347 | 5,218 | 13,407 |
Comprehensive (loss) income | (523,725) | 91,882 | 418,867 |
Less: Comprehensive loss (income) attributable to non-controlling interests | 364,422 | (211,823) | (323,309) |
Comprehensive (loss) income attributable to shareholders of Teekay Corporation | (159,303) | (119,941) | 95,558 |
Interest expense | |||
Amounts reclassified from accumulated other comprehensive loss | |||
Realized loss on qualifying cash flow hedging instruments | 1,614 | 0 | 0 |
Equity Income | |||
Amounts reclassified from accumulated other comprehensive loss | |||
Realized loss on qualifying cash flow hedging instruments | $ 2,470 | $ 3,486 | $ 2,613 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Cash and cash equivalents (note 8) | $ 445,452 | $ 567,994 |
Restricted cash (notes 10 and 15) | 38,179 | 107,672 |
Accounts receivable, including non-trade of $15,273 (2016 - $33,924) and related party balances of $16,068 (2016 - $26,471) | 159,859 | 295,357 |
Assets held for sale (note 18) | 33,671 | 61,282 |
Net investment in direct financing leases (note 9) | 9,884 | 154,759 |
Prepaid expenses and other (note 15) | 38,180 | 84,899 |
Current portion of loans to equity-accounted investees (note 22) | 107,486 | 9,471 |
Total current assets | 832,711 | 1,281,434 |
Restricted cash - non-current (note 16d) | 68,543 | 129,576 |
Vessels and equipment (note 8) | ||
At cost, less accumulated depreciation of $1,293,447 (2016 - $3,294,021) | 3,491,491 | 7,666,975 |
Vessels related to capital leases, at cost, less accumulated amortization of $51,290 (2016 – $69,072) (note 10) | 1,272,560 | 484,253 |
Advances on newbuilding contracts and conversion costs (note 16a) | 444,493 | 987,658 |
Total vessels and equipment | 5,208,544 | 9,138,886 |
Net investment in direct financing leases - non-current (note 9) | 486,106 | 505,835 |
Loans to equity-accounted investees and joint venture partners, bearing interest between nil and LIBOR plus margins up to 1.25% (note 22) | 146,420 | 292,209 |
Equity-accounted investments (notes 16b and 22) | 1,130,198 | 1,010,308 |
Other non-current assets | 83,211 | 190,699 |
Intangible assets – net (note 6) | 93,014 | 89,175 |
Goodwill (note 6) | 43,690 | 176,630 |
Total assets | 8,092,437 | 12,814,752 |
Current | ||
Accounts payable | 24,107 | 53,507 |
Accrued liabilities and other (notes 7, 15 and 20) | 282,352 | 391,900 |
Advances from affiliates | 49,100 | 11,785 |
Current portion of derivative liabilities (note 15) | 80,423 | 115,813 |
Current portion of long-term debt (note 8) | 800,897 | 998,591 |
Current obligation related to capital leases (note 10) | 114,173 | 40,353 |
Current portion of in-process revenue contracts (note 6) | 13,880 | 34,511 |
Total current liabilities | 1,364,932 | 1,646,460 |
Long-term debt (note 8) | 2,616,808 | 5,640,955 |
Long-term obligation related to capital leases (note 10) | 1,046,284 | 352,486 |
Derivative liabilities (note 15) | 48,388 | 415,041 |
In-process revenue contracts (note 6) | 24,313 | 88,179 |
Other long-term liabilities (note 7) | 112,056 | 333,236 |
Total liabilities | 5,212,781 | 8,476,357 |
Commitments and contingencies (notes 4, 8, 9, 10, 15 and 16) | ||
Redeemable non-controlling interest (note 16e) | 0 | 249,102 |
Equity | ||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 89,127,041 shares outstanding and issued (2016 – 86,149,975)) (note 12) | 919,078 | 887,075 |
(Accumulated deficit) retained earnings | (135,892) | 22,893 |
Non-controlling interest | 2,102,465 | 3,189,928 |
Accumulated other comprehensive loss (note 1) | (5,995) | (10,603) |
Total equity | 2,879,656 | 4,089,293 |
Total liabilities and equity | $ 8,092,437 | $ 12,814,752 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, non-trade | $ 15,273 | $ 33,924 |
Accounts receivable, related party balance | 16,068 | 26,471 |
Accumulated depreciation | 1,293,447 | 3,294,021 |
Accumulated amortization on vessels under capital lease | $ 51,290 | $ 69,072 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized (shares) | 725,000,000 | 725,000,000 |
Common stock, share issued (shares) | 89,127,041 | 86,149,975 |
Common stock, share outstanding (shares) | 89,127,041 | 86,149,975 |
Minimum | ||
Range of interest | 0.00% | 0.00% |
Maximum | LIBOR | ||
Range of interest | 1.25% | 1.25% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ (529,072) | $ 86,664 | $ 405,460 |
Non-cash items: | |||
Depreciation and amortization | 485,829 | 571,825 | 509,500 |
Amortization of in-process revenue contracts | (26,958) | (28,109) | (30,085) |
Unrealized (gain) loss on derivative instruments | (95,556) | (145,116) | 51,910 |
Asset impairments | 232,659 | 45,796 | 67,744 |
Loss on sale of vessels and equipment | 38,084 | 66,450 | 2,431 |
Loss on deconsolidation of Teekay Offshore (note 3) | 104,788 | 0 | 0 |
Equity loss (income), net of dividends received | 87,602 | (47,563) | 3,203 |
Income tax expense (recovery) | 12,232 | 24,468 | (16,767) |
Unrealized foreign exchange loss (gain) and other | 148,469 | 53,999 | (136,893) |
Change in operating assets and liabilities (note 17) | 106,567 | 38,333 | (12,291) |
Expenditures for dry docking | (50,899) | (45,964) | (68,380) |
Net operating cash flow | 513,745 | 620,783 | 775,832 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 1,007,010 | 2,075,014 | 2,452,878 |
Prepayments of long-term debt | (831,901) | (1,872,573) | (554,831) |
Scheduled repayments of long-term debt | (687,544) | (967,146) | (1,040,292) |
Proceeds from financing related to sales and leaseback of vessels | 809,935 | 355,306 | 0 |
Repayments of obligations related to capital leases | (46,090) | (21,595) | (4,423) |
Decrease (increase) in restricted cash | 104,142 | (49,079) | (21,005) |
Net proceeds from equity issuances of subsidiaries (note 5) | 172,930 | 327,419 | 575,368 |
Net proceeds from equity issuances of Teekay Corporation | 25,636 | 105,462 | 0 |
Acquisition of shares in Teekay Tankers | (19,444) | 0 | 0 |
Distribution from subsidiaries to non-controlling interests | (103,150) | (136,151) | (360,392) |
Cash dividends paid | (18,977) | (17,406) | (125,881) |
Other financing activities | 5,337 | 87 | (2,488) |
Net financing cash flow | 417,884 | (200,662) | 918,934 |
INVESTING ACTIVITIES | |||
Expenditures for vessels and equipment | (1,054,052) | (648,326) | (1,795,901) |
Proceeds from sale of vessels and equipment | 73,712 | 252,656 | 20,472 |
Investment in equity-accounted investees | (98,774) | (61,885) | (40,595) |
(Advances to) loan repayments from equity-accounted investees | (12,946) | (96,823) | 53,173 |
Increase in restricted cash | 0 | 0 | (34,290) |
Cash of Tankers Investments Ltd. upon acquisition, net of transaction costs (note 4a) | 30,831 | 0 | 0 |
Cash of Teekay Offshore upon deconsolidation, net of proceeds received | (17,977) | 0 | 0 |
Purchase of SPT (net of cash acquired $377) | 0 | 0 | (46,961) |
Direct financing lease payments received | 17,422 | 23,535 | 20,824 |
Other investing activities | 7,613 | 324 | 0 |
Net investing cash flow | (1,054,171) | (530,519) | (1,823,278) |
Decrease in cash and cash equivalents | (122,542) | (110,398) | (128,512) |
Cash and cash equivalents, beginning of the year | 567,994 | 678,392 | 806,904 |
Cash and cash equivalents, end of the year | $ 445,452 | $ 567,994 | $ 678,392 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Cash of Tankers Investments Ltd. upon acquisition, net of transaction costs (note 4a) | $ 0 |
SPT | |
Cash of Tankers Investments Ltd. upon acquisition, net of transaction costs (note 4a) | $ 377 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Total Equity - USD ($) $ in Thousands | Total | Redeemable Non-controlling Interest | Common Stock | Common Stock and Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Non-controlling Interest |
Beginning Balance at Dec. 31, 2014 | $ 3,388,633 | $ 770,759 | $ 355,867 | $ (28,298) | $ 2,290,305 | ||
Beginning Balance, Shares at Dec. 31, 2014 | 72,501,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 405,460 | 82,151 | 323,309 | ||||
Reclassification of redeemable non-controlling interest in net income | (13,280) | (13,280) | |||||
Other comprehensive income | 13,407 | 13,407 | 0 | ||||
Dividends declared | (480,460) | (126,391) | (354,069) | ||||
Reinvested dividends | 10 | 10 | |||||
Reinvested dividends, Shares | 1,000 | ||||||
Exercise of stock options and other (note 12) | $ 1,217 | 1,217 | |||||
Exercise of stock options and other (note 12), Shares | 36,000 | 209,000 | |||||
Employee stock compensation and other (note 12) | $ 3,032 | 3,032 | |||||
Dilution loss on equity issuances of subsidiaries (note 5) | (152,729) | (152,729) | |||||
Changes to non-controlling interest from equity contributions and other | 535,784 | 535,784 | |||||
Ending Balance at Dec. 31, 2015 | 3,701,074 | 775,018 | 158,898 | (14,891) | 2,782,049 | ||
Ending Balance, Shares at Dec. 31, 2015 | 72,711,000 | ||||||
Beginning balance at Dec. 31, 2014 | $ 12,842 | ||||||
Redeemable Non-controlling Interest | |||||||
Reclassification of redeemable non-controlling interest in net income | 13,280 | ||||||
Dividends declared | (20,201) | ||||||
Changes to non-controlling interest from equity contributions and other | 249,750 | ||||||
Ending balance at Dec. 31, 2015 | 255,671 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 86,664 | (123,182) | 209,846 | ||||
Reclassification of redeemable non-controlling interest in net income | (25,342) | (25,342) | |||||
Other comprehensive income | 5,218 | 3,241 | 1,977 | ||||
Dividends declared | (138,363) | (17,562) | (120,801) | ||||
Reinvested dividends | $ 4 | 4 | |||||
Reinvested dividends, Shares | 1,000 | ||||||
Exercise of stock options and other (note 12), Shares | 0 | 102,000 | |||||
Employee stock compensation and other (note 12) | $ 6,591 | 6,591 | |||||
Equity offerings (note 12) | 105,462 | 105,462 | |||||
Equity offerings (note 12), Shares | 13,336,000 | ||||||
Dilution loss on equity issuances of subsidiaries (note 5) | 9,732 | 9,732 | |||||
Changes to non-controlling interest from equity contributions and other | 338,253 | (4,993) | 1,047 | 342,199 | |||
Ending Balance at Dec. 31, 2016 | $ 4,089,293 | 887,075 | 22,893 | (10,603) | 3,189,928 | ||
Ending Balance, Shares at Dec. 31, 2016 | 86,149,975 | 86,150,000 | |||||
Redeemable Non-controlling Interest | |||||||
Reclassification of redeemable non-controlling interest in net income | $ 25,342 | ||||||
Dividends declared | (27,058) | ||||||
Changes to non-controlling interest from equity contributions and other | (4,853) | ||||||
Ending balance at Dec. 31, 2016 | 249,102 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | (529,072) | (163,276) | (365,796) | ||||
Reclassification of redeemable non-controlling interest in net income | (18,610) | (18,610) | |||||
Other comprehensive income | 5,347 | 3,973 | 1,374 | ||||
Dividends declared | (126,648) | (19,039) | (107,609) | ||||
Reinvested dividends | $ 4 | 4 | |||||
Reinvested dividends, Shares | 1,000 | ||||||
Exercise of stock options and other (note 12), Shares | 3,000 | 112,000 | |||||
Employee stock compensation and other (note 12) | $ 6,363 | 6,363 | |||||
Equity offerings (note 12) | 25,636 | 25,636 | |||||
Equity offerings (note 12), Shares | 2,864,000 | ||||||
Dilution loss on equity issuances of subsidiaries (note 5) | 23,530 | 23,530 | |||||
Impact of deconsolidation of Teekay Offshore (note 3) | (881,830) | 643 | (882,473) | ||||
Changes to non-controlling interest from equity contributions and other | 285,643 | (8) | 285,651 | ||||
Ending Balance at Dec. 31, 2017 | $ 2,879,656 | $ 919,078 | $ (135,892) | $ (5,995) | $ 2,102,465 | ||
Ending Balance, Shares at Dec. 31, 2017 | 89,127,041 | 89,127,000 | |||||
Redeemable Non-controlling Interest | |||||||
Reclassification of redeemable non-controlling interest in net income | $ 18,610 | ||||||
Dividends declared | (13,699) | ||||||
Impact of deconsolidation of Teekay Offshore (note 3) | (255,802) | ||||||
Changes to non-controlling interest from equity contributions and other | 1,789 | ||||||
Ending balance at Dec. 31, 2017 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of presentation These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (or GAAP ). They include the accounts of Teekay Corporation (or Teekay ), which is incorporated under the laws of the Republic of The Marshall Islands, and its wholly-owned or controlled subsidiaries (collectively, the Company ). Certain of Teekay’s significant non-wholly owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the following publicly traded subsidiaries (collectively, the Public Subsidiaries ): Teekay LNG Partners L.P. (or Teekay LNG ); Teekay Tankers Ltd. (or Teekay Tankers ); and until September 25, 2017, Teekay Offshore Partners L.P. (or Teekay Offshore ). On September 25, 2017, Teekay, Teekay Offshore and Brookfield Business Partners L.P. together with its institutional partners (collectively, Brookfield ) finalized a strategic partnership (or the Brookfield Transaction ) which resulted in the deconsolidation of Teekay Offshore as of that date (see Note 3). Although Teekay owned less than 50% of Teekay Offshore, Teekay maintained control of Teekay Offshore until September 25, 2017, by virtue of its 100% ownership interest in the general partner of Teekay Offshore, which is a master limited partnership. In connection with Brookfield's acquisition of a 49% interest in Teekay Offshore's general partner, Teekay Offshore GP LLC (or TOO GP ), Teekay and Brookfield entered into an amended limited liability company agreement whereby Brookfield obtained certain participatory rights in the management of TOO GP, which resulted in Teekay deconsolidating Teekay Offshore for accounting purposes on September 25, 2017. Subsequent to the closing of the Brookfield Transaction, Teekay has significant influence over Teekay Offshore and accounts for its investment in Teekay Offshore using the equity method. As of December 31, 2017 , Teekay owned a 13.8% interest in the common units of Teekay Offshore ( 27.5% - December 31, 2016 ). As of December 31, 2017 , Teekay owned a 33.0% interest in Teekay LNG ( 33.1% - December 31, 2016 ), including common units and its 2% general partner interest, a nd 28.8% of the capital stock of Teekay Tankers ( 25.4% - December 31, 2016 ), including Teekay Tankers’ outstanding shares of Class B common stock, which entitle the holders to five votes per share, subject to a 49% aggregate Class B Common Stock voting power maximum. While Teekay owns less than 50% of Teekay LNG and Teekay Tankers, Teekay maintains control of Teekay LNG by virtue of its 100% ownership interest in the general partner of Teekay LNG , which is a master limited partnership, and maintains control of Teekay Tankers through its ownership of a sufficient number of Class A common shares and Class B common shares, which provide increased voting rights, to maintain a majority voting interest in Teekay Tankers and thus consolidates these subsidiaries. Teekay has entered into an omnibus agreement with Teekay LNG and Teekay Offshore to govern, among other things, when Teekay, Teekay LNG and Teekay Offshore may compete with each other and to provide the applicable parties certain rights of first offer on liquefied natural gas (or LNG ) carriers, oil tankers, shuttle tankers, floating storage and off-take (or FSO ) units and floating, production, storage and offloading (or FPSO ) units. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Given the current condition of the credit markets, it is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement. Significant intercompany balances and transactions have been eliminated upon consolidation. Certain of the comparative figures have been reclassified to conform to the presentation adopted in the current period relating to certain operating activities in the Company's consolidated statements of cash flows. In addition, as the Company has determined that the entities that have financed certain of Teekay LNG's LNG carriers or LNG carrier newbuildings through sale-leaseback transactions are variable interest entities that should be consolidated, the presentation of the sale-leaseback transactions in the consolidated statements of cash flows has been adjusted to reflect these transactions as financing activities instead of investing activities in the current and comparative period. This has resulted in a decrease in net investing cash flow of $355 million and an increase in net financing cash flow of $355 million for the year ended December 31, 2016 . Non-Controlling Interests Where Teekay’s ownership interest in a consolidated subsidiary is less than 100%, the non-controlling interests’ share of these non-wholly- owned subsidiaries is reported in the Company’s consolidated balance sheets as a separate component of equity. The non-controlling interests’ share of the net income of these non-wholly owned subsidiaries is reported in the Company’s consolidated statements of (loss) income as a deduction from the Company’s net (loss) income to arrive at net (loss) income attributable to shareholders of Teekay. The basis for attributing net income or loss of each non-wholly owned subsidiary to the controlling interest and the non-controlling interests, with the exception of Teekay LNG and Teekay Offshore, until its deconsolidation on September 25, 2017, was based on the relative ownership interests of the non-controlling interests compared to the controlling interest, which is consistent with how dividends and distributions were paid or were payable for these non-wholly owned subsidiaries. Teekay LNG and Teekay Offshore each have limited partners and one general partner. Teekay LNG's general partner is wholly-owned by Teekay, and until September 25, 2017, Teekay Offshore's general partner was wholly owned by Teekay. For both Teekay LNG and Teekay Offshore, the limited partners hold common units and preferred units. For each quarterly period (with regards to Teekay Offshore, until its deconsolidation on September 25, 2017), the method of attributing Teekay LNG’s and Teekay Offshore’s net income (loss) of that period to the non-controlling interests of Teekay LNG and Teekay Offshore began by attributing net income (loss) of Teekay Offshore and Teekay LNG to the non-controlling interests which hold 100% of the preferred units of Teekay Offshore, except for Series D Preferred Units, of which they held 74% until redemption in September 2017, and 100% of the preferred units of Teekay LNG based on the amount of preferred unit distributions declared for the quarterly period. The remaining net income (loss) to be attributed to the controlling interest and the non-controlling interests of Teekay LNG and Teekay Offshore was then divided into two components. The first component consists of the cash distribution that Teekay LNG or Teekay Offshore will declare and pay to limited and general partners for that quarterly period (or the Distributed Earnings ). The second component consists of the difference between (a) the net income (loss) of Teekay LNG or Teekay Offshore that is available to be allocated to the common unitholders and the general partner of such entity and (b) the amount of the first component cash distribution (or the Undistributed Earnings ). The portion of the Distributed Earnings that is allocated to the non-controlling interests is the amount of the cash distribution that Teekay LNG or Teekay Offshore will declare and pay to the non-controlling interests for that quarterly period. The portion of the Undistributed Earnings that is allocated to the non-controlling interests is based on the relative ownership percentages of the non-controlling interests of Teekay LNG and Teekay Offshore compared to the controlling interest. The controlling interests include both limited partner common units and the general partner interests. The total net income of Teekay’s consolidated partially-owned entities and the attribution of that net income to controlling and non-controlling interests is as follows: Net income (loss) attributable to non-controlling interests Controlling Interest Net income (loss) of consolidated partially-owned entities (1) Non-public partially-owned subsidiaries Preferred unit holders Distri- buted Earnings (2) Undistri- buted Earnings Total Net income (loss) attributable Distri- buted Earnings Undistri- buted Earnings Total Controlling Interest (Teekay) Teekay Offshore 8,262 36,339 16,312 (398,185 ) (3 ) (337,272 ) 5,981 334,033 (3 ) 340,014 2,742 Teekay LNG (54 ) 13,979 30,474 (41,520 ) 2,879 15,027 (18,995 ) (3,968 ) (1,089 ) Teekay Tankers — — — (28,893 ) (28,893 ) — (30,434 ) (30,434 ) (59,327 ) Other entities and eliminations — — — — (2,510 ) For the Year Ended December 31, 2017 8,208 50,318 46,786 (468,598 ) (365,796 ) Teekay Offshore 11,858 45,835 41,688 (46,155 ) 53,226 18,378 (27,129 ) (8,751 ) 44,475 Teekay LNG 17,514 2,719 30,444 60,545 111,222 15,026 31,717 46,743 157,965 Teekay Tankers — — — 47,459 47,459 — 15,396 15,396 62,855 Other entities and eliminations — — — — (2,061 ) For the Year Ended December 31, 2016 29,372 48,554 72,132 61,849 209,846 Teekay Offshore 13,911 28,609 119,971 (103,949 ) 58,542 70,414 (38,913 ) 31,501 90,043 Teekay LNG 16,627 — 120,482 (1,510 ) 135,599 82,791 (880 ) 81,911 217,510 Teekay Tankers — — — 129,725 129,725 — 47,202 47,202 176,927 Other entities and eliminations — — — — (557 ) For the Year Ended December 31, 2015 30,538 28,609 240,453 24,266 323,309 (1) Includes earnings from common shares and preferred shares. (2) Excludes the results of the acquisition of interests in vessels between Teekay Corporation, Teekay Offshore and Teekay Tankers during the periods the vessels were under common control and had begun operations. (3) Subsequent to the formation of Teekay Offshore, Teekay sold certain vessels to Teekay Offshore. As Teekay Offshore was a non-wholly-owned consolidated subsidiary of Teekay at the date of the sales, all of the gain or loss on sales of these vessels was fully eliminated upon consolidation. Consequently, the portion of the gain or loss attributable to Teekay’s reduced interest in the vessels was deferred. The total unrecognized net deferred gain relating to the vessels previously sold from Teekay to Teekay Offshore was $349.6 million . Upon deconsolidation of Teekay Offshore, such amount was recognized as an increase to net loss attributable to non-controlling interests for the year ended December 31, 2017 . When Teekay’s non-wholly-owned subsidiaries declare dividends or distributions to their owners, or require all of their owners to contribute capital to the non-wholly-owned subsidiaries, such amounts are paid to, or received from, each of the owners of the non-wholly-owned subsidiaries based on the relative ownership interests in the non-wholly-owned subsidiary. As such, any dividends or distributions paid to, or capital contributions received from, the non-controlling interests are reflected as a reduction (dividends or distributions) or an increase (capital contributions) in non-controlling interest in the Company’s consolidated balance sheets. When Teekay’s non-wholly-owned subsidiaries issue additional equity interests to non-controlling interests, Teekay is effectively selling a portion of the non-wholly-owned subsidiaries. Consequently, the proceeds received by the subsidiaries from their issuance of additional equity interests are allocated between non-controlling interest and retained earnings in the Company’s consolidated balance sheets. The portion allocated to non-controlling interest on the Company’s consolidated balance sheets consists of the carrying value of the portion of the non-wholly-owned subsidiary that is effectively disposed of, with the remaining amount attributable to the controlling interest, which consists of the Company’s dilution gain or loss that is reflected in retained earnings. Reporting currency The consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is the U.S. Dollar because the Company operates in the international shipping market, which typically utilizes the U.S. Dollar as the functional currency. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in the accompanying consolidated statements of (loss) income . Operating revenues and expenses Contracts of Affreightment and Voyage Charters Revenues from contracts of affreightment and voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all voyage charters, whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. Shuttle tanker voyages servicing contracts of affreightment with offshore oil fields commence with tendering of notice of readiness at a field, within the agreed lifting range, and ends with tendering of notice of readiness at a field for the next lifting. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Time Charters, Bareboat Charters and FPSO Contracts Operating Leases - The Company recognizes revenues from time charters, bareboat charters and FPSO contracts accounted for as operating leases on a straight-line basis daily over the term of the charter as the applicable vessel operates under the charter. Receipt of incentive-based revenue from the Company’s FPSO units is dependent upon its operating performance and such revenue is recognized when earned by fulfillment of the applicable performance criteria. The Company does not recognize revenue during days that the vessel is off hire unless the contract provides for compensation while off hire. Direct Financing Leases - Charter contracts that are accounted for as direct financing leases are reflected on the consolidated balance sheets as net investments in direct financing leases. The lease revenue is recognized on an effective interest rate method over the lease term so as to produce a constant periodic rate of return over the lease terms and is included in revenues. Revenue from rendering of services is recognized as the service is performed. Revenues are not recognized during days that the vessel is off hire unless the contract provides for compensation while off hire. The Company employs four LNG carriers, and until September 2017, employed an FSO unit and volatile organic compound emissions (or VOC) equipment relating to Teekay Offshore, on long-term time charters which are accounted for as direct financing leases. The lease payments received by the Company under these lease arrangements are allocated between the net investments in the leases and revenues or other income using the effective interest method so as to produce a constant periodic rate of return over the lease terms. Pooling Arrangements Revenues and voyage expenses of the vessels operating in pool arrangements are pooled and the resulting net pool revenues, calculated on a time-charter equivalent basis, are allocated to the pool participants according to an agreed formula. The agreed formula used to allocate net pool revenues varies between pools; however, the formula generally allocates revenues to pool participants on the basis of the number of days a vessel operates in the pool with weighting adjustments made to reflect vessels’ differing capacities and performance capabilities. The same revenue and expense recognition principles stated above for voyage charters are applied in determining the net pool revenues of the pool. The pools are responsible for paying voyage expenses and distributing net pool revenues to the participants. The Company accounts for the net allocation from the pool as revenues and amounts due from the pool are included in accounts receivable. Other Revenue Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other technical activities such as terminal management, consultancy, procurement and equipment rental, and from services provided such as commercial, technical, crew training, strategic, business development, administrative, p roject management and engineering. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. Operating Expenses Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. Cash and cash equivalents The Company classifies all highly liquid investments with a maturity date of three months or less at their inception as cash equivalents. Restricted Cash The Company maintains restricted cash deposits relating to certain term loans, collateral for derivatives, project tenders, leasing arrangements, amounts received from charterers to be used only for dry-docking expenditures and emergency repairs and other obligations. Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Company believes that the receivable will not be recovered. There were no significant amounts recorded as allowance for doubtful accounts as at December 31, 2017 and 2016 . Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Interest costs capitalized to vessels and equipment for the years ended December 31, 2017 , 2016 , and 2015 , aggregated $36.3 million , $36.9 million and $22.0 million , respectively. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for tankers carrying crude oil and refined product, 30 years for liquefied petroleum gas (or LPG ) carriers and 35 years for LNG carriers, commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for those periods of time. The Company considers shuttle tankers to be comprised of two components: (i) a conventional tanker (or the tanker component ) and (ii) specialized shuttle equipment (or the shuttle component ). The Company differentiates these two components on the principle that a shuttle tanker can also operate as a conventional tanker without the use of the shuttle component. The economics of this alternate use depend on the supply and demand fundamentals in the two segments. The Company has assessed the useful life of the tanker component as being 25 years and the shuttle component as being 20 years. FPSO units are depreciated using an estimated useful life of 20 to 25 years commencing the date the unit is installed at the oil field and is in a condition that is ready to operate. FSO units are depreciated over the estimated term of the contract. Units for maintenance and safety (or UMS ) are depreciated over an estimated useful life of 35 years commencing the date the unit arrives at the oil field and is in a condition that is ready to operate. Long-distance towing and offshore installation vessels are depreciated over an estimated useful life of 25 years commencing the date the vessel is delivered from the shipyard. Depreciation includes depreciation on all owned vessels and amortization of vessels accounted for as capital leases. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2017 , 2016 , and 2015 aggregated $397.6 million , $492.0 million and $445.2 million , respectively. Amortization of vessels related to capital leases was $28.0 million , $12.8 million and $5.4 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Generally, the Company dry docks each conventional oil tanker and gas carrier every two and a half to five years . FPSO units are generally not dry docked and maintenance is performed on these units while at sea. The Company capitalizes a substantial portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis over their estimated useful life, which typically is from the completion of a dry docking or intermediate survey to the estimated completion of the next dry docking. The Company includes in capitalized dry-docking costs those costs incurred as part of the dry docking to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking, and for annual class survey costs on the Company’s FPSO units. The continuity of capitalized dry-docking costs for the years ended December 31, 2017 , 2016 , and 2015 , is summarized as follows: Year Ended December 31, 2017 2016 2015 Balance at the beginning of the year 135,700 150,702 135,331 Costs incurred for dry dockings 52,677 47,980 69,927 Dry-dock amortization (49,686 ) (55,026 ) (47,271 ) Write-down / sales of vessels (49,319 ) (7,956 ) (7,285 ) Balance at the end of the year 89,372 135,700 150,702 Vessels and equipment that are intended to be held and used in the Company's business are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Company’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and is based on second-hand sale and purchase data. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses attributable to vessels and equipment classified as held for sale, or to their related liabilities, continue to be recognized as incurred. Gains on vessels sold and leased back under capital leases are deferred and amortized over the remaining term of the capital lease. Losses on vessels sold and leased back under capital leases are recognized immediately when the fair value of the vessel at the time of a sale-leaseback transaction is less than its book value. In such case, the Company would recognize a loss in the amount by which book value exceeds fair value. Other loan receivables The Company’s investments in loan receivables are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan is impaired include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available) any information provided by the debtor regarding its ability to repay the loan and the fair value of the underlying collateral. When a loan is impaired, the Company measures the amount of the impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting impairment in the consolidated statements of (loss) income . The carrying value of the loans will be adjusted each subsequent reporting period to reflect any changes in the present value of estimated future cash flows. The following table contains a summary of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2017 . December 31, Class of Financing Receivable Credit Quality Indicator Grade 2017 2016 Direct financing leases Payment activity Performing 495,990 660,594 Other loan receivables Loans to equity-accounted investees and joint venture partners Other internal metrics Performing 253,906 304,030 Long-term receivable included in other assets Payment activity Performing 12,175 17,712 762,071 982,336 Joint ventures The Company’s investments in joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its investments in joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the consolidated statements of (loss) income . Debt issuance costs Debt issuance costs related to a recognized debt liability, including fees, commissions and legal expenses, are deferred and presented as a direct reduction from the carrying amount of that debt liability and amortized on an effective interest rate method over the term of the relevant loan. Debt issuance costs related to loan facilities without a recognized debt liability or where the debt issuance costs exceed the carrying value of the related debt liability are deferred and presented as non-current assets in the consolidated balance sheets. Amortization of debt issuance costs is included in interest expense. Fees paid to amend a non-revolving credit facility shall be associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Any unamortized debt issuance costs would be written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium or discount, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other related costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend revolving credit facilities are deferred and amortized over the term of the modified credit facility. If the borrowing capacity under the credit facility is increased as a result of the amendment, unamortized loan costs of the original facility would be deferred and amortized over the term of the modified credit facility. If the borrowing capacity is decreased as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original facility would be written off and the remaining amount would be deferred and amortized over the term of the modified credit facility. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, except for certain types of interest rate swaps (See Note 15 ). When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, or repaid. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive loss in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of (loss) income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in the corresponding earnings line item (e.g. interest expense) in the consolidated statements of (loss) income . If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of (loss) income. If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the corresponding earnings line |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 2. Segment Reporting The Company allocates capital and assesses performance from the separate perspectives of its two publicly-traded subsidiaries Teekay LNG and Teekay Tankers (together, the Controlled Daughter Entities ), Teekay and its remaining subsidiaries (or Teekay Parent ), and its equity-accounted investee, Teekay Offshore, (collectively with the Controlled Daughter Entities, the Daughter Entities ) , as well as from the perspective of the Company's lines of business. The primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is on the Controlled Daughter Entities, Teekay Parent and its equity-accounted investee, Teekay Offshore, (the Legal Entity approach ) and its segments are presented accordingly on this basis. The Company (excluding Teekay Offshore) has three primary lines of business: (1) offshore production (floating production, storage and off-loading (or FPSO ) units), (2) liquefied gas carriers (liquefied natural gas (or LNG ) and liquefied petroleum gas (or LPG ) carriers), and (3) conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company incorporates the primary lines of business within its segments, as in certain cases there is more than one line of business in each Controlled Daughter Entity and the Company believes this information allows a better understanding of the Company’s performance and prospects for future net cash flows. Prior to the Brookfield Transaction on September 25, 2017, the Company's operating segments reflected further disaggregation within Teekay Offshore including three individual lines of business: (1) offshore production (FPSO units), (2) offshore logistics (shuttle tankers, the HiLoad DP unit, floating storage and offtake (or FSO ) units, units for maintenance and safety (or UMS ) and long-distance towing and offshore installation vessels), and (3) conventional tankers. Subsequent to September 25, 2017, the Company has determined that its investment in Teekay Offshore represents a single operating segment. The following table includes results for the Company’s revenue and income from vessel operations by segment for the periods presented in these financial statements. Revenues (1) Income from Vessel Operations (2) Year Ended Year Ended December 31, 2017 2016 2015 2017 2016 2015 Teekay Offshore (3) 796,711 1,152,390 1,229,413 147,060 230,853 283,399 Teekay LNG Liquefied Gas Carriers 385,683 336,530 305,056 188,676 174,600 151,200 Conventional Tankers 46,993 59,914 92,935 (40,027 ) (21,419 ) 30,172 432,676 396,444 397,991 148,649 153,181 181,372 Teekay Tankers (4) Conventional Tankers 431,178 550,543 524,834 1,416 96,752 190,589 Teekay Parent Offshore Production 209,394 231,435 277,842 (256,758 ) (48,310 ) (40,227 ) Conventional Tankers 5,065 32,967 65,777 (13,390 ) (15,967 ) 4,984 Other 89,107 76,111 75,547 (20,277 ) (32,219 ) 5,015 303,566 340,513 419,166 (290,425 ) (96,496 ) (30,228 ) Eliminations and other (83,799 ) (111,321 ) (121,022 ) — — — 1,880,332 2,328,569 2,450,382 6,700 384,290 625,132 (1) Certain vessels are chartered between the Daughter Entities and Teekay Parent. The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the year ended 2017 , 2016 and 2015 is as follows: Year Ended 2017 2016 2015 Teekay Offshore 34,232 49,514 67,993 Teekay LNG - Liquefied Gas Carriers 36,358 37,336 35,887 Teekay Tankers - Conventional Tankers — 5,404 1,380 Teekay Parent - Conventional Tankers — — 3,080 70,590 92,254 108,340 (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). (3) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3 ). The figures above include those of Teekay Offshore until the date of deconsolidation. (4) Financial information for Teekay Tankers includes operations of the Explorer Spirit , formerly known as the SPT Explorer , and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore. The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. All of these customers are international oil companies. Year Ended Year Ended Year Ended (U.S. dollars in millions) 2017 2016 2015 Royal Dutch Shell Plc (1) (2) (3) $259.4 or 14% $429.9 or 19% (7) BG Group (1) (2) (3) (2) (2) $263.4 or 11% Petroleo Brasileiro SA (1) (4) (7) $223.7 or 10% $231.8 or 10% Statoil ASA (1) (5) (7) (7) (7) BP Exploration Operating Co. Ltd. (1) (6) $183.0 or 10% (7) (7) (1) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3 ). The figures above include those of Teekay Offshore until the date of deconsolidation. (2) In February 2016, Royal Dutch Shell Plc acquired BG Group Plc and therefore includes revenues from both Royal Dutch Shell Plc and BG Group Plc for 2016. (3) Teekay Offshore Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, and Teekay Parent Segment — Conventional Tankers (4) Teekay Offshore Segment, and Teekay Tankers Segment — Conventional Tankers (5) Teekay Offshore Segment, Teekay Tankers Segment — Conventional Tankers, and Teekay Parent Segment — Conventional Tankers (6) Teekay Offshore Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, Teekay Parent Segment — Offshore Production, and Teekay Parent Segment — Conventional Tankers (7) Less than 10%. The following table includes other income statement items by segment for the periods presented in these financial statements. Depreciation and Amortization Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets Equity (Loss) Income Year Ended Year Ended Year Ended 2017 2016 2015 2017 2016 2015 2017 2016 2015 Teekay Offshore (1) (219,406 ) (300,011 ) (274,599 ) (1,500 ) (40,079 ) (69,998 ) 12,028 17,933 7,672 Teekay Offshore (2) (2,461 ) — — Teekay LNG Liquefied Gas Carriers (95,025 ) (80,084 ) (71,323 ) — — — 9,789 62,307 84,171 Conventional Tankers (10,520 ) (15,458 ) (20,930 ) (50,600 ) (38,976 ) — — — — (105,545 ) (95,542 ) (92,253 ) (50,600 ) (38,976 ) — 9,789 62,307 84,171 Teekay Tankers (3) Conventional Tankers (100,481 ) (104,149 ) (71,429 ) (12,984 ) (20,594 ) 771 (25,370 ) 7,680 11,528 Teekay Parent Offshore Production (60,560 ) (70,855 ) (69,508 ) (205,659 ) (110 ) (948 ) (7,861 ) (575 ) (12,196 ) Conventional Tankers — (1,717 ) (2,852 ) — (12,487 ) — (20,677 ) 132 12,797 Other 163 449 451 — — — (2,792 ) (1,838 ) (1,101 ) (60,397 ) (72,123 ) (71,909 ) (205,659 ) (12,597 ) (948 ) (31,330 ) (2,281 ) (500 ) Eliminations and other — — 690 — — — — — — (485,829 ) (571,825 ) (509,500 ) (270,743 ) (112,246 ) (70,175 ) (37,344 ) 85,639 102,871 (1) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3 ). The figures above include those of Teekay Offshore until the date of deconsolidation. (2) Commencing on September 25, 2017, the Company accounts for its investment in Teekay Offshore using the equity method, and recognized an equity loss of $2.5 million for the post-deconsolidation period ended December 31, 2017 . (3) Financial information for Teekay Tankers includes operations of the Explorer Spirit , formerly known as the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore. A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: December 31, 2017 December 31, 2016 Teekay Offshore 280,774 5,354,702 Teekay LNG - Liquefied Gas Carriers 4,624,321 3,957,088 Teekay LNG - Conventional Tankers 112,844 193,553 Teekay Tankers - Conventional Tankers 2,125,909 1,870,211 Teekay Parent - Offshore Production 366,229 635,364 Teekay Parent - Conventional Tankers 13,620 55,937 Teekay Parent - Other 26,527 13,208 Cash and cash equivalents 445,452 567,994 Other assets not allocated 118,493 281,244 Eliminations (21,732 ) (114,549 ) Consolidated total assets 8,092,437 12,814,752 The following table includes capital expenditures by segment for the periods presented in these financial statements. December 31, 2017 December 31, 2016 Teekay Offshore 340,705 294,581 Teekay LNG - Liquefied Gas Carriers 708,608 344,924 Teekay LNG - Conventional Tankers — 63 Teekay Tankers - Conventional Tankers 4,732 9,226 Teekay Parent - Other 7 88 1,054,052 648,882 |
Deconsolidation of Teekay Offsh
Deconsolidation of Teekay Offshore | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Deconsolidation of Teekay Offshore | 3. Deconsolidation of Teekay Offshore On September 25, 2017, Teekay, Teekay Offshore and Brookfield finalized the Brookfield Transaction, which included, among other things, the following: • Brookfield and Teekay invested $610.0 million and $30.0 million , respectively, in exchange for 244.0 million and 12.0 million common units of Teekay Offshore, respectively, and 62.4 million and 3.1 million common unit warrants (or the Brookfield Transaction Warrants ), with an exercise price of $0.01 per unit, a term of seven years, and which are exercisable when Teekay Offshore's common unit volume-weighted average price is equal to or greater than $4.00 per common unit for 10 consecutive trading days until September 25, 2024; • Brookfield acquired from Teekay a 49% interest in Teekay Offshore's general partner in exchange for $4.0 million and an option to purchase an additional 2.0% interest in Teekay Offshore's general partner from Teekay in exchange for 1.0 million of the Brookfield Transaction Warrants initially issued to Brookfield; • Teekay Offshore repurchased and cancelled all of its outstanding Series C-1 and Series D Preferred Units at a per unit redemption value of $18.20 and $23.75 per unit, plus accrued and unpaid distributions, respectively, which included Teekay's investment in 1,040,000 Series D Preferred Units. The Series D tranche B Warrants to purchase Teekay Offshore common units, which were issued as part of the Series D Preferred Units on June 29, 2016, were amended to reduce the exercise price from $6.05 to $4.55 per unit; and • Brookfield acquired from a subsidiary of Teekay the $200 million subordinated promissory note issued by Teekay Offshore on July 1, 2016, the maturity of which Brookfield extended from 2019 to 2022, in consideration for $140.0 million in cash on a net basis and 11.4 million of the Brookfield Transaction Warrants initially issued to Brookfield. In connection with the acquisition of the 49% interest in Teekay Offshore's general partner, TOO GP, Teekay and Brookfield entered into an amended limited liability company agreement whereby Brookfield obtained certain participatory rights in the management of TOO GP, which resulted in Teekay deconsolidating Teekay Offshore for accounting purposes on September 25, 2017. Subsequent to the closing of the Brookfield Transaction, Teekay has significant influence over Teekay Offshore and accounts for its investment in Teekay Offshore using the equity method. Teekay Offshore is a related party of Teekay, and Brookfield is not a related party of Teekay (see Note 13 ). The following table shows the accounting impact from the deconsolidation of Teekay Offshore on September 25, 2017. On such date, the Company recognized both the net cash proceeds it received from Brookfield and the fair value of its retained interests in Teekay Offshore, including common units, warrants, and vessel charters with Teekay Offshore, and derecognized the carrying value of both Teekay Offshore’s net assets and the non-controlling interest in Teekay Offshore, with the difference between the amounts recognized and derecognized being the loss on deconsolidation. As of September 25, 2017 Net cash proceeds received by Teekay 139,693 Fair value of common units and general partner interest of Teekay Offshore ( note 22 ) 150,132 Fair value of warrants ( note 15 ) 36,596 Fair value of vessel charters with Teekay Offshore ( notes 6 and 7 ) 14,812 Carrying value of the non-controlling interest in Teekay Offshore 1,138,275 Subtotal 1,479,508 Less: Carrying value of Teekay Offshore's net assets on deconsolidation (1,584,296 ) Loss on deconsolidation of Teekay Offshore (104,788 ) The $150.1 million fair value of Teekay's retained investment in Teekay Offshore, consisting of approximately 14% in its outstanding common units and a 51% interest in TOO GP, was determined with reference to the market price of Teekay Offshore's common units on September 25, 2017. The $14.8 million fair value of vessel charters was determined using an income approach and with reference to market rates, contract term, and a discount rate of 10% . Subsequent to the formation of Teekay Offshore, Teekay sold certain vessels to Teekay Offshore. As Teekay Offshore was a non-wholly owned consolidated subsidiary of Teekay at the date of the sales, all of the gain or loss on sales of these vessels was fully eliminated upon consolidation. Consequently, the portion of the gain or loss attributable to Teekay’s reduced interest in the vessels was deferred. The total unrecognized net deferred gain relating to the vessels previously sold from Teekay to Teekay Offshore was $349.6 million . Upon deconsolidation of Teekay Offshore, such amount was recognized as an increase to net loss attributable to non-controlling interests for the year ended December 31, 2017 . 4. Investments a) Tanker Investments Ltd. In January 2014, Teekay and Teekay Tankers formed Tanker Investments Ltd. (or TIL ), which sought to own and operate modern second-hand tankers. 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 represented a total investment by Teekay and Teekay Tankers of $50.0 million . In October 2014, Teekay Tankers acquired an additional 0.9 million common shares in TIL, representing 2.43% of the then outstanding share capital of TIL. On May 31, 2017, Teekay Tankers entered into a merger agreement (or the Merger Agreement ) to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Teekay Tankers Class A common stock for each outstanding share of TIL common stock (or the TIL merger ). Teekay Tankers and Teekay then owned approximately 3.4 million and 2.5 million common shares, or 11.3% and 8.2% of TIL, respectively. As the Company then accounted for its investment in TIL under the equity method, the Company was required to remeasure its previously held equity investment to fair value at the acquisition date. Based on the then pending transaction, the Company recognized an other than temporary impairment and remeasured its investment in TIL to fair value during the second quarter of 2017 based on the TIL share price at June 30, 2017, resulting in a write-down of $48.6 million presented in equity (loss) income on the consolidated statements of (loss) income. On November 27, 2017, Teekay Tankers completed the merger with TIL and the Company remeasured its equity investment in TIL to fair value based on the relative share exchange value at the date of the acquisition, which resulted in the recognition of a gain of $2.4 million presented in equity (loss) income on the consolidated statements of (loss) income. On completion of the TIL merger, TIL became a wholly-owned subsidiary of Teekay Tankers. As consideration for the merger, Teekay Tankers issued 88,977,544 Class A common shares (including 8,250,000 Class A common shares to Teekay) to the TIL shareholders (other than Teekay Tankers) for $151.3 million , or $1.70 per share. The merger with TIL was accounted for as an acquisition of assets. The purchase price was determined based on the value of Teekay Tankers shares issued on the merger date and transaction costs associated with the merger, which amounted to $6.8 million . Together with the fair value of the Company's 8.2% and Teekay Tankers' 11.3% ownership in TIL and the total number of Class A common shares issued at the close of the merger, the total acquisition cost was $177.3 million . The assets acquired and liabilities assumed were recognized at their fair values on November 27, 2017, with the difference between the purchase price and the net fair value of the net assets acquired allocated on a relative fair value basis to the vessels acquired. Net working capital and long-term debt assumed were recognized at their fair values on November 27, 2017, of $47.1 million and $337.1 million , respectively. The remaining amount of the purchase price was allocated to vessels ( $467.1 million ) and existing time-charter contracts ( $0.2 million ), on a relative fair value basis. b) Teekay LNG – Bahrain LNG Joint Venture In December 2015, Teekay LNG entered into an agreement with National Oil & Gas Authority (or Nogaholding ), Samsung C&T (or Samsung ) and Gulf Investment Corporation (or GIC ) to form a joint venture, Bahrain LNG W.L.L. (or the Bahrain LNG Joint Venture ), for the development of an LNG receiving and regasification terminal in Bahrain. The Bahrain LNG Joint Venture is a joint venture between Nogaholding ( 30% ), Teekay LNG ( 30% ), Samsung ( 16% ) and GIC ( 24% ). The project will include an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility with a total LNG terminal capacity of 800 million standard cubic feet per day and will be owned and operated under a 20 -year agreement commencing in early-2019. In addition, Teekay LNG will supply a FSU in connection with this project, which will be modified specifically from one of the Teekay LNG’s four M-type, Electronically Controlled, Gas Injection (or MEGI ) LNG carrier newbuildings ordered from Daewoo Shipbuilding & Marine Engineering Co. (or DSME ), through a 20 -year time-charter contract with the Bahrain LNG Joint Venture. As at December 31, 2017 , Teekay LNG had advanced $79.1 million (December 31, 2016 – 62.9 million ) to the Bahrain LNG Joint Venture. These advances bear interest at LIBOR plus 1.25% and as at December 31, 2017 , the interest accrued on these advances was $0.1 million (December 31, 2016 – $0.1 million ). c) Teekay Tankers – Principal Maritime In August 2015, Teekay Tankers agreed to acquire 12 modern Suezmax tankers from Principal Maritime Tankers Corporation (or Principal Maritime ). All 12 of the vessels were delivered in 2015 for a total purchase price of $661.3 million , consisting of $612.0 million in cash and approximately 7.2 million shares of Teekay Tankers’ Class A common stock with a value of $49.3 million . To finance the cash portion of the acquisition price, Teekay Tankers secured a $397.2 million loan facility which matured in January 2016, and which was refinanced as part of a comprehensive Teekay Tankers refinancing in January 2016 (see Note 8 ). In addition, in August 2015 Teekay Tankers issued in a public offering and concurrent private placement approximately 13.6 million shares of its Class A common stock for net proceeds of $90.6 million , including approximately 4.5 million shares which were issued to Teekay Parent. Teekay Tankers financed the remainder of the cash purchase price with existing liquidity. d) Teekay Tankers – Ship-to-Ship Transfer Business In July 2015, Teekay Tankers acquired a ship-to-ship transfer business (or SPT ) from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE (or Skaugen ), for a cash purchase price of $47.3 million (including $1.8 million for working capital). To finance this acquisition, Teekay subscribed for approximately 6.5 million shares of Teekay Tankers’ Class B common stock at a subscription price of approximately $6.99 per share. SPT provides a full suite of ship-to-ship (or STS ) transfer services in the oil, gas and dry bulk industries. In addition to full service lightering and lightering support, it also provides consultancy and terminal management services. This acquisition established Teekay Tankers as a global company in the STS transfer business, which is expected to increase Teekay Tankers’ fee-based revenue and its overall fleet utilization. On the transaction closing date of July 31, 2015, SPT owned and operated a fleet of six STS support vessels and one chartered-in Aframax Tanker. The acquisition of SPT was accounted for as a business acquisition using the acquisition method of accounting. Operating results of SPT are reflected in the Company’s consolidated financial statements commencing July 31, 2015, the effective date of acquisition. Pro forma revenues and net income as if the acquisition of SPT had occurred at the beginning of 2015 would not be materially different than actual operating results reported. The Company’s prior 50% interest in SPT was remeasured to its estimated fair value on the acquisition date and the resulting gain of $8.7 million was recognized in equity income in 2015. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Investments | 3. Deconsolidation of Teekay Offshore On September 25, 2017, Teekay, Teekay Offshore and Brookfield finalized the Brookfield Transaction, which included, among other things, the following: • Brookfield and Teekay invested $610.0 million and $30.0 million , respectively, in exchange for 244.0 million and 12.0 million common units of Teekay Offshore, respectively, and 62.4 million and 3.1 million common unit warrants (or the Brookfield Transaction Warrants ), with an exercise price of $0.01 per unit, a term of seven years, and which are exercisable when Teekay Offshore's common unit volume-weighted average price is equal to or greater than $4.00 per common unit for 10 consecutive trading days until September 25, 2024; • Brookfield acquired from Teekay a 49% interest in Teekay Offshore's general partner in exchange for $4.0 million and an option to purchase an additional 2.0% interest in Teekay Offshore's general partner from Teekay in exchange for 1.0 million of the Brookfield Transaction Warrants initially issued to Brookfield; • Teekay Offshore repurchased and cancelled all of its outstanding Series C-1 and Series D Preferred Units at a per unit redemption value of $18.20 and $23.75 per unit, plus accrued and unpaid distributions, respectively, which included Teekay's investment in 1,040,000 Series D Preferred Units. The Series D tranche B Warrants to purchase Teekay Offshore common units, which were issued as part of the Series D Preferred Units on June 29, 2016, were amended to reduce the exercise price from $6.05 to $4.55 per unit; and • Brookfield acquired from a subsidiary of Teekay the $200 million subordinated promissory note issued by Teekay Offshore on July 1, 2016, the maturity of which Brookfield extended from 2019 to 2022, in consideration for $140.0 million in cash on a net basis and 11.4 million of the Brookfield Transaction Warrants initially issued to Brookfield. In connection with the acquisition of the 49% interest in Teekay Offshore's general partner, TOO GP, Teekay and Brookfield entered into an amended limited liability company agreement whereby Brookfield obtained certain participatory rights in the management of TOO GP, which resulted in Teekay deconsolidating Teekay Offshore for accounting purposes on September 25, 2017. Subsequent to the closing of the Brookfield Transaction, Teekay has significant influence over Teekay Offshore and accounts for its investment in Teekay Offshore using the equity method. Teekay Offshore is a related party of Teekay, and Brookfield is not a related party of Teekay (see Note 13 ). The following table shows the accounting impact from the deconsolidation of Teekay Offshore on September 25, 2017. On such date, the Company recognized both the net cash proceeds it received from Brookfield and the fair value of its retained interests in Teekay Offshore, including common units, warrants, and vessel charters with Teekay Offshore, and derecognized the carrying value of both Teekay Offshore’s net assets and the non-controlling interest in Teekay Offshore, with the difference between the amounts recognized and derecognized being the loss on deconsolidation. As of September 25, 2017 Net cash proceeds received by Teekay 139,693 Fair value of common units and general partner interest of Teekay Offshore ( note 22 ) 150,132 Fair value of warrants ( note 15 ) 36,596 Fair value of vessel charters with Teekay Offshore ( notes 6 and 7 ) 14,812 Carrying value of the non-controlling interest in Teekay Offshore 1,138,275 Subtotal 1,479,508 Less: Carrying value of Teekay Offshore's net assets on deconsolidation (1,584,296 ) Loss on deconsolidation of Teekay Offshore (104,788 ) The $150.1 million fair value of Teekay's retained investment in Teekay Offshore, consisting of approximately 14% in its outstanding common units and a 51% interest in TOO GP, was determined with reference to the market price of Teekay Offshore's common units on September 25, 2017. The $14.8 million fair value of vessel charters was determined using an income approach and with reference to market rates, contract term, and a discount rate of 10% . Subsequent to the formation of Teekay Offshore, Teekay sold certain vessels to Teekay Offshore. As Teekay Offshore was a non-wholly owned consolidated subsidiary of Teekay at the date of the sales, all of the gain or loss on sales of these vessels was fully eliminated upon consolidation. Consequently, the portion of the gain or loss attributable to Teekay’s reduced interest in the vessels was deferred. The total unrecognized net deferred gain relating to the vessels previously sold from Teekay to Teekay Offshore was $349.6 million . Upon deconsolidation of Teekay Offshore, such amount was recognized as an increase to net loss attributable to non-controlling interests for the year ended December 31, 2017 . 4. Investments a) Tanker Investments Ltd. In January 2014, Teekay and Teekay Tankers formed Tanker Investments Ltd. (or TIL ), which sought to own and operate modern second-hand tankers. 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 represented a total investment by Teekay and Teekay Tankers of $50.0 million . In October 2014, Teekay Tankers acquired an additional 0.9 million common shares in TIL, representing 2.43% of the then outstanding share capital of TIL. On May 31, 2017, Teekay Tankers entered into a merger agreement (or the Merger Agreement ) to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Teekay Tankers Class A common stock for each outstanding share of TIL common stock (or the TIL merger ). Teekay Tankers and Teekay then owned approximately 3.4 million and 2.5 million common shares, or 11.3% and 8.2% of TIL, respectively. As the Company then accounted for its investment in TIL under the equity method, the Company was required to remeasure its previously held equity investment to fair value at the acquisition date. Based on the then pending transaction, the Company recognized an other than temporary impairment and remeasured its investment in TIL to fair value during the second quarter of 2017 based on the TIL share price at June 30, 2017, resulting in a write-down of $48.6 million presented in equity (loss) income on the consolidated statements of (loss) income. On November 27, 2017, Teekay Tankers completed the merger with TIL and the Company remeasured its equity investment in TIL to fair value based on the relative share exchange value at the date of the acquisition, which resulted in the recognition of a gain of $2.4 million presented in equity (loss) income on the consolidated statements of (loss) income. On completion of the TIL merger, TIL became a wholly-owned subsidiary of Teekay Tankers. As consideration for the merger, Teekay Tankers issued 88,977,544 Class A common shares (including 8,250,000 Class A common shares to Teekay) to the TIL shareholders (other than Teekay Tankers) for $151.3 million , or $1.70 per share. The merger with TIL was accounted for as an acquisition of assets. The purchase price was determined based on the value of Teekay Tankers shares issued on the merger date and transaction costs associated with the merger, which amounted to $6.8 million . Together with the fair value of the Company's 8.2% and Teekay Tankers' 11.3% ownership in TIL and the total number of Class A common shares issued at the close of the merger, the total acquisition cost was $177.3 million . The assets acquired and liabilities assumed were recognized at their fair values on November 27, 2017, with the difference between the purchase price and the net fair value of the net assets acquired allocated on a relative fair value basis to the vessels acquired. Net working capital and long-term debt assumed were recognized at their fair values on November 27, 2017, of $47.1 million and $337.1 million , respectively. The remaining amount of the purchase price was allocated to vessels ( $467.1 million ) and existing time-charter contracts ( $0.2 million ), on a relative fair value basis. b) Teekay LNG – Bahrain LNG Joint Venture In December 2015, Teekay LNG entered into an agreement with National Oil & Gas Authority (or Nogaholding ), Samsung C&T (or Samsung ) and Gulf Investment Corporation (or GIC ) to form a joint venture, Bahrain LNG W.L.L. (or the Bahrain LNG Joint Venture ), for the development of an LNG receiving and regasification terminal in Bahrain. The Bahrain LNG Joint Venture is a joint venture between Nogaholding ( 30% ), Teekay LNG ( 30% ), Samsung ( 16% ) and GIC ( 24% ). The project will include an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility with a total LNG terminal capacity of 800 million standard cubic feet per day and will be owned and operated under a 20 -year agreement commencing in early-2019. In addition, Teekay LNG will supply a FSU in connection with this project, which will be modified specifically from one of the Teekay LNG’s four M-type, Electronically Controlled, Gas Injection (or MEGI ) LNG carrier newbuildings ordered from Daewoo Shipbuilding & Marine Engineering Co. (or DSME ), through a 20 -year time-charter contract with the Bahrain LNG Joint Venture. As at December 31, 2017 , Teekay LNG had advanced $79.1 million (December 31, 2016 – 62.9 million ) to the Bahrain LNG Joint Venture. These advances bear interest at LIBOR plus 1.25% and as at December 31, 2017 , the interest accrued on these advances was $0.1 million (December 31, 2016 – $0.1 million ). c) Teekay Tankers – Principal Maritime In August 2015, Teekay Tankers agreed to acquire 12 modern Suezmax tankers from Principal Maritime Tankers Corporation (or Principal Maritime ). All 12 of the vessels were delivered in 2015 for a total purchase price of $661.3 million , consisting of $612.0 million in cash and approximately 7.2 million shares of Teekay Tankers’ Class A common stock with a value of $49.3 million . To finance the cash portion of the acquisition price, Teekay Tankers secured a $397.2 million loan facility which matured in January 2016, and which was refinanced as part of a comprehensive Teekay Tankers refinancing in January 2016 (see Note 8 ). In addition, in August 2015 Teekay Tankers issued in a public offering and concurrent private placement approximately 13.6 million shares of its Class A common stock for net proceeds of $90.6 million , including approximately 4.5 million shares which were issued to Teekay Parent. Teekay Tankers financed the remainder of the cash purchase price with existing liquidity. d) Teekay Tankers – Ship-to-Ship Transfer Business In July 2015, Teekay Tankers acquired a ship-to-ship transfer business (or SPT ) from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE (or Skaugen ), for a cash purchase price of $47.3 million (including $1.8 million for working capital). To finance this acquisition, Teekay subscribed for approximately 6.5 million shares of Teekay Tankers’ Class B common stock at a subscription price of approximately $6.99 per share. SPT provides a full suite of ship-to-ship (or STS ) transfer services in the oil, gas and dry bulk industries. In addition to full service lightering and lightering support, it also provides consultancy and terminal management services. This acquisition established Teekay Tankers as a global company in the STS transfer business, which is expected to increase Teekay Tankers’ fee-based revenue and its overall fleet utilization. On the transaction closing date of July 31, 2015, SPT owned and operated a fleet of six STS support vessels and one chartered-in Aframax Tanker. The acquisition of SPT was accounted for as a business acquisition using the acquisition method of accounting. Operating results of SPT are reflected in the Company’s consolidated financial statements commencing July 31, 2015, the effective date of acquisition. Pro forma revenues and net income as if the acquisition of SPT had occurred at the beginning of 2015 would not be materially different than actual operating results reported. The Company’s prior 50% interest in SPT was remeasured to its estimated fair value on the acquisition date and the resulting gain of $8.7 million was recognized in equity income in 2015. |
Equity Financing Transactions o
Equity Financing Transactions of the Daughter Companies | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity Financing Transactions of the Daughter Companies | 5. Equity Financing Transactions of the Daughter Entities During the years ended December 31, 2017 , 2016 , and 2015 , the Company’s publicly-traded subsidiaries, Teekay Tankers and Teekay LNG, and Teekay Offshore, prior to the Brookfield Transaction on September 25, 2017, completed the following public offerings and private placements of equity securities: Number of shares / units # Total Proceeds Received Less: Offering Expenses Net Proceeds Received 2017 Teekay Tankers Continuous Offering Program 3,800,000 8,826 — (305 ) 8,521 Teekay Tankers Private Placement 2,155,172 5,000 (5,000 ) — — Teekay Tankers Direct Equity Placement (1) 13,775,224 25,897 (25,897 ) — — Teekay Offshore Private Placements (2) 6,521,518 29,817 (17,160 ) (212 ) 12,445 Teekay Tankers Direct Equity Placement (3) 88,977,544 151,262 (14,025 ) — 137,237 Teekay LNG Preferred B Units Offering 6,800,000 170,000 — (5,589 ) 164,411 2016 Teekay Offshore Preferred D Units Offering (4) 100,000 (26,000 ) (2,750 ) 71,250 Teekay Offshore Common Units Offering 21,978,022 102,041 (2,041 ) (2,550 ) 97,450 Teekay Offshore Continuous Offering Program 5,525,310 31,819 (636 ) (792 ) 30,391 Teekay Offshore Private Placement (5) 24,874 (13,167 ) — 11,707 Teekay LNG Preferred A Units Offering 5,000,000 125,000 — (4,293 ) 120,707 Teekay Tankers Continuous Offering Program 3,020,000 7,747 — (189 ) 7,558 2015 (6) Teekay Offshore Preferred B Units Offering 5,000,000 125,000 — (4,210 ) 120,790 Teekay Offshore Preferred C Units Offering 10,400,000 250,000 — (250 ) 249,750 Teekay Offshore Continuous Offering Program 211,077 3,551 (71 ) (66 ) 3,414 Teekay LNG Continuous Offering Program 1,173,428 36,274 (725 ) (900 ) 34,649 Teekay Tankers Public Offering 3,000,000 13,716 — (31 ) 13,685 Teekay Tankers Continuous Offering Program 13,391,100 94,595 — (2,155 ) 92,440 Teekay Tankers Private Placement 13,310,158 109,907 — — 109,907 (1) In May 2017, Teekay Tankers issued Class B common stock to the Company as consideration for its acquisition of the remaining 50% interest in TTOL. (2) During 2017, Teekay Offshore issued common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the distributions on Teekay Offshore's 8.60% Series C-1 Cumulative Convertible Perpetual Preferred Units (or the Series C-1 Preferred Units ) and 10.50% Series D Cumulative Convertible Perpetual Preferred Units (or the Series D Preferred Units ) and on Teekay Offshore's common units and general partner interest held by subsidiaries of Teekay. In June 2016, Teekay Offshore agreed with Teekay that, until the Teekay Offshore's Norwegian Kroner (or NOK) bonds maturing in 2018 had been repaid, all cash distributions (other than with respect to distributions, if any, on incentive distribution rights) to be paid by Teekay Offshore to Teekay or its affiliates, including Teekay Offshore's general partner, would instead be paid in common units or from the proceeds of the sale of common units. During 2017, Teekay Offshore issued Teekay 2.4 million common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the distributions on Teekay Offshore's Series D Preferred Units, common units and general partner interest held by subsidiaries of Teekay. During 2017, Teekay Offshore issued common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the interest due on Teekay Offshore's $200 million loan due to Teekay. Teekay Offshore issued Teekay 1.7 million common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the loan interest. (3) In November 2017, Teekay Tankers issued Class A common shares to the shareholders of TIL as consideration for the Teekay Tankers' acquisition of the remaining 88.7% interest (including Teekay Parent's 8.2% interest) in TIL. The shares had an approximate value of $151.3 million , or $1.70 per share, when the purchase price was agreed between the parties. (4) In June 2016, Teekay Offshore issued 4,000,000 of its Series D Preferred Units and 4,500,000 warrants exercisable to acquire up to 4,500,000 common units at an exercise price equal to the closing price of Teekay Offshore's common units on June 16, 2016, or $4.55 per unit (or the $4.55 Warrants ) and 2,250,000 warrants exercisable to acquire up to 2,250,000 common units with an exercise price at a 33% premium to the closing price of Teekay Offshore's common units on June 16, 2016, or $6.05 per unit (or the $6.05 Warrants ) (together, the Warrants ). The Warrants have a seven -year term and became exercisable any time six months following their issuance date. The Warrants are to be net settled in either cash or common units at Teekay Offshore's option. The gross proceeds from the sale of these securities were $100.0 million ( $97.2 million net of offering costs). Also in June 2016, Teekay Offshore exchanged approximately 1.9 million of the Series C Preferred Units for approximately 8.3 million common units of Teekay Offshore and also exchanged the remaining approximately 8.5 million Series C Preferred Units for approximately 8.5 million Series C-1 Preferred Units. In connection with the repurchase of the Series C-1 and Series D Preferred Units on September 25, 2017, the exercise price of the $6.05 Warrants was reduced to $4.55 per unit. Teekay purchased for $26.0 million a total of 1,040,000 of Teekay Offshore's Series D Preferred Units. Teekay also received 1,170,000 of the $4.55 Warrants and 585,000 of the $6.05 Warrants. The purchase of Teekay Offshore Series D Preferred Units has been accounted for as an equity transaction. Therefore, no gains or losses were recognized in the Company’s consolidated statements of (loss) income as a result of this purchase. Net cash proceeds from the sale of these securities of $71.3 million , which excludes Teekay's investment, was allocated on a relative fair value basis to the Series D Preferred Units ( $61.1 million ), to the $4.55 Warrants ( $7.0 million ) and to the $6.05 Warrants ( $3.1 million ). The Warrants qualify as freestanding financial instruments and are accounted for separately from the Series D Preferred Units. The Series D Preferred Units were presented in the Company's consolidated balance sheets as redeemable non-controlling interest in temporary equity which is above the equity section but below the liabilities section as they were not mandatorily redeemable and the prospect of a forced redemption paid with cash due to a change of control event was not probable. The Warrants were recorded as non-controlling interests in the Company's consolidated balance sheets. The Series D Preferred Units were redeemed in September 2017 upon the deconsolidation of Teekay Offshore (see Note 3). (5) In 2016, Teekay Offshore issued 4.7 million common units for a total value of $24.9 million (including the general partner's 2% proportionate capital contribution of $0.5 million ) as a payment-in-kind for the distributions on Teekay Offshore's Series C-1 Preferred Units and Series D Preferred Units and Teekay Offshore's common units and general partner interest held by subsidiaries of Teekay. In June 2016, Teekay Offshore agreed with Teekay that, until the Teekay Offshore's Norwegian Kroner bonds maturing in 2018 have been repaid, all cash distributions (other than with respect to incentive distribution rights) to be paid by Teekay Offshore to Teekay or its affiliates, including Teekay Offshore's general partner, would instead be paid in Teekay Offshore common units or from the proceeds of the sale of common units. During 2016, Teekay Offshore issued Teekay 2.5 million common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the distribution on Teekay Offshore's Series D Preferred Units, common units and general partner interest held by Teekay and its subsidiaries. The Series C-1 Preferred Units and Series D Preferred Units were redeemed in September 2017 upon the deconsolidation of Teekay Offshore (see Note 3). (6) In 2015, in addition to the issuances of equity to third parties noted in the table above, Teekay purchased $30.0 million or 4.5 million shares of Class A common stock of Teekay Tankers for Teekay Tankers to partially finance the acquisition of 12 modern Suezmax tankers from Principal Maritime (See Note 4c), $300.0 million or 14.4 million common units of Teekay Offshore for Teekay Offshore to partially finance the July 1, 2015 acquisition of the Petrojarl Knarr FPSO from Teekay, and $45.5 million or 6.5 million shares of Class B common stock of Teekay Tankers to finance the acquisition of SPT (see Note 4d). These increases in Teekay’s ownership interests in Teekay Tankers and Teekay Offshore have been accounted for as equity transactions. Therefore, no gains or losses were recognized in the Company’s consolidated statements of (loss) income as a result of these purchases. However, the carrying amount of the non-controlling interests’ share of Teekay Offshore and Teekay Tankers increased by an aggregate of $168.1 million and retained earnings decreased by $168.1 million to reflect the increase in Teekay’s ownership interest in Teekay Offshore and Teekay Tankers and the increase in the carrying value of Teekay Offshore’s and Teekay Tankers’ total equity. This adjustment to non-controlling interest and retained earnings was primarily the result of Teekay Offshore’s 14.4 million common units being issued to Teekay at fair value, which was significantly greater than the carrying value. As a result of the public offerings and equity placements of Teekay Tankers and Teekay LNG, and Teekay Offshore prior to the Brookfield Transaction on September 25, 2017, the Company recorded increases (decreases) to retained earnings of $23.5 million ( 2017 ), $9.7 million ( 2016 ) and $(152.7) million ( 2015 ). These amounts represent Teekay’s dilution gains (losses) from the issuance of units and shares by these consolidated subsidiaries. |
Goodwill, Intangible Assets and
Goodwill, Intangible Assets and In-Process Revenue Contracts | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Intangible Assets and In-Process Revenue Contracts | 6. Goodwill, Intangible Assets and In-Process Revenue Contracts Goodwill The carrying amount of goodwill for the years ended December 31, 2017 and 2016 , for the Company’s reportable segments are as follows: Teekay Offshore Teekay LNG - Liquefied Gas Segment Conventional Tanker Segment Total Balance as of December 31, 2016 132,940 35,631 8,059 176,630 Decrease due to deconsolidation of Teekay Offshore (Note 3) (132,940 ) — — (132,940 ) Balance as of December 31, 2017 — 35,631 8,059 43,690 Intangible Assets As at December 31, 2017 , the Company’s intangible assets consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer contracts 193,194 (131,647 ) 61,547 Customer relationships 22,500 (8,005 ) 14,495 Off-market in-charter contracts (1) 17,900 (928 ) 16,972 233,594 (140,580 ) 93,014 (1) Represents the off-market in-charter contracts between the Company and Teekay Offshore for two Floating Storage and Offloading (or FSO ) units. As at December 31, 2016 , the Company’s intangible assets consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer contracts 317,222 (245,705 ) 71,517 Customer relationships 22,500 (4,842 ) 17,658 Other intangible assets 1,000 (1,000 ) — 340,722 (251,547 ) 89,175 In July 2015, as part of Teekay Tankers’ acquisition of SPT (see Note 4d), Teekay Tankers ascribed a value of $30.9 million to the customer relationships assumed as part of the acquisition of the STS transfer business. The Company is amortizing those customer relationships over a period of 10 years . The estimates of fair value were finalized in the first quarter of 2016 and resulted in a decrease in intangible assets of $8.4 million from preliminary estimates. Amortization expense relating to this acquisition for the years ended December 31, 2017 and 2016 were $3.2 million and $3.6 million , respectively, which is included in depreciation and amortization expenses. Aggregate amortization expense of intangible assets for the year ended December 31, 2017 , was $14.0 million ( 2016 - $14.9 million , 2015 - $13.6 million ), including $13.1 million presented in depreciation and amortization (2016 - $14.9 million , 2015 - $13.6 million ) and $0.9 million presented in time-charter hire expenses (2016 - $ nil , 2015 - $ nil ). Amortization of intangible assets following 2017 is expected to be $15.3 million ( 2018 ), $13.8 million ( 2019 ), $13.3 million ( 2020 ), $13.1 million ( 2021 ), $12.9 million ( 2022 ) and $24.6 million (thereafter). In-Process Revenue Contracts As part of the Company’s previous acquisition of FPSO units from Sevan Marine ASA (or Sevan ) and Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl ), and Teekay LNG’s acquisition of BG’s ownership interests in four LNG carrier newbuildings, the Company assumed certain FPSO contracts and time-charter-out contracts with terms that were less favorable than the then prevailing market terms, and a service obligation for shipbuilding supervision and crew training services for the four LNG carrier newbuildings. At the time of the acquisitions, the Company recognized liabilities based on the estimated fair value of these contracts and service obligations. One FPSO contract as at December 31, 2016 of $63.0 million related to Teekay Offshore, which was deconsolidated in September 2017. The Company is amortizing the remaining liabilities over the estimated remaining terms of their associated contracts on a weighted basis, based on the projected revenue to be earned under the contracts. Amortization of in-process revenue contracts for the year ended December 31, 2017 was $27.2 million ( 2016 - $28.1 million , 2015 - $30.1 million ), which is included in revenues on the consolidated statements of (loss) income . Amortization of in-process revenue contracts following 2017 is expected to be $14.1 million ( 2018 ), $6.3 million ( 2019 ), $5.9 million ( 2020 ), $5.9 million ( 2021 ), and $5.9 million ( 2022 ). |
Accrued Liabilities and Other a
Accrued Liabilities and Other and Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities and Other and Other Long-Term Liabilities | 7. Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilities and Other December 31, 2017 December 31, 2016 (1) Voyage and vessel expenses 69,544 177,868 Interest 42,028 64,362 Payroll and benefits and other 137,659 70,904 Deferred revenues and gains - current 33,121 78,766 282,352 391,900 (1) Accrued liabilities related to Teekay Offshore as of December 31, 2016 totaled $207.7 million . Teekay Offshore was deconsolidated on September 25, 2017. This balance was comprised of $118.6 million of voyage and vessel expenses, $22.4 million of interest, $9.3 million of payroll and benefits and other, and $57.4 million of deferred revenues and gains - current. Other Long-Term Liabilities December 31, 2017 December 31, 2016 (2) $ Deferred revenues and gains 33,363 210,434 Guarantee liability 10,633 24,373 Asset retirement obligation 27,302 44,675 Pension liabilities 6,529 8,599 Unrecognized tax benefits and deferred income tax 31,061 24,340 Other 3,168 20,815 112,056 333,236 (2) Other long-term liabilities related to Teekay Offshore as of December 31, 2016 totaled $211.6 million . Teekay Offshore was deconsolidated on September 25, 2017. This balance was comprised of $162.7 million of deferred revenues and gains, $21.7 million of asset retirement obligation, $7.0 million of unrecognized tax benefits and deferred income tax and $20.2 million of other. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt December 31, 2017 December 31, 2016 Revolving Credit Facilities 877,343 1,119,808 Senior Notes (8.5%) due January 15, 2020 592,657 592,657 Norwegian Kroner-denominated Bonds due through October 2021 377,856 628,257 U.S. Dollar-denominated Term Loans due through 2031 1,358,798 3,702,997 U.S. Dollar Bonds due through 2024 — 466,680 Euro-denominated Term Loans due through 2023 232,957 219,733 Other U.S. Dollar-denominated loan 10,000 — Total principal 3,449,611 6,730,132 Less unamortized discount and debt issuance costs (31,906 ) (90,586 ) Total debt 3,417,705 6,639,546 Less current portion (800,897 ) (998,591 ) Long-term portion 2,616,808 5,640,955 As of December 31, 2017 , the Company had 8 revolving credit facilities (or the Revolvers ) available, which, as at such date, provided for aggregate borrowings of up to $1.3 billion , of which $461.4 million was undrawn. Interest payments are based on LIBOR plus margins; at December 31, 2017 and December 31, 2016 , the margins ranged between 0.45% and 4.00% . The aggregate amount available under the Revolvers is scheduled to decrease by $624.3 million ( 2018 ), $52.6 million ( 2019 ), $53.6 million ( 2020 ), $347.3 million ( 2021 ), and $261.0 million (thereafter). The Revolvers are collateralized by first-priority mortgages granted on 52 of the Company’s vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all outstanding amounts. Included in other related security are 38.2 million common units in Teekay Offshore, 25.2 million common units in Teekay LNG and 16.8 million Class A common shares in Teekay Tankers, which secure a $200 million credit facility. Five other revolving credit facilities totaling $291.8 million as of December 31, 2016, related to Teekay Offshore, which was deconsolidated on September 25, 2017. The Company’s 8.5% senior unsecured notes are due January 15, 2020 with an original aggregate principal amount of $450 million (or the Original Notes ). The Original Notes issued on January 27, 2010 were sold at a price equal to 99.2% of par. During 2014, the Company repurchased $57.3 million of the Original Notes. In November 2015, the Company issued an aggregate principal amount of $200 million of the Company’s 8.5% senior unsecured notes due on January 15, 2020 (or the Notes ) at 99.01% of face value, plus accrued interest from July 15, 2015. The Notes are an additional issuance of the Company’s Original Notes (collectively referred to as the 8.5% Notes ). The Notes were issued under the same indenture governing the Original Notes, and are fungible with the Original Notes. The discount on the 8.5% Notes is accreted through the maturity date of the notes using the effective interest rate of 8.67% per year. The Company capitalized aggregate issuance costs of $13.3 million which are amortized to interest expense over the term of the 8.5% Notes. As of December 31, 2017 , the unamortized balance of the capitalized issuance cost was $3.8 million which is recorded in long-term debt in the consolidated balance sheet. The 8.5% Notes rank equally in right of payment with all of Teekay’s existing and future senior unsecured debt and senior to any future subordinated debt of Teekay. The 8.5% Notes are not guaranteed by any of Teekay’s subsidiaries and effectively rank behind all existing and future secured debt of Teekay and other liabilities of its subsidiaries. The Company may redeem the 8.5% Notes in whole or in part at any time before their maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the 8.5% Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 8.5% Notes to be redeemed (excluding accrued interest), discounted to the redemption date on a semi-annual basis, at the treasury yield plus 50 basis points , plus accrued and unpaid interest to the redemption date. Teekay LNG has a total of NOK 3.1 billion in senior unsecured bonds issued in the Norwegian bond market at December 31, 2017 that mature through October 2021. As at December 31, 2017 , the total carrying amount of the senior unsecured bonds was $377.9 million . The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin, which ranges from 3.70% to 6.00% . The Company entered into cross currency rate swaps to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging from 5.92% to 7.72% , and the transfer of principal amount fixed at $430.5 million upon maturity in exchange for NOK 3.1 billion (see Note 15 ). Three other senior unsecured NOK bonds with a total carrying amount of $256.9 million as of December 31, 2016, related to Teekay Offshore, which was deconsolidated in September 2017. As of December 31, 2017 , the Company had 10 U.S. Dollar-denominated term loans outstanding, which totaled $1.4 billion in aggregate principal amount ( December 31, 2016 – $3.7 billion ). Interest payments on the term loans are based on LIBOR plus a margin, of which one of the term loans has an additional tranche based on a fixed rate of 5.37% . At December 31, 2017 and December 31, 2016 , the margins ranged between 0.30% and 3.25% . 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 nine of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 22 ( December 31, 2016 – 46 ) of the Company’s vessels, together with certain other security. In addition, at December 31, 2016, all but $56.2 million of the outstanding term loans were guaranteed by Teekay or one of its subsidiaries. Fifteen term loans totaling $2.2 billion as of December 31, 2016, related to Teekay Offshore, which was deconsolidated in September 2017. During May 2014, Teekay Offshore issued $300 million in five -year senior unsecured bonds that mature in July 2019 in the U.S. bond market. In September 2013 and November 2013, Teekay Offshore issued $174.2 million of ten -year senior bonds that mature in December 2023 in a U.S. private placement. In February 2015, Teekay Offshore issued $30.0 million in senior bonds that mature in June 2024 in a U.S. private placement. These three senior U.S. Dollar bonds with a total carrying value of $466.7 million as of December 31, 2016, related to Teekay Offshore, which was deconsolidated in September 2017. Teekay LNG has two Euro-denominated term loans outstanding, which, as at December 31, 2017 , totaled 194.1 million Euros ( $233.0 million ) ( December 31, 2016 – 208.9 million Euros ( $219.7 million )). Teekay LNG 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 December 31, 2017 and December 31, 2016 , the margins ranged between 0.6% and 2.25% . The Euro-denominated term loans reduce in monthly payments with varying maturities through 2023, are collateralized by first-priority mortgages on two of Teekay LNG’s vessels, together with certain other security, and are guaranteed by Teekay LNG and one of its subsidiaries. Both Euro-denominated term loans and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK-denominated bonds, the Company’s Euro-denominated term loans, capital leases and restricted cash, and the change in the valuation of the Company’s cross currency swaps, the Company recognized a foreign exchange loss during 2017 of $26.5 million ( 2016 – $6.5 million , 2015 – $2.2 million ). The weighted-average interest rate on the Company’s aggregate long-term debt as at December 31, 2017 was 4.3% ( December 31, 2016 – 4.0% ). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 15 ). Teekay Corporation has guaranteed obligations pursuant to credit facilities of Teekay Tankers. As at December 31, 2017 , the aggregate outstanding balance on such credit facilities was $ 252.7 million. In September 2017, as part of the Brookfield Transaction (see Note 3), Teekay was released from all of its previous guarantees relating to Teekay Offshore's long-term debt and interest rate swap and cross currency swap agreements. The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to December 31, 2017 , after giving effect to the impact of the revolving credit facility refinancing completed by Teekay LNG in February 2018 , are $0.8 billion ( 2018 ), $0.2 billion ( 2019 ), $1.1 billion ( 2020 ), $0.7 billion ( 2021 ), $0.3 billion ( 2022 ) and $0.3 billion (thereafter). Among other matters, the Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and five loan agreements require the maintenance of vessel market value to loan ratios. As at December 31, 2017 , these ratios ranged from 118.5% to 243.2% compared to their minimum required ratios of 105% to 135% . The vessel values used in these ratios are the appraised values prepared by the Company based on second hand sale and purchase market data. Changes in the LNG/LPG and conventional tanker markets could negatively affect the Company’s compliance with these ratios. Certain loan agreements require that a minimum level of free cash be maintained, which minimum level was $100.0 million as at December 31, 2017 and $50 million as at December 31, 2016 for the Company, excluding Teekay LNG. 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 of 5.0% to 7.5% of total debt for Teekay Parent and Teekay Tankers. As at December 31, 2017 , such amounts for Teekay Parent and Teekay Tankers were $46.0 million and $55.1 million , respectively. In addition, certain loan agreements require Teekay LNG to maintain a minimum level of tangible net worth and liquidity, and not exceed a maximum level of financial leverage. As at December 31, 2017 , the Company was in compliance with all covenants under its credit facilities and other long-term debt. |
Operating and Direct Financing
Operating and Direct Financing Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Operating and Direct Financing Leases | 9. Operating and Direct Financing Leases Charters-in As at December 31, 2017 , minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $277.9 million , comprised of $68.7 million ( 2018 ), $62.7 million ( 2019 ), $57.4 million ( 2020 ), $54.4 million ( 2021 ), $20.0 million ( 2022 ) and $14.7 million (thereafter). The Company recognizes the expense from these charters, which is included in time-charter hire expense, on a straight-line basis over the firm period of the charters. Charters-out Time charters and bareboat charters of the Company’s vessels to third parties (except as noted below) are accounted for as operating leases. Certain of these charters provide the charterer with the option to acquire the vessel or the option to extend the charter. As at December 31, 2017 , minimum scheduled future revenues to be received by the Company on time charters and bareboat charters then in place were approximately $2.4 billion , comprised of $517.7 million ( 2018 ), $404.7 million ( 2019 ), $361.9 million ( 2020 ), $295.8 million ( 2021 ), $273.7 million ( 2022 ) and $582.1 million (thereafter). The minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2017 , revenue from unexercised option periods of contracts that existed on December 31, 2017 , revenue from vessels in the Company’s equity accounted investments, or variable or contingent revenues. In addition, minimum scheduled future operating lease revenues presented in this paragraph have been reduced by estimated off-hire time for any periodic maintenance. The amounts may vary given unscheduled future events such as vessel maintenance. The carrying amount of the vessels accounted for as operating leases at December 31, 2017 , was $3.1 billion ( 2016 - $6.6 billion ). The cost and accumulated depreciation of the vessels employed on operating leases as at December 31, 2017 were $4.1 billion ( 2016 - $9.1 billion ) and $1.0 billion ( 2016 - $2.5 billion ), respectively. The carrying amount, cost and accumulated depreciation of the vessels employed on operating leases as at December 31, 2016, related to Teekay Offshore, which was deconsolidated on September 25, 2017, was $3.5 billion , $4.7 billion and $1.2 billion , respectively. Operating Lease Obligations Teekay Tangguh Joint Venture As at December 31, 2017 , the Teekay BLT Corporation (or the Teekay Tangguh Joint Venture ) was a party to operating leases (or Head Leases ) whereby it is leasing its two LNG carriers (or the Tangguh LNG Carriers ) to a third party company. The Teekay Tangguh Joint Venture is then leasing back the LNG carriers from the same third-party company (or the Subleases ). Under the terms of these leases, the third-party company claims tax depreciation on the capital expenditures it incurred to lease the vessels. As is typical in these leasing arrangements, tax and change of law risks are assumed by the Teekay Tangguh Joint Venture. Lease payments under the Subleases are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lease payments are increased or decreased under the Sublease to maintain the agreed after-tax margin. The Teekay Tangguh Joint Venture’s carrying amounts of this tax indemnification guarantee as at December 31, 2017 and December 31, 2016 were $7.1 million and $7.5 million , respectively, and are included as part of other long-term liabilities in the consolidated balance sheets of the Company. The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2033. Although there is no maximum potential amount of future payments, the Teekay Tangguh Joint Venture may terminate the lease arrangements on a voluntary basis at any time. If the lease arrangements terminate, the Teekay Tangguh Joint Venture will be required to make termination payments to the third-party company sufficient to repay the third-party company’s investment in the vessels and to compensate it for the tax effect of the terminations, including recapture of any tax depreciation. The Head Leases and the Subleases have 20 year terms and are classified as operating leases. The Head Lease and the Sublease for the two Tangguh LNG Carriers commenced in November 2008 and March 2009, respectively. As at December 31, 2017 , the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows: Year Head Lease (1) $ Sublease (1)(2) $ 2018 21,242 23,875 2019 21,242 23,875 2020 21,242 23,875 2021 21,242 23,875 2022 21,242 23,875 Thereafter 132,853 149,360 Total 239,063 268,735 (1) The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2017 , Teekay LNG had received $271.3 million of aggregate Head Lease receipts and had paid $212.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings, are deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2017 , $ 3.7 million ( December 31, 2016 - $3.7 million ) and $ 33.0 million ( December 31, 2016 - $36.7 million ) of Head Lease receipts had been deferred and included in accrued liabilities and other and other long-term liabilities, respectively, in the Company’s consolidated balance sheets. (2) The amount of payments under the Subleases is updated annually to reflect any changes in the lease payments due to changes in tax law. Net Investment in Direct Financing Leases The time charters for the two Tangguh LNG carriers are accounted for as direct financing leases. The Tangguh LNG Carriers commenced their time-charters with their charterers in 2009 . In addition, in 2013 , Teekay LNG acquired two 155,900 -cubic meter LNG carriers (or Awilco LNG Carriers) from Norway-based Awilco LNG ASA (or Awilco ) and chartered them back to Awilco on a five - and four -year fixed-rate bareboat charter contract (plus a one -year extension option), respectively, with Awilco holding a fixed-price purchase obligation at the end of the charter. The bareboat charters with Awilco were accounted for as direct financing leases. However, in June 2017 , Teekay LNG agreed to amend the charter contracts with Awilco to defer a portion of charter hire and extend the bareboat charter contracts and related purchase obligations on both vessels to December 2019 . The amendments have the effect of deferring between $10,600 per day and $20,600 per day per vessel from July 1, 2017 until December 2019 , with such deferred amounts added to the purchase obligation amounts. As a result of the contract amendments, one of the charter contracts with Awilco has been reclassified as an operating lease upon the expiry of its original contract terms in November 2017 . The second charter contract with Awilco will be reclassified as an operating lease upon the expiry of its original contract terms in August 2018 , and at that time, approximately $131 million will be recorded as part of vessels and equipment. The following table lists the components of the net investments in direct financing leases: December 31, 2017 December 31, 2016 (1) Total minimum lease payments to be received 568,710 777,334 Estimated unguaranteed residual value of leased properties 194,965 203,465 Initial direct costs and other 361 393 Less unearned revenue (268,046 ) (320,598 ) Total 495,990 660,594 Less current portion (9,884 ) (154,759 ) Long-term portion 486,106 505,835 (1) The direct financing leases for one FSO unit and certain VOC equipment as at December 31, 2016 totaling $17.6 million as of that date related to Teekay Offshore, which was deconsolidated on September 25, 2017 . As at December 31, 2017 , estimated minimum lease payments to be received by Teekay LNG under the Tangguh LNG Carrier leases in each of the next five succeeding fiscal years are approximately $39.1 million per year from 2018 through 2022. Both leases are scheduled to end in 2029. In addition, the estimated minimum lease payments to be received by Teekay LNG in 2018 under the Awilco LNG Carrier lease, up to its original contract terms in August 2018, were approximately $6.8 million . |
Obligations Related to Capital
Obligations Related to Capital Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Obligations Related to Capital Leases | 10. Obligations Related to Capital Leases December 31, 2017 December 31, 2016 LNG Carriers 961,711 338,257 Suezmax Tankers 198,746 54,582 Total obligations related to capital leases 1,160,457 392,839 Less current portion (114,173 ) (40,353 ) Long-term obligations related to capital leases 1,046,284 352,486 LNG Carriers. As at December 31, 2017 , Teekay LNG was a party to capital leases on five LNG carriers, the Creole Spirit, the Oak Spirit, the Torben Spirit, the Macoma, and the Murex . Upon delivery of the Creole Spirit in February 2016, the Oak Spirit in July 2016, the Torben Spirit in March 2017, the Macoma in October 2017, and the Murex in November 2017, Teekay LNG sold these vessels to third parties (or Lessors ) and leased them back under 10 -year bareboat charter contracts ending in 2026 and 2027. Four of the bareboat charter contracts are fixed-rate capital leases and one is a variable-rate capital lease, and all with a fixed-price purchase obligation at the end of the lease terms. At inception of these leases, the weighted-average interest rate implicit in these leases was 5.2% . In addition, as at December 31, 2017 , Teekay LNG had sale-leaseback agreements in place for three LNG carrier newbuildings scheduled to deliver during 2018, and at such dates, the buyers will take delivery and charter each respective vessel back to Teekay LNG. As at December 31, 2017 , Teekay LNG had received $193 million from the buyers, which has been recorded as current and long-term obligations related to capital lease in Teekay LNG's consolidated balance sheets, and Teekay LNG has secured a further $375 million in capital lease financing to be received in 2018 upon delivery of the vessels. Teekay LNG understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay LNG operates the vessels during the lease term and as a result, is considered to be, under U.S. GAAP, the Lessor's primary beneficiary; therefore, Teekay LNG consolidates the Lessors for financial reporting purposes as VIEs. The liabilities of the Lessors are loans and are non-recourse to Teekay LNG. The amounts funded to the Lessors in order to purchase the vessels materially match the funding to be paid by Teekay LNG's subsidiaries under the sale-leaseback transaction. As a result, the amounts due by Teekay LNG's subsidiaries to the Lessors have been included in obligations related to capital lease as representing the Lessors' loans. Teekay LNG guarantees the obligations of the bareboat charter contracts. In addition, the guarantee agreements require Teekay LNG to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. As at December 31, 2017, Teekay LNG was in compliance with all covenants in respect of the obligations related to its capital leases. As at December 31, 2017 , the remaining commitments related to the eight capital leases for Teekay LNG's LNG carriers and LNG carrier newbuildings, including the related purchase obligations, approximated $1.4 billion , including imputed interest of $429.9 million , repayable from 2018 through 2027, as indicated below: Year Commitment 2018 $ 111,678 2019 $ 119,564 2020 $ 118,901 2021 $ 117,904 2022 $ 117,109 Thereafter $ 806,458 Suezmax Tankers. As at December 31, 2017 , Teekay LNG was a party to capital leases on two Suezmax tankers, the Teide Spirit and the Toledo Spirit . Under these capital leases, the owner has the option to require Teekay LNG to purchase the two vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts and the cancellation options are first exercisable in October 2017 and July 2018, respectively. The amounts in the table below assume the owner will not exercise its options to require Teekay LNG to purchase either of the two remaining vessels, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable (in February 2018 and July 2018, respectively), and sell the vessels to third parties, upon which the lease obligations will be extinguished. In December 2017, the owner agreed to sell one of the Suezmax tankers to a third party. At the inception of these leases, the weighted-average interest rate implicit in these leases was 5.5% . These capital leases are variable-rate capital leases. However, any change in the lease payments resulting from changes in interest rates is offset by a corresponding change in the charter hire payments received by Teekay LNG. In July 2017, Teekay Tankers completed a $153.0 million sale-leaseback financing transaction with a financial institution relating to four of Teekay Tankers' Suezmax tankers, the Athens Spirit , Beijing Spirit , Moscow Spirit and Sydney Spirit . Under this arrangement, Teekay Tankers transferred the vessels to subsidiaries of the financial institution (or collectively the Lessors ) and leased the vessels back from the Lessors on bareboat charters for a 12 -year term. Teekay Tankers has the option to purchase each of the four vessels at any point between July 2020 and July 2029. Teekay Tankers understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay Tankers operates the vessels during the lease term and as a result, is considered to be, under U.S. GAAP, the Lessor's primary beneficiary and therefore Teekay Tankers consolidates the Lessors for financial reporting purposes. The liabilities of the Lessors are loans and are non-recourse to Teekay Tankers. The amounts funded to the Lessors in order to purchase the vessels materially match the funding to be paid by Teekay Tankers' subsidiaries under the lease-back transaction. As a result, the amounts due by Teekay Tankers' subsidiaries to the Lessors have been included in obligations related to capital leases as representing the Lessor's loans. The bareboat charters also require that Teekay Tankers maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least 6 months to maturity) of $35.0 million and at least 5.0% of Teekay Tankers' consolidated debt and obligations related to capital leases (excluding applicable security deposits reflected in restricted cash - long-term on Teekay Tankers' consolidated balance sheets). In addition, Teekay Tankers is required for each vessel to maintain a hull coverage ratio of 90% of the total outstanding principal balance during the first three years of the lease period and 100% of the total outstanding principal balance thereafter. Such requirement is assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As at December 31, 2017 , this ratio was approximately 105% . As at December 31, 2017 , Teekay Tankers was in compliance with all covenants in respect of its obligations related to capital leases. As at December 31, 2017 , the remaining commitments related to the six capital leases for Suezmax tankers, including the related purchase obligations, approximated $269.0 million , including imputed interest of $70.3 million , repayable from 2018 through 2029, as indicated below: Year Commitment 2018 $ 67,214 2019 $ 16,236 2020 $ 16,279 2021 $ 16,233 2022 $ 16,232 Thereafter $ 136,846 Teekay Tankers maintains restricted cash deposits relating to leasing arrangements which cash totaled $2.7 million as at December 31, 2017 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other non-financial assets. Cash and cash equivalents and restricted cash - The fair value of the Company’s cash and cash equivalents and restricted cash approximates their carrying amounts reported in the accompanying consolidated balance sheets. Vessels and equipment and assets held for sale – The estimated fair value of the Company’s vessels and equipment and assets held for sale was determined based on discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company. Other assets held for sale include working capital balances and the fair value of such amounts generally approximate their carrying value. Long-term investments included in non-current assets - The estimated fair value of the Company’s long-term investments was determined based on discounted cash flows or appraised values. As an active second-hand sale and purchase market exists, the appraised value is the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company. Long-term investments include variable-rate long-term debt balances and the fair value of such amounts is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Long-term investments also include working capital balances and the fair value of such amounts generally approximate their carrying value. Loans to equity-accounted investees and joint venture partners – The fair value of the Company’s loans to joint ventures and joint venture partners approximates their carrying amounts reported in the accompanying consolidated balance sheets. Long-term receivable included in accounts receivable and other assets – The fair value of the Company’s long-term loan receivable is estimated using discounted cash flow analysis based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the counterparty. Long-term debt – The fair value of the Company’s fixed-rate and variable-rate long-term debt is either based on quoted market prices or estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Alternatively, if the fixed-rate and variable-rate long-term debt is held for sale the fair value is based on the estimated sales price. Long-term obligation related to capital leases - The fair value of the Company's long-term obligation related to capital leases is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities. Derivative instruments – The fair value of the Company’s derivative instruments is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, foreign exchange rates, and the current credit worthiness of both the Company and the derivative counterparties. The estimated amount is the present value of future cash flows. The Company transacts all of its derivative instruments through investment-grade rated financial institutions at the time of the transaction and requires no collateral from these institutions. Given the current volatility in the credit markets, it is reasonably possible that the amounts recorded as derivative assets and liabilities could vary by material amounts in the near term. