Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||
Common Stock, Shares, Issued | 100,784,422 | 100,435,210 |
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | TEEKAY CORP | |
Entity Central Index Key | 0000911971 | |
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 | 100,784,422 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues (notes 2 and 14) | $ 1,945,391 | $ 1,728,488 | $ 1,880,332 |
Voyage expenses | (423,677) | (409,617) | (153,766) |
Vessel operating expenses (note 14) | (644,445) | (637,474) | (731,150) |
Time-charter hire expenses (note 14) | (118,761) | (86,458) | (120,893) |
Depreciation and amortization | (290,672) | (276,307) | (485,829) |
General and administrative expenses (note 14) | (81,444) | (96,555) | (106,150) |
Write-down and loss on sale of vessels | (170,310) | (53,693) | (270,743) |
Restructuring charges (note 21) | (12,040) | (4,065) | (5,101) |
Income from vessel operations | 204,042 | 164,319 | 6,700 |
Interest expense | (279,059) | (254,126) | (268,400) |
Interest income | 7,804 | 8,525 | 6,290 |
Realized and unrealized losses on non-designated derivative instruments (note 16) | (13,719) | (14,852) | (38,854) |
Equity (loss) income (note 23) | (14,523) | 61,054 | (37,344) |
Foreign exchange (loss) gain (notes 9 and 16) | (13,574) | 6,140 | (26,463) |
Loss on deconsolidation of Altera (note 4) | 0 | (7,070) | (104,788) |
Other loss (note 15) | (14,475) | (2,013) | (53,981) |
Net loss before income taxes | (123,504) | (38,023) | (516,840) |
Income tax expense (note 22) | (25,482) | (19,724) | (12,232) |
Net loss | (148,986) | (57,747) | (529,072) |
Net (income) loss attributable to non-controlling interests (note 1) | (161,591) | (21,490) | 365,796 |
Net loss attributable to shareholders of Teekay Corporation | $ (310,577) | $ (79,237) | $ (163,276) |
Loss Per Share, Basic and Diluted | $ (3.08) | $ (0.79) | $ (1.89) |
Per common share of Teekay Corporation (note 20) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.055 | $ 0.22 | $ 0.22 |
Weighted average number of common shares outstanding (note 20) | |||
Basic and Diluted (shares) | 100,719,224 | 99,670,176 | 86,335,473 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (148,986) | $ (57,747) | $ (529,072) |
Other comprehensive income (loss) before reclassifications | |||
Unrealized gain on marketable securities | 0 | 0 | 438 |
Unrealized loss on qualifying cash flow hedging instruments | (57,615) | (11) | (1,895) |
Pension adjustments, net of taxes | (1,153) | (196) | 1,463 |
Foreign exchange (loss) gain on currency translation | 0 | (132) | 1,279 |
Amounts reclassified from accumulated other comprehensive loss | |||
Sale of marketable securities | 0 | 0 | (22) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Loss on Deconsolidation, Net of Tax | 0 | 7,720 | 0 |
Other comprehensive (loss) income: | (58,607) | 3,081 | 5,347 |
Comprehensive loss | (207,593) | (54,666) | (523,725) |
Comprehensive (income) loss attributable to non-controlling interests | (122,844) | (20,948) | 364,422 |
Comprehensive loss attributable to shareholders of Teekay Corporation | (330,437) | (75,614) | (159,303) |
Interest expense | |||
Other comprehensive income (loss) before reclassifications | |||
Unrealized loss on qualifying cash flow hedging instruments | 2,128 | (31) | |
Amounts reclassified from accumulated other comprehensive loss | |||
Realized loss (gain) on qualifying cash flow hedging instruments | (376) | 152 | 1,614 |
Equity Income | |||
Amounts reclassified from accumulated other comprehensive loss | |||
Realized loss (gain) on qualifying cash flow hedging instruments | 537 | (1,291) | 2,470 |
Foreign exchange gain on currency translation | $ 0 | $ (3,161) | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Cash and cash equivalents (notes 9 and 18) | $ 353,241 | $ 424,169 |
Restricted cash – current (notes 11, 16 and 18) | 56,777 | 40,493 |
Accounts receivable, including non-trade of $12,793 (2018 – $7,883) and related party balances of $1,677 (2018 – $57,062) | 199,957 | 174,031 |
Accrued Revenue | 107,111 | 20,249 |
Prepaid expenses and other (note 16) | 78,097 | 57,247 |
Net Investment in Direct Financing and Sales Type Leases | 273,986 | 12,635 |
Current portion of loans to equity-accounted investments (note 23) | 8,241 | 169,197 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 65,458 | 0 |
Total current assets | 1,142,868 | 898,021 |
Non-current | ||
Restricted cash – non-current | 44,849 | 40,977 |
Vessels and equipment (note 9) | ||
At cost, less accumulated depreciation of $1,259,404 (2018 – $1,270,460) | 2,654,466 | 3,362,937 |
Vessels related to finance leases, at cost, less accumulated amortization of $[X] (2018 – $178,178) (note 11) | 2,219,026 | 2,067,254 |
Operating Lease, Right-of-Use Asset (notes 1 and 10) | 159,638 | 0 |
Advances on newbuilding contracts and conversion costs | 0 | 86,942 |
Total vessels and equipment | 5,033,130 | 5,517,133 |
Net Investment in Lease, Noncurrent (note 2) | 544,823 | 562,528 |
Investments in and loans to equity-accounted investments (notes 4 and 23) | 1,173,728 | 1,193,741 |
Goodwill, intangibles and other non-current assets (notes 6 and 16) | 133,466 | 179,270 |
Goodwill | 38,058 | 43,690 |
Total assets | 8,072,864 | 8,391,670 |
Current | ||
Accounts payable, accrued liabilities and other | 135,496 | 31,201 |
Accrued Liabilities and Other Liabilities (notes 7 and 16) | 276,354 | 235,384 |