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2017 December 31, 2016 Fair Value Carrying Fair Carrying Fair Recurring Cash and cash equivalents, restricted cash, and marketable securities Level 1 552,186 552,186 805,567 805,567 Derivative instruments ( note 15 ) Interest rate swap agreements - assets (1) Level 2 6,081 6,081 7,943 7,943 Interest rate swap agreements - liabilities (1) Level 2 (78,560 ) (78,560 ) (302,935 ) (302,935 ) Cross currency interest swap agreement (1) Level 2 (50,459 ) (50,459 ) (237,165 ) (237,165 ) Foreign currency contracts Level 2 81 81 (2,993 ) (2,993 ) Stock purchase warrants Level 3 30,749 30,749 575 575 Time-charter swap agreement Level 3 — — 208 208 Non-recurring Vessels and equipment Level 2 — — 11,300 11,300 Vessels held for sale ( note 18b ) Level 2 16,671 16,671 61,282 61,282 Long-term investments Level 2 — — 6,000 6,000 Other Loans to equity-accounted investees and joint venture partners - Current (2) 107,486 (2) 11,821 (2) Loans to equity-accounted investees and joint venture partners - Long-term (2) 146,420 (2) 292,209 (2) Long-term receivable included in accounts receivable and other assets (3) Level 3 3,476 3,459 10,985 10,944 Long-term debt - public ( note 8 ) Level 1 (963,563 ) (979,773 ) (1,503,472 ) (1,409,996 ) Long-term debt - non-public ( note 8 ) Level 2 (2,454,142 ) (2,421,273 ) (5,136,074 ) (5,009,900 ) Obligations related to capital leases, including current portion Level 2 (1,160,457 ) (1,148,989 ) (392,839 ) (400,072 ) (1) The fair value of the Company’s interest rate swap and cross currency swap agreements at December 31, 2017 includes $5.7 million ( December 31, 2016 - $15.8 million ) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets. (2) In the consolidated financial statements, the Company’s loans to and equity investments in equity-accounted investees constitute the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the individual components of such aggregate interests is not determinable. (3) As at December 31, 2017 , the estimated fair value of the non-interest bearing receivable from Royal Dutch Shell Plc (or Shell ) is based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of December 31, 2017 was $3.5 million ( December 31, 2016 - $10.9 million ) using a discount rate of 8.0% . As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from Shell, the discount rate was based on unsecured debt instruments of similar maturity held by the Company, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset. Time-charter swap agreement - Changes in fair value during the years ended December 31, 2017 and 2016 for Teekay Tankers' time-charter swap agreement, which is described in Note 15 below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended Year Ended Fair value asset - beginning of the year 208 — Settlements (1,106 ) (2,154 ) Realized and unrealized gain 898 2,362 Fair value asset - at the end of the year — 208 The estimated fair value of the time-charter swap agreement was based in part upon the Company’s projection of future Aframax spot market tanker rates, which were derived from current Aframax spot market tanker rates and estimated future rates, as well as an estimated discount rate. The time-charter swap agreement ended on April 30, 2017. Stock purchase warrants – As at December 31, 2017 , Teekay held 14.5 million Brookfield Transaction Warrants (see Note 3). The Brookfield Transaction Warrants allow the holders to acquire one common unit of Teekay Offshore for each Brookfield Transaction Warrant for an exercise price of $0.01 per common unit, which warrants become exercisable when Teekay Offshore's common unit volume-weighted average price is equal to or greater than $4.00 per common unit for 10 consecutive trading days until September 25, 2024. The fair value of the Brookfield Transaction Warrants was $29.4 million on December 31, 2017 . As of December 31, 2017 , in addition to the Brookfield Transaction Warrants, Teekay held a total of 1,755,000 warrants to purchase common units of Teekay Offshore that were issued in connection with Teekay Offshore's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants ) with an exercise price of $4.55 , which have a seven -year term. The Series D Warrants will be net settled in either cash or common units at Teekay Offshore’s option. The fair value of the Series D Warrants was $1.3 million on December 31, 2017 . The estimated fair value of the Brookfield Transaction Warrants and the Series D Warrants was determined using a Black-Scholes pricing model and is based, in part, on the historical price of common units of Teekay Offshore, the risk-free rate, vesting conditions and the historical volatility of Teekay Offshore. The estimated fair value of these Brookfield Transaction Warrants and Series D Warrants as of December 31, 2017 was based on the historical volatility of Teekay Offshore's common units of 74.9% . A higher or lower volatility would result in a higher or lower fair value of this derivative asset. During January 2014, the Company received from TIL stock purchase warrants entitling it to purchase up to 1.5 million shares of the common stock of TIL (see Note 15 ). I n May 2017, Teekay Tankers entered into the Merger Agreement with TIL (see Note 4a). Under the terms of the Merger Agreement, warrants to purchase or acquire shares of common stock of TIL that had not been exercised as of the effective time of the merger, were cancelled. As a result, no value is recorded for these warrants in the Company's balance sheet at December 31, 2017 . Changes in fair value during the years ended December 31, 2017 and 2016 for the Company's Brookfield Transaction Warrants, Series D Warrants and the TIL stock purchase warrants, which are described above and are measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended December 31, 2017 2016 Fair value at the beginning of the year 575 10,328 Fair value on issuance 36,596 — Unrealized loss included in earnings (6,422 ) (9,753 ) Fair value at the end of the year 30,749 575 Contingent consideration liability – In August 2014, Teekay Offshore acquired 100% of the outstanding shares of Logitel, a Norway-based company focused on high-end UMS, from CeFront Technology AS (or CeFront ) for $4.0 million , which was paid in cash at closing, plus a commitment to pay an additional amount of up to $27.6 million , depending upon certain performance criteria. During the second quarter of 2016, Teekay Offshore canceled the UMS construction contracts for its two remaining UMS newbuildings. This eliminated any future purchase price contingent consideration payments. Consequently, the contingent liability was reversed in the second quarter of 2016. The gain associated with this reversal is included in Other (loss) income on the Company's consolidated statement of (loss) income for the year ended December 31, 2016. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Capital Stock | 12. Capital Stock The authorized capital stock of Teekay at December 31, 2017 , 2016 , and 2015 , was 25,000,000 shares of Preferred Stock, with a par value of $1 per share, and 725,000,000 shares of Common Stock, with a par value of $0.001 per share. As at December 31, 2017 , 89,127,041 shares of Common Stock ( 2016 - 86,149,975 ) were issued and outstanding and no shares of Preferred Stock issued. During 2017 , Teekay issued 0.1 million shares of common stock upon the exercise or issuance of stock options, restricted stock units and restricted stock awards. During 2016 , Teekay issued 0.1 million shares of common stock upon the exercise or issuance of stock options, restricted stock units and restricted stock awards and issued approximately 12.0 million shares of common stock in a private placement for net proceeds of approximately $96.2 million . In 2016 , Teekay implemented a continuous offering program (or COP ) under which Teekay may issue new common stock, at market prices up to a maximum aggregate amount of $ 50.0 million. During 2017 , Teekay sold an aggregate of 2.9 million shares of common stock under the COP, generating net proceeds of $25.6 million . During 2016 , Teekay sold an aggregate of 1.3 million shares of common stock under the COP, generating net proceeds of approximately $ 9.3 million (net of approximately $ 0.4 million of offering costs). Teekay used the net proceeds from the issuance of these shares of common stock for general corporate purposes. Dividends may be declared and paid out of surplus, but if there is no surplus, dividends may be declared or paid out of the net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year. Surplus is the excess of the net assets of the Company over the aggregated par value of the issued shares of the Teekay. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of common stock are entitled to share equally in any dividends that the Board of Directors may declare from time to time out of funds legally available for dividends. During 2008, Teekay announced that its Board of Directors had authorized the repurchase of up to $200 million of shares of its Common Stock in the open market, subject to cancellation upon approval by the Board of Directors. As at December 31, 2017 , Teekay had repurchased approximately 5.2 million shares of Common Stock for $162.3 million pursuant to such authorization. The total remaining share repurchase authorization at December 31, 2017 , was $37.7 million . On July 2, 2010, the Company amended and restated its Shareholder Rights Agreement (the Rights Agreement ), which was originally adopted by the Board of Directors in September 2000. In September 2000, the Board of Directors declared a dividend of one common share purchase right (or a Right ) for each outstanding share of the Company’s common stock. These Rights continue to remain outstanding and will not be exercisable and will trade with the shares of the Company’s common stock until after such time, if any, as a person or group becomes an “acquiring person” as set forth in the amended Rights Agreement. A person or group will be deemed to be an “acquiring person,” and the Rights generally will become exercisable, if a person or group acquires 20% or more of the Company’s common stock, or if a person or group commences a tender offer that could result in that person or group owning more than 20% of the Company’s common stock, subject to certain higher thresholds for existing shareholders that owned in excess of 15% of the Company’s common stock when the Rights Agreement was amended. Once exercisable, each Right held by a person other than the “acquiring person” would entitle the holder to purchase, at the then-current exercise price, a number of shares of common stock of the Company having a value of twice the exercise price of the Right. In addition, if the Company is acquired in a merger or other business combination transaction after any such event, each holder of a Right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the Right. The amended Rights Agreement will expire on July 1, 2020, unless the expiry date is extended or the Rights are earlier redeemed or exchanged by the Company. Stock-based compensation In March 2013, the Company adopted the 2013 Equity Incentive Plan (or the 2013 Plan ) and suspended the 1995 Stock Option Plan and the 2003 Equity Incentive Plan (collectively referred to as the Plans ). As at December 31, 2017 , the Company had reserved 5,115,308 ( 2016 - 4,780,371 ) shares of Common Stock pursuant to the 2013 Plan, for issuance upon the exercise of options or equity awards granted or to be granted. During the years ended December 31, 2017 , 2016 and 2015 , the Company granted options under the 2013 Plan to acquire up to 732,314 , 916,015 and 265,135 shares of Common Stock, respectively, to certain eligible officers, employees and directors of the Company. The options under the Plans have ten -year terms and vest equally over three years from the grant date. All options outstanding as of December 31, 2017 , expire between March 10, 2018 and March 6, 2027, ten years after the date of each respective grant. A summary of the Company’s stock option activity and related information for the years ended December 31, 2017 , 2016 , and 2015 , are as follows: December 31, 2017 December 31, 2016 December 31, 2015 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding - beginning of year 3,367 29.16 2,800 36.84 2,710 36.61 Granted 732 10.18 916 9.44 265 43.99 Exercised (3 ) 9.44 — — (36 ) 33.79 Forfeited / expired (496 ) 46.27 (349 ) 38.97 (139 ) 46.80 Outstanding - end of year 3,600 22.96 3,367 29.16 2,800 36.84 Exercisable - end of year 2,221 29.76 2,271 35.89 2,500 36.03 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2017 , 2016 and 2015 , are as follows: December 31, 2017 December 31, 2016 December 31, 2015 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding non-vested stock options - beginning of year 1,096 4.30 300 8.09 202 9.37 Granted 732 4.71 916 3.60 265 7.74 Vested (399 ) 4.62 (118 ) 8.48 (167 ) 9.07 Forfeited (50 ) 3.94 (2 ) 3.60 — — Outstanding non-vested stock options - end of year 1,379 4.44 1,096 4.30 300 8.09 The weighted average grant date fair value for non-vested options forfeited in 2017 was $0.2 million ( 2016 - $0.0 million , 2015 - $0.0 million ). As of December 31, 2017 , there was $2.3 million of total unrecognized compensation cost related to non-vested stock options granted under the Plans. Recognition of this compensation cost over the next three years is expected to be $1.3 million ( 2018 ), $0.9 million ( 2019 ) and $0.1 million ( 2020 ). During the years ended December 31, 2017 , 2016 , and 2015 , the Company recognized $1.7 million , $1.5 million and $1.7 million , respectively, of compensation cost relating to stock options granted under the Plans. No options were exercised during 2016 . The intrinsic value of options exercised during 2017 was $0.03 million , during 2016 was $ nil and during 2015 was $0.5 million . As at December 31, 2017 , the intrinsic value of outstanding and exercisable stock options was $ nil ( 2016 - $ nil ). As at December 31, 2017 , the weighted-average remaining life of options vested and expected to vest was 5.1 years ( 2016 – 4.5 years). Further details regarding the Company’s outstanding and exercisable stock options at December 31, 2017 are as follows: Outstanding Options Exercisable Options Range of Exercise Prices Options Weighted- Average Weighted- Options Weighted- Average Weighted- $5.00 – $9.99 869 8.2 9.44 299 8.2 9.44 $10.00 – $19.99 910 7.5 10.52 188 1.2 11.84 $20.00 – $24.99 287 2.2 24.42 287 2.2 24.42 $25.00 – $29.99 364 4.2 27.69 364 4.2 27.69 $30.00 – $34.99 113 4.4 34.42 113 4.4 34.42 $35.00 – $39.99 25 0.6 39.99 25 0.6 39.99 $40.00 – $49.99 1,017 2.0 41.34 930 1.5 41.09 $50.00 – $59.99 15 6.2 56.76 15 6.2 56.76 3,600 5.2 22.96 2,221 3.1 29.76 The weighted-average grant-date fair value of options granted during 2017 was $4.71 per option ( 2016 - $3.60 , 2015 - $7.74 ). The fair value of each option granted was estimated on the date of the grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the options granted: expected volatility of 62.4% in 2017 , 55.1% in 2016 and 31.1% in 2015 ; expected life of 6 years in 2017 and 2016 and 5 years in 2015 ; dividend yield of 2.5% in 2017 , 3.2% in 2016 and 4.4% in 2015 ; risk-free interest rate of 2.0% in 2017 , 1.3% in 2016 , and 1.4% in 2015 ; and estimated forfeiture rate of 7% in 2017 , 7% in 2016 and 8% 2015 . The expected life of the options granted was estimated using the historical exercise behavior of employees. The expected volatility was generally based on historical volatility as calculated using historical data during the five years prior to the grant date. The Company grants restricted stock units and performance share units to certain eligible officers and employees of the Company. Each restricted stock unit and performance share unit is equivalent in value to one share of the Company’s common stock plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date and the performance share units vest three years from the grant date. Upon vesting, the value of the restricted stock units, restricted stock awards and performance shares are paid to each grantee in the form of shares. The number of performance share units that vest will range from zero to a multiple of the original number granted, based on certain performance and market conditions. During 2017 , the Company granted 349,175 restricted stock units with a fair value of $3.6 million to certain of the Company’s employees. During 2017 , a total of 129,106 restricted stock units with a market value of $3.2 million vested and that amount, net of withholding taxes, was paid to grantees by issuing 73,078 shares of common stock. During 2016 , the Company granted 238,609 restricted stock units with a fair value of $2.3 million and 311,691 performance share units with a fair value of $3.6 million , based on the quoted market price and a Monte Carlo valuation model, to certain of the Company’s employees. During 2016 , a total of 98,844 restricted stock units with a market value of $4.3 million vested and that amount, net of withholding taxes, was paid to grantees by issuing 59,518 shares of common stock. During 2015 , the Company granted 63,912 restricted stock units with a fair value of $2.8 million and 61,774 performance share units with a fair value of $3.4 million , based on the quoted market price and a Monte Carlo valuation model, to certain of the Company’s employees. During 2015 , a total of 101,419 restricted stock units with a market value of $4.3 million vested and that amount, net of withholding taxes, was paid to grantees by issuing 98,381 shares of common stock. For the year ended December 31, 2017 , the Company recorded an expense of $4.0 million ( 2016 - $4.2 million , 2015 - $4.5 million ) related to the restricted stock units and performance share units. During 2017 , the Company also granted 89,387 ( 2016 – 67,000 and 2015 – 22,502 ) shares as restricted stock awards with a fair value of $0.9 million ( 2016 – $0.6 million and 2015 – $1.0 million ), based on the quoted market price, to certain of the Company’s directors. The shares of restricted stock are issued when granted. Share-based Compensation of Subsidiaries During the years ended December 31, 2017 , 2016 and 2015 , 56,950 , 76,084 and 14,603 common units of Teekay Offshore, 17,345 , 32,723 and 10,447 common units of Teekay LNG and nil , 9,358 and 51,948 shares of Class A common stock of Teekay Tankers, with aggregate values of $0.6 million , $0.7 million , and $1.0 million , respectively, were granted and issued to the non-management directors of the general partners of Teekay Offshore and Teekay LNG and the non-management directors of Teekay Tankers as part of their annual compensation for 2017 , 2016 and 2015 . Teekay Offshore, Teekay LNG and Teekay Tankers grant equity-based compensation awards as incentive-based compensation to certain employees of Teekay’s subsidiaries that provide services to Teekay Offshore, Teekay LNG and Teekay Tankers. During March 2017 , 2016 and 2015 , Teekay Offshore and Teekay LNG granted phantom unit awards and Teekay Tankers granted restricted stock-based compensation awards with respect to 321,318 , 601,368 and 102,843 units of Teekay Offshore, 60,809 , 132,582 and 32,054 units of Teekay LNG and 382,437 , 279,980 and 192,387 Class A common shares of Teekay Tankers, respectively, with aggregate grant date fair values of $3.5 million , $4.9 million and $4.2 million , respectively, based on Teekay Offshore, Teekay LNG and Teekay Tankers’ closing unit or stock prices on the grant dates. Each phantom unit or restricted stock unit is equal in value to one of Teekay Offshore’s, Teekay LNG’s or Teekay Tankers’ common units or common shares plus reinvested distributions or dividends from the grant date to the vesting date. The awards vest equally over three years from the grant date. Any portion of an award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement, in which case the award will continue to vest in accordance with the vesting schedule. Upon vesting, the awards are paid to a substantial majority of the grantees in the form of common units or common shares, net of withholding tax. During March 2017 , 2016 and 2015 , respectively, Teekay Tankers granted 486,329 , 216,043 and 58,434 stock options with an exercise price of $2.23 , $3.74 and $5.39 per share that have a ten -year term and vest equally over three years from the grant date to an officer of Teekay Tankers and to certain employees at Teekay that provide services to Teekay Tankers. During March 2017 and 2016 , respectively, Teekay Tankers also granted 396,412 and 284,693 stock options with an exercise price of $2.23 and $3.74 per share that have a ten -year term and vest immediately to non-management directors of Teekay Tankers. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions Teekay Offshore is a related party of Teekay. As at December 31, 2017 , Teekay has recorded $102.8 million in advances to Teekay Offshore and $37.2 million in advances from Teekay Offshore in current portion of loans to equity-accounted investees and advances from affiliates, respectively, on the consolidated balance sheets. On March 31, 2018, Teekay Offshore entered into a loan agreement for a $125.0 million senior unsecured revolving credit facility, of which up to $25.0 million is provided by Teekay Parent and up to $100.0 million is provided by Brookfield. The facility is scheduled to mature in October 2019. Teekay Corporation and its wholly-owned subsidiaries directly and indirectly provide substantially all of Teekay Offshore’s commercial, technical, crew training, strategic, business development and administrative service needs. Revenues received by the Company for such related party transactions for the period from deconsolidation on September 25, 2017 to December 31, 2017 were $17.8 million . In connection with the Brookfield Transaction, Teekay transferred to Teekay Offshore certain of Teekay’s subsidiaries that provide certain of these services and certain related personnel, effective January 1, 2018. During the fourth quarter of 2017, Teekay Offshore received $0.8 million in fees from the Company for technical services rendered to the Company's conventional tanker fleet. As at December 31, 2017 , two shuttle tankers and three FSO units of Teekay Offshore were employed on long-term time-charter-out or bareboat contracts with subsidiaries of Teekay. Time-charter hire expense paid by the Company to Teekay Offshore for such related party transactions for the post-consolidation period were $14.3 million . As at December 31, 2017 , Resolute Investments, Ltd. (or Resolute ) owned 31.9% ( 2016 – 37.1% , 2015 – 39.1% ) of the Company’s outstanding Common Stock. One of the Company’s directors, C. Sean Day, is engaged as a consultant to Kattegat Limited, the parent company of Resolute, to oversee its investments, including those in the Teekay group of companies. Another of the Company’s directors, Bjorn Moller, is a director of Kattegat Limited. |
Other (Loss) Income
Other (Loss) Income | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other (Loss) Income | 14. Other (Loss) Income Year Ended Year Ended Year Ended Tax indemnification guarantee liability (1) (50,000 ) — — Write-off of contingent consideration (2) — 36,630 — Contingent liability (3) (4,500 ) (61,862 ) — Gain on sale / (write-down) of cost-accounted investment (4) 1,250 (19,000 ) — Miscellaneous (loss) income (731 ) 5,219 1,566 Other (loss) income (53,981 ) (39,013 ) 1,566 (1) Related to the Teekay Nakilat capital lease (see Note 16d). (2) Related to reversals of contingent liabilities as a result of the cancellation of units for maintenance and safety (or UMS ) construction contracts in Teekay Offshore, which was deconsolidated in September 2017 (see Note 3). (3) Related to settlements and accruals made prior to September 2017 as a result of claims and potential claims made against Logitel Offshore Holding AS (or Logitel ), a company acquired by Teekay Offshore in 2014. Teekay Offshore was deconsolidated in September 2017 (see Note 3). (4) The Company holds cost-accounted investments at cost. During the year ended December 31, 2016, the Company recorded a write-down of an investment of $19.0 million . This investment was subsequently sold in 2017, resulting in a gain on sale of cost-accounted investment of $1.3 million . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 15. Derivative Instruments and Hedging Activities The Company uses derivatives to manage certain risks in accordance with its overall risk management policies. Foreign Exchange Risk The Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at December 31, 2017 , the Company was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency Average Forward Rate (1) Fair Value / Carrying Amount Of Asset $ Expected Maturity 2018 $ Norwegian Kroner 100,000 8.23 81 12,153 (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 2018, 2020 and 2021. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2018, 2020 and 2021. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2018, 2020 and 2021. As at December 31, 2017 , the Company was committed to the following cross currency swaps: Notional Amount NOK Notional Amount USD Fair Value / Carrying Amount of (Liability) / Asset Remaining Floating Rate Receivable Reference Rate Margin Fixed Rate Payable 900,000 150,000 NIBOR 4.35 % 6.43 % (41,664 ) 0.7 1,000,000 134,000 NIBOR 3.70 % 5.92 % (12,553 ) 2.4 1,200,000 146,500 NIBOR 6.00 % 7.72 % 3,758 3.8 (50,459 ) Interest Rate Risk The Company enters into interest rate swap agreements, which exchange a receipt of floating interest for a payment of fixed interest, to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company designates certain of its interest rate swap agreements as cash flow hedges for accounting purposes. As at December 31, 2017 , the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt and EURIBOR-based debt, whereby certain of the Company’s floating-rate debt obligations were swapped with fixed-rate obligations: Interest Principal Fair Value / Weighted- Fixed (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 1,137,671 (33,882 ) 4.8 2.8 U.S. Dollar-denominated interest rate swaps (3) LIBOR 160,000 (9,360 ) 0.3 3.5 U.S. Dollar-denominated interest rate swaption (4) LIBOR 160,000 (2 ) 0.1 2.0 U.S. Dollar-denominated interest rate swaption (4) LIBOR 160,000 — 0.1 3.1 EURIBOR-Based Debt: Euro-denominated interest rate swaps (5) (6) EURIBOR 232,957 (29,235 ) 3.0 3.1 (72,479 ) (1) Excludes the margins the Company pays on its variable-rate debt, which, as of December 31, 2017 , ranged from 0.3% to 4.0% . (2) Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. (3) Forward starting swap with inception date in April 2018. This interest rate swap is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2018 to 2024. This interest rate swap is subject to mandatory early termination in 2018 whereby the swap will be settled based on its fair value at that time. (4) During August 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in January 2018 to enter into an interest rate swap at a fixed rate of 3.10% with a third party, and the third party has a one-time option in January 2018 to require Teekay LNG to enter into an interest swap at a fixed rate of 1.97% . If Teekay LNG or the third party exercises its option, there will be a cash settlement in January 2018 for the fair value of the interest rate swap, in lieu of taking delivery of the actual interest rate swap. Neither party exercised their option in January 2018. (5) Principal amount reduces monthly to 70.1 million Euros ( $84.2 million ) by the maturity dates of the swap agreements. (6) Principal amount is the U.S. dollar equivalent of 194.1 million Euros. Stock Purchase Warrants As at December 31, 2017 , Teekay held 14.5 million Brookfield Transaction Warrants (see Notes 3 and 11 ). The fair value of the Brookfield Transaction Warrants was $29.4 million as at December 31, 2017 . As of December 31, 2017 , Teekay held 1,755,000 Series D Warrants (see Notes 3 and 11 ). The fair value of the Series D Warrants was $1.3 million as at December 31, 2017 . Upon completion of the TIL merger, TIL stock purchase warrants previously held by the Company were cancelled. As a result, no value is recorded for these warrants on the Company's consolidated balance sheet as at December 31, 2017 (see Note 11 ). Time-charter Swap Effective June 1, 2016, Teekay Tankers entered into a time-charter swap agreement for 55% of two Aframax-equivalent vessels. Under such agreement, Teekay Tankers received $27,776 per day, net of a 1.25% brokerage commission, and paid 55% of the net revenue distribution of two Aframax-equivalent vessels employed in Teekay Tankers' Aframax revenue sharing arrangement, less $500 per day, for a period of 11 months plus an additional two months at the counterparty's option. The purpose of the agreement was to reduce Teekay Tankers’ exposure to spot tanker market rate variability for certain of its vessels that are employed in the Aframax revenue sharing pooling arrangement. Teekay Tankers had not designated, for accounting purposes, the time-charter swap as a cash flow hedge. As of May 1, 2017, the time-charter swap counter-party did not exercise the two-month option and the agreement expired during May 2017. The fair value of the time-charter swap agreement at December 31, 2016 was an asset of $0.2 million . Forward Freight Agreements Teekay Tankers uses forward freight agreements (or FFAs ) in non-hedge-related transactions to increase or decrease its exposure to spot market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized loss on non-designated derivative instruments in the Company's unaudited consolidated statements of (loss) income. The fair value of the forward freight agreement at December 31, 2017 was $nil. 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. Prepaid Expenses and Other Other Non-Current Assets Accrued Liabilities and Other Current Derivative As at December 31, 2017 Derivatives designated as a cash flow hedge: Interest rate swap agreements — 1,037 (18 ) (751 ) (7 ) Derivatives not designated as a cash flow hedge: Foreign currency contracts 96 — — (15 ) — Interest rate swap agreements 1,124 4,319 (4,836 ) (35,134 ) (38,213 ) Cross currency swap agreements — 5,042 (810 ) (44,523 ) (10,168 ) Stock purchase warrants — 30,749 — — — 1,220 41,147 (5,664 ) (80,423 ) (48,388 ) As at December 31, 2016 Derivatives designated as a cash flow hedge: Interest rate swap agreements — 1,340 (363 ) (1,033 ) (52 ) Derivatives not designated as a cash flow hedge: Foreign currency contracts 119 — — (2,601 ) (511 ) Interest rate swap agreements 212 9,839 (11,979 ) (59,055 ) (233,901 ) Cross currency swap agreements — — (3,464 ) (53,124 ) (180,577 ) Stock purchase warrants — 575 — — — Time -charter swap agreement 875 — (667 ) — — 1,206 11,754 (16,473 ) (115,813 ) (415,041 ) As at December 31, 2017 , the Company had multiple interest rate swaps, cross currency swaps and foreign currency forward contracts with the same counterparty that are subject to the same master agreements. Each of these master agreements provides for the net settlement of all derivatives subject to that master agreement through a single payment in the event of default or termination of any one derivative. The fair value of these derivatives is presented on a gross basis in the Company’s consolidated balance sheets. As at December 31, 2017 , these derivatives had an aggregate fair value asset amount of $9.8 million ( December 31, 2016 - $7.2 million ) and an aggregate fair value liability amount of $86.1 million ( December 31, 2016 - $398.7 million ). As at December 31, 2017 , the Company had $22.3 million on deposit with the relevant counterparties as security for swap liabilities under certain master agreements ( December 31, 2016 - $68.0 million ). The deposit is presented in restricted cash on the consolidated balance sheets. During 2017 , as part of the Brookfield Transaction (see Note 3 ), Teekay was released from all of its previous guarantees relating to Teekay Offshore's interest rate swap and cross currency swap agreements. For the periods indicated, the following table presents the effective portion of (losses) gains on consolidated interest rate swap agreements designated and qualifying as cash flow hedges: Year Ended December 31, 2017 Effective Portion Effective Portion Ineffective Recognized in AOCI (1) Reclassified from AOCI (2) Portion $ $ $ (31 ) (1,614 ) (746 ) Interest expense (31 ) (1,614 ) (746 ) Year Ended December 31, 2016 Effective Portion Effective Portion Ineffective Recognized in AOCI (1) Reclassified from AOCI (2) Portion $ $ $ 691 (68 ) 682 Interest expense 691 (68 ) 682 (1) Recognized in accumulated other comprehensive loss (or AOCI ). (2) Recorded in AOCI during the term of the hedging relationship and reclassified to earnings. (3) Recognized in the ineffective portion of (losses) gains on derivative instruments designated and qualifying as cash flow hedges. As at December 31, 2017 , the Company estimated, based on then current interest rates, that it would reclassify approximately $0.6 million of net losses on interest rate swaps from accumulated other comprehensive loss to earnings during the next 12 months. Realized and unrealized (losses) and gains from derivative instruments that are not designated for accounting purposes as cash flow hedges, are recognized in earnings and reported in realized and unrealized losses on non-designated derivatives in the consolidated statements of (loss) income . The effect of the (losses) and gains on derivatives not designated as hedging instruments in the consolidated statements of (loss) income are as follows: Year Ended Year Ended Year Ended Realized (losses) gains relating to: Interest rate swap agreements (53,921 ) (87,320 ) (108,036 ) Interest rate swap agreement terminations (610 ) (8,140 ) (10,876 ) Foreign currency forward contracts 667 (11,186 ) (21,607 ) Time charter swap agreement 1,106 2,154 — Forward freight agreements 270 — — (52,488 ) (104,492 ) (140,519 ) Unrealized gains (losses) relating to: Interest rate swap agreements 17,005 62,446 37,723 Foreign currency forward contracts 3,925 15,833 (418 ) Stock purchase warrants (6,421 ) (9,753 ) 1,014 Time-charter swap agreement (875 ) 875 — 13,634 69,401 38,319 Total realized and unrealized losses on derivative instruments (38,854 ) (35,091 ) (102,200 ) Realized and unrealized losses of the cross currency swaps are recognized in earnings and reported in foreign exchange (loss) gain in the consolidated statements of (loss) income . The effect of the gains (losses) on cross currency swaps on the consolidated statements of (loss) income is as follows: Year Ended December 31, 2017 2016 2015 Realized losses on maturity and/or partial termination of cross currency swap (25,733 ) (41,707 ) (36,155 ) Realized losses (18,494 ) (38,564 ) (18,973 ) Unrealized gains (losses) 82,668 75,033 (89,178 ) Total realized and unrealized gains (losses) on cross currency swaps 38,441 (5,238 ) (144,306 ) 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies a) Vessels under Construction As at December 31, 2017 , the Company was committed to the construction of six LNG carriers for a total cost of approximately $1.2 billion , including capitalized interest and other miscellaneous construction costs. Vessels in which the Company holds an interest through non-consolidated joint ventures are excluded from the above amounts and are described in Note 16b. Four LNG carriers are scheduled for delivery in 2018 and two LNG carriers are scheduled for delivery in 2019. As at December 31, 2017 , payments made towards these commitments totaled $444.5 million . As at December 31, 2017 , the remaining payments required to be made under these newbuilding and conversion capital commitments were $552.4 million ( 2018 ) and $252.1 million ( 2019 ). b) Joint Ventures Teekay LNG’s share of commitments to fund newbuilding and other construction contract costs of its non-consolidated joint ventures as at December 31, 2017 are as follows: Total 2018 2019 2020 Yamal LNG Joint Venture (i) 781,300 350,100 232,000 199,200 Pan Union Joint Venture (ii) 116,629 87,102 29,527 — Bahrain LNG Joint Venture (iii) 133,936 80,733 53,203 — Exmar LPG Joint Venture (iv) 54,570 54,570 — — 1,086,435 572,505 314,730 199,200 (i) Teekay LNG, through the Yamal LNG Joint Venture, has a 50 % ownership interest in six 172,000 -cubic meter ARC7 LNG carrier newbuildings that have an estimated total fully built-up cost of approximately $2.1 billion . As at December 31, 2017 , Teekay LNG’s proportionate costs incurred under these newbuilding contracts totaled $240.1 million . The Yamal LNG Joint Venture had secured debt financing of $816.0 million for the six LNG carrier newbuildings, of which $751.5 million was undrawn at December 31, 2017, related to Teekay LNG's proportionate share of the commitments included in the table above. (ii) Through the Pan Union Joint Venture, Teekay LNG has an ownership interest ranging from 20% to 30% in three LNG carrier newbuildings scheduled for delivery in 2018 and 2019. The Pan Union Joint Venture had secured financing of $87.0 million related to Teekay LNG's proportionate share of the commitments included in the table above and Teekay LNG is scheduled to receive $3.5 million of reimbursement directly from Shell. (iii) Teekay LNG has a 30% ownership interest in the Bahrain LNG Joint Venture for the development of an LNG receiving and regasification terminal in Bahrain. The project will include a FSU, which will be modified from one of the Teekay LNG’s existing MEGI LNG carrier newbuildings, an offshore gas receiving facility, and an onshore nitrogen production facility. The terminal will have a capacity of 800 million standard cubic feet per day and will be owned and operated under a 20 -year agreement commencing early-2019. The receiving and regasification terminal is expected to have a fully-built up cost of approximately $960.0 million . The Bahrain LNG Joint Venture has secured debt financing for approximately 75% of the estimated fully built-up cost of the LNG receiving and regasification terminal in Bahrain. (iv) Teekay LNG has a 50% ownership interest in the Exmar LPG Joint Venture which has three LPG newbuilding vessels scheduled for delivery in 2018 and has secured $56.0 million of financing for two of the three LPG carrier newbuildings related to the commitments included in the table above. c) Liquidity Management is required to assess if the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its financial statements. The Company had $513.7 million of consolidated cash flows from operating activities during the year ended December 31, 2017 , and ended the year with a working capital deficit of $532.2 million . This working capital deficit is driven primarily from scheduled maturities in the next 12 months and repayment obligations of approximately $800.9 million of outstanding consolidated debt, which were classified as current liabilities as at December 31, 2017 . In addition to these obligations, the Company also anticipates that Teekay LNG will be required to make payments related to commitments to fund vessels under construction and may be required to make a payment under a tax lease indemnification (see Notes 16a, 16b and 16d). Based on these factors, over the one-year period following the issuance of their consolidated financial statements, the Company’s consolidated subsidiaries, Teekay Tankers and Teekay LNG, will need to obtain additional sources of financing, in addition to amounts generated from operations, to meet their minimum liquidity requirements under their financial covenants. These anticipated potential sources of financing include: refinancing various loan facilities of Teekay LNG and Teekay Tankers; negotiating new secured debt financings related to vessels under construction or other unencumbered operating vessels for Teekay LNG; potentially raising capital through equity and/or bond issuances; and negotiating extensions or redeployments of existing assets. The success of these initiatives of the Controlled Daughter Entities may impact the liquidity of Teekay Parent through the payment of dividends/distributions by the Controlled Daughter Entities to Teekay Parent. The Company is actively pursuing the alternatives described above, which it considers probable of completion based on the Company’s history of being able to complete equity and bond issuances, refinance similar loan facilities and to obtain new debt financing for its vessels under construction, as well as the progress it has made on the financing process to-date. The Company is in various stages of completion on these matters. Based on the Company’s liquidity at the date these consolidated financial statements were issued, the liquidity the Company expects to generate from operations over the following year, and by incorporating the Company’s plans to raise additional liquidity that it considers probable of completion, the Company expects that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements. d) Legal Proceedings and Claims The Company may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. The Company believes that any adverse outcome of existing claims, other than with respect to the items noted below, 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. Teekay Nakilat Capital Lease Teekay LNG owns a 70% interest in Teekay Nakilat Corporation (or Teekay Nakilat Joint Venture ), a subsidiary of the lessee under three separate 30 -year capital lease arrangements with a third party for three LNG carriers (or the RasGas II LNG Carriers ). Under the terms of the leases in respect of the RasGas II LNG Carriers, the lessor claimed tax depreciation on the capital expenditures it incurred to acquire these vessels. As is typical in these leases, tax and change of law risks were assumed by the lessee, in this case the Teekay Nakilat Joint Venture. Lease payments under the leases were based on certain tax and financial assumptions at the commencement of the leases and subsequently adjusted to maintain its agreed after-tax margin. On December 22, 2014, the Teekay Nakilat Joint Venture terminated the leasing of the RasGas II LNG Carriers. However, the Teekay Nakilat Joint Venture remains obligated to the lessor to maintain the lessor’s agreed after-tax margin from the commencement of the lease to the lease termination date and as at December 31, 2017, the Teekay Nakilat Joint Venture’s carrying amount of this estimated tax indemnification guarantee was $62.7 million or GBP 46.4 million (December 31, 2016 - $13.3 million or GBP 10.8 million ) which is included as part of accrued liabilities and other in the Company's consolidated balance sheets. Additionally, as at December 31, 2017, the Teekay Nakilat Joint Venture ha d $7.0 million (December 31, 2016 – $6.8 million ) on deposit with the lessor as security against any future claims and recorded as part of restricted cash in the Company's consolidated balance sheets. The UK taxing authority (or HMRC ) has been challenging the use of similar lease structures in the UK courts. One of those challenges was eventually decided in favor of HMRC (Lloyds Bank Equipment Leasing No. 1 or LEL1 ) , with the lessor and lessee choosing not to appeal further. The LEL1 tax case concluded that capital allowances were not available to the lessor. On the basis of this conclusion, HMRC is now asking lessees on other leases, including the Teekay Nakilat Joint Venture, to accept that capital allowances are not available to their lessor. Under the terms of the lease, the lessor is entitled to make a determination that additional rentals are due, even where a court has not made a determination on whether capital allowances are available or where discussions are otherwise ongoing with HMRC on the matter. The Teekay Nakilat Joint Venture now believes that it is probable that the lessor will make such a determination, and demand additional rentals. As a result, in the three months ended December 31, 2017, the Teekay Nakilat Joint Venture recognized an additional tax indemnification guarantee liability of $50.0 million (which is included in the afore-mentioned total accrued liability of $62.7 million as at December 31, 2017) as estimated primarily based on information received from the lessor and presented in other (loss) income on the consolidated statements of (loss) income for the year ended December 31, 2017. e) Redeemable Non-Controlling Interest In July 2015, Teekay Offshore issued in a private placement 10.4 million of its 8.60% Series C Cumulative Convertible Perpetual Preferred Units (or Series C Preferred Units ). The terms of the Series C Preferred Units provided that at any time after the 18 -month anniversary of the closing date, at the election of each holder, the Series C Preferred Units could be converted on a one -for- one basis into common units of Teekay Offshore. In addition, if after the three -year anniversary of the closing date, the volume weighted average price of the common units exceeded $35.925 , Teekay Offshore had the option to convert the Series C Preferred Units into common units. The Series C Preferred Units could be redeemed in cash if a change of control occurred in Teekay Offshore. In June 2016, Teekay Offshore and the unitholders of the Series C Preferred Units exchanged approximately 1.9 million of the Series C Preferred Units for approximately 8.3 million common units of Teekay Offshore and also exchanged the remaining approximately 8.5 million Series C Preferred Units for approximately 8.5 million Series C-1 Preferred Units. The terms of the Series C-1 Preferred Units were equivalent to the terms of the Series C Preferred Units, with the exception that at any time after the 18 -month anniversary of the original Series C Preferred Units closing date, at the election of each holder, each Series C-1 Preferred Unit was convertible into 1.474 common units of Teekay Offshore. In addition, if a unitholder of the Series C-1 Preferred Units elected to convert their Series C-1 Preferred Units into common units of Teekay Offshore, Teekay Offshore had the option to redeem these Series C-1 Preferred Units for cash based on the closing market price of the common units of Teekay Offshore instead of issuing common units. Furthermore, if after the three -year anniversary of the closing date, the volume weighted average price of the common units exceeded 150% of $16.25 per unit, Teekay Offshore had the option to convert the Series C-1 Preferred Units into common units. Consistent with the terms of the Series C Preferred Units, the Series C-1 Preferred Units could have been redeemed in cash if a change of control occurred in Teekay Offshore. As a result, the Series C-1 Preferred Units were, prior to the deconsolidation of Teekay Offshore in September 2017, included on the Company’s unaudited consolidated balance sheet as part of temporary equity which is above the equity section but below the liabilities section. In June 2016, Teekay Offshore issued 4.0 million of its 10.50% Series D Cumulative Convertible Perpetual Preferred Units (or Series D Preferred Units ). The Series D Preferred Units had no mandatory redemption date, but they were redeemable at Teekay Offshore's option after June 29, 2021 for a 10% premium to the liquidation value and for a 5% premium to the liquidation value any time after June 29, 2022. The Series D Preferred Units were exchangeable into common units of Teekay Offshore at the option of the holder at any time after June 29, 2021, based on the 10 -trading day volume weighted average price at the time of the notice of exchange or $4.00 . A change of control event involving the purchase of all outstanding common units for consideration of at least 90% cash of a change in ownership of the general partner of Teekay Offshore by 50% or more would have resulted in the Series D Preferred Units being redeemable for cash. As a result, the Series D Preferred Units, net of Teekay's units, were, prior to the deconsolidation of Teekay Offshore in September 2017, included on the Company’s consolidated balance sheet as part of temporary equity which is above the equity section but below the liabilities section. As part of the Brookfield Transaction (see Note 3), Teekay Offshore repurchased and cancelled all of its outstanding Series C-1 and Series D Preferred Units, and as a result redeemable non-controlling interest is no longer included in the Company's consolidated balance sheet. f) Other The Company enters into indemnification agreements with certain Officers and Directors. In addition, the Company enters into other indemnification agreements in the ordinary course of business. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains what it believes is appropriate liability insurance that reduces its exposure and enables the Company to recover future amounts paid up to the maximum amount of the insurance coverage, less any deductible amounts pursuant to the terms of the respective policies, the amounts of which are not considered material. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 17. Supplemental Cash Flow Information a) The changes in operating assets and liabilities for the years ended December 31, 2017 , 2016 , and 2015 , are as follows: Year Ended December 31, 2017 2016 2015 Accounts receivable (1,925 ) 96,497 (6,488 ) Prepaid expenses and other 2,608 9,690 (10,607 ) Accounts payable (14,499 ) (10,705 ) (24,727 ) Accrued liabilities and other 120,383 (57,149 ) 29,531 106,567 38,333 (12,291 ) b) Cash interest paid, including realized interest rate swap settlements, during the years ended December 31, 2017 , 2016 , and 2015 , totaled $319.6 million , $341.0 million and $318.1 million , respectively. In addition, during the years ended December 31, 2017 , 2016 , and 2015 , cash interest paid relating to interest rate swap amendments and terminations totaled $0.6 million , $8.1 million and $10.9 million , respectively . c) As described in Note 4a, in November 2017, Teekay Tankers acquired the outstanding shares of TIL through issuing 89.0 million Class A common shares, which was treated as a non-cash transaction in the Company's consolidated statement of cash flows. As a result of this transaction, Teekay Tankers acquired $37.6 million in cash and paid $6.8 million in legal fees. d) In 2017 and 2016, the portion of the distributions paid in kind by Teekay Offshore to the unit holders of Series C-1 Preferred Units and Series D Preferred Units, of $12.7 million and $11.7 million , respectively, was treated as a non-cash transaction in the consolidated statements of cash flows. e) As described in Note 4c, in August 2015, Teekay Tankers agreed to acquire 12 modern Suezmax tankers from Principal Maritime. As of December 31, 2015, all 12 of the vessels had been delivered for a total purchase price of $661.3 million , consisting of $612.0 million in cash and approximately 7.2 million shares of Teekay Tankers’ Class A common stock or $49.3 million , which was treated as a non-cash transaction in the consolidated statement of cash flows. |
Asset Impairments and Loss on S
Asset Impairments and Loss on Sales of Vessels, Equipment and Other Operating Assets | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Asset Impairments and Loss on Sales of Vessels, Equipment and Other Operating Assets | 18. Asset Impairments and Loss on Sales of Vessels, Equipment and Other Operating Assets a) Asset Impairments In September 2017, the estimated future cash flows and carrying value of the asset groups for the Petrojarl Foinaven FPSO unit and Petrojarl Banff FPSO unit, each owned by Teekay Parent, changed upon the deconsolidation of Teekay Offshore. For the Petrojarl Foinaven FPSO, two shuttle tankers, which are owned by Teekay Offshore, were removed from the carrying value of the asset group and the estimated future cash flows of the asset group was changed to include the in-charter costs of these two vessels to be paid by Teekay Parent to Teekay Offshore. For the Petrojarl Banff FPSO, the carrying value of an FSO, which is owned by Teekay Offshore, was removed from the carrying value of the asset group and the estimated future cash flows of the asset group was changed to include the in-charter costs of the FSO unit to be paid by Teekay Parent to Teekay Offshore. This change in asset groups and a re-evaluation of the estimated future net cash flows of the units resulted in a write down of the carrying values of the units to their estimated fair values, which in aggregate was approximately $113.0 million and resulted in impairment charges of $205.7 million for the Petrojarl Foinaven FPSO and Petrojarl Banff FPSO, for the year ended December 31, 2017. The impairment charges are included in the Company's Teekay Parent Segment - Offshore Production. The Company has determined the discounted cash flows using the current projected time charter rates and costs, discounted at an estimated market participant rate of 10% . For both units, the Company has included the existing contracted time charter rates and operating costs as well as projected future use on another field. The projected future use of each of the FPSO units takes into consideration the Company’s estimated upgrade costs and projected time charter rates that could be contracted in future periods. In establishing these estimates, the Company has considered current discussions with potential customers, available information regarding field expansions and historical experience redeploying FPSO units. Under Teekay LNG's charter contracts for the Teide Spirit and Toledo Spirit Suezmax tankers, the charterer, who is also the owner of the vessels, has the option to cancel the charter contracts 13 years following commencement of the respective charter contracts. In August 2017, the charterer of the Teide Spirit gave formal notification to Teekay LNG of its intention to terminate its charter contract subject to certain conditions being met and third-party approvals being received. In October 2017, the charterer notified Teekay LNG that it is marketing the Teide Spirit for sale and, upon sale of the vessel, it will concurrently terminate its existing charter contract with Teekay LNG. The charterer’s cancellation option for the Toledo Spirit is first exercisable in August 2018. Given Teekay LNG's prior experience with this charterer, Teekay LNG expects it will also cancel the charter contract and sell the Toledo Spirit to a third party in 2018. Teekay LNG wrote-down the vessels to their estimated fair values based on their expected future discounted cash flows and recorded a $25.5 million write down on a combined basis of the Teide Spirit and Toledo Spirit . The write-downs are included in the Company's Teekay LNG Segment - Conventional Tankers. In 2016, the carrying value of the Navion Marita was written down to its estimated fair value, using an appraised value, as a result of fewer opportunities to trade the vessel in the spot conventional tanker market. The Company’s consolidated statement of (loss) income for the year ended December 31, 2016, includes a $2.1 million write-down related to this vessel. The write-down is included in the Company’s Teekay Offshore Segment. In 2016 , Teekay Offshore canceled the UMS construction contracts for its two UMS newbuildings. As a result, the carrying values of these two UMS newbuildings were written down to $ nil . The Company's consolidated statement of (loss) income for the year ended December 31, 2016 includes a $43.7 million write-down related to these two UMS newbuildings. The write-down is included in the Company’s Teekay Offshore Segment. In 2015, seven of Teekay Offshore’s 1990s-built shuttle tankers were written down to their estimated fair value, using appraised values. Of the seven shuttle tankers, during the first quarter of 2015, one shuttle tanker was written down as a result of the expected sale of the vessel and the vessel was classified as held for sale on the Company’s consolidated balance sheet as at December 31, 2015. An additional shuttle tanker was written down during the first quarter of 2015 as a result of a change in the operating plan of the vessel. In the fourth quarter of 2015, the write-down of five shuttle tankers, which had an average age of 17.5 years , was the result of changes in Teekay Offshore’s expectations of their future opportunities, primarily due to their advanced age. The Company’s consolidated statements of (loss) income for the year ended December 31, 2015, includes total write-downs of $66.7 million related to these seven shuttle tankers. The write-downs are included in the Company’s Teekay Offshore Segment. b) Loss on Sales of Vessels, Equipment and Other Operating Assets The Company's sale of vessels generally consists of those vessels approaching the end of their useful lives as well as other vessels it strategically sells to reduce exposure to a certain vessel class. The following table shows the net (loss) gain on sale of vessels, equipment and other operating assets for the years ended December 31, 2017 , 2016 , and 2015 : Net (Loss) Gain on Sales of Vessels, Equipment and Other Operating Assets Year Ended December 31, Segment Asset Type Completion of Sale Date 2017 $ 2016 $ 2015 $ Teekay Offshore Segment FSO unit Oct-2017 — (983 ) — Teekay Offshore Segment 2 Shuttle Tankers Mar-2015/Nov-2016 — 6,817 1,643 Teekay Offshore Segment 2 Conventional Tankers Mar-2016 — 65 (3,897 ) Teekay LNG Segment - Conventional Tankers 2 Suezmaxes (1) (25,100 ) — — Teekay LNG Segment - Conventional Tankers Suezmax Mar-2017 — (11,537 ) — Teekay LNG Segment - Conventional Tankers 2 Suezmaxes Apr/May-2016 — (27,439 ) — Teekay Tankers Segment - Conventional Tankers 3 Aframaxes June/Sept/Nov-2017 (11,158 ) Teekay Tankers Segment - Conventional Tankers 2 Suezmaxes Jan/Mar-2017 (1,797 ) (6,276 ) — Teekay Tankers Segment - Conventional Tankers 2 MR Tankers Aug/Nov-2016 — (14,650 ) — Teekay Parent Segment - Conventional Tankers VLCC Oct-2016 — (12,495 ) — Other (29 ) 48 (177 ) Total (38,084 ) (66,450 ) (2,431 ) (1) Teekay LNG has commenced marketing these vessels for sale and the vessels are classified as held for sale at December 31, 2017. See Note 2 — Segment Reporting for the asset impairments, loss on sales of vessels, equipment and other operating assets and write-down of equity investment, by segment for 2017 , 2016 and 2015 . |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | 19. Net (Loss) Income Per Share Year Ended December 31, 2017 2016 2015 Net (loss) income attributable to shareholders of Teekay Corporation (163,276 ) (123,182 ) 82,151 The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore (note 16e) — (4,993 ) — Net (loss) income attributable to shareholders of Teekay Corporation for basic income (loss) per share (163,276 ) (128,175 ) 82,151 Reduction in net earnings due to dilutive impact of stock-based compensation in Teekay LNG, Teekay Offshore and Teekay Tankers and stock purchase warrants in Teekay Offshore (90 ) (25 ) (227 ) Net (loss) income attributable to shareholders of Teekay Corporation for diluted income (loss) per share (163,366 ) (128,200 ) 81,924 Weighted average number of common shares 86,335,473 79,211,154 72,665,783 Dilutive effect of stock-based compensation — — 524,781 Common stock and common stock equivalents 86,335,473 79,211,154 73,190,564 (Loss) Earnings per common share: - Basic (1.89 ) (1.62 ) 1.13 - Diluted (1.89 ) (1.62 ) 1.12 Stock-based awards, which have an anti-dilutive effect on the calculation of diluted loss per common share, are excluded from this calculation. For the years ended December 31, 2017 and 2016 , options to acquire 3.6 million shares and 3.8 million shares of Common Stock, respectively, had an anti-dilutive effect on the calculation of diluted earnings per common share. In periods where a loss attributable to shareholders has been incurred all stock-based awards are anti-dilutive. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 20. Restructuring Charges During 2017 , the Company recorded restructuring charges of $5.1 million ( $26.8 million – 2016 , $14.0 million - 2015 ). The restructuring charges in 2017 primarily related to: severance costs resulting from the termination of the charter contract for the Arendal Spirit UMS in Teekay Offshore and the resulting decommissioning of the unit; reorganization and realignment of resources of certain of the Company's strategic development function to better respond to the changing business environment; and reorganization of the Company's FPSO business to create better alignment with the Company's offshore operations. The restructuring charges in 2016 primarily relate to the closure of two offices and seafarers' severance amounts related to the tug business in Western Australia, reorganization of the Company’s FPSO business to create better alignment with the Company’s offshore operations, and reductions to charges previously accrued. The charges related to the seafarers' severance were partly recovered from customers and the recovery is included in revenues on the consolidated statements of (loss) income . The restructuring charges in 2015 relate to the termination of the employment of certain seafarers upon the expiration of a time-charter-out contract, the reorganization of the Company’s marine operations and corporate services, and the change in crew on a vessel as requested by a charterer. The actual restructuring charges relating to the termination of the employment of certain seafarers upon the expiration of a time-charter-out contract and the change in crew on a vessel as requested by a charterer in the amount of $8.4 million were fully reimbursed to the Company by the charterers and the net reimbursement is included in voyage revenues. At December 31, 2017 and 2016 $1.3 million and $5.6 million , respectively, of restructuring liabilities were recorded in accrued liabilities on the consolidated balance sheets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 21. Income Taxes Teekay and a majority of its subsidiaries are not subject to income tax in the jurisdictions in which they are incorporated because they do not conduct business or operate in those jurisdictions. However, among others, the Company’s U.K. and Norwegian subsidiaries are subject to income taxes. The significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, December 31, Deferred tax assets: Vessels and equipment 5,377 40,928 Tax losses carried forward (1) 193,501 276,291 Other 29,355 17,075 Total deferred tax assets 228,233 334,294 Deferred tax liabilities: Vessels and equipment 9,053 5,974 Provisions 5,153 — Other 8,417 13,317 Total deferred tax liabilities 22,623 19,291 Net deferred tax assets 205,610 315,003 Valuation allowance (202,513 ) (290,015 ) Net deferred tax assets 3,097 24,988 (1) Substantially all of the Company’s net operating loss carryforwards of $979.2 million relate primarily to its Norwegian, U.K., Spanish, and Luxembourg subsidiaries and, to a lesser extent, to its Australian ship-owning subsidiaries. These net operating loss carryforwards are available to offset future taxable income in the respective jurisdictions, and can be carried forward indefinitely, except for losses which arose during 2017 in Luxembourg, which losses can be carried forward for 17 years. The Company also has $30.2 million in disallowed finance costs that relate to its Spanish subsidiaries and are available to offset future taxable income in Spain and can also be carried forward indefinitely. Deferred tax balances are presented in other non-current assets and other long-term liabilities in the accompanying consolidated balance sheets. Certain of the balances in the comparative columns above have been adjusted with no impact on the amount of the net deferred tax assets. The components of the provision for income taxes are as follows: Year Ended Year Ended Year Ended Current (11,997 ) (14,424 ) (10,440 ) Deferred (235 ) (10,044 ) 27,207 Income tax (expense) recovery (12,232 ) (24,468 ) 16,767 The Company operates in countries that have differing tax laws and rates. Consequently, a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended Year Ended Year Ended Net (loss) income before taxes (516,840 ) 111,132 388,693 Net (loss) income not subject to taxes (297,688 ) 57,862 252,604 Net (loss) income subject to taxes (219,152 ) 53,270 136,089 At applicable statutory tax rates (51,471 ) 5,996 32,750 Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions 64,164 18,198 (49,789 ) Other (461 ) 274 272 Tax expense (recovery) related to the year 12,232 24,468 (16,767 ) The following is a roll-forward of the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from January 1, 2015 to December 31, 2017 : Year Ended Year Ended Year Ended Balance of unrecognized tax benefits as at January 1 19,492 18,390 20,335 Increases for positions related to the current year 2,631 6,422 4,578 Changes for positions taken in prior years 3,475 (3,729 ) (2,965 ) Decreases related to statute of limitations (1,562 ) (1,591 ) (3,558 ) Increase due to acquisition of TIL 8,528 — — Decrease due to deconsolidation of Teekay Offshore (1,503 ) — — Balance of unrecognized tax benefits as at December 31 31,061 19,492 18,390 The majority of the net increase for positions relates to the potential tax on freight income on an increased number of voyages for the year ended December 31, 2017 . The Company does not presently anticipate such uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected. The tax years 2008 through 2017 remain open to examination by some of the major jurisdictions in which the Company is subject to tax. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above and are approximately an increase of $3.1 million in 2017 , net of statute barred liabilities, and an increase of $1.2 million in 2016 and a reduction of $0.3 million in 2015 . |
Equity-accounted Investments
Equity-accounted Investments | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity-accounted Investments | 22. Equity-accounted Investments On September 25, 2017, Teekay, Teekay Offshore and Brookfield finalized the Brookfield Transaction (see Note 3). As a result, Teekay has included the results of Teekay Offshore as an equity-accounted investment in its financial results as at December 31, 2017, and for the period from September 25, 2017 to December 31, 2017. At September 25, 2017, when the Company initially recorded its equity investment in Teekay Offshore, the difference between the Company's investment and the carrying value of Teekay Offshore's net assets was substantially attributable to basis differences between the fair value and carrying amounts of the vessels. A s at December 31, 2017 , the excess of the carrying value of the Company's investment over the carrying value of Teekay Offshore's net assets was $3.8 million . Prior to the Brookfield Transaction, Teekay Offshore was consolidated and the equity investees of Teekay Offshore were included in the financial results of Teekay, which include the following: • In October 2014, Teekay Offshore sold a 1995-built shuttle tanker, the Navion Norvegia , to OOG-TK Libra GmbH & Co KG (or Libra Joint Venture ), a 50 /50 joint venture of Teekay Offshore and Ocyan S.A. (or Ocyan) (formerly Odebrecht Oil & Gas S.A.), which vessel was converted to a new FPSO unit for the Libra field in Brazil. The FPSO unit commenced operations in late-2017. In conjunction with the conversion project, in late-2015, the Libra Joint Venture entered into a ten -year plus construction period term loan facility, which as at December 31, 2017 had an outstanding balance of $804 million . • In June 2013, Teekay Offshore acquired Teekay Corporation’s 50% interest in OOG-TKP FPSO GmbH & Co KG, a joint venture with Ocyan, which owns the Itajai FPSO unit. Included in the joint venture is an eight -year loan facility, which as at December 31, 2017 had an outstanding balance of $169 million . • As at September 25, 2017, the investments in Libra and Itajai are no longer on the consolidated balance sheets as a result of Teekay Offshore now being accounted for using the equity method. The equity investees of Teekay LNG include the following: • In December 2015, Teekay LNG entered into a joint venture agreement with Nogaholding, GIC, and Samsung to form a joint venture, the Bahrain LNG Joint Venture, for the development of an LNG receiving and regasification terminal in Bahrain and the supply of a FSU vessel (See Note 4b). Teekay LNG has a 30% ownership interest in the Bahrain LNG Joint Venture. • A 50 / 50 joint venture agreement with China LNG Shipping (Holdings) Limited (or the Yamal LNG Joint Venture ) and the joint venture has ordered six internationally-flagged icebreaker LNG carriers for a project located on the Yamal Peninsula in Northern Russia (or the Yamal LNG Project ). During the year ended December 31, 2017 , the Yamal LNG Joint Venture converted the $195 million advances from each joint venture partner, including accrued interest, into contributed capital of the joint venture. As at December 31, 2016, Teekay LNG had advanced $146.7 million to the Yamal LG Joint Venture and the interest accrued on these advances was $9.4 million . I n December 2017, the Yamal LNG Joint Venture secured a $1.6 billion long-term debt facility to finance all six of its ARC7 LNG carrier newbuildings. As part of the completed financing, the Yamal LNG Joint Venture returned a total of $104 million of capital back to the joint venture partners in December 2017, of which Teekay LNG's share was $52 million . Teekay LNG has guaranteed its 50% share of a $816 million secured loan facility in the Yamal LNG Joint Venture and, as a result, has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2017 was $0.6 million (December 31, 2016 –$ nil ) and is included as part of other long-term liabilities in the consolidated balance sheets. • In June 2014, Teekay LNG acquired from Shell its ownership interests in four LNG carrier newbuildings. As compensation for Shell’s ownership interests in these four LNG carrier newbuildings, Teekay LNG assumed Shell’s obligation to provide the shipbuilding supervision and crew training services for the four LNG carrier newbuildings up to their delivery date pursuant to a ship construction support agreement. Teekay LNG estimates it would incur approximately $36.9 million of costs to provide these services, of which Shell has agreed to pay a fixed amount of $20.3 million . Teekay LNG estimated that the fair value of the service obligation was $33.3 million and the fair value of the amount due from Shell was $16.5 million . As at December 31, 2017 , the carrying value of the service obligation of $8.2 million ( December 31, 2016 – $22.6 million ) is included in both the current portion of in-process contracts and in-process contracts and the carrying value of the receivable from Shell of $3.5 million ( December 31, 2016 – $10.9 million ) is included in accounts receivable in the Company’s consolidated balance sheets. As at December 31, 2017, Teekay LNG has a 30% ownership interest in one LNG carrier, the Pan Asia , and one LNG carrier newbuilding and a 20% ownership interest in the remaining two LNG carrier newbuildings (or collectively, the Pan Union Joint Venture ). The Pan Asia was delivered on October 13, 2017 and concurrently commenced its 20 -year charter contract with Shell. On initial acquisition, the basis difference between Teekay LNG's investment and the carrying value of the Pan Union Joint Venture's net assets was substantially attributed to ship construction support agreements and the time-charter contracts. A s at December 31, 2017 , the excess of the carrying value of Teekay LNG's investment over the carrying value of the Pan Union Joint Venture's net assets was $11.4 million ( December 31, 2016 – $16.8 million ). • A 50 / 50 joint venture agreement with Exmar NV (or Exmar) (or the Exmar LPG Joint Venture ). Teekay LNG has guaranteed its 50% share of a secured loan facility and four capital leases in the Exmar LPG Joint Venture and, as a result, has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2017 was $1.6 million ( December 31, 2016 – $1.3 million ) and is included as part of other long-term liabilities in the consolidated balance sheets. As at December 31, 2017 , the Teekay LNG had advanced $52.3 million ( December 31, 2016 – $52.3 million ) to the Exmar LPG Joint Venture, which bears interest at LIBOR plus 0.50% and has no fixed repayment terms. As at December 31, 2017 , the interest accrued on these advances was $0.2 million ( December 31, 2016 – $1.1 million ). These amounts are included in the table below. On initial acquisition, the basis difference between Teekay LNG's investment and the carrying value of the Exmar LPG Joint Venture's net assets was substantially attributed to the value of the vessels and charter agreements of the Exmar LPG Joint Venture and goodwill in accordance with the finalized purchase price allocation. At December 31, 2017 , the unamortized amount of the basis difference was $25.5 million ( December 31, 2016 – $30.2 million ). • A 50 / 50 joint venture with Exmar (or the Excalibur Joint Venture and the Excelsior Joint Ventures ). Teekay LNG has guaranteed its 50% share of the secured loan facilities of the Excalibur and Excelsior Joint Ventures and, as a result, has recorded a guarantee liability. The carrying value of the guarantee liability as of December 31, 2017 was $0.2 million ( December 31, 2016 – $0.2 million ) and is included as part of other long-term liabilities in the consolidated balance sheets. On initial acquisition, the basis difference between Teekay LNG's investment and the carrying value of the Excalibur and Excelsior Joint Venture's net assets was substantially attributed to an increase to the carrying value of the vessels of the Excalibur and Excelsior Joint Ventures in accordance with the finalized purchase price allocation. At December 31, 2017 , the unamortized amount of the basis difference was $35.6 million ( December 31, 2016 – $37.2 million ). • A 52% ownership interest in the joint venture between Marubeni Corporation and Teekay LNG (or the Teekay LNG-Marubeni Joint Venture ). On March 31, 2017, the Teekay LNG-Marubeni Joint Venture completed the refinancing of its previous $396 million debt facility by entering into a new $335 million U.S. Dollar-denominated term loan maturing in September 2019. As part of the completed refinancing, Teekay LNG invested $57 million of additional equity, based on its proportionate ownership interest, into the Teekay LNG-Marubeni Joint Venture. Teekay LNG has guaranteed its 52% share of the secured loan facilities of the Teekay LNG-Marubeni Joint Venture and, as a result, has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2017 was $0.5 million ( December 31, 2016 – $0.1 million ) and is included as part of other long-term liabilities in the consolidated balance sheets. • A 33% ownership interest in the Angola Joint Venture that owns four newbuilding 160,400 -cubic meter LNG carriers (or the Angola LNG Carriers ). The other partners of the Angola Joint Venture are NYK Energy Transport (or NYK ) ( 33% ) and Mitsui & Co. Ltd. ( 34% ). Teekay LNG has guaranteed its 33% share of the secured loan facilities and interest rate swaps of the Angola Joint Venture and, as a result, has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2017 was $0.7 million ( December 31, 2016 – $1.0 million ) and is included as part of other long-term liabilities in the consolidated balance sheets. • A 40% interest in the RasGas 3 Joint Venture between Teekay LNG and QGTC Nakilat (1643-6) Holdings Corporation. The RasGas 3 Joint Venture owns four LNG carriers and related long-term fixed-rate time charters to service the expansion of a LNG project in Qatar. In January 2014, Teekay and Teekay Tankers formed TIL, which sought 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 represented a total investment by Teekay and Teekay Tankers of $50.0 million . In October 2014, Teekay Tankers acquired an additional 0.9 million common shares in TIL, representing 2.43% of the then outstanding share capital of TIL. On May 31, 2017, Teekay Tankers entered into a Merger Agreement to acquire the remaining 27.0 million issues and outstanding common shares of TIL. Teekay Tankers and TIL completed the merger on November 27, 2017 and TIL became a wholly-owned subsidiary of Teekay Tankers (See Note 4a). As a result, Teekay has included the results of TIL as a part of equity (loss) income for the period up to November 27, 2017. Teekay Tankers also owns a 50% interest in a joint venture arrangement between Teekay Tankers and Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong Joint Venture ) which owns a single VLCC tanker under a long-term contract. In November 2011, Teekay acquired a 40% interest in a recapitalized Sevan for approximately $25 million . Sevan owns an engineering and offshore project development business and intellectual property rights, including offshore unit design patents. As of December 31, 2017 , the aggregate value of the Company’s 43.5% interest ( 43.5% interest — December 31, 2016 ) in Sevan, based on the quoted market price of Sevan’s common stock on the Oslo Stock Exchange, was $40.4 million ( $44.9 million – December 31, 2016 ). A condensed summary of the Company’s investments in equity-accounted investees by segment is as follows (in thousands of U.S. dollars, except percentages): As at December 31, Investments in Equity-accounted Investees (1) Ownership Percentage 2017 2016 Teekay Offshore (2) Libra Joint Venture 50% — 69,972 Itajai 50% — 71,827 Teekay LNG - Liquefied Gas Angola LNG Carriers 33% 73,316 63,673 Pan Union Joint Venture 20% - 30% 38,298 33,594 Exmar LNG Joint Venture 50% 79,915 79,577 Exmar LPG Joint Venture 50% 157,926 165,064 RasGas3 Joint Venture 40% 123,034 173,037 Teekay LNG - Marubeni Joint Venture 52% 335,897 294,764 Yamal LNG Joint Venture 50% 194,715 152,927 Bahrain LNG Joint Venture 30% 77,786 64,003 Teekay Tanker - Conventional Tankers TIL 11% — 47,710 Wah Kwong Joint Venture 50% 24,546 22,025 Teekay Parent - Offshore Production Sevan 44% 15,589 22,180 Teekay Parent - Other Teekay Offshore (2) ( note 3) 14% 208,871 — TOO GP (2) (note 3) 51% 4,061 — Teekay Parent - Conventional Tankers TIL 8% — 36,699 Other 50% 1,169 2,802 1,335,123 1,299,854 (1) Investments in equity-accounted investees is presented in current portion of loans to equity-accounted investees, loans to equity-accounted investees, equity-accounted investments and advances from affiliates in the Company’s consolidated balance sheets. (2) The results included for Teekay Offshore are from the date of deconsolidation on September 25, 2017. Itajai and Libra Joint Venture results were included up until September 25, 2017. A condensed summary of the Company’s financial information for equity-accounted investments ( 14% to 52% -owned) shown on a 100% basis are as follows: As at December 31, 2017 2016 Cash and restricted cash 555,566 500,355 Other assets - current 370,790 150,378 Vessels and equipment, including vessels related to capital leases and advances on newbuilding contracts 8,056,504 4,655,170 Net investment in direct financing leases 1,973,307 1,776,954 Other assets - non-current 500,108 74,096 Current portion of long-term debt and obligations related to capital leases 764,098 360,942 Other liabilities - current 593,968 160,312 Long-term debt and obligations related to capital leases 5,957,406 4,208,214 Other liabilities - non-current 751,416 213,060 Year Ended December 31, 2017 2016 2015 Revenues 980,078 882,650 985,318 Income from vessel operations 258,006 365,472 433,023 Realized and unrealized (loss) gain on non-designated derivative instruments (17,438 ) (10,900 ) (38,955 ) Net income 38,646 239,766 275,259 Certain of the comparative figures have been adjusted to conform to the presentation adopted in the current year. The results included for TIL are until its consolidation on November 27, 2017. The results included for Teekay Offshore are from the date of deconsolidation on September 25, 2017. Itajai and Libra Joint Venture results were included up until September 25, 2017. For the year ended December 31, 2017 , the Company recorded an equity loss of $37.3 million ( 2016 – income of $85.6 million , and 2015 - income of $102.9 million ). The equity loss in 2017 was primarily comprised of the write-down of the carrying value of the investment in TIL (note 4a) and the Company’s share of net (loss) income from the Teekay LNG-Marubeni Joint Venture, Exmar LPG Joint Venture, Sevan, Angola LNG Carriers, the RasGas3 Joint Venture, Itajai and the Exmar LNG Joint Venture. For the year ended December 31, 2017 , equity (loss) income included $7.7 million related to the Company’s share of unrealized gains on interest rate swaps in the equity-accounted investees ( 2016 – $8.7 million and 2015 - $5.9 million ). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events a) In January 2018, Teekay Parent sold an aggregate of 1.1 million shares of common stock as part of a continuous offering program, generating gross proceeds of $11.2 million . b) In January 2018, Teekay Parent completed a private offering of $125 million of aggregate principal amount of 5.00% Convertible Senior Notes due 2023 (or Convertible Notes ), raising net proceeds of approximately $120.9 million . The Convertible Notes will be convertible into Teekay’s common stock, initially at a rate of 85.4701 shares of common stock per $1,000 principal amount of Convertible Notes. This represents an initial effective conversion price of $11.70 per share of common stock. The initial conversion price represents a premium of 20 percent to the concurrent common stock offering price of $9.75 per share described below. The conversion rate is subject to customary adjustments for, among other things, payments of dividends by Teekay Parent beyond the current quarterly rate of $0.055 per share of common stock, other distributions of Teekay Parent’s common stock, other securities, assets or rights to Teekay Parent’s shareholders or a Teekay Parent tender or exchange offer. In addition, following certain corporate events that occur prior to the maturity date of the Convertible Notes or following any notice of optional redemption given by Teekay Parent, Teekay Parent will, under certain circumstances, increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or for Convertible Notes that are surrendered for conversion following such notice of redemption. c) In January 2018, concurrently with the offering of Convertible Notes, Teekay Parent completed a public offering of 10.0 million common shares priced at $9.75 per share, raising net proceeds of approximately $93.0 million . Teekay Parent intends to use the net proceeds from the offerings for general corporate purposes, which may include, among other things, repaying a portion of its outstanding indebtedness and funding working capital. d) On January 12, 2018, the Yamal LNG Joint Venture took delivery of its first ARC7 LNG carrier newbuilding, the Eduard Toll , in which Teekay LNG has a 50% ownership interest. The vessel concurrently commenced its 28 -year charter contract with Yamal Trade Pte. Ltd. e) On January 30, 2018, the Exmar LPG Joint Venture sold an LPG carrier, the Courcheville, to a third party for gross proceeds of $4.4 million . f) On January 31, 2018, the Pan Union Joint Venture took delivery of its second LNG carrier newbuilding, the Pan Americas , in which Teekay LNG has a 30% ownership interest. The vessel concurrently commenced its 20 -year charter contract with Shell. g) On January 31, 2018, Teekay LNG sold its 50% ownership interest in the Excelsior Joint Venture for net proceeds of approximately $44 million after repaying outstanding debt obligations. h) On February 8, 2018, CEPSA, the charterer (who is also the owner) of Teekay LNG's vessel related to capital lease, the Teide Spirit , sold the vessel to a third party. As a result of this sale, Teekay LNG returned the vessel to CEPSA and the full amount of the associated capital lease obligation was concurrently extinguished. In addition, Teekay LNG incurred seafarer severance payments of approximately $1.4 million upon the sale of the vessel. i) On February 8, 2018, Teekay LNG refinanced a loan maturing in 2018, with a new $197 million revolving credit facility maturing in 2022. j) On February 9, 2018, Teekay LNG took delivery of an LNG carrier newbuilding, the Magdala , which concurrently commenced its eight -year charter contract with Shell. Upon delivery of the vessel, Teekay LNG sold and leased back the vessel under a sale-leaseback financing transaction which includes a purchase obligation at the end of the 10 -year bareboat charter contract. k) On March 5, 2018, Teekay LNG's 50% -owned joint venture Exmar LPG BVBA, took delivery of its seventh LPG carrier newbuilding, the Kapellen . In March 2018, Exmar LPG BVBA sold and leased back the vessel under a sale-leaseback financing transaction which includes purchase options throughout the 15 -year bareboat charter contract. |
Schedule I Condensed Non-Consol
Schedule I Condensed Non-Consolidated Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I Condensed Non-Consolidated Financial Information of Registrant | SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS (NOTE 1) (in thousands of U.S. dollars) As at December 31, 2017 $ As at December 31, 2016 $ ASSETS Current Cash and cash equivalents 22,050 8,585 Accounts receivable 699 3,241 Prepaid expenses and other 175 49 Due from affiliates 736,938 786,110 Total current assets 759,862 797,985 Investments in subsidiaries (note 1) 1,117,291 3,122,738 Other assets 297 1,586 Total assets 1,877,450 3,922,309 LIABILITIES AND EQUITY Current Accounts payable 1,660 344 Accrued liabilities 24,972 26,036 Due to affiliates 254,983 1,951,901 Other current liabilities 2,239 2,441 Total current liabilities 283,854 1,980,722 Long-term debt (note 2) 586,982 584,349 Other long-term liabilities 10,783 11,981 Total liabilities 881,619 2,577,052 Equity Common stock and additional paid-in capital 919,078 887,075 Retained earnings 76,753 458,182 Total equity 995,831 1,345,257 Total liabilities and equity 1,877,450 3,922,309 The accompanying notes are an integral part of the condensed non-consolidated financial information. TEEKAY CORPORATION SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF LOSS (NOTE 1) (in thousands of U.S. dollars) Year ended December 31, 2017 $ Year ended December 31, 2016 $ Year ended December 31, 2015 $ Revenues 5,089 14,142 34,373 Voyage expenses (242 ) (59 ) (499 ) Vessel operating expenses — (30 ) (652 ) Time-charter hire expense (17,765 ) (24,477 ) (43,013 ) General and administrative expenses (20,549 ) (20,583 ) (27,708 ) Loss from vessel operations (33,467 ) (31,007 ) (37,499 ) Interest expense (53,103 ) (53,164 ) (38,196 ) Interest income 422 18,430 7,781 Impairments of investments (note 1) (338,749 ) — (1,360,705 ) Dividend income (note 1) 58,000 1,039 109 Other 4,764 (981 ) (46,190 ) Net loss before income taxes (362,133 ) (65,683 ) (1,474,700 ) Income tax (expense) recovery (251 ) (525 ) 52 Net loss (362,384 ) (66,208 ) (1,474,648 ) The accompanying notes are an integral part of the condensed non-consolidated financial information. TEEKAY CORPORATION SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS (in thousands of U.S. dollars) Year Ended Year Ended Year Ended Cash and cash equivalents provided by (used for) OPERATING ACTIVITIES Net loss (362,384 ) (66,208 ) (1,474,648 ) Non-cash items: Unrealized (gain) loss on derivative instruments (2,336 ) 604 (34,871 ) Impairments of investments 338,749 — 1,360,705 Income tax expense (recovery) 251 525 (52 ) Stock-based compensation 6,952 7,106 8,054 Dividends-in-kind (58,000 ) (1,039 ) — Other 3,262 529 (6,907 ) Change in operating assets and liabilities 718 17,050 25,499 Net operating cash flow (72,788 ) (41,433 ) (122,220 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt, net of issuance costs — — 194,358 Scheduled repayments of long-term debt — — (86,645 ) Decrease in restricted cash — — 22,520 Advances from (to) affiliates 103,400 (15,802 ) 179,095 Net proceeds from equity issuances 25,636 105,462 — Cash dividends paid (18,967 ) (17,406 ) (125,881 ) Other financing activities (662 ) (666 ) (4,306 ) Net financing cash flow 109,407 71,588 179,141 INVESTING ACTIVITIES Investments in subsidiaries (24,443 ) (62,714 ) (54,215 ) Other investing activities 1,289 660 1,250 Net investing cash flow (23,154 ) (62,054 ) (52,965 ) Increase (decrease) in cash and cash equivalents 13,465 (31,899 ) 3,956 Cash and cash equivalents, beginning of the year 8,585 40,484 36,528 Cash and cash equivalents, end of the year 22,050 8,585 40,484 Supplemental cash flow information ( note 4 ) The accompanying notes are an integral part of the condensed non-consolidated financial information. 1. Summary of Significant Accounting Policies Basis of presentation The accompanying condensed non-consolidated financial information is required by SEC Regulation S-X 5-04 for Teekay Corporation (or Teekay ), which requires the inclusion of financial information for Teekay on a stand-alone basis if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. Teekay’s investments in subsidiaries are presented in this financial information under the cost method of accounting, whereby Teekay’s investment in subsidiaries is measured initially at cost. Under the cost method of accounting for investments in common stock, dividends are the basis for recognition of earnings from an investment. Under this method, an investor recognizes as income dividends received that are distributed from net accumulated earnings of the investee since the date of acquisition by the investor. The net accumulated earnings of an investee subsequent to the date of investment are recognized by the investor only to the extent distributed by the investee as dividends. Dividends received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions of cost of the investment. Teekay received dividends from its subsidiaries of $58.0 million (2017), $1.0 million (2016) and $0.1 million (2015), respectively. Teekay recognizes an impairment loss on its investments in its subsidiaries when a decline in fair value is considered to be other-than-temporary. During the years ended December 31, 2017, 2016 and 2015, Teekay recognized impairment losses of $338.7 million , nil and $1.4 billion , respectively, in relation to other-than-temporary declines in the fair value of its investments. A substantial amount of Teekay’s operating, investing and financing activities are conducted by its affiliates and not reflected in this financial information. The condensed non-consolidated financial information should be read in conjunction with Teekay’s consolidated financial statements. 2. Long-term debt December 31, 2017 $ December 31, 2016 $ Senior Notes (8.5%) due January 15, 2020 592,657 592,657 Less unamortized discount and debt issuance costs (5,675 ) (8,308 ) Total debt 586,982 584,349 Long-term portion 586,982 584,349 The Company’s 8.5% senior unsecured notes are due January 15, 2020 with an original aggregate principal amount of $450 million (or the Original Notes ). The Original Notes issued on January 27, 2010 were sold at a price equal to 99.2% of par. During 2014, the Company repurchased $57.3 million of the Original Notes. In November 2015, the Company issued an aggregate principal amount of $200 million of the Company’s 8.5% senior unsecured notes due on January 15, 2020 (or the Notes ) at 99.01% of face value, plus accrued interest from July 15, 2015. The Notes are an additional issuance of the Company’s Original Notes (collectively referred to as the 8.5% Notes ). The Notes were issued under the same indenture governing the Original Notes, and are fungible with the Original Notes. The discount on the 8.5% Notes is accreted through the maturity date of the notes using the effective interest rate of 8.67% per annum. The Company capitalized aggregate issuance costs of $13.3 million which are amortized to interest expense over the term of the 8.5% Notes. As of December 31, 2017 , the unamortized balance of the capitalized issuance cost was $3.8 million which is recorded in long-term debt in the condensed balance sheet. 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. 3. Guarantees Teekay Corporation has guaranteed obligations pursuant to certain credit facilities of its subsidiaries. As at December 31, 2017, the aggregate outstanding balance on such credit facilities of Teekay Tankers was $252.7 million . As at December 31, 2016, the aggregate outstanding balance on such credit facilities of Teekay Tankers and Teekay Offshore was $150.0 million and $364.0 million , respectively. In September 2017, Teekay was released from all of its previous guarantees relating to Teekay Offshore's long-term debt and interest rate swap and cross currency swap agreements. 4. Supplemental Cash Flow Information During 2017, one of the Company's subsidiaries returned capital in the amount of $1.7 billion , paid-in-kind, which was treated as a non-cash transaction in the Company's condensed statement of cash flows. During 2017 and 2016, the Company received dividends of $58.0 million and $1.0 million , respectively, paid-in-kind, which were treated as non-cash transactions in the Company's condensed statement of cash flows |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (or GAAP ). They include the accounts of Teekay Corporation (or Teekay ), which is incorporated under the laws of the Republic of The Marshall Islands, and its wholly-owned or controlled subsidiaries (collectively, the Company ). Certain of Teekay’s significant non-wholly owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the following publicly traded subsidiaries (collectively, the Public Subsidiaries ): Teekay LNG Partners L.P. (or Teekay LNG ); Teekay Tankers Ltd. (or Teekay Tankers ); and until September 25, 2017, Teekay Offshore Partners L.P. (or Teekay Offshore ). On September 25, 2017, Teekay, Teekay Offshore and Brookfield Business Partners L.P. together with its institutional partners (collectively, Brookfield ) finalized a strategic partnership (or the Brookfield Transaction ) which resulted in the deconsolidation of Teekay Offshore as of that date (see Note 3). Although Teekay owned less than 50% of Teekay Offshore, Teekay maintained control of Teekay Offshore until September 25, 2017, by virtue of its 100% ownership interest in the general partner of Teekay Offshore, which is a master limited partnership. In connection with Brookfield's acquisition of a 49% interest in Teekay Offshore's general partner, Teekay Offshore GP LLC (or TOO GP ), Teekay and Brookfield entered into an amended limited liability company agreement whereby Brookfield obtained certain participatory rights in the management of TOO GP, which resulted in Teekay deconsolidating Teekay Offshore for accounting purposes on September 25, 2017. Subsequent to the closing of the Brookfield Transaction, Teekay has significant influence over Teekay Offshore and accounts for its investment in Teekay Offshore using the equity method. As of December 31, 2017 , Teekay owned a 13.8% interest in the common units of Teekay Offshore ( 27.5% - December 31, 2016 ). As of December 31, 2017 , Teekay owned a 33.0% interest in Teekay LNG ( 33.1% - December 31, 2016 ), including common units and its 2% general partner interest, a nd 28.8% of the capital stock of Teekay Tankers ( 25.4% - December 31, 2016 ), including Teekay Tankers’ outstanding shares of Class B common stock, which entitle the holders to five votes per share, subject to a 49% aggregate Class B Common Stock voting power maximum. While Teekay owns less than 50% of Teekay LNG and Teekay Tankers, Teekay maintains control of Teekay LNG by virtue of its 100% ownership interest in the general partner of Teekay LNG , which is a master limited partnership, and maintains control of Teekay Tankers through its ownership of a sufficient number of Class A common shares and Class B common shares, which provide increased voting rights, to maintain a majority voting interest in Teekay Tankers and thus consolidates these subsidiaries. Teekay has entered into an omnibus agreement with Teekay LNG and Teekay Offshore to govern, among other things, when Teekay, Teekay LNG and Teekay Offshore may compete with each other and to provide the applicable parties certain rights of first offer on liquefied natural gas (or LNG ) carriers, oil tankers, shuttle tankers, floating storage and off-take (or FSO ) units and floating, production, storage and offloading (or FPSO ) units. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Given the current condition of the credit markets, it is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement. Significant intercompany balances and transactions have been eliminated upon consolidation. Certain of the comparative figures have been reclassified to conform to the presentation adopted in the current period relating to certain operating activities in the Company's consolidated statements of cash flows. In addition, as the Company has determined that the entities that have financed certain of Teekay LNG's LNG carriers or LNG carrier newbuildings through sale-leaseback transactions are variable interest entities that should be consolidated, the presentation of the sale-leaseback transactions in the consolidated statements of cash flows has been adjusted to reflect these transactions as financing activities instead of investing activities in the current and comparative period. This has resulted in a decrease in net investing cash flow of $355 million and an increase in net financing cash flow of $355 million for the year ended December 31, 2016 . |
Non-Controlling Interests | Non-Controlling Interests Where Teekay’s ownership interest in a consolidated subsidiary is less than 100%, the non-controlling interests’ share of these non-wholly- owned subsidiaries is reported in the Company’s consolidated balance sheets as a separate component of equity. The non-controlling interests’ share of the net income of these non-wholly owned subsidiaries is reported in the Company’s consolidated statements of (loss) income as a deduction from the Company’s net (loss) income to arrive at net (loss) income attributable to shareholders of Teekay. The basis for attributing net income or loss of each non-wholly owned subsidiary to the controlling interest and the non-controlling interests, with the exception of Teekay LNG and Teekay Offshore, until its deconsolidation on September 25, 2017, was based on the relative ownership interests of the non-controlling interests compared to the controlling interest, which is consistent with how dividends and distributions were paid or were payable for these non-wholly owned subsidiaries. Teekay LNG and Teekay Offshore each have limited partners and one general partner. Teekay LNG's general partner is wholly-owned by Teekay, and until September 25, 2017, Teekay Offshore's general partner was wholly owned by Teekay. For both Teekay LNG and Teekay Offshore, the limited partners hold common units and preferred units. For each quarterly period (with regards to Teekay Offshore, until its deconsolidation on September 25, 2017), the method of attributing Teekay LNG’s and Teekay Offshore’s net income (loss) of that period to the non-controlling interests of Teekay LNG and Teekay Offshore began by attributing net income (loss) of Teekay Offshore and Teekay LNG to the non-controlling interests which hold 100% of the preferred units of Teekay Offshore, except for Series D Preferred Units, of which they held 74% until redemption in September 2017, and 100% of the preferred units of Teekay LNG based on the amount of preferred unit distributions declared for the quarterly period. The remaining net income (loss) to be attributed to the controlling interest and the non-controlling interests of Teekay LNG and Teekay Offshore was then divided into two components. The first component consists of the cash distribution that Teekay LNG or Teekay Offshore will declare and pay to limited and general partners for that quarterly period (or the Distributed Earnings ). The second component consists of the difference between (a) the net income (loss) of Teekay LNG or Teekay Offshore that is available to be allocated to the common unitholders and the general partner of such entity and (b) the amount of the first component cash distribution (or the Undistributed Earnings ). The portion of the Distributed Earnings that is allocated to the non-controlling interests is the amount of the cash distribution that Teekay LNG or Teekay Offshore will declare and pay to the non-controlling interests for that quarterly period. The portion of the Undistributed Earnings that is allocated to the non-controlling interests is based on the relative ownership percentages of the non-controlling interests of Teekay LNG and Teekay Offshore compared to the controlling interest. The controlling interests include both limited partner common units and the general partner interests. When Teekay’s non-wholly-owned subsidiaries declare dividends or distributions to their owners, or require all of their owners to contribute capital to the non-wholly-owned subsidiaries, such amounts are paid to, or received from, each of the owners of the non-wholly-owned subsidiaries based on the relative ownership interests in the non-wholly-owned subsidiary. As such, any dividends or distributions paid to, or capital contributions received from, the non-controlling interests are reflected as a reduction (dividends or distributions) or an increase (capital contributions) in non-controlling interest in the Company’s consolidated balance sheets. When Teekay’s non-wholly-owned subsidiaries issue additional equity interests to non-controlling interests, Teekay is effectively selling a portion of the non-wholly-owned subsidiaries. Consequently, the proceeds received by the subsidiaries from their issuance of additional equity interests are allocated between non-controlling interest and retained earnings in the Company’s consolidated balance sheets. The portion allocated to non-controlling interest on the Company’s consolidated balance sheets consists of the carrying value of the portion of the non-wholly-owned subsidiary that is effectively disposed of, with the remaining amount attributable to the controlling interest, which consists of the Company’s dilution gain or loss that is reflected in retained earnings. |
Reporting currency | Reporting currency The consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is the U.S. Dollar because the Company operates in the international shipping market, which typically utilizes the U.S. Dollar as the functional currency. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in the accompanying consolidated statements of (loss) income . |
Operating revenues | Operating revenues and expenses Contracts of Affreightment and Voyage Charters Revenues from contracts of affreightment and voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all voyage charters, whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. Shuttle tanker voyages servicing contracts of affreightment with offshore oil fields commence with tendering of notice of readiness at a field, within the agreed lifting range, and ends with tendering of notice of readiness at a field for the next lifting. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Time Charters, Bareboat Charters and FPSO Contracts Operating Leases - The Company recognizes revenues from time charters, bareboat charters and FPSO contracts accounted for as operating leases on a straight-line basis daily over the term of the charter as the applicable vessel operates under the charter. Receipt of incentive-based revenue from the Company’s FPSO units is dependent upon its operating performance and such revenue is recognized when earned by fulfillment of the applicable performance criteria. The Company does not recognize revenue during days that the vessel is off hire unless the contract provides for compensation while off hire. Direct Financing Leases - Charter contracts that are accounted for as direct financing leases are reflected on the consolidated balance sheets as net investments in direct financing leases. The lease revenue is recognized on an effective interest rate method over the lease term so as to produce a constant periodic rate of return over the lease terms and is included in revenues. Revenue from rendering of services is recognized as the service is performed. Revenues are not recognized during days that the vessel is off hire unless the contract provides for compensation while off hire. The Company employs four LNG carriers, and until September 2017, employed an FSO unit and volatile organic compound emissions (or VOC) equipment relating to Teekay Offshore, on long-term time charters which are accounted for as direct financing leases. The lease payments received by the Company under these lease arrangements are allocated between the net investments in the leases and revenues or other income using the effective interest method so as to produce a constant periodic rate of return over the lease terms. Pooling Arrangements Revenues and voyage expenses of the vessels operating in pool arrangements are pooled and the resulting net pool revenues, calculated on a time-charter equivalent basis, are allocated to the pool participants according to an agreed formula. The agreed formula used to allocate net pool revenues varies between pools; however, the formula generally allocates revenues to pool participants on the basis of the number of days a vessel operates in the pool with weighting adjustments made to reflect vessels’ differing capacities and performance capabilities. The same revenue and expense recognition principles stated above for voyage charters are applied in determining the net pool revenues of the pool. The pools are responsible for paying voyage expenses and distributing net pool revenues to the participants. The Company accounts for the net allocation from the pool as revenues and amounts due from the pool are included in accounts receivable. Other Revenue Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other technical activities such as terminal management, consultancy, procurement and equipment rental, and from services provided such as commercial, technical, crew training, strategic, business development, administrative, p roject management and engineering. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. |
Operating expenses | Operating Expenses Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. |
Cash and cash equivalents | Cash and cash equivalents The Company classifies all highly liquid investments with a maturity date of three months or less at their inception as cash equivalents. |
Restricted Cash | Restricted Cash The Company maintains restricted cash deposits relating to certain term loans, collateral for derivatives, project tenders, leasing arrangements, amounts received from charterers to be used only for dry-docking expenditures and emergency repairs and other obligations. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Company believes that the receivable will not be recovered. There were no significant amounts recorded as allowance for doubtful accounts as at December 31, 2017 and 2016 . |
Vessels and equipment | Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Interest costs capitalized to vessels and equipment for the years ended December 31, 2017 , 2016 , and 2015 , aggregated $36.3 million , $36.9 million and $22.0 million , respectively. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for tankers carrying crude oil and refined product, 30 years for liquefied petroleum gas (or LPG ) carriers and 35 years for LNG carriers, commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for those periods of time. The Company considers shuttle tankers to be comprised of two components: (i) a conventional tanker (or the tanker component ) and (ii) specialized shuttle equipment (or the shuttle component ). The Company differentiates these two components on the principle that a shuttle tanker can also operate as a conventional tanker without the use of the shuttle component. The economics of this alternate use depend on the supply and demand fundamentals in the two segments. The Company has assessed the useful life of the tanker component as being 25 years and the shuttle component as being 20 years. FPSO units are depreciated using an estimated useful life of 20 to 25 years commencing the date the unit is installed at the oil field and is in a condition that is ready to operate. FSO units are depreciated over the estimated term of the contract. Units for maintenance and safety (or UMS ) are depreciated over an estimated useful life of 35 years commencing the date the unit arrives at the oil field and is in a condition that is ready to operate. Long-distance towing and offshore installation vessels are depreciated over an estimated useful life of 25 years commencing the date the vessel is delivered from the shipyard. Depreciation includes depreciation on all owned vessels and amortization of vessels accounted for as capital leases. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2017 , 2016 , and 2015 aggregated $397.6 million , $492.0 million and $445.2 million , respectively. Amortization of vessels related to capital leases was $28.0 million , $12.8 million and $5.4 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Generally, the Company dry docks each conventional oil tanker and gas carrier every two and a half to five years . FPSO units are generally not dry docked and maintenance is performed on these units while at sea. The Company capitalizes a substantial portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis over their estimated useful life, which typically is from the completion of a dry docking or intermediate survey to the estimated completion of the next dry docking. The Company includes in capitalized dry-docking costs those costs incurred as part of the dry docking to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking, and for annual class survey costs on the Company’s FPSO units. The continuity of capitalized dry-docking costs for the years ended December 31, 2017 , 2016 , and 2015 , is summarized as follows: Year Ended December 31, 2017 2016 2015 Balance at the beginning of the year 135,700 150,702 135,331 Costs incurred for dry dockings 52,677 47,980 69,927 Dry-dock amortization (49,686 ) (55,026 ) (47,271 ) Write-down / sales of vessels (49,319 ) (7,956 ) (7,285 ) Balance at the end of the year 89,372 135,700 150,702 Vessels and equipment that are intended to be held and used in the Company's business are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Company’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and is based on second-hand sale and purchase data. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses attributable to vessels and equipment classified as held for sale, or to their related liabilities, continue to be recognized as incurred. Gains on vessels sold and leased back under capital leases are deferred and amortized over the remaining term of the capital lease. Losses on vessels sold and leased back under capital leases are recognized immediately when the fair value of the vessel at the time of a sale-leaseback transaction is less than its book value. In such case, the Company would recognize a loss in the amount by which book value exceeds fair value. |
Other loan receivables | Other loan receivables The Company’s investments in loan receivables are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan is impaired include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available) any information provided by the debtor regarding its ability to repay the loan and the fair value of the underlying collateral. When a loan is impaired, the Company measures the amount of the impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting impairment in the consolidated statements of (loss) income . The carrying value of the loans will be adjusted each subsequent reporting period to reflect any changes in the present value of estimated future cash flows. The following table contains a summary of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2017 . December 31, Class of Financing Receivable Credit Quality Indicator Grade 2017 2016 Direct financing leases Payment activity Performing 495,990 660,594 Other loan receivables Loans to equity-accounted investees and joint venture partners Other internal metrics Performing 253,906 304,030 Long-term receivable included in other assets Payment activity Performing 12,175 17,712 762,071 982,336 |
Joint ventures | Joint ventures The Company’s investments in joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its investments in joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the consolidated statements of (loss) income . |
Debt issuance costs | Debt issuance costs Debt issuance costs related to a recognized debt liability, including fees, commissions and legal expenses, are deferred and presented as a direct reduction from the carrying amount of that debt liability and amortized on an effective interest rate method over the term of the relevant loan. Debt issuance costs related to loan facilities without a recognized debt liability or where the debt issuance costs exceed the carrying value of the related debt liability are deferred and presented as non-current assets in the consolidated balance sheets. Amortization of debt issuance costs is included in interest expense. Fees paid to amend a non-revolving credit facility shall be associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Any unamortized debt issuance costs would be written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium or discount, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other related costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend revolving credit facilities are deferred and amortized over the term of the modified credit facility. If the borrowing capacity under the credit facility is increased as a result of the amendment, unamortized loan costs of the original facility would be deferred and amortized over the term of the modified credit facility. If the borrowing capacity is decreased as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original facility would be written off and the remaining amount would be deferred and amortized over the term of the modified credit facility. |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, except for certain types of interest rate swaps (See Note 15 ). When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, or repaid. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive loss in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of (loss) income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in the corresponding earnings line item (e.g. interest expense) in the consolidated statements of (loss) income . If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of (loss) income. If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of (loss) income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) Accounting Standards Codification (or ASC ) 815, Derivatives and Hedging , the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated interest rate swaps related to long-term debt, non-designated bunker fuel swap contracts and forward freight agreements, and non-designated foreign currency forward contracts are recorded in realized and unrealized loss on non-designated derivative instruments. Gains and losses from the Company’s non-designated cross currency swaps are recorded in foreign exchange loss in the consolidated statements of (loss) income. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized, but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. The Company’s intangible assets consist primarily of acquired time-charter contracts, contracts of affreightment, and customer relationships. The value ascribed to the acquired time-charter contracts and contracts of affreightment is amortized over the life of the associated contract, with the amount amortized each year being weighted based on the projected revenue to be earned under the contracts. The value ascribed to customer relationships intangible assets is amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. |