Short-term Debt (note 8) | 50,000 | 0 |
Loans from equity-accounted investments | 18,647 | 75,292 |
Derivative Liability, Current | 39,263 | 12,205 |
Current portion of long-term debt (note 9) | 523,312 | 242,137 |
Current obligations related to finance leases (note 11) | 95,339 | 102,115 |
Operating Lease, Liability, Current (Notes 1 and 10) | 61,431 | 0 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 2,980 | |
Total current liabilities | 1,163,559 | 686,129 |
Long-term debt (note 9) | 2,303,840 | 3,077,386 |
Long-term obligations related to finance leases (note 11) | 1,730,353 | 1,571,730 |
Long-term operating lease liabilities (notes 1 and 10) | 87,171 | 0 |
Other long-term liabilities (notes 7 and 16) | 216,348 | 189,397 |
Total liabilities | 5,501,271 | 5,524,642 |
Equity | ||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 100,784,422 shares outstanding and issued (2018 – 100,435,210)) (note 13) | 1,052,284 | 1,045,659 |
Accumulated deficit | (546,684) | (234,395) |
Non-controlling interest | 2,089,730 | 2,058,037 |
Accumulated other comprehensive loss (note 1) | (23,737) | (2,273) |
Total equity | 2,571,593 | 2,867,028 |
Total liabilities and equity | $ 8,072,864 | $ 8,391,670 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, non-trade | $ 12,793 | $ 7,883 |
Accounts Receivable, Related Parties, Current | 1,677 | 57,062 |
Accumulated depreciation | 1,259,404 | 1,270,460 |
Finance Leases, Lessee Balance Sheet Assets by Major Class Accumulated Deprecation | $ 253,553 | $ 178,178 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized (in shares) | 725,000,000 | 725,000,000 |
Common stock, share issued (in shares) | 100,784,422 | 100,435,210 |
Common Stock, Shares, Outstanding | 100,784,422 | 100,435,210 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net loss | $ (148,986) | $ (57,747) | $ (529,072) |
Non-cash and non-operating items: | |||
Depreciation, Depletion and Amortization | 290,672 | 276,307 | 485,829 |
Unrealized Gain (Loss) on Derivatives and Loss on Sale of Warrants (note 16) | 20,007 | (34,570) | (95,556) |
Write-down and loss on sale of vessels (note 16) | 170,310 | 53,693 | 270,743 |
Loss on deconsolidation of Teekay Offshore (note 4) | 0 | 7,070 | 104,788 |
Equity loss (income), net of dividends received | 54,826 | (44,312) | 87,602 |
Income tax expense (note 22) | 25,482 | 19,724 | 12,232 |
Foreign Currency Transaction Gain (Loss), including the effect of the termination of cross currency swaps | (10,851) | 7,135 | 101,157 |
Other | 30,204 | 14,279 | 52,609 |
Direct financing lease payments received | 17,073 | 0 | 0 |
Change in operating assets and liabilities (note 18) | (4,823) | (14,754) | 104,831 |
Expenditures for dry docking | (60,608) | (44,690) | (50,899) |
Net operating cash flow | 383,306 | 182,135 | 544,264 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 527,465 | 1,325,482 | 1,007,010 |
Prepayments of long-term debt | 804,748 | 771,827 | 831,901 |
Scheduled repayments of long-term debt and settlement of related swaps | (233,734) | (671,803) | (713,278) |
Proceeds from Short-term Debt | 200,000 | 0 | 0 |
Prepayments of Short-term Debt | (150,000) | 0 | 0 |
Proceeds from financing related to sale-leaseback of vessels | 381,526 | 611,388 | 809,935 |
Repayments of obligations related to finance leases | (111,617) | 0 | 0 |
Finance Lease, Principal Payments | 95,946 | 74,680 | 46,090 |
Net proceeds from equity issuances of subsidiaries (note 5) | 0 | 0 | 172,930 |
Net proceeds from equity issuances of Teekay Corporation | 0 | 103,655 | 25,636 |
Payments for Repurchase of Common Stock | (25,729) | 0 | 0 |
Acquisition of shares in Teekay Tankers | 0 | 0 | (19,444) |
Distribution paid from subsidiaries to non-controlling interests | (63,343) | (64,676) | (103,150) |
Cash dividends paid | (5,523) | (22,082) | (18,977) |
Other financing activities | (580) | (671) | 1,638 |
Net financing cash flow | (382,229) | 434,786 | 284,309 |
INVESTING ACTIVITIES | |||
Expenditures for vessels and equipment, net of warranty settlement | (109,523) | (693,792) | (1,054,052) |
Proceeds from sale of vessels and equipment | 31,523 | 28,837 | 73,712 |
Proceeds from sale of equity-accounted investments and related assets | 100,000 | 81,823 | 0 |
Investment in equity-accounted investments | (72,391) | (65,952) | (111,720) |
Cash of Tanker Investments Ltd. upon acquisition, net of transaction costs (note 23) | 0 | 0 | 30,831 |
Cash upon sale or deconsolidation, net of proceeds received | 0 | (25,254) | (45,447) |
Direct financing lease payments received (note 1) | 0 | 10,882 | 17,422 |
Other investing activities | 0 | 0 | 7,613 |
Net investing cash flow | (50,391) | (663,456) | (1,081,641) |
Decrease in cash, cash equivalents, restricted cash and cash held for sale | (49,314) | (46,535) | (253,068) |
Cash, cash equivalents, restricted cash and cash held for sale, beginning of the year | 505,639 | 552,174 | 805,242 |
Cash, cash equivalents, restricted cash and cash held for sale, end of the year | $ 456,325 | $ 505,639 | $ 552,174 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Total Equity - USD ($) $ in Thousands | Total | Common Stock | Common Stock and Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | AOCI Atrributable to Parent [Member] | Non-controlling Interest | Common Stock |