Asset retirement obligation | Asset retirement obligation The Company has an asset retirement obligation (or ARO ) relating to the sub-sea production facility associated with the Petrojarl Banff FPSO unit operating in the North Sea. This obligation generally involves the costs associated with the restoration of the environment surrounding the facility and removal and disposal of all production equipment. This obligation is expected to be settled at the end of the contract under which the FPSO unit currently operates. The ARO will be covered in part by contractual payments to be received from FPSO contract counterparties. The Company records the fair value of an ARO as a liability in the period when the obligation arises. The fair value of the ARO is measured using expected future cash outflows discounted at the Company’s credit-adjusted risk-free interest rate. When the liability is recorded, the Company capitalizes the cost by increasing the carrying amount of the related equipment. Each period, the liability is increased for the change in its present value, and the capitalized cost is depreciated over the useful life of the related asset. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related asset and liability. |
Repurchase of common stock | Repurchase of common stock The Company accounts for repurchases of common stock by decreasing common stock by the par value of the stock repurchased. In addition, the excess of the repurchase price over the par value is allocated between additional paid in capital and retained earnings. The amount allocated to additional paid in capital is the pro-rata share of the capital paid in and the balance is allocated to retained earnings. |
Share-based compensation | Share-based compensation The Company grants stock options, restricted stock units, performance share units and restricted stock awards as incentive-based compensation to certain employees and directors. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period, which generally equals the vesting period. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. Compensation cost for awards with performance conditions is recognized when it is probable that the performance condition will be achieved. The compensation cost of the Company’s stock-based compensation awards is substantially reflected in general and administrative expense. |
Income taxes | Income taxes The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the consolidated financial statement basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax (expense) recovery. The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or Bermuda, or that distributions by its subsidiaries to the Company will be subject to any income taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) The following table contains the changes in the balances of each component of accumulated other comprehensive income (loss) attributable to shareholders of Teekay for the periods presented. Qualifying Cash Flow Hedging Instruments Pension Adjustments Unrealized (Loss) Gain on Available for Sale Marketable Securities Foreign Exchange Gain (Loss) on Currency Translation Total Balance as of December 31, 2014 (468 ) (29,888 ) — 2,058 (28,298 ) Other comprehensive income (loss) 49 14,038 (463 ) (217 ) 13,407 Balance as of December 31, 2015 (419 ) (15,850 ) (463 ) 1,841 (14,891 ) Other comprehensive income and other 378 3,690 47 173 4,288 Balance as of December 31, 2016 (41 ) (12,160 ) (416 ) 2,014 (10,603 ) Other comprehensive income and other 1,450 1,463 416 1,279 4,608 Balance as of December 31, 2017 1,409 (10,697 ) — 3,293 (5,995 ) |
Employee pension plans | Employee pension plans The Company has defined contribution pension plans covering the majority of its employees. Pension costs associated with the Company’s required contributions under its defined contribution pension plans are based on a percentage of employees’ salaries and are charged to earnings in the year incurred. With the exception of certain of the Company’s employees in Australia and Norway, the Company’s employees are generally eligible to participate in defined contribution plans. These plans allow for the employees to contribute a certain percentage of their base salaries into the plans. The Company matches all or a portion of the employees’ contributions, depending on how much each employee contributes. During the years ended December 31, 2017 , 2016 , and 2015 , the amount of cost recognized for the Company’s defined contribution pension plans was $11.8 million , $13.5 million and $15.2 million , respectively. The Company also has defined benefit pension plans (or the Benefit Plans ) covering certain of its employees in Norway and Australia. The Company accrues the costs and related obligations associated with its defined benefit pension plans based on actuarial computations using the projected benefits obligation method and management’s best estimates of expected plan investment performance, salary escalation, and other relevant factors. For the purpose of calculating the expected return on plan assets, those assets are valued at fair value. The overfunded or underfunded status of the defined benefit pension plans is recognized as assets or liabilities in the consolidated balance sheets. The Company recognizes as a component of other comprehensive loss, the gains or losses that arise during a period but that are not recognized as part of net periodic benefit costs. As at December 31, 2017 , approximately 65% of the defined benefit pension assets were held by the Norwegian plans and approximately 35% were held by the Australian plan. The pension assets in the Norwegian plans have been guaranteed a minimum rate of return by the provider, thus reducing potential exposure to the Company to the extent the provider honors its obligations. The Company's funded status deficiency was $1.5 million and $2.5 million at December 31, 2017 and 2016, respectively. |
(Loss) earnings per common share | (Loss) earnings per common share The computation of basic earnings (loss) per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock awards using the treasury stock method. The computation of diluted loss per share does not assume such exercises. |
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 an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which includes (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Company January 1, 2018 and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company has elected to apply ASU 2014-09 only to those contracts that are not completed as of January 1, 2018. The Company will adopt ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences based on the work performed to date: • The Company currently presents the net allocation for its vessels participating in revenue sharing arrangements as revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the revenue sharing arrangements. As such, the revenue from those voyages will be presented in voyage revenues and the difference between this amount and the Company's net allocation from the revenue sharing arrangement will be presented as voyage expenses. There will be no cumulative imp act to opening equity as at January 1, 2018. • The Company manages vessels owned by its equity accounted investments and third parties. Upon the adoption of ASU 2014-09, costs incurred by the Company for its seafarers will be presented as vessel operating expenses and the reimbursement of such expenses will be presented as revenue, instead of such amounts being presented on a net basis. The Company is in the process of finalizing which vessels this applies to. There will be no cumulative impact to opening equity as at January 1, 2018. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 is effective January 1, 2019, with early adoption permitted. The Company currently intends to adopt ASU 2016-02 effective January 1, 2018 using a transition approach whereby a cumulative effect adjustment is made as of the effective date of January 1, 2018, with no retrospective effect. To determine the cumulative effect adjustment, the Company has not reassessed whether any expired or existing contracts are, or contain leases, has not reassessed lease classification, and has not reassessed initial direct costs for any existing leases. The quarter in which the Company adopts ASU 2016-02 and the estimated impact from adoption contained below is based upon the expectation that FASB will issue an additional ASU prior to the filing of our consolidated financial statements for the first quarter of 2018. The Company is currently considering the potential impact of a delay in the finalization of this additional ASU on its adoption date. The Company has identified the following differences based on the work performed to date: • The adoption of ASU 2016-02 will result in a change in the accounting method for the Company's office leases and the lease portion of the daily charter hire for the chartered-in vessels by the Company and the Company's equity-accounted joint ventures accounted for as operating leases with firm periods of greater than one year. Under ASU 2016-02, the Company and the Company's equity accounted joint ventures will recognize a right-of-use asset and a lease liability on the balance sheet for these charters and office leases based on the present value of future minimum lease payments, whereas currently no right-of-use asset or lease liability is recognized. This will have the result of increasing the Company and its equity-accounted joint venture’s assets and liabilities. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged, unless the right of use asset becomes impaired. • The adoption of ASU 2016-02 will result in the Company completing its lease classification assessment when a lease commences instead of when the lease is entered into. The Company has entered into charters in prior periods for certain of its vessels currently under construction and which are expected to deliver over the period from 2018 to 2020. Historically, for charters that were negotiated concurrently with the construction of the related vessels, the fair value of the constructed asset was presumed to be its newbuilding cost and no gain or loss was recognized on commencement of the charter if such charters were classified as direct finance leases. On the adoption of ASU 2016-02, the fair value of the vessel is determined based on information available at the lease commencement date and any difference in the fair value of the ship upon commencement of the charter and its carrying value is recognized as a gain or loss upon commencement of the charter. • The adoption of ASU 2016-02 will result in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where such charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock. The Company is in the process of determining which vessels this applies to and the cumulative impact to opening equity as at January 1, 2018. • The Company expects that certain pre-operational costs it currently expenses as incurred will be deferred and amortized over the contract term of a customer contract that the costs relate to. The Company is in the process of determining which pre-operational costs this applies to and the cumulative impact to opening equity as at January 1, 2018. • In addition, direct financing lease payments received will be presented as an operating cash inflow instead of an investing cash inflow in the statement of cash flows. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09 ). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 became effective for the Company January 1, 2017. The impact of adopting this new accounting guidance resulted in a change in presentation of cash payments for tax withholdings on share-settled equity awards from an operating cash outflow to financing cash outflow on the Company's statement of cash flows. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company on January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (or ASU 2016-15 ), which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. ASU 2016-15 is effective for the Company on January 1, 2018, with a retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash (or ASU 2016-18 ). ASU 2016-18 requires that the statements of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 is effective for the Company on January 1, 2018. Adoption of ASU 2016-18 will require the Company’s statements of cash flows being modified to include changes in restricted cash in addition to changes in cash and cash equivalents. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business , (or ASU 2017-01 ). ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. ASU 2017-01 also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. The Company adopted this standard effective October 1, 2017, and this standard was applied to the acquisition of Tanker Investment Ltd (or TIL ) (See Note 4a). In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12 ). ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 will be effective for the Company January 1, 2019. The Company is currently evaluating the effect of adopting this new guidance. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Net Income of Consolidated Partially-Owned Entities and Attribution of Net Income to Controlling and Non-controlling Interests | The total net income of Teekay’s consolidated partially-owned entities and the attribution of that net income to controlling and non-controlling interests is as follows: Net income (loss) attributable to non-controlling interests Controlling Interest Net income (loss) of consolidated partially-owned entities (1) Non-public partially-owned subsidiaries Preferred unit holders Distri- buted Earnings (2) Undistri- buted Earnings Total Net income (loss) attributable Distri- buted Earnings Undistri- buted Earnings Total Controlling Interest (Teekay) Teekay Offshore 8,262 36,339 16,312 (398,185 ) (3 ) (337,272 ) 5,981 334,033 (3 ) 340,014 2,742 Teekay LNG (54 ) 13,979 30,474 (41,520 ) 2,879 15,027 (18,995 ) (3,968 ) (1,089 ) Teekay Tankers — — — (28,893 ) (28,893 ) — (30,434 ) (30,434 ) (59,327 ) Other entities and eliminations — — — — (2,510 ) For the Year Ended December 31, 2017 8,208 50,318 46,786 (468,598 ) (365,796 ) Teekay Offshore 11,858 45,835 41,688 (46,155 ) 53,226 18,378 (27,129 ) (8,751 ) 44,475 Teekay LNG 17,514 2,719 30,444 60,545 111,222 15,026 31,717 46,743 157,965 Teekay Tankers — — — 47,459 47,459 — 15,396 15,396 62,855 Other entities and eliminations — — — — (2,061 ) For the Year Ended December 31, 2016 29,372 48,554 72,132 61,849 209,846 Teekay Offshore 13,911 28,609 119,971 (103,949 ) 58,542 70,414 (38,913 ) 31,501 90,043 Teekay LNG 16,627 — 120,482 (1,510 ) 135,599 82,791 (880 ) 81,911 217,510 Teekay Tankers — — — 129,725 129,725 — 47,202 47,202 176,927 Other entities and eliminations — — — — (557 ) For the Year Ended December 31, 2015 30,538 28,609 240,453 24,266 323,309 (1) Includes earnings from common shares and preferred shares. (2) Excludes the results of the acquisition of interests in vessels between Teekay Corporation, Teekay Offshore and Teekay Tankers during the periods the vessels were under common control and had begun operations. (3) Subsequent to the formation of Teekay Offshore, Teekay sold certain vessels to Teekay Offshore. As Teekay Offshore was a non-wholly-owned consolidated subsidiary of Teekay at the date of the sales, all of the gain or loss on sales of these vessels was fully eliminated upon consolidation. Consequently, the portion of the gain or loss attributable to Teekay’s reduced interest in the vessels was deferred. The total unrecognized net deferred gain relating to the vessels previously sold from Teekay to Teekay Offshore was $349.6 million . Upon deconsolidation of Teekay Offshore, such amount was recognized as an increase to net loss attributable to non-controlling interests for the year ended December 31, 2017 . |
Summary of Capitalized Dry Docking Costs | The continuity of capitalized dry-docking costs for the years ended December 31, 2017 , 2016 , and 2015 , is summarized as follows: Year Ended December 31, 2017 2016 2015 Balance at the beginning of the year 135,700 150,702 135,331 Costs incurred for dry dockings 52,677 47,980 69,927 Dry-dock amortization (49,686 ) (55,026 ) (47,271 ) Write-down / sales of vessels (49,319 ) (7,956 ) (7,285 ) Balance at the end of the year 89,372 135,700 150,702 |
Summary of Financing Receivables | The following table contains a summary of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2017 . December 31, Class of Financing Receivable Credit Quality Indicator Grade 2017 2016 Direct financing leases Payment activity Performing 495,990 660,594 Other loan receivables Loans to equity-accounted investees and joint venture partners Other internal metrics Performing 253,906 304,030 Long-term receivable included in other assets Payment activity Performing 12,175 17,712 762,071 982,336 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table contains the changes in the balances of each component of accumulated other comprehensive income (loss) attributable to shareholders of Teekay for the periods presented. Qualifying Cash Flow Hedging Instruments Pension Adjustments Unrealized (Loss) Gain on Available for Sale Marketable Securities Foreign Exchange Gain (Loss) on Currency Translation Total Balance as of December 31, 2014 (468 ) (29,888 ) — 2,058 (28,298 ) Other comprehensive income (loss) 49 14,038 (463 ) (217 ) 13,407 Balance as of December 31, 2015 (419 ) (15,850 ) (463 ) 1,841 (14,891 ) Other comprehensive income and other 378 3,690 47 173 4,288 Balance as of December 31, 2016 (41 ) (12,160 ) (416 ) 2,014 (10,603 ) Other comprehensive income and other 1,450 1,463 416 1,279 4,608 Balance as of December 31, 2017 1,409 (10,697 ) — 3,293 (5,995 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Revenue and Income from Vessel Operations by Segment | The following table includes results for the Company’s revenue and income from vessel operations by segment for the periods presented in these financial statements. Revenues (1) Income from Vessel Operations (2) Year Ended Year Ended December 31, 2017 2016 2015 2017 2016 2015 Teekay Offshore (3) 796,711 1,152,390 1,229,413 147,060 230,853 283,399 Teekay LNG Liquefied Gas Carriers 385,683 336,530 305,056 188,676 174,600 151,200 Conventional Tankers 46,993 59,914 92,935 (40,027 ) (21,419 ) 30,172 432,676 396,444 397,991 148,649 153,181 181,372 Teekay Tankers (4) Conventional Tankers 431,178 550,543 524,834 1,416 96,752 190,589 Teekay Parent Offshore Production 209,394 231,435 277,842 (256,758 ) (48,310 ) (40,227 ) Conventional Tankers 5,065 32,967 65,777 (13,390 ) (15,967 ) 4,984 Other 89,107 76,111 75,547 (20,277 ) (32,219 ) 5,015 303,566 340,513 419,166 (290,425 ) (96,496 ) (30,228 ) Eliminations and other (83,799 ) (111,321 ) (121,022 ) — — — 1,880,332 2,328,569 2,450,382 6,700 384,290 625,132 (1) Certain vessels are chartered between the Daughter Entities and Teekay Parent. The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the year ended 2017 , 2016 and 2015 is as follows: Year Ended 2017 2016 2015 Teekay Offshore 34,232 49,514 67,993 Teekay LNG - Liquefied Gas Carriers 36,358 37,336 35,887 Teekay Tankers - Conventional Tankers — 5,404 1,380 Teekay Parent - Conventional Tankers — — 3,080 70,590 92,254 108,340 (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). (3) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3 ). The figures above include those of Teekay Offshore until the date of deconsolidation. (4) Financial information for Teekay Tankers includes operations of the Explorer Spirit , formerly known as the SPT Explorer , and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore. |
Revenues and Percentage of Consolidated Revenues | The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. All of these customers are international oil companies. Year Ended Year Ended Year Ended (U.S. dollars in millions) 2017 2016 2015 Royal Dutch Shell Plc (1) (2) (3) $259.4 or 14% $429.9 or 19% (7) BG Group (1) (2) (3) (2) (2) $263.4 or 11% Petroleo Brasileiro SA (1) (4) (7) $223.7 or 10% $231.8 or 10% Statoil ASA (1) (5) (7) (7) (7) BP Exploration Operating Co. Ltd. (1) (6) $183.0 or 10% (7) (7) (1) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3 ). The figures above include those of Teekay Offshore until the date of deconsolidation. (2) In February 2016, Royal Dutch Shell Plc acquired BG Group Plc and therefore includes revenues from both Royal Dutch Shell Plc and BG Group Plc for 2016. (3) Teekay Offshore Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, and Teekay Parent Segment — Conventional Tankers (4) Teekay Offshore Segment, and Teekay Tankers Segment — Conventional Tankers (5) Teekay Offshore Segment, Teekay Tankers Segment — Conventional Tankers, and Teekay Parent Segment — Conventional Tankers (6) Teekay Offshore Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, Teekay Parent Segment — Offshore Production, and Teekay Parent Segment — Conventional Tankers (7) Less than 10% |
Other Income Statement Items by Segment | The following table includes other income statement items by segment for the periods presented in these financial statements. Depreciation and Amortization Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets Equity (Loss) Income Year Ended Year Ended Year Ended 2017 2016 2015 2017 2016 2015 2017 2016 2015 Teekay Offshore (1) (219,406 ) (300,011 ) (274,599 ) (1,500 ) (40,079 ) (69,998 ) 12,028 17,933 7,672 Teekay Offshore (2) (2,461 ) — — Teekay LNG Liquefied Gas Carriers (95,025 ) (80,084 ) (71,323 ) — — — 9,789 62,307 84,171 Conventional Tankers (10,520 ) (15,458 ) (20,930 ) (50,600 ) (38,976 ) — — — — (105,545 ) (95,542 ) (92,253 ) (50,600 ) (38,976 ) — 9,789 62,307 84,171 Teekay Tankers (3) Conventional Tankers (100,481 ) (104,149 ) (71,429 ) (12,984 ) (20,594 ) 771 (25,370 ) 7,680 11,528 Teekay Parent Offshore Production (60,560 ) (70,855 ) (69,508 ) (205,659 ) (110 ) (948 ) (7,861 ) (575 ) (12,196 ) Conventional Tankers — (1,717 ) (2,852 ) — (12,487 ) — (20,677 ) 132 12,797 Other 163 449 451 — — — (2,792 ) (1,838 ) (1,101 ) (60,397 ) (72,123 ) (71,909 ) (205,659 ) (12,597 ) (948 ) (31,330 ) (2,281 ) (500 ) Eliminations and other — — 690 — — — — — — (485,829 ) (571,825 ) (509,500 ) (270,743 ) (112,246 ) (70,175 ) (37,344 ) 85,639 102,871 (1) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3 ). The figures above include those of Teekay Offshore until the date of deconsolidation. (2) Commencing on September 25, 2017, the Company accounts for its investment in Teekay Offshore using the equity method, and recognized an equity loss of $2.5 million for the post-deconsolidation period ended December 31, 2017 . (3) Financial information for Teekay Tankers includes operations of the Explorer Spirit , formerly known as the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore. |
Reconciliation of Total Segment Assets | A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: December 31, 2017 December 31, 2016 Teekay Offshore 280,774 5,354,702 Teekay LNG - Liquefied Gas Carriers 4,624,321 3,957,088 Teekay LNG - Conventional Tankers 112,844 193,553 Teekay Tankers - Conventional Tankers 2,125,909 1,870,211 Teekay Parent - Offshore Production 366,229 635,364 Teekay Parent - Conventional Tankers 13,620 55,937 Teekay Parent - Other 26,527 13,208 Cash and cash equivalents 445,452 567,994 Other assets not allocated 118,493 281,244 Eliminations (21,732 ) (114,549 ) Consolidated total assets 8,092,437 12,814,752 |
Capital Expenditures by Segment | The following table includes capital expenditures by segment for the periods presented in these financial statements. December 31, 2017 December 31, 2016 Teekay Offshore 340,705 294,581 Teekay LNG - Liquefied Gas Carriers 708,608 344,924 Teekay LNG - Conventional Tankers — 63 Teekay Tankers - Conventional Tankers 4,732 9,226 Teekay Parent - Other 7 88 1,054,052 648,882 |
Deconsolidation of Teekay Off36
Deconsolidation of Teekay Offshore (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Deconsolidation | The following table shows the accounting impact from the deconsolidation of Teekay Offshore on September 25, 2017. On such date, the Company recognized both the net cash proceeds it received from Brookfield and the fair value of its retained interests in Teekay Offshore, including common units, warrants, and vessel charters with Teekay Offshore, and derecognized the carrying value of both Teekay Offshore’s net assets and the non-controlling interest in Teekay Offshore, with the difference between the amounts recognized and derecognized being the loss on deconsolidation. As of September 25, 2017 Net cash proceeds received by Teekay 139,693 Fair value of common units and general partner interest of Teekay Offshore ( note 22 ) 150,132 Fair value of warrants ( note 15 ) 36,596 Fair value of vessel charters with Teekay Offshore ( notes 6 and 7 ) 14,812 Carrying value of the non-controlling interest in Teekay Offshore 1,138,275 Subtotal 1,479,508 Less: Carrying value of Teekay Offshore's net assets on deconsolidation (1,584,296 ) Loss on deconsolidation of Teekay Offshore (104,788 ) |
Equity Financing Transactions37
Equity Financing Transactions of the Daughter Companies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Proceeds Received from Financial Transactions | During the years ended December 31, 2017 , 2016 , and 2015 , the Company’s publicly-traded subsidiaries, Teekay Tankers and Teekay LNG, and Teekay Offshore, prior to the Brookfield Transaction on September 25, 2017, completed the following public offerings and private placements of equity securities: Number of shares / units # Total Proceeds Received Less: Offering Expenses Net Proceeds Received 2017 Teekay Tankers Continuous Offering Program 3,800,000 8,826 — (305 ) 8,521 Teekay Tankers Private Placement 2,155,172 5,000 (5,000 ) — — Teekay Tankers Direct Equity Placement (1) 13,775,224 25,897 (25,897 ) — — Teekay Offshore Private Placements (2) 6,521,518 29,817 (17,160 ) (212 ) 12,445 Teekay Tankers Direct Equity Placement (3) 88,977,544 151,262 (14,025 ) — 137,237 Teekay LNG Preferred B Units Offering 6,800,000 170,000 — (5,589 ) 164,411 2016 Teekay Offshore Preferred D Units Offering (4) 100,000 (26,000 ) (2,750 ) 71,250 Teekay Offshore Common Units Offering 21,978,022 102,041 (2,041 ) (2,550 ) 97,450 Teekay Offshore Continuous Offering Program 5,525,310 31,819 (636 ) (792 ) 30,391 Teekay Offshore Private Placement (5) 24,874 (13,167 ) — 11,707 Teekay LNG Preferred A Units Offering 5,000,000 125,000 — (4,293 ) 120,707 Teekay Tankers Continuous Offering Program 3,020,000 7,747 — (189 ) 7,558 2015 (6) Teekay Offshore Preferred B Units Offering 5,000,000 125,000 — (4,210 ) 120,790 Teekay Offshore Preferred C Units Offering 10,400,000 250,000 — (250 ) 249,750 Teekay Offshore Continuous Offering Program 211,077 3,551 (71 ) (66 ) 3,414 Teekay LNG Continuous Offering Program 1,173,428 36,274 (725 ) (900 ) 34,649 Teekay Tankers Public Offering 3,000,000 13,716 — (31 ) 13,685 Teekay Tankers Continuous Offering Program 13,391,100 94,595 — (2,155 ) 92,440 Teekay Tankers Private Placement 13,310,158 109,907 — — 109,907 (1) In May 2017, Teekay Tankers issued Class B common stock to the Company as consideration for its acquisition of the remaining 50% interest in TTOL. (2) During 2017, Teekay Offshore issued common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the distributions on Teekay Offshore's 8.60% Series C-1 Cumulative Convertible Perpetual Preferred Units (or the Series C-1 Preferred Units ) and 10.50% Series D Cumulative Convertible Perpetual Preferred Units (or the Series D Preferred Units ) and on Teekay Offshore's common units and general partner interest held by subsidiaries of Teekay. In June 2016, Teekay Offshore agreed with Teekay that, until the Teekay Offshore's Norwegian Kroner (or NOK) bonds maturing in 2018 had been repaid, all cash distributions (other than with respect to distributions, if any, on incentive distribution rights) to be paid by Teekay Offshore to Teekay or its affiliates, including Teekay Offshore's general partner, would instead be paid in common units or from the proceeds of the sale of common units. During 2017, Teekay Offshore issued Teekay 2.4 million common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the distributions on Teekay Offshore's Series D Preferred Units, common units and general partner interest held by subsidiaries of Teekay. During 2017, Teekay Offshore issued common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the interest due on Teekay Offshore's $200 million loan due to Teekay. Teekay Offshore issued Teekay 1.7 million common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the loan interest. (3) In November 2017, Teekay Tankers issued Class A common shares to the shareholders of TIL as consideration for the Teekay Tankers' acquisition of the remaining 88.7% interest (including Teekay Parent's 8.2% interest) in TIL. The shares had an approximate value of $151.3 million , or $1.70 per share, when the purchase price was agreed between the parties. (4) In June 2016, Teekay Offshore issued 4,000,000 of its Series D Preferred Units and 4,500,000 warrants exercisable to acquire up to 4,500,000 common units at an exercise price equal to the closing price of Teekay Offshore's common units on June 16, 2016, or $4.55 per unit (or the $4.55 Warrants ) and 2,250,000 warrants exercisable to acquire up to 2,250,000 common units with an exercise price at a 33% premium to the closing price of Teekay Offshore's common units on June 16, 2016, or $6.05 per unit (or the $6.05 Warrants ) (together, the Warrants ). The Warrants have a seven -year term and became exercisable any time six months following their issuance date. The Warrants are to be net settled in either cash or common units at Teekay Offshore's option. The gross proceeds from the sale of these securities were $100.0 million ( $97.2 million net of offering costs). Also in June 2016, Teekay Offshore exchanged approximately 1.9 million of the Series C Preferred Units for approximately 8.3 million common units of Teekay Offshore and also exchanged the remaining approximately 8.5 million Series C Preferred Units for approximately 8.5 million Series C-1 Preferred Units. In connection with the repurchase of the Series C-1 and Series D Preferred Units on September 25, 2017, the exercise price of the $6.05 Warrants was reduced to $4.55 per unit. Teekay purchased for $26.0 million a total of 1,040,000 of Teekay Offshore's Series D Preferred Units. Teekay also received 1,170,000 of the $4.55 Warrants and 585,000 of the $6.05 Warrants. The purchase of Teekay Offshore Series D Preferred Units has been accounted for as an equity transaction. Therefore, no gains or losses were recognized in the Company’s consolidated statements of (loss) income as a result of this purchase. Net cash proceeds from the sale of these securities of $71.3 million , which excludes Teekay's investment, was allocated on a relative fair value basis to the Series D Preferred Units ( $61.1 million ), to the $4.55 Warrants ( $7.0 million ) and to the $6.05 Warrants ( $3.1 million ). The Warrants qualify as freestanding financial instruments and are accounted for separately from the Series D Preferred Units. The Series D Preferred Units were presented in the Company's consolidated balance sheets as redeemable non-controlling interest in temporary equity which is above the equity section but below the liabilities section as they were not mandatorily redeemable and the prospect of a forced redemption paid with cash due to a change of control event was not probable. The Warrants were recorded as non-controlling interests in the Company's consolidated balance sheets. The Series D Preferred Units were redeemed in September 2017 upon the deconsolidation of Teekay Offshore (see Note 3). (5) In 2016, Teekay Offshore issued 4.7 million common units for a total value of $24.9 million (including the general partner's 2% proportionate capital contribution of $0.5 million ) as a payment-in-kind for the distributions on Teekay Offshore's Series C-1 Preferred Units and Series D Preferred Units and Teekay Offshore's common units and general partner interest held by subsidiaries of Teekay. In June 2016, Teekay Offshore agreed with Teekay that, until the Teekay Offshore's Norwegian Kroner bonds maturing in 2018 have been repaid, all cash distributions (other than with respect to incentive distribution rights) to be paid by Teekay Offshore to Teekay or its affiliates, including Teekay Offshore's general partner, would instead be paid in Teekay Offshore common units or from the proceeds of the sale of common units. During 2016, Teekay Offshore issued Teekay 2.5 million common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the distribution on Teekay Offshore's Series D Preferred Units, common units and general partner interest held by Teekay and its subsidiaries. The Series C-1 Preferred Units and Series D Preferred Units were redeemed in September 2017 upon the deconsolidation of Teekay Offshore (see Note 3). (6) In 2015, in addition to the issuances of equity to third parties noted in the table above, Teekay purchased $30.0 million or 4.5 million shares of Class A common stock of Teekay Tankers for Teekay Tankers to partially finance the acquisition of 12 modern Suezmax tankers from Principal Maritime (See Note 4c), $300.0 million or 14.4 million common units of Teekay Offshore for Teekay Offshore to partially finance the July 1, 2015 acquisition of the Petrojarl Knarr FPSO from Teekay, and $45.5 million or 6.5 million shares of Class B common stock of Teekay Tankers to finance the acquisition of SPT (see Note 4d). These increases in Teekay’s ownership interests in Teekay Tankers and Teekay Offshore have been accounted for as equity transactions. Therefore, no gains or losses were recognized in the Company’s consolidated statements of (loss) income as a result of these purchases. However, the carrying amount of the non-controlling interests’ share of Teekay Offshore and Teekay Tankers increased by an aggregate of $168.1 million and retained earnings decreased by $168.1 million to reflect the increase in Teekay’s ownership interest in Teekay Offshore and Teekay Tankers and the increase in the carrying value of Teekay Offshore’s and Teekay Tankers’ total equity. This adjustment to non-controlling interest and retained earnings was primarily the result of Teekay Offshore’s 14.4 million common units being issued to Teekay at fair value, which was significantly greater than the carrying value. |
Goodwill, Intangible Assets a38
Goodwill, Intangible Assets and In-Process Revenue Contracts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill for Company's Reportable Segment | The carrying amount of goodwill for the years ended December 31, 2017 and 2016 , for the Company’s reportable segments are as follows: Teekay Offshore Teekay LNG - Liquefied Gas Segment Conventional Tanker Segment Total Balance as of December 31, 2016 132,940 35,631 8,059 176,630 Decrease due to deconsolidation of Teekay Offshore (Note 3) (132,940 ) — — (132,940 ) Balance as of December 31, 2017 — 35,631 8,059 43,690 |
Summary of Intangible Assets | As at December 31, 2017 , the Company’s intangible assets consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer contracts 193,194 (131,647 ) 61,547 Customer relationships 22,500 (8,005 ) 14,495 Off-market in-charter contracts (1) 17,900 (928 ) 16,972 233,594 (140,580 ) 93,014 (1) Represents the off-market in-charter contracts between the Company and Teekay Offshore for two Floating Storage and Offloading (or FSO ) units. As at December 31, 2016 , the Company’s intangible assets consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer contracts 317,222 (245,705 ) 71,517 Customer relationships 22,500 (4,842 ) 17,658 Other intangible assets 1,000 (1,000 ) — 340,722 (251,547 ) 89,175 |
Accrued Liabilities and Other39
Accrued Liabilities and Other and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued Liabilities and Other December 31, 2017 December 31, 2016 (1) Voyage and vessel expenses 69,544 177,868 Interest 42,028 64,362 Payroll and benefits and other 137,659 70,904 Deferred revenues and gains - current 33,121 78,766 282,352 391,900 (1) Accrued liabilities related to Teekay Offshore as of December 31, 2016 totaled $207.7 million . Teekay Offshore was deconsolidated on September 25, 2017. This balance was comprised of $118.6 million of voyage and vessel expenses, $22.4 million of interest, $9.3 million of payroll and benefits and other, and $57.4 million of deferred revenues and gains - current. |
Schedule of Other Long-Term Liabilities | Other Long-Term Liabilities December 31, 2017 December 31, 2016 (2) $ Deferred revenues and gains 33,363 210,434 Guarantee liability 10,633 24,373 Asset retirement obligation 27,302 44,675 Pension liabilities 6,529 8,599 Unrecognized tax benefits and deferred income tax 31,061 24,340 Other 3,168 20,815 112,056 333,236 (2) Other long-term liabilities related to Teekay Offshore as of December 31, 2016 totaled $211.6 million . Teekay Offshore was deconsolidated on September 25, 2017. This balance was comprised of $162.7 million of deferred revenues and gains, $21.7 million of asset retirement obligation, $7.0 million of unrecognized tax benefits and deferred income tax and $20.2 million of other. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | December 31, 2017 December 31, 2016 Revolving Credit Facilities 877,343 1,119,808 Senior Notes (8.5%) due January 15, 2020 592,657 592,657 Norwegian Kroner-denominated Bonds due through October 2021 377,856 628,257 U.S. Dollar-denominated Term Loans due through 2031 1,358,798 3,702,997 U.S. Dollar Bonds due through 2024 — 466,680 Euro-denominated Term Loans due through 2023 232,957 219,733 Other U.S. Dollar-denominated loan 10,000 — Total principal 3,449,611 6,730,132 Less unamortized discount and debt issuance costs (31,906 ) (90,586 ) Total debt 3,417,705 6,639,546 Less current portion (800,897 ) (998,591 ) Long-term portion 2,616,808 5,640,955 |
Operating and Direct Financin41
Operating and Direct Financing Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts | As at December 31, 2017 , the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows: Year Head Lease (1) $ Sublease (1)(2) $ 2018 21,242 23,875 2019 21,242 23,875 2020 21,242 23,875 2021 21,242 23,875 2022 21,242 23,875 Thereafter 132,853 149,360 Total 239,063 268,735 (1) The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2017 , Teekay LNG had received $271.3 million of aggregate Head Lease receipts and had paid $212.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings, are deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2017 , $ 3.7 million ( December 31, 2016 - $3.7 million ) and $ 33.0 million ( December 31, 2016 - $36.7 million ) of Head Lease receipts had been deferred and included in accrued liabilities and other and other long-term liabilities, respectively, in the Company’s consolidated balance sheets. (2) The amount of payments under the Subleases is updated annually to reflect any changes in the lease payments due to changes in tax law. |
Net Investments in Direct Financing Leases | The following table lists the components of the net investments in direct financing leases: December 31, 2017 December 31, 2016 (1) Total minimum lease payments to be received 568,710 777,334 Estimated unguaranteed residual value of leased properties 194,965 203,465 Initial direct costs and other 361 393 Less unearned revenue (268,046 ) (320,598 ) Total 495,990 660,594 Less current portion (9,884 ) (154,759 ) Long-term portion 486,106 505,835 (1) The direct financing leases for one FSO unit and certain VOC equipment as at December 31, 2016 totaling $17.6 million as of that date related to Teekay Offshore, which was deconsolidated on September 25, 2017 . |
Obligations Related to Capita42
Obligations Related to Capital Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Capital Lease Obligations | December 31, 2017 December 31, 2016 LNG Carriers 961,711 338,257 Suezmax Tankers 198,746 54,582 Total obligations related to capital leases 1,160,457 392,839 Less current portion (114,173 ) (40,353 ) Long-term obligations related to capital leases 1,046,284 352,486 |
Schedule of Repayments of Capital Leases Including Imputed Interest | As at December 31, 2017 , the remaining commitments related to the eight capital leases for Teekay LNG's LNG carriers and LNG carrier newbuildings, including the related purchase obligations, approximated $1.4 billion , including imputed interest of $429.9 million , repayable from 2018 through 2027, as indicated below: Year Commitment 2018 $ 111,678 2019 $ 119,564 2020 $ 118,901 2021 $ 117,904 2022 $ 117,109 Thereafter $ 806,458 As at December 31, 2017 , the remaining commitments related to the six capital leases for Suezmax tankers, including the related purchase obligations, approximated $269.0 million , including imputed interest of $70.3 million , repayable from 2018 through 2029, as indicated below: Year Commitment 2018 $ 67,214 2019 $ 16,236 2020 $ 16,279 2021 $ 16,233 2022 $ 16,232 Thereafter $ 136,846 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Other Non-Financial Assets | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2017 December 31, 2016 Fair Value Carrying Fair Carrying Fair Recurring Cash and cash equivalents, restricted cash, and marketable securities Level 1 552,186 552,186 805,567 805,567 Derivative instruments ( note 15 ) Interest rate swap agreements - assets (1) Level 2 6,081 6,081 7,943 7,943 Interest rate swap agreements - liabilities (1) Level 2 (78,560 ) (78,560 ) (302,935 ) (302,935 ) Cross currency interest swap agreement (1) Level 2 (50,459 ) (50,459 ) (237,165 ) (237,165 ) Foreign currency contracts Level 2 81 81 (2,993 ) (2,993 ) Stock purchase warrants Level 3 30,749 30,749 575 575 Time-charter swap agreement Level 3 — — 208 208 Non-recurring Vessels and equipment Level 2 — — 11,300 11,300 Vessels held for sale ( note 18b ) Level 2 16,671 16,671 61,282 61,282 Long-term investments Level 2 — — 6,000 6,000 Other Loans to equity-accounted investees and joint venture partners - Current (2) 107,486 (2) 11,821 (2) Loans to equity-accounted investees and joint venture partners - Long-term (2) 146,420 (2) 292,209 (2) Long-term receivable included in accounts receivable and other assets (3) Level 3 3,476 3,459 10,985 10,944 Long-term debt - public ( note 8 ) Level 1 (963,563 ) (979,773 ) (1,503,472 ) (1,409,996 ) Long-term debt - non-public ( note 8 ) Level 2 (2,454,142 ) (2,421,273 ) (5,136,074 ) (5,009,900 ) Obligations related to capital leases, including current portion Level 2 (1,160,457 ) (1,148,989 ) (392,839 ) (400,072 ) (1) The fair value of the Company’s interest rate swap and cross currency swap agreements at December 31, 2017 includes $5.7 million ( December 31, 2016 - $15.8 million ) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets. (2) In the consolidated financial statements, the Company’s loans to and equity investments in equity-accounted investees constitute the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the individual components of such aggregate interests is not determinable. (3) As at December 31, 2017 , the estimated fair value of the non-interest bearing receivable from Royal Dutch Shell Plc (or Shell ) is based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of December 31, 2017 was $3.5 million ( December 31, 2016 - $10.9 million ) using a discount rate of 8.0% . As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from Shell, the discount rate was based on unsecured debt instruments of similar maturity held by the Company, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset. |
Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the years ended December 31, 2017 and 2016 for the Company's Brookfield Transaction Warrants, Series D Warrants and the TIL stock purchase warrants, which are described above and are measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended December 31, 2017 2016 Fair value at the beginning of the year 575 10,328 Fair value on issuance 36,596 — Unrealized loss included in earnings (6,422 ) (9,753 ) Fair value at the end of the year 30,749 575 Changes in fair value during the years ended December 31, 2017 and 2016 for Teekay Tankers' time-charter swap agreement, which is described in Note 15 below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended Year Ended Fair value asset - beginning of the year 208 — Settlements (1,106 ) (2,154 ) Realized and unrealized gain 898 2,362 Fair value asset - at the end of the year — 208 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information for the years ended December 31, 2017 , 2016 , and 2015 , are as follows: December 31, 2017 December 31, 2016 December 31, 2015 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding - beginning of year 3,367 29.16 2,800 36.84 2,710 36.61 Granted 732 10.18 916 9.44 265 43.99 Exercised (3 ) 9.44 — — (36 ) 33.79 Forfeited / expired (496 ) 46.27 (349 ) 38.97 (139 ) 46.80 Outstanding - end of year 3,600 22.96 3,367 29.16 2,800 36.84 Exercisable - end of year 2,221 29.76 2,271 35.89 2,500 36.03 |
Non-Vested Stock Option Activity and Related Information | A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2017 , 2016 and 2015 , are as follows: December 31, 2017 December 31, 2016 December 31, 2015 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding non-vested stock options - beginning of year 1,096 4.30 300 8.09 202 9.37 Granted 732 4.71 916 3.60 265 7.74 Vested (399 ) 4.62 (118 ) 8.48 (167 ) 9.07 Forfeited (50 ) 3.94 (2 ) 3.60 — — Outstanding non-vested stock options - end of year 1,379 4.44 1,096 4.30 300 8.09 |
Details Regarding Outstanding and Exercisable Stock Options | Further details regarding the Company’s outstanding and exercisable stock options at December 31, 2017 are as follows: Outstanding Options Exercisable Options Range of Exercise Prices Options Weighted- Average Weighted- Options Weighted- Average Weighted- $5.00 – $9.99 869 8.2 9.44 299 8.2 9.44 $10.00 – $19.99 910 7.5 10.52 188 1.2 11.84 $20.00 – $24.99 287 2.2 24.42 287 2.2 24.42 $25.00 – $29.99 364 4.2 27.69 364 4.2 27.69 $30.00 – $34.99 113 4.4 34.42 113 4.4 34.42 $35.00 – $39.99 25 0.6 39.99 25 0.6 39.99 $40.00 – $49.99 1,017 2.0 41.34 930 1.5 41.09 $50.00 – $59.99 15 6.2 56.76 15 6.2 56.76 3,600 5.2 22.96 2,221 3.1 29.76 |
Other (Loss) Income (Tables)
Other (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Summary of Other (Loss) Income | Year Ended Year Ended Year Ended Tax indemnification guarantee liability (1) (50,000 ) — — Write-off of contingent consideration (2) — 36,630 — Contingent liability (3) (4,500 ) (61,862 ) — Gain on sale / (write-down) of cost-accounted investment (4) 1,250 (19,000 ) — Miscellaneous (loss) income (731 ) 5,219 1,566 Other (loss) income (53,981 ) (39,013 ) 1,566 (1) Related to the Teekay Nakilat capital lease (see Note 16d). (2) Related to reversals of contingent liabilities as a result of the cancellation of units for maintenance and safety (or UMS ) construction contracts in Teekay Offshore, which was deconsolidated in September 2017 (see Note 3). (3) Related to settlements and accruals made prior to September 2017 as a result of claims and potential claims made against Logitel Offshore Holding AS (or Logitel ), a company acquired by Teekay Offshore in 2014. Teekay Offshore was deconsolidated in September 2017 (see Note 3). (4) The Company holds cost-accounted investments at cost. During the year ended December 31, 2016, the Company recorded a write-down of an investment of $19.0 million . This investment was subsequently sold in 2017, resulting in a gain on sale of cost-accounted investment of $1.3 million . |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Commitment of Foreign Currency Forward Contracts | As at December 31, 2017 , the Company was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency Average Forward Rate (1) Fair Value / Carrying Amount Of Asset $ Expected Maturity 2018 $ Norwegian Kroner 100,000 8.23 81 12,153 (1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. |
Commitment of Cross Currency Swaps | As at December 31, 2017 , the Company was committed to the following cross currency swaps: Notional Amount NOK Notional Amount USD Fair Value / Carrying Amount of (Liability) / Asset Remaining Floating Rate Receivable Reference Rate Margin Fixed Rate Payable 900,000 150,000 NIBOR 4.35 % 6.43 % (41,664 ) 0.7 1,000,000 134,000 NIBOR 3.70 % 5.92 % (12,553 ) 2.4 1,200,000 146,500 NIBOR 6.00 % 7.72 % 3,758 3.8 (50,459 ) |
Interest Rate Swap Agreements | As at December 31, 2017 , the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt and EURIBOR-based debt, whereby certain of the Company’s floating-rate debt obligations were swapped with fixed-rate obligations: Interest Principal Fair Value / Weighted- Fixed (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 1,137,671 (33,882 ) 4.8 2.8 U.S. Dollar-denominated interest rate swaps (3) LIBOR 160,000 (9,360 ) 0.3 3.5 U.S. Dollar-denominated interest rate swaption (4) LIBOR 160,000 (2 ) 0.1 2.0 U.S. Dollar-denominated interest rate swaption (4) LIBOR 160,000 — 0.1 3.1 EURIBOR-Based Debt: Euro-denominated interest rate swaps (5) (6) EURIBOR 232,957 (29,235 ) 3.0 3.1 (72,479 ) (1) Excludes the margins the Company pays on its variable-rate debt, which, as of December 31, 2017 , ranged from 0.3% to 4.0% . (2) Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. (3) Forward starting swap with inception date in April 2018. This interest rate swap is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2018 to 2024. This interest rate swap is subject to mandatory early termination in 2018 whereby the swap will be settled based on its fair value at that time. (4) During August 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in January 2018 to enter into an interest rate swap at a fixed rate of 3.10% with a third party, and the third party has a one-time option in January 2018 to require Teekay LNG to enter into an interest swap at a fixed rate of 1.97% . If Teekay LNG or the third party exercises its option, there will be a cash settlement in January 2018 for the fair value of the interest rate swap, in lieu of taking delivery of the actual interest rate swap. Neither party exercised their option in January 2018. (5) Principal amount reduces monthly to 70.1 million Euros ( $84.2 million ) by the maturity dates of the swap agreements. (6) Principal amount is the U.S. dollar equivalent of 194.1 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. Prepaid Expenses and Other Other Non-Current Assets Accrued Liabilities and Other Current Derivative As at December 31, 2017 Derivatives designated as a cash flow hedge: Interest rate swap agreements — 1,037 (18 ) (751 ) (7 ) Derivatives not designated as a cash flow hedge: Foreign currency contracts 96 — — (15 ) — Interest rate swap agreements 1,124 4,319 (4,836 ) (35,134 ) (38,213 ) Cross currency swap agreements — 5,042 (810 ) (44,523 ) (10,168 ) Stock purchase warrants — 30,749 — — — 1,220 41,147 (5,664 ) (80,423 ) (48,388 ) As at December 31, 2016 Derivatives designated as a cash flow hedge: Interest rate swap agreements — 1,340 (363 ) (1,033 ) (52 ) Derivatives not designated as a cash flow hedge: Foreign currency contracts 119 — — (2,601 ) (511 ) Interest rate swap agreements 212 9,839 (11,979 ) (59,055 ) (233,901 ) Cross currency swap agreements — — (3,464 ) (53,124 ) (180,577 ) Stock purchase warrants — 575 — — — Time -charter swap agreement 875 — (667 ) — — 1,206 11,754 (16,473 ) (115,813 ) (415,041 ) |
Effective Portion of Gains (Losses) on Interest Rate Swap Agreements | For the periods indicated, the following table presents the effective portion of (losses) gains on consolidated interest rate swap agreements designated and qualifying as cash flow hedges: Year Ended December 31, 2017 Effective Portion Effective Portion Ineffective Recognized in AOCI (1) Reclassified from AOCI (2) Portion $ $ $ (31 ) (1,614 ) (746 ) Interest expense (31 ) (1,614 ) (746 ) Year Ended December 31, 2016 Effective Portion Effective Portion Ineffective Recognized in AOCI (1) Reclassified from AOCI (2) Portion $ $ $ 691 (68 ) 682 Interest expense 691 (68 ) 682 (1) Recognized in accumulated other comprehensive loss (or AOCI ). (2) Recorded in AOCI during the term of the hedging relationship and reclassified to earnings. (3) Recognized in the ineffective portion of (losses) gains on derivative instruments designated and qualifying as cash flow hedges. |
Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | The effect of the (losses) and gains on derivatives not designated as hedging instruments in the consolidated statements of (loss) income are as follows: Year Ended Year Ended Year Ended Realized (losses) gains relating to: Interest rate swap agreements (53,921 ) (87,320 ) (108,036 ) Interest rate swap agreement terminations (610 ) (8,140 ) (10,876 ) Foreign currency forward contracts 667 (11,186 ) (21,607 ) Time charter swap agreement 1,106 2,154 — Forward freight agreements 270 — — (52,488 ) (104,492 ) (140,519 ) Unrealized gains (losses) relating to: Interest rate swap agreements 17,005 62,446 37,723 Foreign currency forward contracts 3,925 15,833 (418 ) Stock purchase warrants (6,421 ) (9,753 ) 1,014 Time-charter swap agreement (875 ) 875 — 13,634 69,401 38,319 Total realized and unrealized losses on derivative instruments (38,854 ) (35,091 ) (102,200 ) |
Effect of Gains (Losses) on Cross Currency Swaps | The effect of the gains (losses) on cross currency swaps on the consolidated statements of (loss) income is as follows: Year Ended December 31, 2017 2016 2015 Realized losses on maturity and/or partial termination of cross currency swap (25,733 ) (41,707 ) (36,155 ) Realized losses (18,494 ) (38,564 ) (18,973 ) Unrealized gains (losses) 82,668 75,033 (89,178 ) Total realized and unrealized gains (losses) on cross currency swaps 38,441 (5,238 ) (144,306 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Joint Ventures | Teekay LNG’s share of commitments to fund newbuilding and other construction contract costs of its non-consolidated joint ventures as at December 31, 2017 are as follows: Total 2018 2019 2020 Yamal LNG Joint Venture (i) 781,300 350,100 232,000 199,200 Pan Union Joint Venture (ii) 116,629 87,102 29,527 — Bahrain LNG Joint Venture (iii) 133,936 80,733 53,203 — Exmar LPG Joint Venture (iv) 54,570 54,570 — — 1,086,435 572,505 314,730 199,200 (i) Teekay LNG, through the Yamal LNG Joint Venture, has a 50 % ownership interest in six 172,000 -cubic meter ARC7 LNG carrier newbuildings that have an estimated total fully built-up cost of approximately $2.1 billion . As at December 31, 2017 , Teekay LNG’s proportionate costs incurred under these newbuilding contracts totaled $240.1 million . The Yamal LNG Joint Venture had secured debt financing of $816.0 million for the six LNG carrier newbuildings, of which $751.5 million was undrawn at December 31, 2017, related to Teekay LNG's proportionate share of the commitments included in the table above. (ii) Through the Pan Union Joint Venture, Teekay LNG has an ownership interest ranging from 20% to 30% in three LNG carrier newbuildings scheduled for delivery in 2018 and 2019. The Pan Union Joint Venture had secured financing of $87.0 million related to Teekay LNG's proportionate share of the commitments included in the table above and Teekay LNG is scheduled to receive $3.5 million of reimbursement directly from Shell. (iii) Teekay LNG has a 30% ownership interest in the Bahrain LNG Joint Venture for the development of an LNG receiving and regasification terminal in Bahrain. The project will include a FSU, which will be modified from one of the Teekay LNG’s existing MEGI LNG carrier newbuildings, an offshore gas receiving facility, and an onshore nitrogen production facility. The terminal will have a capacity of 800 million standard cubic feet per day and will be owned and operated under a 20 -year agreement commencing early-2019. The receiving and regasification terminal is expected to have a fully-built up cost of approximately $960.0 million . The Bahrain LNG Joint Venture has secured debt financing for approximately 75% of the estimated fully built-up cost of the LNG receiving and regasification terminal in Bahrain. (iv) Teekay LNG has a 50% ownership interest in the Exmar LPG Joint Venture which has three LPG newbuilding vessels scheduled for delivery in 2018 and has secured $56.0 million of financing for two of the three LPG carrier newbuildings related to the commitments included in the table above. |