Accumulated other comprehensive loss (note 1) | $ (10,603) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (365,796) | $ 365,796 | |||||
Net loss | (529,072) | ||||||
Beginning Balance at Dec. 31, 2016 | 4,089,293 | $ 887,075 | $ 22,893 | 3,189,928 | |||
Beginning Balance, Shares at Dec. 31, 2016 | 86,150,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification of redeemable non-controlling interest in net income | 18,610 | (18,610) | |||||
Other comprehensive income | 5,347 | 3,973 | 1,374 | ||||
Controlling Interest | (163,276) | (163,276) | |||||
Common stock ($0.220 per share) | (107,609) | (19,039) | (107,609) | $ (19,039) | |||
Reinvested dividends | 4 | 4 | |||||
Reinvested dividends, Shares | 1,000 | ||||||
Employee stock compensation and other (note 13) | $ 6,363 | 6,363 | |||||
Employee stock compensation and other (note 13), Shares | 3,000 | 112,000 | |||||
Equity offerings (note 13) | $ 25,636 | 25,636 | |||||
Equity offerings (note 13), Shares | 2,864,000 | ||||||
Dilution gains on equity issuances of subsidiaries (note 5) | 23,530 | 23,530 | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | (285,643) | 0 | (8) | ||||
Impact of deconsolidation of Teekay Offshore (note 4) | (881,830) | (643) | (882,473) | ||||
Changes to non-controlling interest from equity contributions and other | 285,651 | ||||||
Ending Balance at Dec. 31, 2017 | 2,879,656 | 919,078 | (135,892) | 2,102,465 | |||
Ending Balance, Shares at Dec. 31, 2017 | 89,127,000 | ||||||
Beginning balance at Dec. 31, 2016 | 249,102 | ||||||
Redeemable Non-controlling Interest | |||||||
Reclassification of redeemable non-controlling interest in net income | 18,610 | ||||||
Common stock ($0.220 per share) | (13,699) | ||||||
Impact of deconsolidation of Teekay Offshore (note 4) | 255,802 | ||||||
Changes to non-controlling interest from equity contributions and other | 1,789 | ||||||
Ending balance at Dec. 31, 2017 | 0 | ||||||
Accumulated other comprehensive loss (note 1) | (5,995) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 21,490 | (21,490) | |||||
Net loss | (57,747) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income | 3,081 | 3,623 | (542) | ||||
Controlling Interest | (79,237) | (79,237) | |||||
Common stock ($0.220 per share) | (64,676) | (22,231) | (64,676) | (22,231) | |||
Reinvested dividends | 4 | 4 | |||||
Reinvested dividends, Shares | 1,000 | ||||||
Employee stock compensation and other (note 13) | $ 6,823 | 6,823 | |||||
Employee stock compensation and other (note 13), Shares | 2,000 | 180,000 | |||||
Equity component of convertible notes (note 9) | $ 16,099 | 16,099 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 4,657 | 2,556 | 0 | 2,101 | |||
Equity offerings (note 13) | 103,655 | 103,655 | |||||
Equity offerings (note 13), Shares | 11,127,000 | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | (2,293) | (409) | (99) | ||||
Changes to non-controlling interest from equity contributions and other | (2,801) | ||||||
Ending Balance at Dec. 31, 2018 | $ 2,867,028 | 1,045,659 | (234,395) | 2,058,037 | |||
Ending Balance, Shares at Dec. 31, 2018 | 100,435,210 | 100,435,000 | |||||
Redeemable Non-controlling Interest | |||||||
Common stock ($0.220 per share) | $ 0 | ||||||
Changes to non-controlling interest from equity contributions and other | 0 | ||||||
Ending balance at Dec. 31, 2018 | 0 | ||||||
Accumulated other comprehensive loss (note 1) | (2,273) | (2,273) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 161,591 | 161,591 | |||||
Net loss | (148,986) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income | (58,607) | (19,860) | (38,747) | ||||
Controlling Interest | (310,577) | (310,577) | |||||
Common stock ($0.220 per share) | (63,343) | (5,385) | (63,343) | $ (5,385) | |||
Reinvested dividends | 2 | 2 | |||||
Reinvested dividends, Shares | 1,000 | ||||||
Employee stock compensation and other (note 13) | $ 6,623 | 6,623 | |||||
Employee stock compensation and other (note 13), Shares | 0 | 348,000 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (2,991) | 606 | (1,604) | (1,993) | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | (22,748) | (3,067) | 0 | ||||
Changes to non-controlling interest from equity contributions and other | (25,815) | ||||||
Ending Balance at Dec. 31, 2019 | $ 2,571,593 | $ 1,052,284 | $ (546,684) | $ 2,089,730 | |||
Ending Balance, Shares at Dec. 31, 2019 | 100,784,422 | 100,784,000 | |||||
Ending balance at Dec. 31, 2019 | $ 0 | ||||||
Accumulated other comprehensive loss (note 1) | $ (23,737) | $ (23,737) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Total Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.055 | $ 0.22 | $ 0.22 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 accordance with United States generally accepted accounting principles (or GAAP ). They include the accounts of Teekay Corporation (or Teekay ), which is incorporated under the laws of the Republic of the Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which Teekay is the primary beneficiary (collectively, the Company ). Certain of Teekay’s significant non-wholly-owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the 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, Altera Infrastructure L.P. (or Altera ), previously known as Teekay Offshore Partners L.P. As of December 31, 2019 , Teekay owned a 33.9% interest in Teekay LNG ( 33.1% – December 31, 2018 ), including common units and its 2% general partner interest, a nd 28.7% of the capital stock of Teekay Tankers ( 28.8% – December 31, 2018 ), 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. Subsequent to September 25, 2017 and prior to May 8, 2019, Teekay owned a 13.8% interest in the common units of Altera and a 49% interest in the general partner of Altera, and accounted for its interest in Altera using the equity method. On May 8, 2019, Teekay sold to Brookfield Business Partners L.P. (or Brookfield ) all of the Company's remaining interests in Altera, which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Altera (or the 2019 Brookfield Transaction ). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. On November 25, 2019, Teekay Tankers effected a one-for-eight reverse stock split of Teekay Tankers' Class A and Class B common shares, which reduced the number of issued and outstanding Class A and B common shares of Teekay Tankers as at December 31, 2019 from approximately 232.0 million and 37.0 million to approximately 29.0 million and 4.6 million , respectively. All current and historical information regarding Teekay Tankers' Class A and Class B common shares in these consolidated financial statements reflect the one-for-eight reverse stock split. 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 as a deduction from the Company’s net loss to arrive at net loss 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 Altera, 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 Altera each have limited partners and one general partner. Teekay LNG's general partner is wholly-owned by Teekay, and until September 25, 2017, Altera's general partner was wholly-owned by Teekay. For both Teekay LNG and Altera, the limited partners hold common units and preferred units. For each quarterly period (with regards to Altera, until its deconsolidation on September 25, 2017), the method of attributing Teekay LNG’s and Altera’s net income (loss) of that period to the non-controlling interests of Teekay LNG and Altera began by attributing net income (loss) of Altera and Teekay LNG to the non-controlling interests which hold 100% of the preferred units of Altera, except for Series D Preferred Units, of which the non-controlling interests 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 Altera was then divided into two components. The first component consists of the cash distribution that Teekay LNG or Altera 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 Altera 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 Altera 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 Altera compared to the controlling interest. The controlling interests include both limited partner common units and the general partner interests. The total net income (loss) of Teekay’s consolidated partially-owned entities and the attribution of that net income (loss) 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 Undistri- buted Earnings Total Non-Controlling Interest Distri- buted Earnings Undistri- buted Earnings Total Controlling Interest (Teekay) Teekay LNG 11,814 25,702 40,138 36,007 113,661 20,368 30,575 50,943 164,604 Teekay Tankers — — — 47,887 47,887 — (6,525 ) (6,525 ) 41,362 Other entities and eliminations — — — — 43 For the Year Ended December 31, 2019 11,814 25,702 40,138 83,894 161,591 Teekay LNG 13,506 25,701 30,463 (10,807 ) 58,863 15,026 2,986 18,012 76,875 Teekay Tankers — — — (37,423 ) (37,423 ) — (15,125 ) (15,125 ) (52,548 ) Other entities and eliminations — — — — 50 For the Year Ended December 31, 2018 13,506 25,701 30,463 (48,230 ) 21,490 Teekay Offshore 8,262 36,339 16,312 (398,185 ) (2 ) (337,272 ) 5,981 334,033 (2 ) 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 ) (1) Includes earnings attributable to common shares and preferred shares. (2) Subsequent to the formation of Altera, Teekay sold certain vessels to Altera. Even though Altera 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 Altera was $349.6 million . Upon deconsolidation of Altera, 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 interests and retained earnings in the Company’s consolidated balance sheets. The portion allocated to non-controlling interests 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 interests, which consists of the Company’s dilution gain or loss that is reflected in retained earnings. Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in foreign exchange (loss) gain in the accompanying consolidated statements of loss . Revenues The Company's floating production, storage and offloading (or FPSO ) contracts, time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected not to separate the non-lease component from the lease component for all such charters where the lease component is classified as an operating lease and certain other required criteria are met, and to account for the combined component as an operating lease in accordance with Accounting Standards Codification (or ASC ) 842 Leases . T ime-charter contracts accounted for as direct financing leases and sales type leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. FPSO contracts and time charters Revenues from FPSO contracts and time charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the contract. If collectability of the receipts from these contracts accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of an FPSO contract or time charter accounted for as a sales-type lease or direct financing lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, the lease element of time charter hire receipts is allocated to the lease receivable and revenues over the term of the lease using the effective interest rate method. The Company assesses the net investment in the lease for impairment, based on the cash flows that the lessor would expect to receive from the lease receivable and the unguaranteed residual asset during and following the end of the remaining charter term. The non-lease element of receipts is recognized by the Company on a straight-line basis daily over the term of the contract. Drydock cost reimbursements allocable to the non-lease element of a time-charter are recognized on a straight-line basis over the period between the previous scheduled dry dock and the next scheduled dry dock. In addition, if collectability of non-lease receipts of payments from a customer is not probable, any such receipts are recognized as a liability unless the receipts are non-refundable and either the contract has been terminated or the Company has no remaining performance obligations. The Company does not recognize revenues during days that the vessel is off-hire. When the FPSO contract or time charter contains a profit-sharing agreement, drydock cost reimbursements for time charters accounted for as operating leases, or other variable consideration, including performance-based metrics such as production tariffs and other operational performance measures, the Company recognizes this revenue in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. In addition, performance based revenue based on a multi-period performance-based metric that is allocable to non-lease services provided is estimated and to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved and recognize such estimate of revenue over the performance period. Where the charterer is responsible for the operation of the vessel, the Company offsets any vessel operating expenses it incurs against reimbursements from the charterer. The Company's accounting policy for the reimbursement of drydocking expenditures was impacted by the adoption of ASU 2016-02 (see a ccounting pronouncements below) . Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters subject to revenue sharing agreements (or RSA s) follow the same revenue recognition policy as voyage charters not subject to RSAs. The difference between the net revenue earned by a vessel of the Company performing voyage charters subject to RSAs and its allocated share of the aggregate net contribution is reflected within voyage expenses. The consolidated balance sheets reflect in accrued revenue the accrued portion of revenues for those voyages that commence prior to the balance sheet date and complete after the balance sheet date, and reflect in deferred revenues or other long-term liabilities the deferred portion of revenues which will be earned in subsequent periods. Prior to the adoption of FASB’s Accounting Standards Update 2014-09, Revenue from Contracts with Customers (or ASU 2014-09 ) on January 1, 2018, the Company accounted for the net allocation from the RSAs as revenue and amounts due from the RSAs were recognized in accounts receivable. Voyage expenses incurred that are recoverable from the Company’s customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. The Company recast prior periods to reflect this presentation. This had the impact of increasing voyage charter revenues and voyage expenses by $20.7 million for the year ended December 31, 2018. Bareboat charters Revenues from bareboat charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the charter. If collectability of the bareboat hire receipts from bareboat charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of a bareboat charter accounted for as a sales-type lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, bareboat hire receipts are allocated to the lease receivable and voyage revenues over the term of the lease using the effective interest rate method. The Company assesses the net investment in the lease for impairment, based on the cash flows that the lessor would expect to receive from the lease receivable and the unguaranteed residual asset during and following the end of the remaining charter term. Management fees and other Revenues are also earned from the management of third-party vessels and LNG terminals. The Company recognizes fixed revenue on a straight-line basis over the duration of the management contract and variable revenue, such as monthly commissions, in the month they are earned. The Company presents the reimbursement of expenditures it incurs to provide the promised goods or services as revenue if it controls such goods or services before they are transferred to the customer and presents such reimbursement of expenditures as an offset against the expenditures if the Company does not control the goods or services them before they are transferred to the customer. Prior to the adoption of ASU 2014-09 on January 1, 2018, where the Company managed vessels owned by its equity-accounted investments and third parties, costs incurred by us for our seafarers and reimbursements thereof were presented on a net basis. Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters subject to an RSA and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter in which case the Company pays voyage expenses. 