Supplemental Cash Flow Inform48
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Changes in Operating Assets and Liabilities | a) The changes in operating assets and liabilities for the years ended December 31, 2017 , 2016 , and 2015 , are as follows: Year Ended December 31, 2017 2016 2015 Accounts receivable (1,925 ) 96,497 (6,488 ) Prepaid expenses and other 2,608 9,690 (10,607 ) Accounts payable (14,499 ) (10,705 ) (24,727 ) Accrued liabilities and other 120,383 (57,149 ) 29,531 106,567 38,333 (12,291 ) |
Asset Impairments and Loss on49
Asset Impairments and Loss on Sales of Vessels, Equipment and Other Operating Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of Vessel Sales | The following table shows the net (loss) gain on sale of vessels, equipment and other operating assets for the years ended December 31, 2017 , 2016 , and 2015 : Net (Loss) Gain on Sales of Vessels, Equipment and Other Operating Assets Year Ended December 31, Segment Asset Type Completion of Sale Date 2017 $ 2016 $ 2015 $ Teekay Offshore Segment FSO unit Oct-2017 — (983 ) — Teekay Offshore Segment 2 Shuttle Tankers Mar-2015/Nov-2016 — 6,817 1,643 Teekay Offshore Segment 2 Conventional Tankers Mar-2016 — 65 (3,897 ) Teekay LNG Segment - Conventional Tankers 2 Suezmaxes (1) (25,100 ) — — Teekay LNG Segment - Conventional Tankers Suezmax Mar-2017 — (11,537 ) — Teekay LNG Segment - Conventional Tankers 2 Suezmaxes Apr/May-2016 — (27,439 ) — Teekay Tankers Segment - Conventional Tankers 3 Aframaxes June/Sept/Nov-2017 (11,158 ) Teekay Tankers Segment - Conventional Tankers 2 Suezmaxes Jan/Mar-2017 (1,797 ) (6,276 ) — Teekay Tankers Segment - Conventional Tankers 2 MR Tankers Aug/Nov-2016 — (14,650 ) — Teekay Parent Segment - Conventional Tankers VLCC Oct-2016 — (12,495 ) — Other (29 ) 48 (177 ) Total (38,084 ) (66,450 ) (2,431 ) (1) Teekay LNG has commenced marketing these vessels for sale and the vessels are classified as held for sale at December 31, 2017. |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Income (Loss) Per Share | Year Ended December 31, 2017 2016 2015 Net (loss) income attributable to shareholders of Teekay Corporation (163,276 ) (123,182 ) 82,151 The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore (note 16e) — (4,993 ) — Net (loss) income attributable to shareholders of Teekay Corporation for basic income (loss) per share (163,276 ) (128,175 ) 82,151 Reduction in net earnings due to dilutive impact of stock-based compensation in Teekay LNG, Teekay Offshore and Teekay Tankers and stock purchase warrants in Teekay Offshore (90 ) (25 ) (227 ) Net (loss) income attributable to shareholders of Teekay Corporation for diluted income (loss) per share (163,366 ) (128,200 ) 81,924 Weighted average number of common shares 86,335,473 79,211,154 72,665,783 Dilutive effect of stock-based compensation — — 524,781 Common stock and common stock equivalents 86,335,473 79,211,154 73,190,564 (Loss) Earnings per common share: - Basic (1.89 ) (1.62 ) 1.13 - Diluted (1.89 ) (1.62 ) 1.12 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Company's Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, December 31, Deferred tax assets: Vessels and equipment 5,377 40,928 Tax losses carried forward (1) 193,501 276,291 Other 29,355 17,075 Total deferred tax assets 228,233 334,294 Deferred tax liabilities: Vessels and equipment 9,053 5,974 Provisions 5,153 — Other 8,417 13,317 Total deferred tax liabilities 22,623 19,291 Net deferred tax assets 205,610 315,003 Valuation allowance (202,513 ) (290,015 ) Net deferred tax assets 3,097 24,988 (1) Substantially all of the Company’s net operating loss carryforwards of $979.2 million relate primarily to its Norwegian, U.K., Spanish, and Luxembourg subsidiaries and, to a lesser extent, to its Australian ship-owning subsidiaries. These net operating loss carryforwards are available to offset future taxable income in the respective jurisdictions, and can be carried forward indefinitely, except for losses which arose during 2017 in Luxembourg, which losses can be carried forward for 17 years. The Company also has $30.2 million in disallowed finance costs that relate to its Spanish subsidiaries and are available to offset future taxable income in Spain and can also be carried forward indefinitely. |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows: Year Ended Year Ended Year Ended Current (11,997 ) (14,424 ) (10,440 ) Deferred (235 ) (10,044 ) 27,207 Income tax (expense) recovery (12,232 ) (24,468 ) 16,767 |
Reconciliations of Income Tax Rates and Actual Tax Charge | Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended Year Ended Year Ended Net (loss) income before taxes (516,840 ) 111,132 388,693 Net (loss) income not subject to taxes (297,688 ) 57,862 252,604 Net (loss) income subject to taxes (219,152 ) 53,270 136,089 At applicable statutory tax rates (51,471 ) 5,996 32,750 Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions 64,164 18,198 (49,789 ) Other (461 ) 274 272 Tax expense (recovery) related to the year 12,232 24,468 (16,767 ) |
Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities | The following is a roll-forward of the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from January 1, 2015 to December 31, 2017 : Year Ended Year Ended Year Ended Balance of unrecognized tax benefits as at January 1 19,492 18,390 20,335 Increases for positions related to the current year 2,631 6,422 4,578 Changes for positions taken in prior years 3,475 (3,729 ) (2,965 ) Decreases related to statute of limitations (1,562 ) (1,591 ) (3,558 ) Increase due to acquisition of TIL 8,528 — — Decrease due to deconsolidation of Teekay Offshore (1,503 ) — — Balance of unrecognized tax benefits as at December 31 31,061 19,492 18,390 |
Equity-accounted Investments (T
Equity-accounted Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Condensed Summary of Company's Investments in and Advances to Joint Ventures | A condensed summary of the Company’s investments in equity-accounted investees by segment is as follows (in thousands of U.S. dollars, except percentages): As at December 31, Investments in Equity-accounted Investees (1) Ownership Percentage 2017 2016 Teekay Offshore (2) Libra Joint Venture 50% — 69,972 Itajai 50% — 71,827 Teekay LNG - Liquefied Gas Angola LNG Carriers 33% 73,316 63,673 Pan Union Joint Venture 20% - 30% 38,298 33,594 Exmar LNG Joint Venture 50% 79,915 79,577 Exmar LPG Joint Venture 50% 157,926 165,064 RasGas3 Joint Venture 40% 123,034 173,037 Teekay LNG - Marubeni Joint Venture 52% 335,897 294,764 Yamal LNG Joint Venture 50% 194,715 152,927 Bahrain LNG Joint Venture 30% 77,786 64,003 Teekay Tanker - Conventional Tankers TIL 11% — 47,710 Wah Kwong Joint Venture 50% 24,546 22,025 Teekay Parent - Offshore Production Sevan 44% 15,589 22,180 Teekay Parent - Other Teekay Offshore (2) ( note 3) 14% 208,871 — TOO GP (2) (note 3) 51% 4,061 — Teekay Parent - Conventional Tankers TIL 8% — 36,699 Other 50% 1,169 2,802 1,335,123 1,299,854 (1) Investments in equity-accounted investees is presented in current portion of loans to equity-accounted investees, loans to equity-accounted investees, equity-accounted investments and advances from affiliates in the Company’s consolidated balance sheets. (2) The results included for Teekay Offshore are from the date of deconsolidation on September 25, 2017. Itajai and Libra Joint Venture results were included up until September 25, 2017. |
Condensed Summary of Company's Financial Information for Joint Venture | A condensed summary of the Company’s financial information for equity-accounted investments ( 14% to 52% -owned) shown on a 100% basis are as follows: As at December 31, 2017 2016 Cash and restricted cash 555,566 500,355 Other assets - current 370,790 150,378 Vessels and equipment, including vessels related to capital leases and advances on newbuilding contracts 8,056,504 4,655,170 Net investment in direct financing leases 1,973,307 1,776,954 Other assets - non-current 500,108 74,096 Current portion of long-term debt and obligations related to capital leases 764,098 360,942 Other liabilities - current 593,968 160,312 Long-term debt and obligations related to capital leases 5,957,406 4,208,214 Other liabilities - non-current 751,416 213,060 Year Ended December 31, 2017 2016 2015 Revenues 980,078 882,650 985,318 Income from vessel operations 258,006 365,472 433,023 Realized and unrealized (loss) gain on non-designated derivative instruments (17,438 ) (10,900 ) (38,955 ) Net income 38,646 239,766 275,259 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Narrative (Detail) $ in Thousands | Sep. 25, 2017 | Dec. 31, 2017USD ($)votevesselcomponentsegmentpartner | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 31, 2017 |
Basis of presentation and Non-Controlling Interests | |||||
Net investing cash flow | $ 1,054,171 | $ 530,519 | $ 1,823,278 | ||
Net financing cash flow | 417,884 | (200,662) | 918,934 | ||
Vessels and equipment | |||||
Interest costs capitalized to vessels and equipment | $ 36,300 | 36,900 | 22,000 | ||
Number of segments | segment | 2 | ||||
Depreciation and amortization | $ 485,829 | 571,825 | 509,500 | ||
Amortization of vessels accounted for as capital leases | 28,000 | 12,800 | 5,400 | ||
Asset retirement obligation | |||||
Asset retirement obligation | 27,300 | 44,700 | |||
Other non-current assets | 83,211 | 190,699 | |||
Employee pension plans | |||||
Cost recognized for defined contribution pension plans | 11,800 | 13,500 | 15,200 | ||
Funded status deficiency | $ 1,500 | 2,500 | |||
Norway | |||||
Employee pension plans | |||||
Percentage of ownership of defined benefit pension assets | 65.00% | ||||
Australia | |||||
Employee pension plans | |||||
Percentage of ownership of defined benefit pension assets | 35.00% | ||||
Asset retirement obligation | |||||
Asset retirement obligation | |||||
Other non-current assets | $ 7,400 | 27,900 | |||
Units for Maintenance and Safety | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 35 years | ||||
Long Distance Towing and Offshore Installation | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 25 years | ||||
Liquefied Natural Gas | |||||
Operating revenues and expenses | |||||
Number of vessels | vessel | 4 | ||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 35 years | ||||
Tanker | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 25 years | ||||
Shuttle | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 20 years | ||||
Oil Tanker | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 25 years | ||||
Liquefied Petroleum Gas | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 30 years | ||||
Excluding amortization of Drydocking expenditure | |||||
Vessels and equipment | |||||
Depreciation and amortization | $ 397,600 | 492,000 | $ 445,200 | ||
Maximum | FPSO | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 25 years | ||||
Maximum | Dry-docking activity | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 5 years | ||||
Minimum | FPSO | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 20 years | ||||
Minimum | Dry-docking activity | |||||
Vessels and equipment | |||||
Property, plant and equipment, useful life | 2 years 6 months | ||||
Public Subsidiaries | |||||
Basis of presentation and Non-Controlling Interests | |||||
Ownership percentage | 50.00% | ||||
Teekay Offshore | |||||
Basis of presentation and Non-Controlling Interests | |||||
Number of components in segment | component | 2 | ||||
Asset retirement obligation | |||||
Asset retirement obligation | $ 21,700 | ||||
Teekay Offshore | General Partner | |||||
Basis of presentation and Non-Controlling Interests | |||||
Interest of Company's general partner | 2.00% | 2.00% | |||
Teekay Tankers | |||||
Basis of presentation and Non-Controlling Interests | |||||
Common stock number of votes per share | vote | 5 | ||||
Joint venture ownership percentage | 50.00% | ||||
Teekay Tankers | Class B | |||||
Basis of presentation and Non-Controlling Interests | |||||
Common stock, maximum voting power | 49.00% | ||||
Teekay Offshore and Teekay LNG | General Partner | |||||
Basis of presentation and Non-Controlling Interests | |||||
Number of partners | partner | 1 | ||||
Teekay LNG | General Partner | |||||
Basis of presentation and Non-Controlling Interests | |||||
Interest of Company's general partner | 2.00% | ||||
Teekay Offshore | |||||
Basis of presentation and Non-Controlling Interests | |||||
Ownership percentage | 50.00% | ||||
Teekay Offshore | Common Units | |||||
Basis of presentation and Non-Controlling Interests | |||||
Ownership percentage | 13.80% | 27.50% | |||
Teekay Offshore | Series D Preferred Stock | |||||
Basis of presentation and Non-Controlling Interests | |||||
Joint venture ownership percentage | 74.00% | ||||
Teekay Offshore | Preferred Unitholders | |||||
Basis of presentation and Non-Controlling Interests | |||||
Joint venture ownership percentage | 100.00% | ||||
Teekay Tankers | Teekay Tankers | |||||
Basis of presentation and Non-Controlling Interests | |||||
Ownership percentage | 28.80% | 25.40% | |||
Teekay LNG | |||||
Basis of presentation and Non-Controlling Interests | |||||
Ownership percentage | 33.00% | 33.10% | |||
Teekay LNG | Liquefied Natural Gas | |||||
Basis of presentation and Non-Controlling Interests | |||||
Net investing cash flow | $ 355,000 | ||||
Net financing cash flow | $ 355,000 | ||||
Teekay LNG | Preferred Unitholders | |||||
Basis of presentation and Non-Controlling Interests | |||||
Joint venture ownership percentage | 100.00% | ||||
GP of Teekay LNG and Teekay Offshore | |||||
Basis of presentation and Non-Controlling Interests | |||||
Ownership percentage | 100.00% | ||||
General Partner | Brookfield | |||||
Basis of presentation and Non-Controlling Interests | |||||
Percentage of ownership acquired | 49.00% | ||||
General Partner | Teekay Offshore | |||||
Basis of presentation and Non-Controlling Interests | |||||
Percentage of ownership acquired | 2.00% | ||||
General Partner | Teekay Offshore | |||||
Basis of presentation and Non-Controlling Interests | |||||
Interest of Company's general partner | 100.00% |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Net Income of Consolidated Partially-Owned Entities and Attribution of Net Income to Controlling and Non-controlling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | $ (365,796) | $ 209,846 | $ 323,309 |
Controlling Interest | (163,276) | (123,182) | 82,151 |
Net income | (529,072) | 86,664 | 405,460 |
Public Subsidiaries | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | (365,796) | 209,846 | 323,309 |
Public Subsidiaries | Non-public partially-owned subsidiaries | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 8,208 | 29,372 | 30,538 |
Public Subsidiaries | Distributed Earnings | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 46,786 | 72,132 | 240,453 |
Public Subsidiaries | Undistributed Earnings | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | (468,598) | 61,849 | 24,266 |
Public Subsidiaries | Preferred Unitholders | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 50,318 | 48,554 | 28,609 |
Teekay Offshore | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | (337,272) | 53,226 | 58,542 |
Controlling Interest | 340,014 | (8,751) | 31,501 |
Net income | 2,742 | 44,475 | 90,043 |
Teekay Offshore | Non-public partially-owned subsidiaries | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 8,262 | 11,858 | 13,911 |
Teekay Offshore | Distributed Earnings | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 16,312 | 41,688 | 119,971 |
Controlling Interest | 5,981 | 18,378 | 70,414 |
Teekay Offshore | Undistributed Earnings | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | (398,185) | (46,155) | (103,949) |
Controlling Interest | 334,033 | (27,129) | (38,913) |
Teekay Offshore | Preferred Unitholders | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 36,339 | 45,835 | 28,609 |
Teekay LNG | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 2,879 | 111,222 | 135,599 |
Controlling Interest | (3,968) | 46,743 | 81,911 |
Net income | (1,089) | 157,965 | 217,510 |
Teekay LNG | Non-public partially-owned subsidiaries | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | (54) | 17,514 | 16,627 |
Teekay LNG | Distributed Earnings | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 30,474 | 30,444 | 120,482 |
Controlling Interest | 15,027 | 15,026 | 82,791 |
Teekay LNG | Undistributed Earnings | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | (41,520) | 60,545 | (1,510) |
Controlling Interest | (18,995) | 31,717 | (880) |
Teekay LNG | Preferred Unitholders | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | 13,979 | 2,719 | |
Teekay Tankers | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | (28,893) | 47,459 | 129,725 |
Controlling Interest | (30,434) | 15,396 | 47,202 |
Net income | (59,327) | 62,855 | 176,927 |
Teekay Tankers | Undistributed Earnings | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | (28,893) | 47,459 | 129,725 |
Controlling Interest | (30,434) | 15,396 | 47,202 |
Other Entities and Eliminations | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income (loss) attributable to non-controlling interests | $ (2,510) | $ (2,061) | $ (557) |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Summary of Capitalized Dry Docking Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | $ 9,138,886 | ||
Balance at the end of the year | 5,208,544 | $ 9,138,886 | |
Dry-docking activity | |||
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | 135,700 | 150,702 | $ 135,331 |
Costs incurred for dry dockings | 52,677 | 47,980 | 69,927 |
Dry-dock amortization | (49,686) | (55,026) | (47,271) |
Write-down / sales of vessels | (49,319) | (7,956) | (7,285) |
Balance at the end of the year | $ 89,372 | $ 135,700 | $ 150,702 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of financing receivables | ||
Direct financing leases | $ 495,990 | $ 660,594 |
Other loan receivables | ||
Total direct financing leases and other loan receivables | 762,071 | 982,336 |
Payment activity | Performing | ||
Summary of financing receivables | ||
Direct financing leases | 495,990 | 660,594 |
Other loan receivables | ||
Long-term receivable included in other assets | 12,175 | 17,712 |
Other internal metrics | Performing | ||
Other loan receivables | ||
Loans to equity-accounted investees and joint venture partners | $ 253,906 | $ 304,030 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | $ (10,603) | $ (14,891) | $ (28,298) |
Other comprehensive income (loss) | 13,407 | ||
Other comprehensive income and other | 4,608 | 4,288 | |
Ending Balance | (5,995) | (10,603) | (14,891) |
Qualifying Cash Flow Hedging Instruments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (41) | (419) | (468) |
Other comprehensive income (loss) | 49 | ||
Other comprehensive income and other | 1,450 | 378 | |
Ending Balance | 1,409 | (41) | (419) |
Pension Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (12,160) | (15,850) | (29,888) |
Other comprehensive income (loss) | 14,038 | ||
Other comprehensive income and other | 1,463 | 3,690 | |
Ending Balance | (10,697) | (12,160) | (15,850) |
Unrealized (Loss) Gain on Available for Sale Marketable Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (416) | (463) | 0 |
Other comprehensive income (loss) | (463) | ||
Other comprehensive income and other | 416 | 47 | |
Ending Balance | 0 | (416) | (463) |
Foreign Exchange Gain (Loss) on Currency Translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 2,014 | 1,841 | 2,058 |
Other comprehensive income (loss) | (217) | ||
Other comprehensive income and other | 1,279 | 173 | |
Ending Balance | $ 3,293 | $ 2,014 | $ 1,841 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017subsidiary | |
Public Subsidiaries | |
Segment Reporting Information [Line Items] | |
Number of subsidiaries | 2 |
Segment Reporting - Revenue and
Segment Reporting - Revenue and Income from Vessel Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,880,332 | $ 2,328,569 | $ 2,450,382 |
Income from vessel operations | 6,700 | 384,290 | 625,132 |
Eliminations and other | |||
Segment Reporting Information [Line Items] | |||
Revenues | (83,799) | (111,321) | (121,022) |
Income from vessel operations | 0 | 0 | 0 |
Teekay Parent | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,089 | 14,142 | 34,373 |
Income from vessel operations | (33,467) | (31,007) | (37,499) |
Teekay Parent | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 303,566 | 340,513 | 419,166 |
Income from vessel operations | (290,425) | (96,496) | (30,228) |
Teekay Parent | Offshore Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 209,394 | 231,435 | 277,842 |
Income from vessel operations | (256,758) | (48,310) | (40,227) |
Teekay Parent | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,065 | 32,967 | 65,777 |
Income from vessel operations | (13,390) | (15,967) | 4,984 |
Teekay Parent | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 89,107 | 76,111 | 75,547 |
Income from vessel operations | (20,277) | (32,219) | 5,015 |
Teekay Offshore | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 796,711 | 1,152,390 | 1,229,413 |
Income from vessel operations | 147,060 | 230,853 | 283,399 |
Teekay LNG | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 432,676 | 396,444 | 397,991 |
Income from vessel operations | 148,649 | 153,181 | 181,372 |
Teekay LNG | Liquefied Gas Carriers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 385,683 | 336,530 | 305,056 |
Income from vessel operations | 188,676 | 174,600 | 151,200 |
Teekay LNG | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 46,993 | 59,914 | 92,935 |
Income from vessel operations | (40,027) | (21,419) | 30,172 |
Teekay Tankers | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 431,178 | 550,543 | 524,834 |
Income from vessel operations | $ 1,416 | $ 96,752 | $ 190,589 |
Segment Reporting - Revenue a60
Segment Reporting - Revenue and Income from Vessel Operations by Segment - Intersegment revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,880,332 | $ 2,328,569 | $ 2,450,382 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 70,590 | 92,254 | 108,340 |
Teekay Parent | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,089 | 14,142 | 34,373 |
Teekay Parent | Conventional Tankers | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 3,080 |
Teekay Offshore | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 34,232 | 49,514 | 67,993 |
Teekay LNG | Liquefied Gas Carriers | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 36,358 | 37,336 | 35,887 |
Teekay Tankers | Conventional Tankers | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 0 | $ 5,404 | $ 1,380 |
Segment Reporting - Revenues an
Segment Reporting - Revenues and Percentage of Consolidated Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Major Customer [Line Items] | |||
Revenues | $ 1,880,332 | $ 2,328,569 | $ 2,450,382 |
Customer Concentration Risk | Sales Revenue, Net | Royal Dutch Shell Plc | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 259,400 | $ 429,900 | |
Percentage of consolidated revenues | 14.00% | 19.00% | |
Customer Concentration Risk | Sales Revenue, Net | BG Group | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 263,400 | ||
Percentage of consolidated revenues | 11.00% | ||
Customer Concentration Risk | Sales Revenue, Net | Petroleo Brasileiro SA | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 223,700 | $ 231,800 | |
Percentage of consolidated revenues | 10.00% | 10.00% | |
Customer Concentration Risk | Sales Revenue, Net | BP Exploration Operating Co. Ltd. | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 183,000 | ||
Percentage of consolidated revenues | 10.00% |
Segment Reporting - Other Incom
Segment Reporting - Other Income Statement Items by Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | $ (485,829) | $ (571,825) | $ (509,500) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | (270,743) | (112,246) | (70,175) | |
Equity (Loss) Income | (37,344) | 85,639 | 102,871 | |
Eliminations and other | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | 0 | 0 | 690 | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | 0 | 0 | 0 | |
Equity (Loss) Income | 0 | 0 | 0 | |
Teekay Parent | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | (60,397) | (72,123) | (71,909) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | (205,659) | (12,597) | (948) | |
Equity (Loss) Income | (31,330) | (2,281) | (500) | |
Teekay Parent | Offshore Production | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | (60,560) | (70,855) | (69,508) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | (205,659) | (110) | (948) | |
Equity (Loss) Income | (7,861) | (575) | (12,196) | |
Teekay Parent | Conventional Tankers | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | 0 | (1,717) | (2,852) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | 0 | (12,487) | 0 | |
Equity (Loss) Income | (20,677) | 132 | 12,797 | |
Teekay Parent | Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | 163 | 449 | 451 | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | 0 | 0 | 0 | |
Equity (Loss) Income | (2,792) | (1,838) | (1,101) | |
Teekay Offshore | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | (219,406) | (300,011) | (274,599) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | (1,500) | (40,079) | (69,998) | |
Equity (Loss) Income | $ (2,461) | 12,028 | 17,933 | 7,672 |
Teekay LNG | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | (105,545) | (95,542) | (92,253) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | (50,600) | (38,976) | 0 | |
Equity (Loss) Income | 9,789 | 62,307 | 84,171 | |
Teekay LNG | Liquefied Gas Carriers | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | (95,025) | (80,084) | (71,323) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | 0 | 0 | 0 | |
Equity (Loss) Income | 9,789 | 62,307 | 84,171 | |
Teekay LNG | Conventional Tankers | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | (10,520) | (15,458) | (20,930) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | (50,600) | (38,976) | 0 | |
Equity (Loss) Income | 0 | 0 | 0 | |
Teekay Tankers | Conventional Tankers | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | (100,481) | (104,149) | (71,429) | |
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets | (12,984) | (20,594) | 771 | |
Equity (Loss) Income | $ (25,370) | $ 7,680 | $ 11,528 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 8,092,437 | $ 12,814,752 |
Segment Reconciling Items | Cash and cash equivalents | ||
Segment Reporting Information [Line Items] | ||
Total assets | 445,452 | 567,994 |
Segment Reconciling Items | Other assets not allocated | ||
Segment Reporting Information [Line Items] | ||
Total assets | 118,493 | 281,244 |
Consolidation, Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total assets | (21,732) | (114,549) |
Teekay Parent | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,877,450 | 3,922,309 |
Teekay Parent | Conventional Tankers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 13,620 | 55,937 |
Teekay Parent | Offshore Production | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 366,229 | 635,364 |
Teekay Parent | Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 26,527 | 13,208 |
Teekay Offshore | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 280,774 | 5,354,702 |
Teekay LNG | Liquefied Gas Carriers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,624,321 | 3,957,088 |
Teekay LNG | Conventional Tankers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 112,844 | 193,553 |
Teekay Tankers | Conventional Tankers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,125,909 | $ 1,870,211 |
Segment Reporting - Capital Exp
Segment Reporting - Capital Expenditures by Segment (Detail) - Operating Segments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 1,054,052 | $ 648,882 |
Teekay Parent | Other | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 7 | 88 |
Teekay Offshore | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 340,705 | 294,581 |
Teekay LNG | Liquefied Gas Carriers | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 708,608 | 344,924 |
Teekay LNG | Conventional Tankers | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 0 | 63 |
Teekay Tankers | Conventional Tankers | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 4,732 | $ 9,226 |
Deconsolidation of Teekay Off65
Deconsolidation of Teekay Offshore - Narrative (Details) | Sep. 25, 2017USD ($)day$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Jul. 01, 2016USD ($) | Jun. 30, 2016$ / shares | Jun. 29, 2016$ / shares |
Business Acquisition [Line Items] | |||||||
Common price per unit (in usd per share) (equal to or greater than) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Equity method investment, ownership interest | 100.00% | ||||||
Net income (loss) attributable to non-controlling interests | $ (365,796,000) | $ 209,846,000 | $ 323,309,000 | ||||
Subsidiaries | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) attributable to non-controlling interests | $ (365,796,000) | 209,846,000 | 323,309,000 | ||||
Teekay Offshore | |||||||
Business Acquisition [Line Items] | |||||||
Investment in Teekay Offshore | $ 150,100,000 | ||||||
Subordinated Promissory Notes | |||||||
Business Acquisition [Line Items] | |||||||
Number of warrants to be issued (in shares) | shares | 11,400,000 | ||||||
Aggregate proceeds from the debt purchase | $ 140,000,000 | ||||||
Common Units | Teekay Offshore | |||||||
Business Acquisition [Line Items] | |||||||
Equity method investment, ownership interest | 14.00% | ||||||
General Partner | Teekay Offshore | |||||||
Business Acquisition [Line Items] | |||||||
Equity method investment, ownership interest | 51.00% | ||||||
Teekay Offshore | |||||||
Business Acquisition [Line Items] | |||||||
Exercise price of warrants (in usd per unit) | $ / shares | $ 0.01 | ||||||
Term of warrants | 7 years | ||||||
Common price per unit (in usd per share) (equal to or greater than) | $ / shares | $ 4 | ||||||
Trading period | day | 10 | ||||||
Teekay | Series D Preferred Stock | |||||||
Business Acquisition [Line Items] | |||||||
Shares outstanding (in shares) | shares | 1,040,000 | ||||||
Teekay | Teekay Offshore | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price, cash | $ 30,000,000 | ||||||
Number of shares to be issued/exchanged (in shares) | shares | 12,000,000 | ||||||
Number of warrants to be issued (in shares) | shares | 3,100,000 | ||||||
Teekay Offshore | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of vessel charters with Teekay Offshore | $ 14,812,000 | ||||||
Discount rate | 10.00% | ||||||
Net income (loss) attributable to non-controlling interests | $ (337,272,000) | $ 53,226,000 | $ 58,542,000 | ||||
Teekay Offshore | Deferred Gain (Loss) on Sale of Assets | Subsidiaries | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) attributable to non-controlling interests | $ 349,600,000 | ||||||
Teekay Offshore | Subordinated Promissory Notes | |||||||
Business Acquisition [Line Items] | |||||||
Debt instrument, principal amount | $ 200,000,000 | ||||||
Teekay Offshore | Series B | |||||||
Business Acquisition [Line Items] | |||||||
Exercise price of warrants (in usd per unit) | $ / shares | $ 4.55 | $ 4.55 | $ 6.05 | ||||
Teekay Offshore | Series C-1 Preferred Units | |||||||
Business Acquisition [Line Items] | |||||||
Redemption price (USD per unit) | $ / shares | 18.2 | ||||||
Teekay Offshore | Series D Preferred Stock | |||||||
Business Acquisition [Line Items] | |||||||
Redemption price (USD per unit) | $ / shares | $ 23.75 | $ 4 | |||||
Teekay Offshore | General Partner | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of ownership acquired | 2.00% | ||||||
Investment in Teekay Offshore | $ 150,132,000 | ||||||
Brookfield | General Partner | |||||||
Business Acquisition [Line Items] | |||||||
Number of warrants to be issued (in shares) | shares | 1,000,000 | ||||||
Percentage of ownership acquired | 49.00% | ||||||
Amount purchased for shares | $ 4,000,000 | ||||||
Brookfield | Teekay Offshore | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price, cash | $ 610,000,000 | ||||||
Number of shares to be issued/exchanged (in shares) | shares | 244,000,000 | ||||||
Number of warrants to be issued (in shares) | shares | 62,400,000 | ||||||
Brookfield | Teekay Offshore | General Partner | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of ownership acquired | 49.00% |
Deconsolidation of Teekay Off66
Deconsolidation of Teekay Offshore - Schedule of Deconsolidation(Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 25, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||||||
Carrying value of the non-controlling interest in Teekay Offshore | $ 881,830 | |||||
Gain (loss) on deconsolidation of Teekay Offshore (note 3) | $ (104,788) | $ 0 | $ 0 | |||
Teekay Offshore | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net cash proceeds received by Teekay | $ 139,693 | |||||
Fair value of vessel charters with Teekay Offshore (notes 6 and 7) | 14,812 | |||||
Carrying value of the non-controlling interest in Teekay Offshore | 1,138,275 | |||||
Subtotal | 1,479,508 | |||||
Carrying value of Teekay Offshore's net assets on deconsolidation | (1,584,296) | |||||
Gain (loss) on deconsolidation of Teekay Offshore (note 3) | $ (104,788) | |||||
Teekay Offshore | Stock Purchase Warrants | ||||||
Noncontrolling Interest [Line Items] | ||||||
Fair value of warrants (note 15) | $ 36,596 | |||||
Teekay Offshore | General Partner | ||||||
Noncontrolling Interest [Line Items] | ||||||
Fair value of common units and general partner interest of Teekay Offshore (note 22) | $ 150,132 |
Investments - Tanker Investment
Investments - Tanker Investments Ltd - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 27, 2017 | May 31, 2017 | Oct. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 |
Net Investment Income [Line Items] | |||||||
Equity method investment, ownership interest | 100.00% | ||||||
Common Stock | |||||||
Net Investment Income [Line Items] | |||||||
Issuance of equity private placement | $ 96.2 | ||||||
Tanker Investments Ltd. | |||||||
Net Investment Income [Line Items] | |||||||
Percentage of ownership acquired | 8.20% | ||||||
Shares owned (in shares) | 2,500,000 | ||||||
Amount purchased for shares | $ 151.3 | ||||||
Business acquisition, share price (in USD per share) | $ 1.70 | ||||||
Tanker Investments Ltd. | Teekay Tankers | |||||||
Net Investment Income [Line Items] | |||||||
Percentage of ownership acquired | 11.30% | ||||||
Number of shares acquiring (in shares) | 27,000,000 | ||||||
Shares owned (in shares) | 3,400,000 | ||||||
Other than temporary impairment | $ 48.6 | ||||||
Remeasurement gain | $ 2.4 | ||||||
Amount purchased for shares | $ 151.3 | ||||||
Business acquisition, share price (in USD per share) | $ 1.7 | ||||||
Transaction costs | $ 6.8 | ||||||
Total acquisition cost | 177.3 | ||||||
Liabilities assumed | 47.1 | ||||||
Long-term debt assumed | 337.1 | ||||||
Total vessels and equipment | 467.1 | ||||||
Existing time-charter contracts | $ 0.2 | ||||||
Tanker Investments Ltd. | Teekay Tankers | Class A | |||||||
Net Investment Income [Line Items] | |||||||
Share exchange (in shares) | 3.3 | ||||||
Number of shares to be issued/exchanged (in shares) | 88,977,544 | ||||||
Tanker Investments Ltd. | Teekay Corporation | Class A | |||||||
Net Investment Income [Line Items] | |||||||
Number of shares to be issued/exchanged (in shares) | 8,250,000 | ||||||
Tanker Investments Ltd. | Teekay and Teekay Tankers | |||||||
Net Investment Income [Line Items] | |||||||
Equity method investment, ownership interest | 20.00% | ||||||
Issuance of equity private placement | $ 250 | ||||||
Equity method investment | $ 50 | ||||||
Tanker Investments Ltd. | Teekay and Teekay Tankers | Common Stock | |||||||
Net Investment Income [Line Items] | |||||||
Purchase of common stock (in shares) | 5,000,000 | ||||||
Tanker Investments Ltd. | Teekay Tankers | |||||||
Net Investment Income [Line Items] | |||||||
Percentage of ownership acquired | 2.43% | ||||||
Number of shares to be issued/exchanged (in shares) | 27,000,000 | ||||||
Tanker Investments Ltd. | Teekay Tankers | Common Stock | |||||||
Net Investment Income [Line Items] | |||||||
Purchase of common stock (in shares) | 900,000 |
Investments - Teekay LNG - Bahr
Investments - Teekay LNG - Bahrain LNG Joint Venture - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015vesselft³ | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 02, 2015 | |
Net Investment Income [Line Items] | ||||
Investments in subsidiaries (note 1) | $ 1,335,123 | $ 1,299,854 | ||
Bahrain LNG Joint Venture | ||||
Net Investment Income [Line Items] | ||||
Joint venture ownership percentage | 30.00% | |||
Teekay LNG | Bahrain LNG Joint Venture | ||||
Net Investment Income [Line Items] | ||||
Joint venture ownership percentage | 30.00% | |||
Investments in subsidiaries (note 1) | $ 79,100 | 62,900 | ||
Debt instrument spread on variable rate | 1.25% | |||
Investments in and advances to affiliates | $ 100 | $ 100 | ||
Teekay LNG | Bahrain LNG Joint Venture | Modified Vessel | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | ||||
Net Investment Income [Line Items] | ||||
Number of floating storage units | vessel | 1 | |||
Teekay LNG | Bahrain LNG Joint Venture | Liquefied Natural Gas | ||||
Net Investment Income [Line Items] | ||||
Number of vessels | vessel | 4 | |||
Teekay LNG | Bahrain LNG Joint Venture | Lease Agreements | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | ||||
Net Investment Income [Line Items] | ||||
Onshore nitrogen production facility lease period | 20 years | |||
Teekay LNG | Bahrain LNG Joint Venture | LNG receiving and regasification terminal | ||||
Net Investment Income [Line Items] | ||||
Capacity of production facility, per day | ft³ | 800,000,000 | |||
Teekay LNG | Bahrain LNG Joint Venture | LNG receiving and regasification terminal | Lease Agreements | ||||
Net Investment Income [Line Items] | ||||
Onshore nitrogen production facility lease period | 20 years | 20 years | ||
Teekay LNG | Bahrain LNG Joint Venture | Nogaholding | ||||
Net Investment Income [Line Items] | ||||
Joint venture ownership percentage | 30.00% | |||
Teekay LNG | Bahrain LNG Joint Venture | Samsung | ||||
Net Investment Income [Line Items] | ||||
Joint venture ownership percentage | 16.00% | |||
Teekay LNG | Bahrain LNG Joint Venture | GIC | ||||
Net Investment Income [Line Items] | ||||
Joint venture ownership percentage | 24.00% |
Investments - Teekay Tankers -
Investments - Teekay Tankers - Principal Maritime - Additional Information (Detail) shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended |
Aug. 31, 2015USD ($)vesselshares | Dec. 31, 2015USD ($)vesselshares | |
Net Investment Income [Line Items] | ||
Number of common stock issued (in shares) | shares | 7.2 | |
Number of common shares issued, non cash consideration | $ 49.3 | |
Teekay Parent | Class A | ||
Net Investment Income [Line Items] | ||
Number of common stock issued (in shares) | shares | 4.5 | |
Teekay Tankers | Principal Maritime Tankers | Class A | ||
Net Investment Income [Line Items] | ||
Number of common stock issued (in shares) | shares | 7.2 | |
Number of common shares issued, non cash consideration | $ 49.3 | |
Teekay Tankers | Suezmax | Principal Maritime Tankers | ||
Net Investment Income [Line Items] | ||
Number of vessels acquired | vessel | 12 | 12 |
Number of vessels | vessel | 12 | |
Aggregate purchase price | $ 661.3 | $ 661.3 |
Aggregate purchase price, cash | 612 | $ 612 |
Teekay Tankers | Suezmax | Principal Maritime Tankers | Due January 2016 | ||
Net Investment Income [Line Items] | ||
Loan facility, amount | $ 397.2 | |
Teekay Tankers | Suezmax | Principal Maritime Tankers | Class A | ||
Net Investment Income [Line Items] | ||
Number of common stock issued (in shares) | shares | 13.6 | |
Net proceeds from common stock | $ 90.6 |
Investments - Teekay Tankers 70
Investments - Teekay Tankers - Ship-to-Ship Transfer Business - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions | Jul. 31, 2015vessel$ / shares | Jul. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares |
Net Investment Income [Line Items] | |||||
Equity method investment, ownership interest | 100.00% | ||||
Equity income | $ (37,344) | $ 85,639 | $ 102,871 | ||
Ship-to-Ship Transfer Business (SPT) | Teekay Tankers | |||||
Net Investment Income [Line Items] | |||||
Purchase price of acquisition | $ 47,300 | ||||
Number of vessels | vessel | 6 | ||||
Equity method investment, ownership interest | 50.00% | ||||
Equity income | $ 8,700 | ||||
Ship-to-Ship Transfer Business (SPT) | Teekay Tankers | Class B | |||||
Net Investment Income [Line Items] | |||||
Number of common stock issued (in shares) | shares | 6.5 | ||||
Ship-to-Ship Transfer Business (SPT) | Working Capital | Class B | |||||
Net Investment Income [Line Items] | |||||
Number of common stock issued (in shares) | shares | 6.5 | ||||
Ship-to-Ship Transfer Business (SPT) | Working Capital | Teekay Tankers | |||||
Net Investment Income [Line Items] | |||||
Purchase price of acquisition | $ 1,800 | ||||
Ship-to-Ship Transfer Business (SPT) | Working Capital | Teekay Tankers | Class B | |||||
Net Investment Income [Line Items] | |||||
Shares issued, price per share | $ / shares | $ 6.99 | $ 6.99 | |||
Ship-to-Ship Transfer Business (SPT) | Aframax Tanker | Teekay Tankers | |||||
Net Investment Income [Line Items] | |||||
Number of vessels | vessel | 1 |
Equity Financing Transactions71
Equity Financing Transactions of the Daughter Companies - Summary of Proceeds Received from Financial Transactions (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Net cash proceeds | $ 172,930,000 | $ 327,419,000 | $ 575,368,000 | |
Continuous Offering Program | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 2,900,000 | 1,300,000 | ||
Gross proceeds received | $ 50,000,000 | |||
Offering Expenses | $ (400,000) | |||
Net cash proceeds | $ 25,600,000 | $ 9,300,000 | ||
Teekay Tankers | Continuous Offering Program | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 3,800,000 | 3,020,000 | 13,391,100 | |
Gross proceeds received | $ 8,826,000 | $ 7,747,000 | $ 94,595,000 | |
Less: Teekay Corporation Portion | 0 | 0 | 0 | |
Offering Expenses | (305,000) | (189,000) | (2,155,000) | |
Net cash proceeds | $ 8,521,000 | $ 7,558,000 | $ 92,440,000 | |
Teekay Tankers | Private Equity Placement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 2,155,172 | 13,310,158 | ||
Gross proceeds received | $ 5,000,000 | $ 109,907,000 | ||
Less: Teekay Corporation Portion | (5,000,000) | 0 | ||
Offering Expenses | 0 | 0 | ||
Net cash proceeds | $ 0 | $ 109,907,000 | ||
Teekay Tankers | Direct Equity Placement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 13,775,224 | |||
Gross proceeds received | $ 25,897,000 | |||
Less: Teekay Corporation Portion | (25,897,000) | |||
Offering Expenses | 0 | |||
Net cash proceeds | $ 0 | |||
Teekay Tankers | Direct Equity Placement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 88,977,544 | |||
Gross proceeds received | $ 151,262,000 | |||
Less: Teekay Corporation Portion | (14,025,000) | |||
Offering Expenses | 0 | |||
Net cash proceeds | $ 137,237,000 | |||
Teekay Tankers | Public Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 3,000,000 | |||
Gross proceeds received | $ 13,716,000 | |||
Less: Teekay Corporation Portion | 0 | |||
Offering Expenses | (31,000) | |||
Net cash proceeds | $ 13,685,000 | |||
Teekay Offshore | Continuous Offering Program | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 5,525,310 | 211,077 | ||
Gross proceeds received | $ 31,819,000 | $ 3,551,000 | ||
Less: Teekay Corporation Portion | (636,000) | (71,000) | ||
Offering Expenses | (792,000) | (66,000) | ||
Net cash proceeds | 30,391,000 | $ 3,414,000 | ||
Teekay Offshore | Private Equity Placement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 6,521,518 | |||
Gross proceeds received | $ 29,817,000 | 24,874,000 | ||
Less: Teekay Corporation Portion | (17,160,000) | (13,167,000) | ||
Offering Expenses | (212,000) | 0 | ||
Net cash proceeds | $ 12,445,000 | 11,707,000 | ||
Teekay Offshore | Preferred D Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Gross proceeds received | 100,000,000 | |||
Less: Teekay Corporation Portion | $ (26,000,000) | (26,000,000) | ||
Offering Expenses | (2,750,000) | |||
Net cash proceeds | $ 71,300,000 | $ 71,250,000 | ||
Teekay Offshore | Common Units Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 21,978,022 | |||
Gross proceeds received | $ 102,041,000 | |||
Less: Teekay Corporation Portion | (2,041,000) | |||
Offering Expenses | (2,550,000) | |||
Net cash proceeds | $ 97,450,000 | |||
Teekay Offshore | Preferred B Units Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 5,000,000 | |||
Gross proceeds received | $ 125,000,000 | |||
Less: Teekay Corporation Portion | 0 | |||
Offering Expenses | (4,210,000) | |||
Net cash proceeds | $ 120,790,000 | |||
Teekay Offshore | Preferred C Units Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 10,400,000 | |||
Gross proceeds received | $ 250,000,000 | |||
Less: Teekay Corporation Portion | 0 | |||
Offering Expenses | (250,000) | |||
Net cash proceeds | $ 249,750,000 | |||
Teekay LNG | Continuous Offering Program | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 1,173,428 | |||
Gross proceeds received | $ 36,274,000 | |||
Less: Teekay Corporation Portion | (725,000) | |||
Offering Expenses | (900,000) | |||
Net cash proceeds | $ 34,649,000 | |||
Teekay LNG | Preferred Units Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares / units | 6,800,000 | 5,000,000 | ||
Gross proceeds received | $ 170,000,000 | $ 125,000,000 | ||
Less: Teekay Corporation Portion | 0 | 0 | ||
Offering Expenses | (5,589,000) | (4,293,000) | ||
Net cash proceeds | $ 164,411,000 | $ 120,707,000 |
Equity Financing Transactions72
Equity Financing Transactions of the Daughter Companies - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 31, 2015vessel | Jun. 30, 2016USD ($)$ / sharesshares | Jul. 31, 2015 | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)vesselshares | Nov. 30, 2017 | Nov. 27, 2017USD ($)$ / shares | Sep. 25, 2017$ / shares | May 31, 2017 |
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Net cash proceeds | $ 172,930 | $ 327,419 | $ 575,368 | |||||||
Increase in carrying amount of non-controlling interest | 285,643 | 338,253 | 535,784 | |||||||
Increases (decreases) to retained earnings | 23,530 | 9,732 | (152,729) | |||||||
Tanker Investments Ltd. | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Amount purchased for shares | $ 151,300 | |||||||||
Business acquisition, share price (in USD per share) | $ / shares | $ 1.70 | |||||||||
Retained Earnings | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Increase in carrying amount of non-controlling interest | (4,993) | |||||||||
Increases (decreases) to retained earnings | 23,530 | $ 9,732 | $ (152,729) | |||||||
Teekay Parent | Tanker Investments Ltd. | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Ownership percentage | 8.20% | |||||||||
Teekay Parent | Class A | Suezmax | Principal Maritime Tankers | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of common stock issued (in shares) | shares | 4,500,000 | |||||||||
Teekay Offshore | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Proceeds from issuance of convertible preferred stock | $ 100,000 | |||||||||
Proceeds from issuance of equity, net | $ 97,200 | |||||||||
Teekay Offshore | Teekay Parent | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Due to Affiliate | $ 200,000 | |||||||||
Teekay Offshore | Series C-1 Preferred Units | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred units dividend rate | 8.60% | |||||||||
Conversion of convertible securities (in shares) | shares | 8,500,000 | |||||||||
Teekay Offshore | Series D Preferred Stock | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Units issued (in shares) | shares | 4,000,000 | |||||||||
Preferred units dividend rate | 10.50% | 10.50% | ||||||||
Net cash proceeds | $ 61,100 | |||||||||
Teekay Offshore | Series D Preferred Stock | Affiliated Entity | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Units issued (in shares) | shares | 1,040,000 | |||||||||
Teekay Offshore | Series C Preferred Stock | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred units dividend rate | 8.60% | |||||||||
Teekay Offshore | Common Stock | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Payment in kind distributions, Units | shares | 2,400,000 | 4,700,000 | ||||||||
Contributions | $ 500 | |||||||||
Teekay Offshore | Common Stock | Petrojarl Knarr FPSO | Fair Value Asset (Liability) | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Purchase of subsidiary common stock | $ 300,000 | |||||||||
Number of common stock issued (in shares) | shares | 14,400,000 | |||||||||
Teekay Offshore | Payment in Kind | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Value of common units | $ 24,900 | |||||||||
Teekay Offshore | Payment in Kind | Common Stock | Teekay Parent | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Payment in kind distributions, Units | shares | 1,700,000 | 2,500,000 | ||||||||
Teekay Offshore | Preferred D Offering | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Teekay Corporation portion of purchase | $ 26,000 | $ 26,000 | ||||||||
Net cash proceeds | $ 71,300 | 71,250 | ||||||||
Value of common units | $ 100,000 | |||||||||
Teekay Offshore | Induced Exchange of Series C Preferred Units | Series C Preferred Stock | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Shares converted | shares | 1,900,000 | |||||||||
Teekay Offshore | Extinguishment of Series C Preferred Units | Series C Preferred Stock | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Shares converted | shares | 8,500,000 | |||||||||
Teekay Offshore | The $4.55 Warrants | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Units issued (in shares) | shares | 4,500,000 | |||||||||
Warrants outstanding (in shares) | shares | 4,500,000 | |||||||||
Fixed price of stock purchase warrants, per share | $ / shares | $ 4.55 | $ 4.55 | ||||||||
Net cash proceeds | $ 7,000 | |||||||||
Teekay Offshore | The $4.55 Warrants | Affiliated Entity | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Warrants outstanding (in shares) | shares | 1,170,000 | |||||||||
Fixed price of stock purchase warrants, per share | $ / shares | $ 4.55 | |||||||||
Teekay Offshore | The $6.05 Warrants | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Units issued (in shares) | shares | 2,250,000 | |||||||||
Warrants outstanding (in shares) | shares | 2,250,000 | |||||||||
Fixed price of stock purchase warrants, per share | $ / shares | $ 6.05 | $ 6.05 | ||||||||
Exercise premium percent | 33.00% | |||||||||
Net cash proceeds | $ 3,100 | |||||||||
Teekay Offshore | The $6.05 Warrants | Affiliated Entity | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Warrants outstanding (in shares) | shares | 585,000 | |||||||||
Fixed price of stock purchase warrants, per share | $ / shares | $ 6.05 | |||||||||
Teekay Offshore | The Warrants | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Warrant term | 7 years | |||||||||
Period after which warrants are exercisable | 6 months | |||||||||
Teekay Offshore | General Partner | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Interest of Company's general partner | 2.00% | 2.00% | ||||||||
Teekay Offshore | Limited Partner | Common Stock | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Conversion of convertible securities (in shares) | shares | 8,300,000 | |||||||||
Teekay Tankers | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Increase in carrying amount of non-controlling interest | $ 168,100 | |||||||||
Teekay Tankers | Tanker Investments Ltd. | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Ownership percentage | 88.70% | |||||||||
Amount purchased for shares | $ 151,300 | |||||||||
Business acquisition, share price (in USD per share) | $ / shares | $ 1.7 | |||||||||
Teekay Tankers | Ship-to-Ship Transfer Business (SPT) | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of vessels | vessel | 6 | |||||||||
Teekay Tankers | Suezmax | Principal Maritime Tankers | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of vessels | vessel | 12 | |||||||||
Teekay Tankers | Class A | Suezmax | Principal Maritime Tankers | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Purchase of subsidiary common stock | $ 30,000 | |||||||||
Teekay Tankers | Class B | Ship-to-Ship Transfer Business (SPT) | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Purchase of subsidiary common stock | $ 45,500 | |||||||||
Number of common stock issued (in shares) | shares | 6,500,000 | |||||||||
Teekay Tankers | Retained Earnings | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Decrease in retained earnings | $ 168,100 |
Goodwill, Intangible Assets a73
Goodwill, Intangible Assets and In-Process Revenue Contracts - Carrying Amount of Goodwill for Company's Reportable Segment (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | $ 176,630 |
Decrease due to deconsolidation of Teekay Offshore (Note 3) | (132,940) |
Goodwill, Ending balance | 43,690 |
Conventional Tanker Segment | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | 8,059 |
Decrease due to deconsolidation of Teekay Offshore (Note 3) | 0 |
Goodwill, Ending balance | 8,059 |
Teekay Offshore | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | 132,940 |
Decrease due to deconsolidation of Teekay Offshore (Note 3) | (132,940) |
Goodwill, Ending balance | 0 |
Teekay LNG | Liquefied Gas Segment | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | 35,631 |
Decrease due to deconsolidation of Teekay Offshore (Note 3) | 0 |
Goodwill, Ending balance | $ 35,631 |
Goodwill, Intangible Assets a74
Goodwill, Intangible Assets and In-Process Revenue Contracts - Summary of Intangible Assets (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 233,594 | $ 340,722 |
Accumulated Amortization | (140,580) | (251,547) |
Net Carrying Amount | 93,014 | 89,175 |
Customer contracts | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 193,194 | 317,222 |
Accumulated Amortization | (131,647) | (245,705) |
Net Carrying Amount | 61,547 | 71,517 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,500 | 22,500 |
Accumulated Amortization | (8,005) | (4,842) |
Net Carrying Amount | 14,495 | 17,658 |
Off-market in-charter contracts | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,900 | |
Accumulated Amortization | (928) | |
Net Carrying Amount | $ 16,972 | |
Other intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,000 | |
Accumulated Amortization | (1,000) | |
Net Carrying Amount | $ 0 | |
Other intangible assets | FSO | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Number of vessels | vessel | 2 |
Goodwill, Intangible Assets a75
Goodwill, Intangible Assets and In-Process Revenue Contracts - Additional Information (Detail) | Jul. 31, 2015USD ($)vessel | Jul. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | $ 233,594,000 | $ 340,722,000 | ||||
Amortization expense | 14,000,000 | 14,900,000 | $ 13,600,000 | |||
Depreciation and amortization | 13,100,000 | 14,900,000 | 13,600,000 | |||
Amortization of intangible assets, 2018 | 15,300,000 | |||||
Amortization of intangible assets, 2019 | 13,800,000 | |||||
Amortization of intangible assets, 2020 | 13,300,000 | |||||
Amortization of intangible assets, 2021 | 13,100,000 | |||||
Amortization of intangible assets, 2022 | 12,900,000 | |||||
Amortization of intangible assets, thereafter | 24,600,000 | |||||
Amortization of in-process revenue | (26,958,000) | (28,109,000) | (30,085,000) | |||
Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 22,500,000 | 22,500,000 | ||||
Time-charter | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization expense | 900,000 | 0 | 0 | |||
Customer contracts | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | 193,194,000 | $ 317,222,000 | ||||
Teekay Offshore | FPSO | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Number of vessels | vessel | 1 | |||||
Teekay Offshore | Customer contracts | FPSO | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | $ 63,000,000 | |||||
Ship-to-Ship Transfer Business (SPT) | Teekay Tankers | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Decrease in intangible assets | $ 8,400,000 | |||||
Number of vessels | vessel | 6 | |||||
Ship-to-Ship Transfer Business (SPT) | Teekay Tankers | Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross carrying amount | $ 30,900,000 | $ 30,900,000 | ||||
Amortization period | 10 years | |||||
Amortization expense | $ 3,200,000 | 3,600,000 | ||||
BG Joint Venture | Teekay LNG | Shipbuilding supervision and crew training services | Newbuildings | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Number of vessels | vessel | 4 | |||||
Teekay Petrojarl and Omi Corporation | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of in-process revenue | $ 27,200,000 | $ 28,100,000 | $ 30,100,000 | |||
Amortization of in-process revenue contracts, 2018 | 14,100,000 | |||||
Amortization of in-process revenue contracts, 2019 | 6,300,000 | |||||
Amortization of in-process revenue contracts, 2020 | 5,900,000 | |||||
Amortization of in-process revenue contracts, 2021 | 5,900,000 | |||||
Amortization of in-process revenue contracts, 2022 | $ 5,900,000 |
Accrued Liabilities and Other76
Accrued Liabilities and Other and Other Long-Term Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Line Items] | ||
Voyage and vessel expenses | $ 69,544 | $ 177,868 |
Interest | 42,028 | 64,362 |
Payroll and benefits and other | 137,659 | 70,904 |
Deferred revenues and gains - current | 33,121 | 78,766 |
Accrued liabilities and other | $ 282,352 | 391,900 |
Teekay Offshore | ||
Payables and Accruals [Line Items] | ||
Voyage and vessel expenses | 118,600 | |
Interest | 22,400 | |
Payroll and benefits and other | 9,300 | |
Deferred revenues and gains - current | 57,400 | |
Accrued liabilities and other | $ 207,700 |
Accrued Liabilities and Other77
Accrued Liabilities and Other and Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Line Items] | ||
Deferred revenues and gains | $ 33,363 | $ 210,434 |
Guarantee liability | 10,633 | 24,373 |
Asset retirement obligation | 27,302 | 44,675 |
Pension liabilities | 6,529 | 8,599 |
Unrecognized tax benefits and deferred income tax | 31,061 | 24,340 |
Other | 3,168 | 20,815 |
Other long-term liabilities | $ 112,056 | 333,236 |
Teekay Offshore | ||
Payables and Accruals [Line Items] | ||
Deferred revenues and gains | 162,700 | |
Asset retirement obligation | 21,700 | |
Unrecognized tax benefits and deferred income tax | 7,000 | |
Other | 20,200 | |
Other long-term liabilities | $ 211,600 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total principal | $ 3,449,611 | $ 6,730,132 |
Less unamortized discount and debt issuance costs | (31,906) | (90,586) |
Total debt | 3,417,705 | 6,639,546 |
Less current portion | (800,897) | (998,591) |
Long-term portion | 2,616,808 | 5,640,955 |
Senior Notes (8.5%) due January 15, 2020 | ||
Debt Instrument [Line Items] | ||
Total principal | 592,657 | 592,657 |
Norwegian Kroner-denominated Bonds due through October 2021 | ||
Debt Instrument [Line Items] | ||
Total principal | 377,856 | 628,257 |
U.S. Dollar-denominated Term Loans due through 2031 | ||
Debt Instrument [Line Items] | ||
Total principal | 1,358,798 | 3,702,997 |
U.S. Dollar Bonds due through 2024 | ||
Debt Instrument [Line Items] | ||
Total principal | 0 | 466,680 |
Euro-denominated Term Loans due through 2023 | ||
Debt Instrument [Line Items] | ||
Total principal | 232,957 | 219,733 |
Other U.S. Dollar-denominated loan | ||
Debt Instrument [Line Items] | ||
Total principal | 10,000 | 0 |
Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Total principal | $ 877,343 | $ 1,119,808 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers (Detail) shares in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)vesselterm_loanshares | Dec. 31, 2016USD ($)term_loan | |
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | $ 3,449,611,000 | $ 6,730,132,000 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | $ 1,400,000,000 | 3,700,000,000 |
Teekay Offshore | Secured debt | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 2,200,000,000 | |
Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | term_loan | 8 | |
Credit facility, maximum borrowing capacity | $ 1,340,455,288 | |
Undrawn amount of revolving credit facility | 461,400,000 | |
Available capacity reduced under revolving credit facility in 2018 | 624,300,000 | |
Available capacity reduced under revolving credit facility in 2019 | 52,600,000 | |
Available capacity reduced under revolving credit facility in 2020 | 53,600,000 | |
Available capacity reduced under revolving credit facility in 2021 | 347,300,000 | |
Available capacity reduced under revolving credit facility, thereafter | $ 261,000,000 | |
Number of vessels | vessel | 52 | |
Carrying amount of long-term debt | $ 877,343,000 | $ 1,119,808,000 |
Revolving Credit Facilities | Secured debt | ||
Debt Instrument [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 200,000,000 | |
Revolving Credit Facilities | Teekay Offshore | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | term_loan | 5 | |
Carrying amount of long-term debt | $ 291,800,000 | |
Revolving Credit Facilities | Teekay Offshore | Securities Pledged as Collateral | Common Stock | ||
Debt Instrument [Line Items] | ||
Number of other securities collateralized by first-priority mortgages (in shares) | shares | 38.2 | |
Revolving Credit Facilities | Teekay LNG | Securities Pledged as Collateral | Common Stock | ||
Debt Instrument [Line Items] | ||
Number of other securities collateralized by first-priority mortgages (in shares) | shares | 25.2 | |
Revolving Credit Facilities | Teekay Tankers | Securities Pledged as Collateral | Class A | ||
Debt Instrument [Line Items] | ||
Number of other securities collateralized by first-priority mortgages (in shares) | shares | 16.8 | |
Revolving Credit Facilities | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument spread on variable rate | 0.45% | 0.45% |
Revolving Credit Facilities | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument spread on variable rate | 4.00% | 4.00% |
Long-Term Debt - Additional I80
Long-Term Debt - Additional Information - Senior Unsecured Notes (Detail) - Senior Notes (8.5%) due January 15, 2020 - USD ($) $ in Millions | Jan. 27, 2010 | Nov. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Fixed interest rate on the portion of U. S. Dollar-denominated term loans outstanding | 8.50% | 8.50% | ||
Debt instrument, principal amount | $ 200 | $ 450 | ||
Percentage over par at which notes sold | 99.20% | 99.01% | ||
Repurchase amount | $ 57.3 | |||
Effective interest rate | 8.67% | |||
Capitalized cost included in long term debt | $ 13.3 | |||
Unamortized balance of the capitalized issuance cost | $ 3.8 | |||
Debt instrument, redemption price as percentage of principal amount | 100.00% | |||
Discount rate for redemption feature | 0.50% |
Long-Term Debt - Additional I81
Long-Term Debt - Additional Information - NOK Bonds (Detail) - Nibor Loan $ in Millions, kr in Billions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)debt_instrument | Dec. 31, 2017NOK (kr) | |
Teekay Offshore and Teekay LNG | Norwegian Kroner Bond | |||
Debt Instrument [Line Items] | |||
Debt instrument, carrying amount for unsecured debt | kr | kr 3.1 | ||
Teekay Offshore, Teekay LNG and Teekay | Norwegian Kroner-denominated Bonds due through October 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument, carrying amount | $ 377.9 | ||
Debt instrument transfer of principal amount | $ 430.5 | kr 3.1 | |
Teekay Offshore, Teekay LNG and Teekay | Norwegian Kroner-denominated Bonds due through October 2021 | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument spread on variable rate | 3.70% | ||
Fixed interest rates based on cross currency swaps | 5.92% | 5.92% | |
Teekay Offshore, Teekay LNG and Teekay | Norwegian Kroner-denominated Bonds due through October 2021 | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument spread on variable rate | 6.00% | ||
Fixed interest rates based on cross currency swaps | 7.72% | 7.72% | |
Teekay Offshore | Norwegian Kroner Bond | |||
Debt Instrument [Line Items] | |||
Debt instrument, carrying amount for unsecured debt | $ 256.9 | ||
Number of debt instruments | debt_instrument | 3 |
Long-Term Debt - Additional I82
Long-Term Debt - Additional Information - USD Term Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)vesselsubsidiaryterm_loan | Dec. 31, 2016USD ($)vesselterm_loan | |
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | $ | $ 3,449,611 | $ 6,730,132 |
Interest at a weighted-average fixed rate | 4.30% | 4.00% |
Secured debt | ||
Debt Instrument [Line Items] | ||
Number of debt instruments | term_loan | 10 | |
Carrying amount of long-term debt | $ | $ 1,400,000 | $ 3,700,000 |
Number of term loans which have balloon or bullet repayments | term_loan | 9 | |
Number of vessels | vessel | 22 | 46 |
Amount not guaranteed by the Company or its subsidiaries | $ | $ 56,200 | |
Number of subsidiaries | subsidiary | 1 | |
Secured debt | Teekay Offshore | ||
Debt Instrument [Line Items] | ||
Number of debt instruments | term_loan | 15 | |
Carrying amount of long-term debt | $ | $ 2,200,000 | |
Secured debt | Remaining Term Loans | ||
Debt Instrument [Line Items] | ||
Debt interest rate | 5.37% | |
Secured debt | Remaining Term Loans | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Number of debt instruments | term_loan | 1 | |
Secured debt | Remaining Term Loans | Three-month LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument spread on variable rate | 0.30% | 0.30% |
Debt term | 3 months | |
Secured debt | Remaining Term Loans | Three-month LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument spread on variable rate | 3.25% | 3.50% |
Debt term | 6 months |
Long-Term Debt - Additional I83
Long-Term Debt - Additional Information - Senior Unsecured Bonds (Detail) - Teekay Offshore | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2014USD ($) | Nov. 30, 2013USD ($) | Dec. 31, 2016USD ($)term_loan | Feb. 28, 2015USD ($) | Sep. 30, 2013USD ($) | |
Five-year senior unsecured bonds | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal amount | $ 300,000,000 | ||||
Debt term | 5 years | ||||
Ten-year senior unsecured bonds | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal amount | $ 174,200,000 | $ 174,200,000 | |||
Debt term | 10 years | ||||
Senior secured Bonds Due in June 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal amount | $ 30,000,000 | ||||
Number of debt instruments | term_loan | 3 | ||||
Debt instrument, carrying amount | $ 466,700,000 |
Long-Term Debt - Additional I84
Long-Term Debt - Additional Information - Term Loans (Detail) $ in Thousands, € in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($)vesselsubsidiarycontractterm_loan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 3,449,611 | $ 6,730,132 | |||
Unrealized foreign exchange gain (loss) | (26,463) | (6,548) | $ (2,195) | ||
Euro-denominated Term Loans due through 2023 | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 232,957 | $ 219,733 | |||
Euro-denominated Term Loans due through 2023 | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument spread on variable rate | 0.60% | ||||
Euro-denominated Term Loans due through 2023 | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument spread on variable rate | 2.25% | ||||
Teekay LNG | Euro-denominated Term Loans due through 2023 | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | term_loan | 2 | ||||
Carrying amount of long-term debt | $ 233,000 | $ 219,700 | € 194.1 | € 208.9 | |
Number of long term time charter contracts | contract | 2 | ||||
Number of vessels | vessel | 2 | ||||
Number of subsidiaries | subsidiary | 1 | ||||
Teekay LNG | Euro-denominated Term Loans due through 2023 | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument spread on variable rate | 0.60% | ||||
Teekay LNG | Euro-denominated Term Loans due through 2023 | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument spread on variable rate | 2.25% |
Long-Term Debt - Additional I85
Long-Term Debt - Additional Information - Other (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)SecurityLoan | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||
Interest at a weighted-average fixed rate | 4.30% | 4.00% |
Long term debt principal repayments in 2018 | $ 800,000,000 | |
Long term debt principal repayments in 2019 | 200,000,000 | |
Long term debt principal repayments in 2020 | 1,100,000,000 | |
Long term debt principal repayments in 2021 | 700,000,000 | |
Long term debt principal repayments in 2022 | 300,000,000 | |
Long term debt principal repayments thereafter | $ 300,000,000 | |
Number of loan agreement | SecurityLoan | 5 | |
Minimum level of free cash be maintained as per loan agreements | $ 100,000,000 | $ 50,000,000 |
Minimum | ||
Debt Instrument [Line Items] | ||
Vessel market value to loan ratio | 118.50% | |
Vessel market value to loan minimum required ratio | 105.00% | |
Revolving credit lines maturity period | 6 months | |
Free liquidity and undrawn revolving credit line as percentage of debt | 5.00% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Vessel market value to loan ratio | 243.20% | |
Vessel market value to loan minimum required ratio | 135.00% | |
Free liquidity and undrawn revolving credit line as percentage of debt | 7.50% | |
Teekay Parent | ||
Debt Instrument [Line Items] | ||
Amount of free liquidity and undrawn revolving credit line | $ 46,000,000 | |
Teekay Tankers | ||
Debt Instrument [Line Items] | ||
Amount of free liquidity and undrawn revolving credit line | 55,100,000 | |
Teekay Tankers | Long-term Debt | ||
Debt Instrument [Line Items] | ||
Debt guaranteed | 252,700,000 | |
Teekay Tankers | Teekay Parent | Long-term Debt | ||
Debt Instrument [Line Items] | ||
Debt guaranteed | $ 252,700,000 | $ 150,000,000 |
Operating and Direct Financin86
Operating and Direct Financing Leases - Charters-in - Additional Information (Detail) - Charters-in $ in Millions | Dec. 31, 2017USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Total | $ 277.9 |
Minimum commitments to be incurred by the company in current year | 68.7 |
Minimum commitments to be incurred by the company in second year | 62.7 |
Minimum commitments to be incurred by the company in third year | 57.4 |
Minimum commitments to be incurred by the company in fourth year | 54.4 |
Minimum commitments to be incurred by the company in fifth year | 20 |
Minimum commitments to be incurred by the company thereafter | $ 14.7 |
Operating and Direct Financin87
Operating and Direct Financing Leases - Charters-out - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Carrying amount of the vessels accounted for as operating leases | $ 3,100 | $ 6,600 |
Cost of the vessels | 4,100 | 9,100 |
Accumulated depreciation of the vessels | 1,000 | 2,500 |
Teekay Offshore | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Carrying amount of the vessels accounted for as operating leases | 3,500 | |
Cost of the vessels | 4,700 | |
Accumulated depreciation of the vessels | $ 1,200 | |
Charters-out | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Total | 2,400 | |
Minimum scheduled future revenues to be received by the company in current year | 517.7 | |
Minimum scheduled future revenues to be received by the company in second year | 404.7 | |
Minimum scheduled future revenues to be received by the company in third year | 361.9 | |
Minimum scheduled future revenues to be received by the company in fourth year | 295.8 | |
Minimum scheduled future revenues to be received by the company in fifth year | 273.7 | |
Minimum scheduled future revenues to be received by the company thereafter | $ 582.1 |
Operating and Direct Financin88
Operating and Direct Financing Leases - Operating Lease Obligations - Additional Information (Detail) - Teekay Tangguh Joint Venture $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of vessels | vessel | 2 | |
Tax indemnification | $ | $ 7.1 | $ 7.5 |
Operating lease arrangement period | 20 years |
Operating and Direct Financin89
Operating and Direct Financing Leases - Schedule of Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Head Lease Receipts | |
Head Lease Receipts | |
2,018 | $ 21,242 |
2,019 | 21,242 |
2,020 | 21,242 |
2,021 | 21,242 |
2,022 | 21,242 |
Thereafter | 132,853 |
Total | 239,063 |
Sublease Payments | |
Sublease Payments | |
2,018 | 23,875 |
2,019 | 23,875 |
2,020 | 23,875 |
2,021 | 23,875 |
2,022 | 23,875 |
Thereafter | 149,360 |
Total | $ 268,735 |
Operating and Direct Financin90
Operating and Direct Financing Leases - Schedule of Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts (Footnote) (Detail) - Teekay Tangguh Joint Venture - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Leased Assets [Line Items] | ||
Head lease payment received | $ 271.3 | |
Sublease payment made | 212.1 | |
Accrued Liabilities | ||
Operating Leased Assets [Line Items] | ||
Deferred Head Lease receipts, current | 3.7 | $ 3.7 |
Other liabilities - non-current | ||
Operating Leased Assets [Line Items] | ||
Deferred Head Lease receipts, noncurrent | $ 36.7 | $ 33 |
Operating and Direct Financin91
Operating and Direct Financing Leases - Net Investment in Direct Financing Leases - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2013vesselm³ | Dec. 31, 2017USD ($)vessel | Dec. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Nov. 30, 2017vessel | Dec. 31, 2016USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Net investment in direct financing leases - non-current (note 9) | $ 486,106,000 | $ 505,835,000 | ||||
Long-term obligations related to capital leases | 1,046,284,000 | $ 352,486,000 | ||||
Direct Financing Lease | Teekay LNG | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Minimum scheduled future revenues to be received by company in next 12 months | 39,100,000 | |||||
Minimum scheduled future revenues to be received by company in second year | 39,100,000 | |||||
Minimum scheduled future revenues to be received by company in third year | 39,100,000 | |||||
Minimum scheduled future revenues to be received by company in fourth year | 39,100,000 | |||||
Minimum scheduled future revenues to be received by company in fifth year | $ 39,100,000 | |||||
Liquefied Natural Gas | Teekay LNG | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Number of vessels | vessel | 2 | |||||
Awilco LNG carriers | Teekay LNG | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Number of vessels | vessel | 2 | |||||
Volume of vessels | m³ | 155,900 | |||||
Fixed-rate charter period, extension | 1 year | |||||
Number of charter contracts | vessel | 1 | |||||
Awilco LNG carriers | Forecast | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Net investment in direct financing leases - non-current (note 9) | $ 131,000,000 | |||||
Awilco LNG carriers | Maximum | Teekay LNG | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating lease arrangement period, lessor | 5 years | |||||
Awilco LNG carriers | Maximum | Forecast | Teekay LNG | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Deferred rent receivables per day | $ 20,600 | |||||
Awilco LNG carriers | Minimum | Teekay LNG | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating lease arrangement period, lessor | 4 years | |||||
Awilco LNG carriers | Minimum | Forecast | Teekay LNG | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Deferred rent receivables per day | $ 10,600 | |||||
Awilco LNG carriers | Direct Financing Lease | Teekay LNG | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Minimum scheduled future revenues to be received by company in next 12 months | $ 6,800,000 |
Operating and Direct Financin92
Operating and Direct Financing Leases - Components of Net Investments in Direct Financing Leases (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)lease | Dec. 31, 2017USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Total minimum lease payments to be received | $ 777,334 | $ 568,710 |
Estimated unguaranteed residual value of leased properties | 203,465 | 194,965 |
Initial direct costs and other | 393 | 361 |
Less unearned revenue | (320,598) | (268,046) |
Total | 660,594 | 495,990 |
Less current portion | (154,759) | (9,884) |
Long-term portion | 505,835 | $ 486,106 |
Teekay Offshore | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Total | $ 17,600 | |
Teekay Offshore | FSO | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of vessels | lease | 1 |
Obligations Related to Capita93
Obligations Related to Capital Leases - Capital Lease Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leased Assets [Line Items] | ||
Capital lease obligations | $ 1,160,457 | $ 392,839 |
Less current portion | (114,173) | (40,353) |
Long-term obligations related to capital leases | 1,046,284 | 352,486 |
LNG Carriers | ||
Capital Leased Assets [Line Items] | ||
Capital lease obligations | 961,711 | 338,257 |
Suezmax | ||
Capital Leased Assets [Line Items] | ||
Capital lease obligations | $ 198,746 | $ 54,582 |
Obligations Related to Capita94
Obligations Related to Capital Leases - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2017USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessellease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Capital Leased Assets [Line Items] | |||||
Capital lease obligations | $ 1,160,457,000 | $ 392,839,000 | |||
Proceeds from financing related to sales and leaseback of vessels | $ 809,935,000 | $ 355,306,000 | $ 0 | ||
Assets Held for Sale | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | vessel | 2 | ||||
Liquefied Natural Gas | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | vessel | 4 | ||||
Teekay LNG | Newbuildings | Forecast | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels with secured financing | vessel | 3 | ||||
Teekay LNG | Liquefied Natural Gas | |||||
Capital Leased Assets [Line Items] | |||||
Capital lease obligations | $ 193,000,000 | ||||
Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Restricted cash | $ 2,700,000 | ||||
Teekay Tankers | Suezmax | |||||
Capital Leased Assets [Line Items] | |||||
Actual hull coverage ratio | 105.00% | ||||
LNG Carriers | |||||
Capital Leased Assets [Line Items] | |||||
Term of contract | 10 years | ||||
Approximate capital leases future minimum payments due | $ 1,400,000,000 | ||||
Interest expenses included in capital lease payment obligation | $ 429,900,000 | ||||
LNG Carriers | Teekay LNG | |||||
Capital Leased Assets [Line Items] | |||||
Number of capital leased assets | lease | 8 | ||||
LNG Carriers | Teekay LNG | Liquefied Natural Gas | Forecast | |||||
Capital Leased Assets [Line Items] | |||||
Capital lease financing secured | $ 375,000,000 | ||||
Suezmax | |||||
Capital Leased Assets [Line Items] | |||||
Imputed interest rate | 5.50% | ||||
Suezmax | Teekay LNG | |||||
Capital Leased Assets [Line Items] | |||||
Number of capital leased assets | lease | 2 | ||||
Weighted-average interest rate on leases | 5.20% | ||||
Suezmax | Teekay LNG | Assets Held for Sale | |||||
Capital Leased Assets [Line Items] | |||||
Number of capital leased assets | vessel | 5 | ||||
Capital Lease Obligations | Suezmax | |||||
Capital Leased Assets [Line Items] | |||||
Interest expenses included in capital lease payment obligation | $ 70,300,000 | ||||
Number of vessels | vessel | 6 | ||||
Future minimum payments due | $ 269,000,000 | ||||
Capital Lease Obligations | Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Proceeds from financing related to sales and leaseback of vessels | $ 153,000,000 | ||||
Term of contract | 12 years | ||||
Capital Lease Obligations | Teekay Tankers | Suezmax | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | vessel | 4 | ||||
Minimum free liquidity and undrawn revolving credit line | $ 35,000,000 | ||||
Percentage of debt | 5.00% | ||||
Minimum hull coverage ratio | 90.00% | ||||
Period required to maintain 90% hull coverage ratio | 3 years | ||||
Minimum hull coverage ratio, tranche two | 100.00% | ||||
Capital Lease Obligations | Teekay Tankers | Suezmax | Minimum | |||||
Capital Leased Assets [Line Items] | |||||
Debt term | 6 months | ||||
Fixed-Rate Capital Lease | Teekay LNG | |||||
Capital Leased Assets [Line Items] | |||||
Number of capital leased assets | lease | 4 | ||||
Variable-Rate Capital Lease | Teekay LNG | |||||
Capital Leased Assets [Line Items] | |||||
Number of capital leased assets | lease | 1 |
Obligations Related to Capita95
Obligations Related to Capital Leases - Schedule of Repayments of Capital Leases Including Imputed Interest (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
LNG Carriers | |
Capital Leased Assets [Line Items] | |
2,018 | $ 111,678 |
2,019 | 119,564 |
2,020 | 118,901 |
2,021 | 117,904 |
2,022 | 117,109 |
Thereafter | 806,458 |
Suezmax | |
Capital Leased Assets [Line Items] | |
2,018 | 67,214 |
2,019 | 16,236 |
2,020 | 16,279 |
2,021 | 16,233 |
2,022 | 16,232 |
Thereafter | $ 136,846 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans to equity-accounted investees and joint venture partners - Current | $ 107,486 | $ 9,471 |
Loans to equity-accounted investees and joint venture partners - Long-term | 146,420 | 292,209 |
Long-term debt - non-public (note 8) | (3,417,705) | (6,639,546) |
Obligations related to capital leases, including current portion | (1,160,457) | (392,839) |
Carrying Amount Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans to equity-accounted investees and joint venture partners - Current | 107,486 | 11,821 |
Loans to equity-accounted investees and joint venture partners - Long-term | 146,420 | 292,209 |
Carrying Amount Asset (Liability) | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt - public (note 8) | (963,563) | (1,503,472) |
Carrying Amount Asset (Liability) | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt - non-public (note 8) | (2,454,142) | (5,136,074) |
Obligations related to capital leases, including current portion | (1,160,457) | (392,839) |
Carrying Amount Asset (Liability) | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivable included in accounts receivable and other assets | 3,476 | 10,985 |
Carrying Amount Asset (Liability) | Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, restricted cash, and marketable securities | 552,186 | 805,567 |
Carrying Amount Asset (Liability) | Recurring | Level 2 | Interest Rate Swap Agreements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements - assets | 6,081 | 7,943 |
Interest rate swap agreements - liabilities | (78,560) | (302,935) |
Carrying Amount Asset (Liability) | Recurring | Level 2 | Cross Currency Interest Swap Agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cross currency interest swap agreement and foreign currency contracts | (50,459) | (237,165) |
Carrying Amount Asset (Liability) | Recurring | Level 2 | Foreign Currency Contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cross currency interest swap agreement and foreign currency contracts | 81 | (2,993) |
Carrying Amount Asset (Liability) | Recurring | Level 3 | Stock Purchase Warrants | Derivatives Not Designated as a Cash Flow Hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stock purchase warrants | 30,749 | 575 |
Carrying Amount Asset (Liability) | Recurring | Level 3 | Time-charter Swap Agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time-charter swap agreement | 0 | 208 |
Carrying Amount Asset (Liability) | Non-recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Vessels and equipment | 0 | 11,300 |
Vessels held for sale (note 18b) | 16,671 | 61,282 |
Long-term investments | 0 | 6,000 |
Fair Value Asset (Liability) | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt - public (note 8) | (979,773) | (1,409,996) |
Fair Value Asset (Liability) | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt - non-public (note 8) | (2,421,273) | (5,009,900) |
Obligations related to capital leases, including current portion | (1,148,989) | (400,072) |
Fair Value Asset (Liability) | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivable included in accounts receivable and other assets | 3,459 | 10,944 |
Fair Value Asset (Liability) | Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, restricted cash, and marketable securities | 552,186 | 805,567 |
Fair Value Asset (Liability) | Recurring | Level 2 | Interest Rate Swap Agreements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements - assets | 6,081 | 7,943 |
Interest rate swap agreements - liabilities | (78,560) | (302,935) |
Fair Value Asset (Liability) | Recurring | Level 2 | Cross Currency Interest Swap Agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cross currency interest swap agreement and foreign currency contracts | (50,459) | (237,165) |
Fair Value Asset (Liability) | Recurring | Level 2 | Foreign Currency Contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cross currency interest swap agreement and foreign currency contracts | 81 | (2,993) |
Fair Value Asset (Liability) | Recurring | Level 3 | Stock Purchase Warrants | Derivatives Not Designated as a Cash Flow Hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stock purchase warrants | 30,749 | 575 |
Fair Value Asset (Liability) | Recurring | Level 3 | Time-charter Swap Agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time-charter swap agreement | 0 | 208 |
Fair Value Asset (Liability) | Non-recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Vessels and equipment | 0 | 11,300 |
Vessels held for sale (note 18b) | 16,671 | 61,282 |
Long-term investments | $ 0 | $ 6,000 |
Fair Value Measurements - Fai97
Fair Value Measurements - Fair Value of Financial Instruments and Other Non-Financial Assets (Footnote) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of interest rate swap agreements | $ 5,700 | $ 15,800 |
Level 2 | BG Joint Venture | Shipbuilding supervision and crew training services | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate | 8.00% | |
Fair Value Asset (Liability) | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivable | $ 3,459 | $ 10,944 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Derivative Instrument Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - Teekay Tankers - Level 3 - Time-charter Swap Agreement - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair value at the beginning of the year | $ 208 | $ 0 |
Settlements | (1,106) | (2,154) |
Realized and unrealized gain | 898 | 2,362 |
Fair value at the end of the year | $ 0 | $ 208 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ / shares in Units, $ in Millions | Sep. 25, 2017day$ / shares | Aug. 11, 2014USD ($) | Jun. 30, 2016MaintenanceAndSafety | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016$ / shares | Jun. 29, 2016$ / shares | Dec. 31, 2015$ / shares | Jan. 31, 2014shares |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Teekay Offshore | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Exercise price of warrants (in usd per unit) | $ / shares | $ 0.01 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 4 | |||||||
Trading period | day | 10 | |||||||
Warrant term | 7 years | |||||||
Logitel Offshore Holdings | Cancellation Potential | Newbuildings | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Number of units for maintenance and safety | MaintenanceAndSafety | 2 | |||||||
Teekay Offshore | Logitel Offshore Holdings | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Percentage of ownership acquired | 100.00% | |||||||
Aggregate purchase price, cash | $ | $ 4 | |||||||
Potential additional cash amount for purchase price | $ | $ 27.6 | |||||||
Tanker Investments Ltd. | Stock Purchase Warrants | Maximum | ||||||||
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 | shares | 1,500,000 | |||||||
Stock Purchase Warrants | Teekay Corporation | Brookfield | ||||||||
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 | shares | 14,500,000 | |||||||
Series D Warrant | ||||||||
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 | shares | 1,755,000 | |||||||
Warrant term | 7 years | |||||||
Series D Warrant | Teekay Offshore | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Stock purchase warrants | $ | $ 1.3 | |||||||
Series D Warrant | Teekay Offshore | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Volatility rate | 74.90% | |||||||
Series B | Teekay Offshore | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Exercise price of warrants (in usd per unit) | $ / shares | $ 4.55 | $ 4.55 | $ 6.05 | |||||
Brookfield Transaction | Stock Purchase Warrants | Teekay Offshore | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Stock purchase warrants | $ | $ 29.4 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Recurring - Level 3 - Stock Purchase Warrants - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Warrants, beginning of year | $ 575 | $ 10,328 |
Fair value on issuance | 36,596 | 0 |
Unrealized loss included in earnings | (6,422) | (9,753) |
Warrants, end of year | $ 30,749 | $ 575 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | 108 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2008 | |
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized (shares) | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | |
Preferred stock, par value (dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | |
Common stock, share authorized (shares) | 725,000,000 | 725,000,000 | 725,000,000 | 725,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, share issued (shares) | 89,127,041 | 86,149,975 | 86,149,975 | ||
Preferred stock, share issued (in shares) | 0 | ||||
Number of common shares or units issued related to the exercise of share based compensation during the period | 100,000 | 100,000 | |||
Net cash proceeds | $ 172,930,000 | $ 327,419,000 | $ 575,368,000 | ||
Common stock conversion (in shares) | 1 | ||||
Minimum percentage of shares acquired in exercisable rights | 20.00% | ||||
Minimum percentage of common stock acquired by stockholders for higher thresholds | 15.00% | ||||
Tender Offers | |||||
Class of Stock [Line Items] | |||||
Minimum percentage of shares acquired in exercisable rights | 20.00% | ||||
Continuous Offering Program | |||||
Class of Stock [Line Items] | |||||
Number of shares issued (in shares) | 2,900,000 | 1,300,000 | |||
Value of common units | $ 50,000,000 | ||||
Net cash proceeds | $ 25,600,000 | 9,300,000 | |||
Offering costs | 400,000 | ||||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Issuance of equity private placement | $ 96,200,000 | ||||
Repurchase of common stock (in shares) | 5,200,000 | ||||
Common stock repurchased value | $ 162,300,000 | ||||
Common stock repurchase, total remaining amount authorized | $ 37,700,000 | ||||
Common Stock | Share Repurchase Program 2008 | |||||
Class of Stock [Line Items] | |||||
Common stock repurchase, amount authorized | $ 200,000,000 | ||||
Common Stock | Private Equity Placement | |||||
Class of Stock [Line Items] | |||||
Number of shares issued (in shares) | 12,000,000 |
Capital Stock - Additional I102
Capital Stock - Additional Information, Stock-based compensation (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)time$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of options granted (dollars per share) | $ / shares | $ 4.71 | $ 3.60 | $ 7.74 |
Common stock conversion (in shares) | shares | 1 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares reserved for issuance upon exercise of options or equity awards granted or to be granted | shares | 5,115,308 | 4,780,371 | |
Stock options granted (in shares) | shares | 732,314 | 916,015 | 265,135 |
Stock option, term | 10 years | ||
Vesting period | 3 years | ||
Unrecognized compensation cost related to non-vested stock options granted under the Plans | $ 2,300,000 | ||
Expected recognition of compensation related to non-vested stock options granted under the Plans in 2018 | 1,300,000 | ||
Expected recognition of compensation related to non-vested stock options granted under the Plans in 2019 | 900,000 | ||
Expected recognition of compensation related to non-vested stock options granted under the Plans in 2020 | 100,000 | ||
Compensation costs | 1,700,000 | $ 1,500,000 | $ 1,700,000 |
Intrinsic value of options exercised | 30,000 | 0 | $ 500,000 |
Intrinsic value of outstanding in-the-money stock options | $ 0 | $ 0 | |
Weighted-average remaining life of options vested and expected to vest | 5 years 1 month | 4 years 6 months | |
Weighted-average grant-date fair value of options granted (dollars per share) | $ / shares | $ 4.71 | $ 3.60 | $ 7.74 |
Expected volatility used in computing fair value of options granted | 62.40% | 55.10% | 31.10% |
Expected life used in computing fair value of options granted, years | 6 years | 6 years | 5 years |
Dividend yield used in computing fair value of options granted | 2.50% | 3.20% | 4.40% |
Risk-free interest rate used in computing fair value of options granted | 2.00% | 1.30% | 1.40% |
Estimated forfeiture rate used in computing fair value of options granted | 7.00% | 7.00% | 8.00% |
Period of historical data used to calculate expected volatility in years | 5 years | ||
Stock Options | Nonvested | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of non-vested options forfeited | $ 200,000 | $ 0 | $ 0 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Number of shares or units granted equity based compensation awards | shares | 349,175 | 238,609 | 63,912 |
Fair value of granted stock | $ 3,600,000 | $ 2,300,000 | $ 2,800,000 |
Vested restricted stock (in shares) | shares | 129,106 | 98,844 | 101,419 |
Market value of vested restricted stock | $ 3,200,000 | $ 4,300,000 | $ 4,300,000 |
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of times performance units to vest, Minimum | time | 0 | ||
Number of shares or units granted equity based compensation awards | shares | 311,691 | 61,774 | |
Fair value of granted stock | $ 3,600,000 | $ 3,400,000 | |
Performance Share Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units and Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted (in shares) | shares | 73,078 | 59,518 | 98,381 |
Share based compensation expense | $ 4,000,000 | $ 4,200,000 | $ 4,500,000 |
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs | $ 900,000 | $ 600,000 | $ 1,000,000 |
Number of shares or units granted equity based compensation awards | shares | 89,387 | 67,000 | 22,502 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Option Activity and Related Information (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options | |||
Options Outstanding - beginning of year (shares) | 3,367 | 2,800 | 2,710 |
Options, Granted (shares) | 732 | 916 | 265 |
Options, Exercised (shares) | (3) | 0 | (36) |
Options, Forfeited / expired (shares) | (496) | (349) | (139) |
Options Outstanding - end of year (shares) | 3,600 | 3,367 | 2,800 |
Options Exercisable - end of year (shares) | 2,221 | 2,271 | 2,500 |
Weighted-Average Exercise Price | |||
Weighted-Average Exercise Price, Outstanding - beginning of year (dollars per share) | $ 29.16 | $ 36.84 | $ 36.61 |
Weighted-Average Exercise Price, Granted (dollars per share) | 10.18 | 9.44 | 43.99 |
Weighted-Average Exercise Price, Exercised (dollars per share) | 9.44 | 0 | 33.79 |
Weighted-Average Exercise Price, Forfeited / expired (dollars per share) | 46.27 | 38.97 | 46.80 |
Weighted-Average Exercise Price, Outstanding - end of year (dollars per share) | 22.96 | 29.16 | 36.84 |
Weighted-Average Exercise Price, Exercisable - end of year (dollars per share) | $ 29.76 | $ 35.89 | $ 36.03 |
Capital Stock - Non-Vested Stoc
Capital Stock - Non-Vested Stock Option Activity and Related Information (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options | |||
Options Outstanding Non-Vested Stock Options - beginning of year (shares) | 1,096 | 300 | 202 |
Options, Granted (shares) | 732 | 916 | 265 |
Options, Vested (shares) | (399) | (118) | (167) |
Options, Forfeited (shares) | (50) | (2) | 0 |
Options Outstanding Non-Vested Stock Options - end of year (shares) | 1,379 | 1,096 | 300 |
Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding non-vested stock options - beginning of Year (dollars per share) | $ 4.30 | $ 8.09 | $ 9.37 |
Weighted-Average Grant Date Fair Value, Granted (dollars per share) | 4.71 | 3.60 | 7.74 |
Weighted-Average Grant Date Fair Value, Vested (dollars per share) | 4.62 | 8.48 | 9.07 |
Weighted-Average Grant Date Fair Value, Forfeited (dollars per share) | 3.94 | 3.60 | 0 |
Weighted-Average Grant Date Fair Value, outstanding non-vested stock options - end of year (dollars per share) | $ 4.44 | $ 4.30 | $ 8.09 |
Capital Stock - Details Regardi
Capital Stock - Details Regarding Outstanding and Exercisable Stock Options (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of Outstanding Options (in shares) | 3,600,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 5 years 2 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 22.96 | $ 29.16 | $ 36.84 | $ 36.61 |
Number of Exercisable Options (in shares) | 2,221,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 3 years 1 month 6 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 29.76 | $ 35.89 | $ 36.03 | |
$5.00 – $9.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 5 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 9.99 | |||
Number of Outstanding Options (in shares) | 869,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 8 years 2 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 9.44 | |||
Number of Exercisable Options (in shares) | 299,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 8 years 2 months 12 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 9.44 | |||
$10.00 – $19.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 10 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 19.99 | |||
Number of Outstanding Options (in shares) | 910,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 7 years 6 months | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 10.52 | |||
Number of Exercisable Options (in shares) | 188,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 1 year 2 months 12 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 11.84 | |||
$20.00 – $24.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 20 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 24.99 | |||
Number of Outstanding Options (in shares) | 287,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 2 years 2 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 24.42 | |||
Number of Exercisable Options (in shares) | 287,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 2 years 2 months 12 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 24.42 | |||
$25.00 – $29.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 25 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 29.99 | |||
Number of Outstanding Options (in shares) | 364,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 4 years 2 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 27.69 | |||
Number of Exercisable Options (in shares) | 364,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 4 years 2 months 12 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 27.69 | |||
$30.00 – $34.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 30 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 34.99 | |||
Number of Outstanding Options (in shares) | 113,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 4 years 4 months 24 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 34.42 | |||
Number of Exercisable Options (in shares) | 113,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 4 years 4 months 24 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 34.42 | |||
$35.00 – $39.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 35 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 39.99 | |||
Number of Outstanding Options (in shares) | 25,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 7 months 6 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 39.99 | |||
Number of Exercisable Options (in shares) | 25,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 7 months 6 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 39.99 | |||
$40.00 – $49.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 40 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 44.99 | |||
Number of Outstanding Options (in shares) | 1,017,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 2 years | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 41.34 | |||
Number of Exercisable Options (in shares) | 930,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 1 year 6 months | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 41.09 | |||
$50.00 – $59.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 50 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 59.99 | |||
Number of Outstanding Options (in shares) | 15,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 6 years 2 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 56.76 | |||
Number of Exercisable Options (in shares) | 15,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 6 years 2 months 12 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 56.76 |
Capital Stock - Additional I106
Capital Stock - Additional Information, Stock-based compensation of Subsidiaries (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common shares or units issued related to the exercise of share based compensation during the period | 100,000 | 100,000 | ||||
Stock option per share value (dollars per share) | $ 10.18 | $ 9.44 | $ 43.99 | |||
Non-Management Directors | Teekay Offshore | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common shares or units issued related to the exercise of share based compensation during the period | 56,950 | 76,084 | 14,603 | |||
Non-Management Directors | Teekay LNG | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common shares or units issued related to the exercise of share based compensation during the period | 17,345 | 32,723 | 10,447 | |||
Non-Management Directors | Teekay Offshore Teekay LNG and Teekay Tankers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common units aggregate value, granted | $ 0.6 | $ 0.7 | $ 1 | |||
Phantom Unit Awards | Teekay Offshore | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares or units granted equity based compensation awards | 321,318 | 601,368 | 102,843 | |||
Phantom Unit Awards | Teekay LNG | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares or units granted equity based compensation awards | 60,809 | 132,582 | 32,054 | |||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares or units granted equity based compensation awards | 349,175 | 238,609 | 63,912 | |||
Vesting period | 3 years | |||||
Restricted Stock Units and Phantom Unit Awards | Teekay Offshore Teekay LNG and Teekay Tankers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common units aggregate value, granted | $ 3.5 | $ 4.9 | $ 4.2 | |||
Vesting period | 3 years | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Stock options granted (in shares) | 732,314 | 916,015 | 265,135 | |||
Stock option, term | 10 years | |||||
Stock Options | Officer | Teekay Tankers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Stock options granted (in shares) | 486,329 | 216,043 | 58,434 | |||
Stock option per share value (dollars per share) | $ 2.23 | $ 3.74 | $ 5.39 | |||
Stock option, term | 10 years | |||||
Stock Options | Non-Management Directors | Teekay Tankers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted (in shares) | 396,412 | 284,693 | ||||
Stock option per share value (dollars per share) | $ 2.23 | $ 3.74 | ||||
Stock option, term | 10 years | |||||
Class A | Non-Management Directors | Teekay Tankers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common shares or units issued related to the exercise of share based compensation during the period | 0 | 9,358 | 51,948 | |||
Class A | Restricted Stock Units | Teekay Tankers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares or units granted equity based compensation awards | 382,437 | 279,980 | 192,387 |
Related Party Transactions (Det
Related Party Transactions (Detail) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)vessel | Mar. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||||
Current portion of loans to equity-accounted investees (note 22) | $ 107,486,000 | $ 107,486,000 | $ 107,486,000 | $ 9,471,000 | ||
Teekay Offshore | ||||||
Related Party Transaction [Line Items] | ||||||
Advances to Teekay Offshore | 102,800,000 | 102,800,000 | 102,800,000 | |||
Current portion of loans to equity-accounted investees (note 22) | 37,200,000 | 37,200,000 | $ 37,200,000 | |||
Revenue from related parties | $ 17,800,000 | |||||
Teekay Offshore | Shuttle Tankers | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | vessel | 2 | |||||
Teekay Offshore | FSO | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | vessel | 3 | |||||
Teekay Offshore | Technical Services | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses | $ 800,000 | |||||
Teekay Offshore | Time-Charter Hire Expense | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses | $ 14,300,000 | |||||
Resolute Investments, Ltd. | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage of Resolute outstanding common stock | 31.90% | 31.90% | 31.90% | 37.10% | 39.10% | |
Revolving Credit Facilities | ||||||
Related Party Transaction [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 1,340,455,288 | $ 1,340,455,288 | $ 1,340,455,288 | |||
Revolving Credit Facilities | Subsequent Events | Teekay Offshore | ||||||
Related Party Transaction [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | |||||
Revolving Credit Facilities | Subsequent Events | Teekay Offshore | Brookfield | ||||||
Related Party Transaction [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 100,000,000 | |||||
Teekay Parent | ||||||
Related Party Transaction [Line Items] | ||||||
Current portion of loans to equity-accounted investees (note 22) | $ 736,938,000 | $ 736,938,000 | $ 736,938,000 | $ 786,110,000 | ||
Teekay Parent | Revolving Credit Facilities | Subsequent Events | Teekay Offshore | ||||||
Related Party Transaction [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 25,000,000 |
Other (Loss) Income (Detail)
Other (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Tax indemnification guarantee liability | $ (50,000) | $ 0 | $ 0 |
Write-off of contingent consideration | 0 | 36,630 | 0 |
Contingent liability | (4,500) | (61,862) | 0 |
Gain on sale / (write-down) of cost-accounted investment | 1,250 | (19,000) | 0 |
Miscellaneous (loss) income | (731) | 5,219 | 1,566 |
Other (loss) income | $ (53,981) | $ (39,013) | $ 1,566 |
Derivative Instruments and H109
Derivative Instruments and Hedging Activities - Commitment of Foreign Currency Forward Contracts (Detail) - Norwegian Kroner $ in Thousands | Dec. 31, 2017USD ($)kr / $ | Dec. 31, 2017NOK (kr)kr / $ |
Derivative [Line Items] | ||
Average Forward Rate | kr / $ | 8.23 | 8.23 |
Fair Value / Carrying Amount of Asset (Liability) | $ 81 | |
Expected Maturity | $ 12,153 | |
Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Contract Amount in Foreign Currency | kr | kr 100,000,000 |
Derivative Instruments and H110
Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) - Cross Currency Interest Rate Contract $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2017NOK (kr) | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of (Liability) / Asset | $ (50,459) | |
4.35 Percent Margin | NIBOR | ||
Derivative [Line Items] | ||
Notional Amount | $ 150,000 | kr 900,000,000 |
Variable interest rate on debt | 4.35% | 4.35% |
Fixed Rate Payable | 6.43% | 6.43% |
Fair Value / Carrying Amount of (Liability) / Asset | $ (41,664) | |
Remaining Term (years) | 8 months 12 days | |
3.70 Percent Margin | NIBOR | ||
Derivative [Line Items] | ||
Notional Amount | $ 134,000 | kr 1,000,000,000 |
Variable interest rate on debt | 3.70% | 3.70% |
Fixed Rate Payable | 5.92% | 5.92% |
Fair Value / Carrying Amount of (Liability) / Asset | $ (12,553) | |
Remaining Term (years) | 2 years 4 months 24 days | |
6.0 Percent Margin | NIBOR | ||
Derivative [Line Items] | ||
Notional Amount | $ 146,500 | kr 1,200,000,000 |
Variable interest rate on debt | 6.00% | 6.00% |
Fixed Rate Payable | 7.72% | 7.72% |
Fair Value / Carrying Amount of (Liability) / Asset | $ 3,758 | |
Remaining Term (years) | 3 years 9 months 18 days |
Derivative Instruments and H111
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) $ in Thousands, € in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | |
U.S. Dollar-denominated interest rate swaps 1 | LIBOR | ||
Derivative [Line Items] | ||
Principal Amount | $ 1,137,671 | |
Fair Value / Carrying Amount of Asset / (Liability) | $ (33,882) | |
Weighted-Average Remaining Term (years) | 4 years 9 months 18 days | |
Fixed Rate Payable | 2.80% | 2.80% |
U.S. Dollar-denominated interest rate swaps 2 | LIBOR | ||
Derivative [Line Items] | ||
Principal Amount | $ 160,000 | |
Fair Value / Carrying Amount of Asset / (Liability) | $ (9,360) | |
Weighted-Average Remaining Term (years) | 3 months 18 days | |
Fixed Rate Payable | 3.50% | 3.50% |
U.S. Dollar-denominated interest rate swaption 1 | LIBOR | ||
Derivative [Line Items] | ||
Principal Amount | $ 160,000 | |
Fair Value / Carrying Amount of Asset / (Liability) | $ (2) | |
Weighted-Average Remaining Term (years) | 1 month 6 days | |
Fixed Rate Payable | 2.00% | 2.00% |
U.S. Dollar-denominated interest rate swaption 2 | LIBOR | ||
Derivative [Line Items] | ||
Principal Amount | $ 160,000 | |
Fair Value / Carrying Amount of Asset / (Liability) | $ 0 | |
Weighted-Average Remaining Term (years) | 1 month 6 days | |
Fixed Rate Payable | 3.10% | 3.10% |
Euro-denominated interest rate swaps | ||
Derivative [Line Items] | ||
Principal Amount | € | € 194.1 | |
Euro-denominated interest rate swaps | EURIBOR | ||
Derivative [Line Items] | ||
Principal Amount | $ 232,957 | |
Fair Value / Carrying Amount of Asset / (Liability) | $ (29,235) | |
Weighted-Average Remaining Term (years) | 2 years 11 months 15 days | |
Fixed Rate Payable | 3.10% | 3.10% |
Interest Rate Swap Agreements | ||
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset / (Liability) | $ (72,479) |
Derivative Instruments and H112
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Footnote) (Detail) $ in Thousands, € in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Aug. 31, 2015 |
U.S. Dollar-denominated interest rate swaption 1 | LIBOR | |||
Derivative [Line Items] | |||
Fixed interest rates | 2.00% | 2.00% | |
Interest rate swap aggregate principal amount used to economically hedge on new debt | $ | $ 160,000 | ||
U.S. Dollar-denominated interest rate swaption 1 | LIBOR | Third Party | |||
Derivative [Line Items] | |||
Fixed interest rates | 1.97% | ||
Euro-denominated interest rate swaps | |||
Derivative [Line Items] | |||
Reducing principal amount of interest rate swaps | $ 84,200 | € 70.1 | |
Interest rate swap aggregate principal amount used to economically hedge on new debt | € | € 194.1 | ||
Teekay LNG | U.S. Dollar-denominated interest rate swaption 1 | LIBOR | |||
Derivative [Line Items] | |||
Fixed interest rates | 3.10% | ||
Minimum | |||
Derivative [Line Items] | |||
Variable interest rate on debt | 0.30% | 0.30% | |
Maximum | |||
Derivative [Line Items] | |||
Variable interest rate on debt | 4.00% | 4.00% |
Derivative Instruments and H113
Derivative Instruments and Hedging Activities - Additional Information (Detail) | Jun. 01, 2016USD ($)vessel | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) |
Time-charter Swap | |||
Derivative [Line Items] | |||
Term of contract | 11 months | ||
Term of contract extension | 2 months | ||
Interest rate swaps | |||
Derivative [Line Items] | |||
Fair value asset of interest rate swaps, cross currency swaps and foreign currency forward contracts having master agreements providing for net settlement | $ 9,800,000 | $ 7,200,000 | |
Fair value liability of interest rate swaps, cross currency swaps and foreign currency forward contracts having master agreements providing for net settlement | 86,100,000 | 398,700,000 | |
Restricted cash | 22,300,000 | 68,000,000 | |
Interest Rate Swap Agreements | |||
Derivative [Line Items] | |||
Loss reclassified from accumulated OCI into earnings | 600,000 | ||
Reported Value Measurement | Recurring | Level 3 | Time-charter Swap | |||
Derivative [Line Items] | |||
Time-charter swap agreement | $ 0 | $ 208,000 | |
Series D Warrant | |||
Derivative [Line Items] | |||
Number of shares available through exercise of stock purchase warrant | shares | 1,755,000 | ||
Teekay Tankers | Time-charter Swap | |||
Derivative [Line Items] | |||
Percent of required need | 55.00% | ||
Number of vessel-equivalents in swap agreement | vessel | 2 | ||
Daily payments received | $ 27,776 | ||
Brokerage fee percentage | 1.25% | ||
Deduction from daily payments made | $ 500 | ||
Brookfield | Teekay Corporation | Stock Purchase Warrants | |||
Derivative [Line Items] | |||
Number of shares available through exercise of stock purchase warrant | shares | 14,500,000 | ||
Teekay Offshore | Series D Warrant | |||
Derivative [Line Items] | |||
Stock purchase warrants | $ 1,300,000 | ||
Brookfield Transaction | Teekay Offshore | Stock Purchase Warrants | |||
Derivative [Line Items] | |||
Stock purchase warrants | $ 29,400,000 |
Derivative Instruments and H114
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | $ 38,180 | $ 84,899 |
Current Portion of Derivative Liabilities | (80,423) | (115,813) |
Derivative Liabilities | (48,388) | (415,041) |
Derivative | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 1,220 | 1,206 |
Other Non-Current Assets | 41,147 | 11,754 |
Accrued Liabilities and Other | (5,664) | (16,473) |
Current Portion of Derivative Liabilities | (80,423) | (115,813) |
Derivative Liabilities | (48,388) | (415,041) |
Derivative | Derivatives designated as a cash flow hedge | Interest Rate Swap Agreements | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 0 | 0 |
Other Non-Current Assets | 1,037 | 1,340 |
Accrued Liabilities and Other | (18) | (363) |
Current Portion of Derivative Liabilities | (751) | (1,033) |
Derivative Liabilities | (7) | (52) |
Derivative | Derivatives not designated as a cash flow hedge | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 875 | |
Other Non-Current Assets | 0 | |
Accrued Liabilities and Other | (667) | |
Current Portion of Derivative Liabilities | 0 | |
Derivative Liabilities | 0 | |
Derivative | Derivatives not designated as a cash flow hedge | Interest Rate Swap Agreements | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 1,124 | 212 |
Other Non-Current Assets | 4,319 | 9,839 |
Accrued Liabilities and Other | (4,836) | (11,979) |
Current Portion of Derivative Liabilities | (35,134) | (59,055) |
Derivative Liabilities | (38,213) | (233,901) |
Derivative | Derivatives not designated as a cash flow hedge | Foreign currency contracts | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 96 | 119 |
Other Non-Current Assets | 0 | 0 |
Accrued Liabilities and Other | 0 | 0 |
Current Portion of Derivative Liabilities | (15) | (2,601) |
Derivative Liabilities | 0 | (511) |
Derivative | Derivatives not designated as a cash flow hedge | Cross currency swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 0 | 0 |
Other Non-Current Assets | 5,042 | 0 |
Accrued Liabilities and Other | (810) | (3,464) |
Current Portion of Derivative Liabilities | (44,523) | (53,124) |
Derivative Liabilities | (10,168) | (180,577) |
Derivative | Derivatives not designated as a cash flow hedge | Stock Purchase Warrants | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 0 | 0 |
Other Non-Current Assets | 30,749 | 575 |
Accrued Liabilities and Other | 0 | 0 |
Current Portion of Derivative Liabilities | 0 | 0 |
Derivative Liabilities | $ 0 | $ 0 |
Derivative Instruments and H115
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Detail) - Interest expense - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Effective Portion Recognized in AOCI | $ (31) | $ 691 |
Realized loss on qualifying cash flow hedging instruments | (1,614) | (68) |
Ineffective Portion | $ (746) | $ 682 |
Derivative Instruments and H116
Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | $ (52,488) | $ (104,492) | $ (140,519) |
Unrealized gains (losses) relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 13,634 | 69,401 | 38,319 |
Total realized and unrealized losses on derivative instruments | (38,854) | (35,091) | (102,200) |
Interest Rate Swap Agreements | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (53,921) | (87,320) | (108,036) |
Unrealized gains (losses) relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 17,005 | 62,446 | 37,723 |
Interest rate swap agreement terminations | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (610) | (8,140) | (10,876) |
Foreign currency forward contracts | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 667 | (11,186) | (21,607) |
Unrealized gains (losses) relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 3,925 | 15,833 | (418) |
Time-charter Swap Agreement | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 1,106 | 2,154 | 0 |
Unrealized gains (losses) relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | (875) | 875 | 0 |
Forward freight agreements | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 270 | 0 | 0 |
Stock Purchase Warrants | |||
Unrealized gains (losses) relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | $ (6,421) | $ (9,753) | $ 1,014 |
Derivative Instruments and H117
Derivative Instruments and Hedging Activities - Effect of Gains (Losses) on Cross Currency Swaps (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign exchange loss | $ (26,463) | $ (6,548) | $ (2,195) |
Cross Currency Interest Rate Contract Maturity and Partial Termination | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized losses | (25,733) | (41,707) | (36,155) |
Cross Currency Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized losses | (18,494) | (38,564) | (18,973) |
Unrealized gains (losses) | 82,668 | 75,033 | (89,178) |
Foreign exchange loss | $ 38,441 | $ (5,238) | $ (144,306) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information - Vessels Under Construction (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Payments made towards commitments for construction of certain carriers and tankers | $ 444,493 | $ 987,658 |
Newbuildings | ||
Long-term Purchase Commitment [Line Items] | ||
Expected cost of project | 1,200,000 | |
Payments made towards commitments for construction of certain carriers and tankers | 444,500 | |
Estimated remaining payments required to be made under newbuilding contract in 2018 | 552,400 | |
Estimated remaining payments required to be made under newbuilding contract in 2019 | $ 252,100 | |
Newbuildings | Liquefied Natural Gas | ||
Long-term Purchase Commitment [Line Items] | ||
Number of vessels | vessel | 6 | |
Newbuildings | Delivery in 2018 | Liquefied Natural Gas | ||
Long-term Purchase Commitment [Line Items] | ||
Number of vessels | vessel | 4 | |
Newbuildings | Delivery in 2019 | Long Distance Towing and Offshore Installation | ||
Long-term Purchase Commitment [Line Items] | ||
Number of vessels | vessel | 2 |
Commitments and Contingencie119
Commitments and Contingencies - Joint Ventures (Detail) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015ft³ | Jun. 30, 2014USD ($)vessel | Dec. 31, 2017USD ($)vesselft³m³ | Dec. 11, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 02, 2015 | |
Net of financing on newbuilding installments | ||||||
Equity method investment, ownership interest | 100.00% | |||||
Minimum | ||||||
Net of financing on newbuilding installments | ||||||
Equity method investment, ownership interest | 14.00% | |||||
Maximum | ||||||
Net of financing on newbuilding installments | ||||||
Equity method investment, ownership interest | 52.00% | |||||
Newbuildings | ||||||
Net of financing on newbuilding installments | ||||||
Net of financing on newbuilding installments 2018 | $ 552,400,000 | |||||
Net of financing on newbuilding installments, 2019 | 252,100,000 | |||||
Expected cost of project | $ 1,200,000,000 | |||||
Yamal LNG Joint Venture | ||||||
Net of financing on newbuilding installments | ||||||
Equity method investment, ownership interest | 50.00% | |||||
Yamal LNG Joint Venture | Newbuildings | ||||||
Net of financing on newbuilding installments | ||||||
Number of vessels | vessel | 6 | |||||
Secured financing | $ 816,000,000 | |||||
Bahrain LNG Joint Venture | ||||||
Net of financing on newbuilding installments | ||||||
Joint venture ownership percentage | 30.00% | |||||
Teekay LNG | Yamal LNG Joint Venture | Newbuildings | ||||||
Net of financing on newbuilding installments | ||||||
Equity method investment, ownership interest | 50.00% | |||||
Teekay LNG | Pan Union Joint Venture | Newbuildings | Minimum | Shipbuilding supervision and crew training services | ||||||
Net of financing on newbuilding installments | ||||||
Equity method investment, ownership interest | 20.00% | |||||
Teekay LNG | Pan Union Joint Venture | Newbuildings | Maximum | Shipbuilding supervision and crew training services | ||||||
Net of financing on newbuilding installments | ||||||
Equity method investment, ownership interest | 30.00% | |||||
Teekay LNG | Bahrain LNG Joint Venture | ||||||
Net of financing on newbuilding installments | ||||||
Joint venture ownership percentage | 30.00% | |||||
Teekay LNG | Yamal LNG Joint Venture | Newbuildings | ||||||
Net of financing on newbuilding installments | ||||||
Number of vessels | vessel | 6 | |||||
Volume of vessels | m³ | 172,000 | |||||
Expected cost of project | $ 2,100,000,000 | |||||
Payment made towards commitments | 240,100,000 | |||||
Secured financing | 816,000,000 | |||||
Undrawn amount | $ 751,500,000 | |||||
Teekay LNG | Pan Union Joint Venture | Newbuildings | Shipbuilding supervision and crew training services | ||||||
Net of financing on newbuilding installments | ||||||
Number of vessels | vessel | 4 | 3 | ||||
Secured financing | $ 87,000,000 | |||||
Long-term receivable | $ 20,300,000 | $ 3,500,000 | $ 10,900,000 | |||
Teekay LNG | Bahrain LNG Joint Venture | ||||||
Net of financing on newbuilding installments | ||||||
Joint venture ownership percentage | 30.00% | |||||
Teekay LNG | Bahrain LNG Joint Venture | LNG receiving and regasification terminal | ||||||
Net of financing on newbuilding installments | ||||||
Expected cost of project | $ 960,000,000 | |||||
Capacity of production facility, per day | ft³ | 800,000,000 | |||||
Secured debt financing percentage | 75.00% | |||||
Teekay LNG | Bahrain LNG Joint Venture | LNG receiving and regasification terminal | Lease Agreements | ||||||
Net of financing on newbuilding installments | ||||||
Operating lease arrangement period, lessor | 20 years | 20 years | ||||
Teekay LNG | Bahrain LNG Joint Venture | LNG receiving and regasification terminal | Maximum | ||||||
Net of financing on newbuilding installments | ||||||
Capacity of production facility, per day | ft³ | 800,000,000 | |||||
Teekay LNG | Pro Rata Share | Exmar LPG Joint Venture | Newbuildings | Shipbuilding supervision and crew training services | ||||||
Net of financing on newbuilding installments | ||||||
Equity method investment, ownership interest | 50.00% | |||||
Teekay LNG | Pro Rata Share | Exmar LPG Joint Venture | Newbuildings | Shipbuilding supervision and crew training services | ||||||
Net of financing on newbuilding installments | ||||||
Number of vessels | vessel | 3 | |||||
Secured financing | $ 56,000,000 | |||||
Capital Addition Purchase Commitments, Equity Method Investee | Teekay LNG | ||||||
Net of financing on newbuilding installments | ||||||
Total | 1,086,435,000 | |||||
Net of financing on newbuilding installments 2018 | 572,505,000 | |||||
Net of financing on newbuilding installments, 2019 | 314,730,000 | |||||
Net of financing on newbuilding installments, 2020 | 199,200,000 | |||||
Capital Addition Purchase Commitments, Equity Method Investee | Teekay LNG | Yamal LNG Joint Venture | ||||||
Net of financing on newbuilding installments | ||||||
Total | 781,300,000 | |||||
Net of financing on newbuilding installments 2018 | 350,100,000 | |||||
Net of financing on newbuilding installments, 2019 | 232,000,000 | |||||
Net of financing on newbuilding installments, 2020 | 199,200,000 | |||||
Capital Addition Purchase Commitments, Equity Method Investee | Teekay LNG | Pan Union Joint Venture | ||||||
Net of financing on newbuilding installments | ||||||
Total | 116,629,000 | |||||
Net of financing on newbuilding installments 2018 | 87,102,000 | |||||
Net of financing on newbuilding installments, 2019 | 29,527,000 | |||||
Net of financing on newbuilding installments, 2020 | 0 | |||||
Capital Addition Purchase Commitments, Equity Method Investee | Teekay LNG | Bahrain LNG Joint Venture | ||||||
Net of financing on newbuilding installments | ||||||
Total | 133,936,000 | |||||
Net of financing on newbuilding installments 2018 | 80,733,000 | |||||
Net of financing on newbuilding installments, 2019 | 53,203,000 | |||||
Net of financing on newbuilding installments, 2020 | 0 | |||||
Capital Addition Purchase Commitments, Equity Method Investee | Teekay LNG | Exmar LPG Joint Venture | ||||||
Net of financing on newbuilding installments | ||||||
Total | 54,570,000 | |||||
Net of financing on newbuilding installments 2018 | 54,570,000 | |||||
Net of financing on newbuilding installments, 2019 | 0 | |||||
Net of financing on newbuilding installments, 2020 | $ 0 |
Commitments and Contingencie120
Commitments and Contingencies - Additional Information - Liquidity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Net operating cash flow | $ 513,745 | $ 620,783 | $ 775,832 |
Working capital deficit | 532,200 | ||
Current portion of long-term debt | $ 800,897 | $ 998,591 |
Commitments and Contingencie121
Commitments and Contingencies - Additional Information - Legal Proceedings and Claims - Teekay Nakilat Capital Lease (Details) - Teekay LNG £ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)vesselagreement | Dec. 31, 2017GBP (£)agreement | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | |
Teekay Nakilat Corporation | ||||
Loss Contingencies [Line Items] | ||||
Share of potential exposure | 70.00% | |||
Number of vessels | vessel | 3 | |||
RasGas II LNG Carriers | Foreign Tax Authority | ||||
Loss Contingencies [Line Items] | ||||
Estimated shares of lease rental increase claim | $ 50 | |||
Teekay Nakilat Corporation | ||||
Loss Contingencies [Line Items] | ||||
Number of lease agreements | agreement | 3 | 3 | ||
Lease term | 30 years | |||
Tax indemnification | $ 62.7 | £ 46.4 | $ 13.3 | £ 10.8 |
Security Deposit | Teekay Nakilat Corporation | ||||
Loss Contingencies [Line Items] | ||||
Restricted cash | $ 7 | $ 6.8 |
Commitments and Contingencie122
Commitments and Contingencies - Additional Information - Redeemable Non-Controlling Interest (Detail) - $ / shares | Jul. 31, 2015 | Jun. 30, 2016 | Jul. 31, 2015 | Dec. 31, 2017 | Sep. 25, 2017 |
Series C Preferred Stock | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Period for optional conversion to common units | 3 years | ||||
Teekay Offshore | Series C Preferred Stock | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Public offering made by Partnership (in shares) | 10,400,000 | ||||
Preferred units dividend rate | 8.60% | ||||
Conversion period | 18 months | 18 months | |||
Shares issued upon conversion | 1 | 1 | |||
Weighted average price of common units (dollars per share) | $ 35.925 | ||||
Teekay Offshore | Series C-1 Preferred Units | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred units dividend rate | 8.60% | ||||
Shares issued upon conversion | 1.474 | ||||
Period for optional conversion to common units | 3 years | ||||
Conversion of convertible securities (in shares) | 8,500,000 | ||||
Percent of issuance price | 150.00% | ||||
Issuance price (in dollars per share) | $ 16.25 | ||||
Redemption price (USD per unit) | $ 18.2 | ||||
Teekay Offshore | Series D Preferred Stock | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred units dividend rate | 10.50% | 10.50% | |||
Units issued (in shares) | 4,000,000 | ||||
Premium to liquidation value in redemption after June 29, 2021 | 10.00% | ||||
Premium to liquidation value in redemption after June 29, 2022 | 5.00% | ||||
Number of consecutive trading period | 10 days | ||||
Redemption price (USD per unit) | $ 4 | $ 23.75 | |||
Percent of common units purchased | 90.00% | ||||
Change in ownership of general partner | 50.00% | ||||
Teekay Offshore | Induced Exchange of Series C Preferred Units | Series C Preferred Stock | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Shares converted | 1,900,000 | ||||
Teekay Offshore | Extinguishment of Series C Preferred Units | Series C Preferred Stock | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Shares converted | 8,500,000 | ||||
Teekay Offshore | Limited Partner | Common Stock | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Conversion of convertible securities (in shares) | 8,300,000 |
Supplemental Cash Flow Infor123
Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | $ (1,925) | $ 96,497 | $ (6,488) |
Prepaid expenses and other | 2,608 | 9,690 | (10,607) |
Accounts payable | (14,499) | (10,705) | (24,727) |
Accrued liabilities and other | 120,383 | (57,149) | 29,531 |
Total | $ 106,567 | $ 38,333 | $ (12,291) |
Supplemental Cash Flow Infor124
Supplemental Cash Flow Information - Additional Information (Detail) $ in Thousands | Nov. 27, 2017shares | Nov. 30, 2017USD ($) | Aug. 31, 2015USD ($)vesselshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)vesselshares |
Schedule Of Supplemental Cash Flow [Line Items] | ||||||
Cash interest paid, including realized interest rate swap settlements | $ 319,600 | $ 341,000 | $ 318,100 | |||
Cash interest paid relating to interest rate swap amendments and terminations | 600 | 8,100 | 10,900 | |||
Cash of Tankers Investments Ltd. upon acquisition, net of transaction costs (note 4a) | 30,831 | 0 | $ 0 | |||
Number of common stock issued (in shares) | shares | 7,200,000 | |||||
Number of common shares issued, noncash consideration | $ 49,300 | |||||
Tanker Investments Ltd. | Teekay Tankers | ||||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||||
Cash of Tankers Investments Ltd. upon acquisition, net of transaction costs (note 4a) | $ 37,600 | |||||
Legal fees | $ 6,800 | |||||
Principal Maritime Tankers | Teekay Tankers | Suezmax | ||||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||||
Number of vessels | vessel | 12 | |||||
Number of vessels acquired | vessel | 12 | 12 | ||||
Aggregate purchase price | $ 661,300 | $ 661,300 | ||||
Aggregate purchase price, cash | $ 612,000 | $ 612,000 | ||||
Preferred Unitholders | Teekay Offshore | ||||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||||
Paid-in-kind distributions | $ 12,700 | $ 11,700 | ||||
Class A | Tanker Investments Ltd. | Teekay Tankers | ||||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||||
Number of shares to be issued/exchanged (in shares) | shares | 88,977,544 | |||||
Class A | Principal Maritime Tankers | Teekay Tankers | ||||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||||
Number of common stock issued (in shares) | shares | 7,200,000 | |||||
Number of common shares issued, noncash consideration | $ 49,300 | |||||
Class A | Principal Maritime Tankers | Teekay Tankers | Suezmax | ||||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||||
Number of common stock issued (in shares) | shares | 13,600,000 |
Asset Impairments and Loss o125
Asset Impairments and Loss on Sales of Vessels, Equipment and Other Operating Assets - Additional Information - Asset Impairments (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017vessel | Aug. 31, 2017 | Dec. 31, 2015vessel | Mar. 31, 2015vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | |
Property, Plant and Equipment [Line Items] | |||||||
Write down on vessel | $ 232,659,000 | $ 45,796,000 | $ 67,744,000 | ||||
Total vessels and equipment | 5,208,544,000 | 9,138,886,000 | |||||
Petrojarl Foinaven FPSO | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 2 | ||||||
Write down on vessel | 113,000,000 | ||||||
Petrojarl Banff FPSO | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down on vessel | $ 205,700,000 | ||||||
Petrojarl Foinaven and Banff FPSO | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Discount rate | 10.00% | ||||||
Teekay LNG | Teide Spirit and Toledo Spirit | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down on vessel | $ 25,500,000 | ||||||
Cancellation option period | 13 years | ||||||
Teekay Offshore | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Discount rate | 10.00% | ||||||
Teekay Offshore | Offshore Logistics | Impaired Asset | 1990-built Shuttle Tankers | Cost Approach Valuation Technique | Operating Segments | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 5 | ||||||
Teekay Offshore | Offshore Logistics | Impaired Asset | 1990-built Shuttle Tankers | Discontinued Operations, Held-for-sale | Cost Approach Valuation Technique | Operating Segments | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 1 | 7 | |||||
Teekay Offshore | Units for Maintenance and Safety | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down on vessel | $ 43,700,000 | ||||||
Teekay Offshore | Units for Maintenance and Safety | Impaired Asset | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 2 | ||||||
Total vessels and equipment | $ 0 | ||||||
Teekay Offshore | Five Shuttle Tankers | 1990-built Shuttle Tankers | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated useful life | 17 years 6 months | ||||||
Teekay Offshore | Seven Shuttle Tankers | 1990-built Shuttle Tankers | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down on vessel | $ 66,700,000 | ||||||
Teekay Offshore | Navion Marita | Offshore Logistics | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down on vessel | $ 2,100,000 |
Asset Impairments and Loss o126
Asset Impairments and Loss on Sales of Vessels, Equipment and Other Operating Assets - Net (Loss) Gain on Sale of Vessels, Equipment and Other Operating Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | $ (38,084) | $ (66,450) | $ (2,431) |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | (29) | 48 | (177) |
Teekay Parent | Conventional Tankers | VLCC | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | 0 | (12,495) | 0 |
Teekay Offshore | Offshore Logistics | FSO | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | 0 | (983) | 0 |
Teekay Offshore | Offshore Logistics | 2 Shuttle Tankers | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | 0 | 6,817 | 1,643 |
Teekay Offshore | Offshore Logistics | 2 Conventional Tankers | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | 0 | 65 | (3,897) |
Teekay LNG | Conventional Tankers | Suezmax | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | (25,100) | 0 | 0 |
Teekay LNG | Conventional Tankers | Suezmaxes Tankers Two | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | 0 | (11,537) | 0 |
Teekay LNG | Conventional Tankers | Suezmaxes Tankers Three | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | 0 | (27,439) | 0 |
Teekay Tankers | Conventional Tankers | Suezmax | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | (1,797) | (6,276) | 0 |
Teekay Tankers | Conventional Tankers | Aframax Tanker | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | (11,158) | ||
Teekay Tankers | Conventional Tankers | MR Tanker | |||
Property, Plant and Equipment [Line Items] | |||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | $ 0 | $ (14,650) | $ 0 |
Net (Loss) Income Per Share - S
Net (Loss) Income Per Share - Schedule of Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net (loss) income attributable to shareholders of Teekay Corporation | $ (163,276) | $ (123,182) | $ 82,151 |
The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore (note 16e) | 0 | (4,993) | 0 |
Net (loss) income attributable to shareholders of Teekay Corporation for basic income (loss) per share | (163,276) | (128,175) | 82,151 |
The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore (note 16e) | (90) | (25) | (227) |
Net (loss) income attributable to shareholders of Teekay Corporation for diluted income (loss) per share | $ (163,366) | $ (128,200) | $ 81,924 |
Weighted average number of common shares (shares) | 86,335,473 | 79,211,154 | 72,665,783 |
Dilutive effect of stock-based compensation (shares) | 0 | 0 | 524,781 |
Common stock and common stock equivalents (shares) | 86,335,473 | 79,211,154 | 73,190,564 |
(Loss) Earnings per common share: | |||
Basic (dollars per share) | $ (1.89) | $ (1.62) | $ 1.13 |
Diluted (dollars per share) | $ (1.89) | $ (1.62) | $ 1.12 |
Net (Loss) Income Per Share - A
Net (Loss) Income Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive effect on calculation of diluted loss per common share attributable to outstanding stock-based awards | 3.6 | 3.8 |
Restructuring Charges (Detail)
Restructuring Charges (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)office | Dec. 31, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5,101 | $ 26,811 | $ 14,017 |
Number of offices closed | office | 2 | ||
Restructuring liability | $ 1,300 | $ 5,600 | |
Special Termination Benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Reimbursement revenue | $ 8,400 |
Income Taxes - Components of Co
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Vessels and equipment | $ 5,377 | $ 40,928 |
Tax losses carried forward | 193,501 | 276,291 |
Other | 29,355 | 17,075 |
Total deferred tax assets | 228,233 | 334,294 |
Deferred tax liabilities: | ||
Vessels and equipment | 9,053 | 5,974 |
Provisions | 5,153 | 0 |
Other | 8,417 | 13,317 |
Total deferred tax liabilities | 22,623 | 19,291 |
Net deferred tax assets | 205,610 | 315,003 |
Valuation allowance | (202,513) | (290,015) |
Net deferred tax assets | $ 3,097 | $ 24,988 |
Income Taxes - Components of131
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Footnote) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforwards | $ 979.2 |
Disallowed finance costs | $ 30.2 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (11,997) | $ (14,424) | $ (10,440) |
Deferred | (235) | (10,044) | 27,207 |
Income tax (expense) recovery | $ (12,232) | $ (24,468) | $ 16,767 |
Income Taxes - Reconciliations
Income Taxes - Reconciliations of Income Tax Rates and Actual Tax Charge (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Net (loss) income before income taxes | $ (516,840) | $ 111,132 | $ 388,693 |
Net (loss) income not subject to taxes | (297,688) | 57,862 | 252,604 |
Net (loss) income subject to taxes | (219,152) | 53,270 | 136,089 |
At applicable statutory tax rates | (51,471) | 5,996 | 32,750 |
Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions | 64,164 | 18,198 | (49,789) |
Other | (461) | 274 | 272 |
Tax expense (recovery) related to the year | $ 12,232 | $ 24,468 | $ (16,767) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance of unrecognized tax benefits as at January 1 | $ 19,492 | $ 18,390 | $ 20,335 |
Increases for positions related to the current year | 2,631 | 6,422 | 4,578 |
Changes for positions taken in prior years | 3,475 | (3,729) | (2,965) |
Decreases related to statute of limitations | (1,562) | (1,591) | (3,558) |
Increase due to acquisition of TIL | 8,528 | 0 | 0 |
Decrease due to deconsolidation of Teekay Offshore | (1,503) | 0 | 0 |
Balance of unrecognized tax benefits as at December 31 | $ 31,061 | $ 19,492 | $ 18,390 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Interest and penalties on unrecognized tax benefits | $ 3.1 | $ 1.2 | $ 0.3 |
Equity-accounted Investments -
Equity-accounted Investments - Additional Information (Detail) shares in Millions | Oct. 13, 2017 | May 31, 2017shares | Dec. 31, 2017USD ($)lease | Mar. 31, 2017USD ($) | Oct. 31, 2014shares | Jun. 30, 2014USD ($)vessel | Jan. 31, 2014USD ($)shares | Jun. 30, 2013 | Dec. 31, 2017USD ($)leasevesselm³ | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 11, 2017USD ($) | Dec. 02, 2015 | Jun. 30, 2015 | Nov. 30, 2011USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 100.00% | 100.00% | |||||||||||||
Long-term debt | $ 3,417,705,000 | $ 3,417,705,000 | $ 6,639,546,000 | ||||||||||||
Investments in joint venture | 98,774,000 | 61,885,000 | $ 40,595,000 | ||||||||||||
Investment in equity private placement | $ 1,130,198,000 | 1,130,198,000 | 1,010,308,000 | ||||||||||||
Equity income | (37,344,000) | 85,639,000 | 102,871,000 | ||||||||||||
Unrealized gain (loss) on interest rate swaps | $ 7,700,000 | $ 8,700,000 | $ 5,900,000 | ||||||||||||
Maximum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 52.00% | 52.00% | |||||||||||||
Minimum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 14.00% | 14.00% | |||||||||||||
Teekay Offshore | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Difference between carrying amount and book value | $ 3,800,000 | $ 3,800,000 | |||||||||||||
Exmar LPG Joint Venture | Newbuildings | Shipbuilding supervision and crew training services | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of vessels | vessel | 3 | ||||||||||||||
Sevan | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 43.50% | 43.50% | 43.50% | 40.00% | |||||||||||
Investment in equity private placement | $ 25,000,000 | ||||||||||||||
Quoted market value of investment of existing contract | $ 40,400,000 | $ 40,400,000 | $ 44,900,000 | ||||||||||||
Bahrain LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership percentage | 30.00% | ||||||||||||||
Yamal LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 50.00% | 50.00% | |||||||||||||
Due from joint ventures | 146,700,000 | ||||||||||||||
Proceeds from equity method investment | $ 52,000,000 | ||||||||||||||
Tax indemnification | 600,000 | $ 600,000 | 0 | ||||||||||||
Yamal LNG Joint Venture | Newbuildings | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of vessels | vessel | 6 | ||||||||||||||
Credit facility, maximum borrowing capacity | $ 816,000,000 | ||||||||||||||
RasGas3 Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of vessels | vessel | 4 | ||||||||||||||
Teekay LNG | Excalibur Joint Venture And Excelsior Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Difference between carrying amount and book value | 35,600,000 | $ 35,600,000 | 37,200,000 | ||||||||||||
Tax indemnification | $ 200,000 | $ 200,000 | 200,000 | ||||||||||||
Guarantee minimum liquidity as percentage | 50.00% | 50.00% | |||||||||||||
Teekay LNG | Exmar LPG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Difference between carrying amount and book value | $ 25,500,000 | $ 25,500,000 | 30,200,000 | ||||||||||||
Due from joint ventures | 52,300,000 | 52,300,000 | 52,300,000 | ||||||||||||
Tax indemnification | $ 1,600,000 | $ 1,600,000 | 1,300,000 | ||||||||||||
Guarantee minimum liquidity as percentage | 50.00% | ||||||||||||||
Number of capital leased assets | lease | 4 | 4 | |||||||||||||
Interest receivable | $ 200,000 | $ 200,000 | 1,100,000 | ||||||||||||
Teekay LNG | Pan Union Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Difference between carrying amount and book value | 11,400,000 | $ 11,400,000 | 16,800,000 | ||||||||||||
Teekay LNG | Pan Union Joint Venture | Newbuildings | Shipbuilding supervision and crew training services | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of vessels | vessel | 4 | 3 | |||||||||||||
Credit facility, maximum borrowing capacity | 87,000,000 | $ 87,000,000 | |||||||||||||
In-process revenue contracts (note 6) | 8,200,000 | $ 36,900,000 | 8,200,000 | 22,600,000 | |||||||||||
Long-term receivable | $ 3,500,000 | 20,300,000 | $ 3,500,000 | 10,900,000 | |||||||||||
Teekay LNG | Bahrain LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership percentage | 30.00% | 30.00% | |||||||||||||
Investments in and advances to affiliates | $ 100,000 | 100,000 | |||||||||||||
Debt instrument spread on variable rate | 1.25% | ||||||||||||||
Teekay LNG | Yamal LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investments in and advances to affiliates | $ 9,400,000 | ||||||||||||||
Teekay LNG | Yamal LNG Joint Venture | Newbuildings | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of vessels | vessel | 6 | ||||||||||||||
Credit facility, maximum borrowing capacity | $ 816,000,000 | $ 816,000,000 | |||||||||||||
Volume of vessels | m³ | 172,000 | ||||||||||||||
Teekay LNG | Teekay LNG - Marubeni Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 52.00% | 52.00% | |||||||||||||
Tax indemnification | $ 500,000 | $ 500,000 | 100,000 | ||||||||||||
Guarantee minimum liquidity as percentage | 52.00% | 52.00% | |||||||||||||
Investments in joint venture | $ 57,000,000 | ||||||||||||||
Teekay LNG | Angola LNG Carriers | Newbuildings | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 33.00% | 33.00% | |||||||||||||
Number of vessels | vessel | 4 | ||||||||||||||
Volume of vessels | m³ | 160,400 | ||||||||||||||
Teekay LNG | Angola LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 33.00% | 33.00% | |||||||||||||
Tax indemnification | $ 700,000 | $ 700,000 | 1,000,000 | ||||||||||||
Teekay LNG | RasGas3 Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 40.00% | 40.00% | |||||||||||||
Teekay LNG | LIBOR | Exmar LPG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt instrument spread on variable rate | 0.50% | ||||||||||||||
Teekay LNG - Marubeni Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Extinguishment of debt | 396,000,000 | ||||||||||||||
Debt instrument, principal amount | $ 335,000,000 | ||||||||||||||
Yamal LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Due from joint ventures | $ 195,000,000 | $ 195,000,000 | |||||||||||||
Proceeds from equity method investment | 104,000,000 | ||||||||||||||
Yamal LNG Joint Venture | Newbuildings | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Credit facility, maximum borrowing capacity | $ 1,600,000,000 | ||||||||||||||
Teekay and Teekay Tankers | Tanker Investments Ltd. | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 20.00% | ||||||||||||||
Issuance of equity private placement | $ 250,000,000 | ||||||||||||||
Equity method investment | $ 50,000,000 | ||||||||||||||
Teekay Offshore | FPSO | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 50.00% | ||||||||||||||
Teekay Offshore | Odebrecht Oil & Gas S.A. | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 50.00% | ||||||||||||||
Teekay Offshore | Odebrecht Oil & Gas S.A. | Minimum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt term | 10 years | ||||||||||||||
Teekay Offshore | Odebrecht Oil & Gas S.A. | Newbuildings | Maximum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Long-term debt | 804,000,000 | 804,000,000 | |||||||||||||
Teekay Offshore | OOG-TKP FPSO GmbH & Co KG | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Debt term | 8 years | ||||||||||||||
Long-term debt | $ 169,000,000 | $ 169,000,000 | |||||||||||||
Teekay Tankers | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership percentage | 50.00% | ||||||||||||||
Teekay Tankers | High-Q Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 50.00% | 50.00% | |||||||||||||
Teekay Tankers | Tanker Investments Ltd. | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Percentage of ownership acquired | 2.43% | ||||||||||||||
Number of shares to be issued/exchanged (in shares) | shares | 27 | ||||||||||||||
Common Stock | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Issuance of equity private placement | $ 96,200,000 | ||||||||||||||
Common Stock | Teekay and Teekay Tankers | Tanker Investments Ltd. | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Purchase of common stock (in shares) | shares | 5 | ||||||||||||||
Common Stock | Teekay Tankers | Tanker Investments Ltd. | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Purchase of common stock (in shares) | shares | 0.9 | ||||||||||||||
Fair Value Asset (Liability) | Teekay LNG | Pan Union Joint Venture | Newbuildings | Shipbuilding supervision and crew training services | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
In-process revenue contracts (note 6) | 33,300,000 | ||||||||||||||
Long-term receivable | $ 16,500,000 | ||||||||||||||
Thirty Percent Ownership | Teekay LNG | Pan Union Joint Venture | Newbuildings | Shipbuilding supervision and crew training services | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 30.00% | 30.00% | |||||||||||||
Number of vessels | vessel | 1 | ||||||||||||||
Twenty Percent Ownership | Teekay LNG | Pan Union Joint Venture | Newbuildings | Shipbuilding supervision and crew training services | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 20.00% | 20.00% | |||||||||||||
Number of vessels | vessel | 2 | ||||||||||||||
China LNG | Yamal LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 50.00% | 50.00% | |||||||||||||
NYK Energy Transport | Angola LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 33.00% | 33.00% | |||||||||||||
Exmar NV | Teekay LNG | Exmar LPG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 50.00% | 50.00% | |||||||||||||
Mitsui & Co. Ltd | Angola LNG Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest | 34.00% | 34.00% | |||||||||||||
Pan Asia | Teekay LNG | Pan Union Joint Venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Charter contract period | 20 years | ||||||||||||||
Pan Asia | Thirty Percent Ownership | Teekay LNG | Pan Union Joint Venture | Shipbuilding supervision and crew training services | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of vessels | vessel | 1 |
Equity-accounted Investments137
Equity-accounted Investments - Condensed Summary of Company's Investments in and Advances to Joint Ventures (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2011 |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 100.00% | ||
Investments in subsidiaries (note 1) | $ 1,335,123 | $ 1,299,854 | |
Minimum | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 14.00% | ||
Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 52.00% | ||
Yamal LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 50.00% | ||
Sevan | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 43.50% | 43.50% | 40.00% |
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 50.00% | ||
Investments in subsidiaries (note 1) | $ 1,169 | $ 2,802 | |
Teekay Parent | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in subsidiaries (note 1) | $ 1,117,291 | 3,122,738 | |
Teekay Parent | Tanker Investments Ltd. | Conventional Tankers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 8.00% | ||
Investments in subsidiaries (note 1) | $ 0 | 36,699 | |
Teekay Parent | Sevan | Offshore Production | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 44.00% | ||
Investments in subsidiaries (note 1) | $ 15,589 | 22,180 | |
Teekay Parent | TOO GP (2) (note 3) | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 51.00% | ||
Investments in subsidiaries (note 1) | $ 4,061 | 0 | |
Teekay Offshore | Libra Joint Venture | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 50.00% | ||
Investments in subsidiaries (note 1) | $ 0 | 69,972 | |
Teekay Offshore | Itajai | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 50.00% | ||
Investments in subsidiaries (note 1) | $ 0 | 71,827 | |
Teekay Offshore | Teekay Parent | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 14.00% | ||
Investments in subsidiaries (note 1) | $ 208,871 | 0 | |
Teekay LNG | Angola LNG Carriers | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 33.00% | ||
Investments in subsidiaries (note 1) | $ 73,316 | 63,673 | |
Teekay LNG | Pan Union Joint Venture | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in subsidiaries (note 1) | $ 38,298 | 33,594 | |
Teekay LNG | Pan Union Joint Venture | Minimum | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 20.00% | ||
Teekay LNG | Pan Union Joint Venture | Maximum | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 30.00% | ||
Teekay LNG | Exmar LNG Joint Venture | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 50.00% | ||
Investments in subsidiaries (note 1) | $ 79,915 | 79,577 | |
Teekay LNG | Exmar LPG Joint Venture | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 50.00% | ||
Investments in subsidiaries (note 1) | $ 157,926 | 165,064 | |
Teekay LNG | RasGas3 Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 40.00% | ||
Teekay LNG | RasGas3 Joint Venture | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 40.00% | ||
Investments in subsidiaries (note 1) | $ 123,034 | 173,037 | |
Teekay LNG | Teekay LNG - Marubeni Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 52.00% | ||
Teekay LNG | Teekay LNG - Marubeni Joint Venture | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 52.00% | ||
Investments in subsidiaries (note 1) | $ 335,897 | 294,764 | |
Teekay LNG | Yamal LNG Joint Venture | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 50.00% | ||
Investments in subsidiaries (note 1) | $ 194,715 | 152,927 | |
Teekay LNG | Bahrain LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in subsidiaries (note 1) | $ 79,100 | 62,900 | |
Teekay LNG | Bahrain LNG Joint Venture | Liquefied Gas Carriers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 30.00% | ||
Investments in subsidiaries (note 1) | $ 77,786 | 64,003 | |
Teekay Tankers | Tanker Investments Ltd. | Conventional Tankers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 11.00% | ||
Investments in subsidiaries (note 1) | $ 0 | 47,710 | |
Teekay Tankers | Wah Kwong Joint Venture | Conventional Tankers | Operating Segments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership interest | 50.00% | ||
Investments in subsidiaries (note 1) | $ 24,546 | $ 22,025 |
Equity-accounted Investments138
Equity-accounted Investments - Condensed Summary of Company's Financial Information for Joint Venture (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Income from vessel operations | $ 6,700 | $ 384,290 | $ 625,132 |
Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 980,078 | 882,650 | 985,318 |
Income from vessel operations | 258,006 | 365,472 | 433,023 |
Realized and unrealized (loss) gain on non-designated derivative instruments | (17,438) | (10,900) | (38,955) |
Net income | 38,646 | 239,766 | $ 275,259 |
Equity Method Investments | Other assets - current | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 370,790 | 150,378 | |
Equity Method Investments | Other assets - non-current | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current assets | 500,108 | 74,096 | |
Equity Method Investments | Other liabilities - current | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 593,968 | 160,312 | |
Equity Method Investments | Other liabilities - non-current | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | 751,416 | 213,060 | |
Equity Method Investments | Vessels and Equipment | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current assets | 8,056,504 | 4,655,170 | |
Cash and restricted cash | Cash | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 555,566 | 500,355 | |
Net investment in direct financing leases | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current assets | 1,973,307 | 1,776,954 | |
Current portion of long-term debt and obligations related to capital leases | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 764,098 | 360,942 | |
Long-term debt and obligations related to capital leases | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | $ 5,957,406 | $ 4,208,214 |
Subsequent Events (Detail)
Subsequent Events (Detail) | Feb. 09, 2018 | Feb. 08, 2018USD ($) | Jan. 31, 2018USD ($)$ / shares | Jan. 30, 2018USD ($) | Jan. 12, 2018 | Mar. 31, 2018 | Jan. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Mar. 05, 2018 |
Subsequent Event [Line Items] | ||||||||||||
Net cash proceeds | $ 172,930,000 | $ 327,419,000 | $ 575,368,000 | |||||||||
Equity method investment, ownership interest | 100.00% | |||||||||||
Proceeds from sale of vessels and equipment | $ 73,712,000 | $ 252,656,000 | $ 20,472,000 | |||||||||
Revolving Credit Facilities | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Credit facility, maximum borrowing capacity | $ 1,340,455,288 | |||||||||||
Yamal LNG Joint Venture | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity method investment, ownership interest | 50.00% | |||||||||||
Teekay LNG | Yamal LNG Joint Venture | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity method investment, ownership interest | 50.00% | |||||||||||
Teekay LNG | Pan Union Joint Venture | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity method investment, ownership interest | 30.00% | 30.00% | ||||||||||
Teekay LNG | Excelsior Joint Venture | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity method investment, ownership interest | 50.00% | 50.00% | ||||||||||
Proceeds from sale of equity method investments | $ 44,000,000 | |||||||||||
Teekay LNG | Exmar LPG Joint Venture | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity method investment, ownership interest | 50.00% | |||||||||||
Charter contract period | 15 years | |||||||||||
Teekay LNG | Eduard Toll | Yamal LNG Joint Venture | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Charter contract period | 28 years | |||||||||||
Teekay LNG | Courcheville | Exmar LPG Joint Venture | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Proceeds from sale of vessels and equipment | $ 4,400,000 | |||||||||||
Teekay LNG | Pan Americas | Pan Union Joint Venture | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Charter contract period | 20 years | |||||||||||
Teekay LNG | Teide Spirit | CEPSA | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Severance costs | $ 1,400,000 | |||||||||||
Teekay LNG | Magdala | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Charter contract period | 8 years | |||||||||||
Term of contract | 10 years | |||||||||||
Line of Credit | Teekay LNG | Revolving Credit Facilities | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Credit facility, maximum borrowing capacity | $ 197,000,000 | |||||||||||
Convertible Senior Notes due 2023 | Convertible Debt | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Conversion rate (in shares) | 85.4701 | |||||||||||
Principal amount | $ 1,000 | |||||||||||
Conversion prices (in USD per share) | $ / shares | $ 11.70 | $ 11.70 | ||||||||||
Percentage of premium | 20.00% | |||||||||||
Offering price (USD per share) | $ / shares | 9.75 | $ 9.75 | ||||||||||
Convertible Senior Notes due 2023 | Convertible Debt | Common Stock | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends payable, per quarter (dollars per share) | $ / shares | 0.055 | $ 0.055 | ||||||||||
Teekay Parent | Common Stock | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of shares issued (in shares) | shares | 10,000,000 | |||||||||||
Net cash proceeds | $ 93,000,000 | |||||||||||
Offering price (USD per share) | $ / shares | $ 9.75 | $ 9.75 | ||||||||||
Teekay Parent | Convertible Senior Notes due 2023 | Convertible Debt | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt instrument, principal amount | $ 125,000,000 | $ 125,000,000 | ||||||||||
Debt interest rate | 5.00% | 5.00% | ||||||||||
Proceeds from debt | $ 120,900,000 | |||||||||||
Continuous Offering Program | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of shares issued (in shares) | shares | 2,900,000 | 1,300,000 | ||||||||||
Gross proceeds received | $ 50,000,000 | |||||||||||
Net cash proceeds | $ 25,600,000 | $ 9,300,000 | ||||||||||
Continuous Offering Program | Teekay LNG | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of shares issued (in shares) | shares | 1,173,428 | |||||||||||
Gross proceeds received | $ 36,274,000 | |||||||||||
Net cash proceeds | $ 34,649,000 | |||||||||||
Continuous Offering Program | Teekay Parent | Subsequent Events | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of shares issued (in shares) | shares | 1,100,000 | |||||||||||
Gross proceeds received | $ 11,200,000 |
Schedule I Condensed Non-Con140
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current | ||||
Cash and cash equivalents (note 8) | $ 445,452 | $ 567,994 | $ 678,392 | $ 806,904 |
Accounts receivable, including non-trade of $15,273 (2016 - $33,924) and related party balances of $16,068 (2016 - $26,471) | 159,859 | 295,357 | ||
Prepaid expenses and other (note 15) | 38,180 | 84,899 | ||
Current portion of loans to equity-accounted investees (note 22) | 107,486 | 9,471 | ||
Total current assets | 832,711 | 1,281,434 | ||
Investments in subsidiaries (note 1) | 1,335,123 | 1,299,854 | ||
Other non-current assets | 83,211 | 190,699 | ||
Total assets | 8,092,437 | 12,814,752 | ||
Current | ||||
Accounts payable | 24,107 | 53,507 | ||
Due to affiliates | 49,100 | 11,785 | ||
Total current liabilities | 1,364,932 | 1,646,460 | ||
Long-term debt (note 8) | 2,616,808 | 5,640,955 | ||
Other long-term liabilities (note 7) | 112,056 | 333,236 | ||
Total liabilities | 5,212,781 | 8,476,357 | ||
Equity | ||||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 89,127,041 shares outstanding and issued (2016 – 86,149,975)) (note 12) | 919,078 | 887,075 | ||
(Accumulated deficit) retained earnings | (135,892) | 22,893 | ||
Total liabilities and equity | 8,092,437 | 12,814,752 | ||
Teekay Parent | ||||
Current | ||||
Cash and cash equivalents (note 8) | 22,050 | 8,585 | $ 40,484 | $ 36,528 |
Accounts receivable, including non-trade of $15,273 (2016 - $33,924) and related party balances of $16,068 (2016 - $26,471) | 699 | 3,241 | ||
Prepaid expenses and other (note 15) | 175 | 49 | ||
Current portion of loans to equity-accounted investees (note 22) | 736,938 | 786,110 | ||
Total current assets | 759,862 | 797,985 | ||
Investments in subsidiaries (note 1) | 1,117,291 | 3,122,738 | ||
Other non-current assets | 297 | 1,586 | ||
Total assets | 1,877,450 | 3,922,309 | ||
Current | ||||
Accounts payable | 1,660 | 344 | ||
Accrued liabilities | 24,972 | 26,036 | ||
Due to affiliates | 254,983 | 1,951,901 | ||
Other current liabilities | 2,239 | 2,441 | ||
Total current liabilities | 283,854 | 1,980,722 | ||
Long-term debt (note 8) | 586,982 | 584,349 | ||
Other long-term liabilities (note 7) | 10,783 | 11,981 | ||
Total liabilities | 881,619 | 2,577,052 | ||
Equity | ||||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 89,127,041 shares outstanding and issued (2016 – 86,149,975)) (note 12) | 919,078 | 887,075 | ||
(Accumulated deficit) retained earnings | 76,753 | 458,182 | ||
Total equity | 995,831 | 1,345,257 | ||
Total liabilities and equity | $ 1,877,450 | $ 3,922,309 |
Schedule I Condensed Non-Con141
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Statements of (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||
Revenues (note 13) | $ 1,880,332 | $ 2,328,569 | $ 2,450,382 |
Voyage expenses | (153,766) | (138,339) | (115,787) |
Vessel operating expenses (note 13) | (731,150) | (825,024) | (844,039) |
Time-charter hire expense | (120,893) | (150,145) | (138,548) |
General and administrative expenses (note 13) | (106,150) | (119,889) | (133,184) |
Income from vessel operations | 6,700 | 384,290 | 625,132 |
Interest expense | (268,400) | (282,966) | (242,469) |
Interest income | 6,290 | 4,821 | 5,988 |
Other (loss) income (note 14) | (53,981) | (39,013) | 1,566 |
Net (loss) income before income taxes | (516,840) | 111,132 | 388,693 |
Income tax (expense) recovery (note 21) | (12,232) | (24,468) | 16,767 |
Net (loss) income attributable to shareholders of Teekay Corporation | (163,276) | (123,182) | 82,151 |
Teekay Parent | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues (note 13) | 5,089 | 14,142 | 34,373 |
Voyage expenses | (242) | (59) | (499) |
Vessel operating expenses (note 13) | 0 | (30) | (652) |
Time-charter hire expense | (17,765) | (24,477) | (43,013) |
General and administrative expenses (note 13) | (20,549) | (20,583) | (27,708) |
Income from vessel operations | (33,467) | (31,007) | (37,499) |
Interest expense | (53,103) | (53,164) | (38,196) |
Interest income | 422 | 18,430 | 7,781 |
Impairments of investments (note 1) | (338,749) | 0 | (1,360,705) |
Dividend income (note 1) | 58,000 | 1,039 | 109 |
Other (loss) income (note 14) | 4,764 | (981) | (46,190) |
Net (loss) income before income taxes | (362,133) | (65,683) | (1,474,700) |
Income tax (expense) recovery (note 21) | (251) | (525) | 52 |
Net (loss) income attributable to shareholders of Teekay Corporation | $ (362,384) | $ (66,208) | $ (1,474,648) |
Schedule I Condensed Non-Con142
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ (529,072) | $ 86,664 | $ 405,460 |
Non-cash items: | |||
Unrealized (gain) loss on derivative instruments | (95,556) | (145,116) | 51,910 |
Income tax expense (recovery) | 12,232 | 24,468 | (16,767) |
Other | 148,469 | 53,999 | (136,893) |
Change in operating assets and liabilities (note 17) | 106,567 | 38,333 | (12,291) |
Net operating cash flow | 513,745 | 620,783 | 775,832 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 1,007,010 | 2,075,014 | 2,452,878 |
Scheduled repayments of long-term debt | (687,544) | (967,146) | (1,040,292) |
Decrease (increase) in restricted cash | 104,142 | (49,079) | (21,005) |
Net proceeds from equity issuances of Teekay Corporation | 25,636 | 105,462 | 0 |
Cash dividends paid | (18,977) | (17,406) | (125,881) |
Other financing activities | 5,337 | 87 | (2,488) |
Net financing cash flow | 417,884 | (200,662) | 918,934 |
INVESTING ACTIVITIES | |||
Other investing activities | 7,613 | 324 | 0 |
Net investing cash flow | (1,054,171) | (530,519) | (1,823,278) |
Decrease in cash and cash equivalents | (122,542) | (110,398) | (128,512) |
Cash and cash equivalents, beginning of the year | 567,994 | 678,392 | 806,904 |
Cash and cash equivalents, end of the year | 445,452 | 567,994 | 678,392 |
Teekay Parent | |||
OPERATING ACTIVITIES | |||
Net (loss) income | (362,384) | (66,208) | (1,474,648) |
Non-cash items: | |||
Unrealized (gain) loss on derivative instruments | (2,336) | 604 | (34,871) |
Impairments of investments (note 1) | 338,749 | 0 | 1,360,705 |
Income tax expense (recovery) | 251 | 525 | (52) |
Stock-based compensation | 6,952 | 7,106 | 8,054 |
Dividends-in-kind | (58,000) | (1,039) | 0 |
Other | 3,262 | 529 | (6,907) |
Change in operating assets and liabilities (note 17) | 718 | 17,050 | 25,499 |
Net operating cash flow | (72,788) | (41,433) | (122,220) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 0 | 0 | 194,358 |
Scheduled repayments of long-term debt | 0 | 0 | (86,645) |
Decrease (increase) in restricted cash | 0 | 0 | 22,520 |
Advances from (to) affiliates | 103,400 | (15,802) | 179,095 |
Net proceeds from equity issuances of Teekay Corporation | 25,636 | 105,462 | 0 |
Cash dividends paid | (18,967) | (17,406) | (125,881) |
Other financing activities | (662) | (666) | (4,306) |
Net financing cash flow | 109,407 | 71,588 | 179,141 |
INVESTING ACTIVITIES | |||
Investments in subsidiaries | (24,443) | (62,714) | (54,215) |
Other investing activities | 1,289 | 660 | 1,250 |
Net investing cash flow | (23,154) | (62,054) | (52,965) |
Decrease in cash and cash equivalents | 13,465 | (31,899) | 3,956 |
Cash and cash equivalents, beginning of the year | 8,585 | 40,484 | 36,528 |
Cash and cash equivalents, end of the year | $ 22,050 | $ 8,585 | $ 40,484 |
Schedule I Condensed Non-Con143
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Basis of presentation (Details) - Teekay Parent - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Dividend income | $ 58,000 | $ 1,039 | $ 109 |
Impairments of investments (note 1) | $ 338,749 | $ 0 | $ 1,360,705 |
Schedule I Condensed Non-Con144
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Long-term debt (Details) - USD ($) $ in Thousands | Jan. 27, 2010 | Nov. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||
Total principal | $ 3,449,611 | $ 6,730,132 | |||
Less unamortized discount and debt issuance costs | (31,906) | (90,586) | |||
Total debt | 3,417,705 | 6,639,546 | |||
Long-term portion | 2,616,808 | 5,640,955 | |||
Senior Notes (8.5%) due January 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Total principal | $ 592,657 | 592,657 | |||
Fixed interest rate on the portion of U. S. Dollar-denominated term loans outstanding | 8.50% | 8.50% | |||
Debt instrument, principal amount | $ 200,000 | $ 450,000 | |||
Percentage over par at which notes sold | 99.20% | 99.01% | |||
Repurchase amount | $ 57,300 | ||||
Effective interest rate | 8.67% | ||||
Capitalized cost included in long term debt | $ 13,300 | ||||
Unamortized balance of the capitalized issuance cost | $ 3,800 | ||||
Debt instrument, redemption price as percentage of principal amount | 100.00% | ||||
Discount rate for redemption feature | 0.50% | ||||
Teekay Parent | |||||
Debt Instrument [Line Items] | |||||
Less unamortized discount and debt issuance costs | $ (5,675) | (8,308) | |||
Total debt | 586,982 | 584,349 | |||
Long-term portion | 586,982 | 584,349 | |||
Teekay Parent | Senior Notes (8.5%) due January 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Total principal | $ 592,657 | $ 592,657 | |||
Fixed interest rate on the portion of U. S. Dollar-denominated term loans outstanding | 8.50% | ||||
Debt instrument, principal amount | $ 200,000 | $ 450,000 | |||
Percentage over par at which notes sold | 99.20% | 99.01% | |||
Repurchase amount | $ 57,300 | ||||
Effective interest rate | 8.67% | ||||
Capitalized cost included in long term debt | $ 13,300 | ||||
Unamortized balance of the capitalized issuance cost | $ 3,800 | ||||
Debt instrument, redemption price as percentage of principal amount | 100.00% | ||||
Discount rate for redemption feature | 0.50% |
Schedule I Condensed Non-Con145
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Guarantees (Details) - Long-term Debt - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Teekay Tankers | ||
Debt Instrument [Line Items] | ||
Debt guaranteed | $ 252.7 | |
Teekay Parent | Teekay Tankers | ||
Debt Instrument [Line Items] | ||
Debt guaranteed | $ 252.7 | $ 150 |
Teekay Parent | Teekay Offshore | ||
Debt Instrument [Line Items] | ||
Debt guaranteed | $ 364 |
Schedule I Condensed Non-Con146
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Supplemental Cash Flow Information (Details) - Teekay Parent - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Supplemental Cash Flow [Line Items] | |||
Dividends-in-kind | $ 58,000 | $ 1,039 | $ 0 |
Return of capital to parent | $ 1,700,000 |