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, except when the Company incurs pre-operational costs related to the repositioning of a vessel that relates directly to a specific customer contract, that generates or enhances resources of the Company that will be used in satisfying performance obligations in the future, whereby such costs are expected to be recovered via the customer contract. In this case, such costs are deferred and amortized over the duration of the customer contract. Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted cash The Company maintains restricted cash deposits relating to certain 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, 2019 and 2018 . The consolidated balance sheets reflect in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and, in prepaid expenses and other, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. 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. Interest costs capitalized to vessels and equipment for the years ended December 31, 2019 , 2018 , and 2017 , aggregated $0.3 million , $14.8 million and $36.3 million , respectively. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation 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 25 years, 30 years, or 35 years, respectively . FPSO units are depreciated using an estimated useful life of 25 years commencing the date the unit is installed at the oil field and is in a condition that is ready to operate. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2019 , 2018 , and 2017 aggregated $239.9 million , $244.0 million and $397.6 million , respectively. Depreciation includes depreciation of all owned vessels and amortization of vessels accounted for as finance leases. The Company monitors the useful life of its FPSOs as market conditions evolve. During 2019, the Company considered factors related to the ongoing use of the FPSOs and has reassessed the remaining useful life of the Petrojarl Banff FPSO to be 11 months as at October 1, 2019, the commencement date for the change in estimate. This is based on CNR's advisement of their intention to decommission the Banff field and remove the Petrojarl Banff FPSO and the Apollo Spirit FSO from the field at the expected contract termination date. The effect of this change in estimate was an increase in depreciation expense and a decrease in net income by $1.7 million or a decrease of $0.02 per basic and diluted common unit for 2019. In early 2020, CNR provided formal notice to decommission the Banff field and remove the Petrojarl Banff FPSO and Apollo Spirit FSO from the field in 2020. 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 certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry-docking 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 following table summarizes the change in the Company’s of capitalized dry-docking costs from January 1, 2017 to December 31, 2019 : Year Ended December 31, 2019 2018 2017 Balance at the beginning of the year 96,384 89,372 135,700 Costs incurred for dry dockings 56,371 43,155 52,677 Dry-dock amortization (39,283 ) (33,684 ) (49,686 ) Write-down / sales of vessels (2,901 ) (2,459 ) (49,319 ) Balance at the end of the year 110,571 96,384 89,372 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 estimated net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Company’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and is based on second-hand sale and purchase data. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. Other loan receivables The Company’s advances to equity-accounted for investments and any other investments in loan receivables are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan loss provision is recognized 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 if a loan loss provision is required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available) any information provided by the debtor regarding its ability to repay the loan and the fair value of the underlying collateral. When a loan loss provision is recognized, the Company measures the amount of the loss provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting loss in the consolidated statements of loss . The carrying value of the loan will be adjusted each subsequent reporting period to reflect any changes in the present value of estimated future cash flows, which may result in increases or decreases to the loan loss provision. Equity-accounted investments The Company’s investments in certain joint ventures and other partially-owned entities in which the Company does not control the entity but has the ability to exercise significant influence over the operating and financial policies of the entity are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted for investments for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted for investment experiences an other-than-temporary decline in value and i f the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company's consolidated statements of loss . 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 which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as non-current assets in the Company's consolidated balance sheets. Amortization of debt issuance costs is included in interest expense in the Company's consolidated statements of loss . Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Other costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction from the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs associated with the old debt instrument are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other 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 a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If t |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenues The Company’s primary source of revenue is chartering its vessels and offshore units to its customers. The Company utilizes four primary forms of contracts, consisting of time charter contracts, voyage charter contracts, bareboat charter contracts and contracts for FPSO units. The Company also generates revenue from the management and operation of vessels owned by third parties and by equity-accounted investments as well as providing corporate management services to such entities. Time Charters Pursuant to a time charter, the Company charters a vessel to a customer for a period of time, generally one year or more. The performance obligations within a time charter contract, which will include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time charter contracts, based on a fixed daily hire amount. However, certain sources of variability exist. Those include penalties, such as those that relate to periods the vessels are off-hire and where minimum speed and performance metrics are not met. In addition, certain time charters contracts contain provisions that allow the Company to be compensated for increases in the Company’s costs during the term of the charter. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or interest rates or in the form of cost reimbursements for vessel operating expenditures or dry-docking expenditures. Finally, in a small number of charters, the Company may earn profit share consideration, which occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. The Company does not engage in any specific tactics to minimize vessel residual value risk. Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate. The performance obligations within a voyage charter contract, which will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based upon the decision-making rights the charterer has under the contract. Consideration for such contracts is fixed or variable, depending on certain conditions. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months. As such, accrued revenue at the end of a period will be invoiced and paid in the subsequent period. The amount of accrued revenue at any point in time will depend on the percent completed of each voyage in progress as well as the freight rate agreed for those specific voyages. The amount of accrued revenue has increased significantly in 2019 as a result of changes to the RSAs in 2019 whereby the Company is now a counterparty to the voyage charters for all the vessels subject to an RSA. The Company does not engage in any specific tactics to minimize vessel residual value risk due to the short-term nature of the contracts. Bareboat Charters Pursuant to a bareboat charter, the Company charters a vessel to a customer for a fixed period of time, generally one year or more, at rates that are generally fixed. However, the customer is responsible for operation and maintenance of the vessel with its own crew as well as any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. If the vessel goes off-hire due to a mechanical issue or any other reason, the monthly hire received by the vessel owner is normally not impacted by such events. The performance obligations within a bareboat charter, which will include the lease of the vessel to the charterer, are satisfied over the duration of such contract, as measured using the time that has elapsed from commencement of the lease. Hire is typically invoiced monthly in advance for bareboat charters, based on a fixed daily hire amount. FPSO Contracts Pursuant to an FPSO contract, the Company charters an FPSO unit to a customer for a period of time, generally more than one year. The performance obligations within an FPSO contract, which include the lease of the FPSO unit to the charterer as well as the operation of the FPSO unit, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. Hire is typically invoiced monthly in arrears, based on a fixed daily hire amount. In certain FPSO contracts, the Company is entitled to a lump sum amount due upon commencement of the contract and may also be entitled to termination fees if the contract is canceled early. While the fixed daily hire amount may be the same over the term of the FPSO contract, the daily hire amount may increase or decrease over the duration of the FPSO contract. As a result of the Company accounting for compensation from such charters on a straight-line basis over the duration of the charter, FPSO contracts where revenue is recognized before the Company is entitled to such amounts under the FPSO contracts will result in the Company recognizing a contract asset and FPSO contracts where revenue is recognized after the Company is entitled to such amounts under the FPSO contracts will result in the Company recognizing deferred revenue. Certain sources of consideration variability exist within FPSO contracts. Those include penalties, such as those that relate to periods where production on the FPSO unit is interrupted. In addition, certain FPSO contracts may contain provisions that allow the Company to be compensated for increases in the Company’s costs to operate the unit during the term of the contract. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or in the form of cost reimbursements for vessel operating expenditures incurred. Finally, the Company may earn additional compensation from monthly production tariffs, which are based on the volume of oil produced, the price of oil, as well as other monthly or annual operational performance measures. Variable consideration of the Company's contracts is typically recognized as incurred as either such revenue is allocated and accounted for under lease accounting requirements or alternatively such consideration is allocated to distinct periods under a contract during which such variable consideration was incurred. The Company does not engage in any specific tactics to minimize residual value risk. Given the uncertainty involved in oil field production estimates and the result impact on oil field life, FPSO contracts typically will include extension options or options to terminate early. Management Fees and Other The Company also generates revenue from the management and operation of vessels owned by third parties and by equity-accounted investments as well as providing corporate management services to such entities. Such services may include the arrangement of third-party goods and services for the vessel’s owner. The performance obligations within these contracts will typically consist of crewing, technical management, insurance and potentially commercial management. The performance obligations are satisfied concurrently and consecutively rendered over the duration of the management contract, as measured using the time that has elapsed from commencement of performance. Consideration for such contracts will generally consist of a fixed monthly management fee, plus the reimbursement of crewing costs for vessels being managed. Management fees are typically invoiced monthly. Revenue Table The following tables contain the Company’s total revenue for the years ended December 31, 2019 , 2018 and 2017 , by contract type, by segment and by business line within segments. The tables do not include revenues of Altera for periods subsequent to the deconsolidation of Altera in September 2017 as a result of the 2017 Brookfield Transaction (see Note 4 ). Year Ended December 31, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 533,294 6,742 17,495 — 33,961 (11,562 ) 579,930 Voyage charters 36,351 — 881,603 — — — 917,954 Bareboat charters 18,387 — — — — — 18,387 FPSO contracts — — — 210,816 — — 210,816 Management fees and other 6,482 — 44,819 — 169,029 (2,026 ) 218,304 594,514 6,742 943,917 210,816 202,990 (13,588 ) 1,945,391 Year Ended December 31, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conven-tional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 420,262 17,405 59,976 — 33,737 (9,418 ) 521,962 Voyage charters 23,922 14,591 671,928 — — — 710,441 Bareboat charters 23,820 — — — — 729 24,549 FPSO contracts — — — 261,736 — — 261,736 Management fees and other 10,435 327 44,589 — 156,186 (1,737 ) 209,800 478,439 32,323 776,493 261,736 189,923 (10,426 ) 1,728,488 Year Ended December 31, 2017 (1) Teekay LNG Liquefied Gas Carriers Teekay LNG Conven-tional Tankers Teekay Tankers Conven-tional Tankers Teekay Parent Offshore Production Teekay Parent Conven-tional Tankers Teekay Parent Other Altera Eliminations and Other Total $ $ $ $ $ $ $ $ $ Time charters 332,751 39,171 112,100 — — 41,734 231,950 (57,385 ) 700,321 Voyage charters 2,285 6,709 125,774 — — — 34,576 — 169,344 Bareboat charters 40,058 — — — — — 68,453 (28,818 ) 79,693 FPSO contracts — — — 209,394 — — 332,108 — 541,502 Net pool revenues — — 139,936 — 5,065 — — 145,001 Contracts of affreightment — — — — — — 129,624 — 129,624 Management fees and other 10,589 1,113 53,368 — — 47,373 — 2,404 114,847 385,683 46,993 431,178 209,394 5,065 89,107 796,711 (83,799 ) 1,880,332 (1) The year ended December 31, 2017 does not include the impact of the January 1, 2018 adoption of ASU 2014-09 . The following table contains the Company's total revenue by those contracts or components of contracts accounted for as leases and by those contracts or components not accounted for as leases for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 $ $ $ Lease revenue Lease revenue from lease payments of operating leases 1,554,883 1,322,259 1,580,029 Interest income on lease receivables 51,676 41,963 49,275 Variable lease payments – cost reimbursements (1) 50,024 39,233 64,920 Variable lease payments – other (2) 48,813 96,679 48,699 1,705,396 1,500,134 1,742,923 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 21,691 18,554 22,562 Management fees and other income 218,304 209,800 114,847 239,995 228,354 137,409 Total 1,945,391 1,728,488 1,880,332 (1) Reimbursement for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer. (2) Compensation from time charter contracts based on spot market rates in excess of a base daily hire amount, production tariffs based on the volume of oil produced, the price of oil, and other monthly or annual operational performance measures. Operating Leases As at December 31, 2019 , the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease and non-lease elements related to time charters, bareboat charters and FPSO contracts that were accounted for as operating leases were approximately $680.0 million ( 2020 ), $586.9 million ( 2021 ), $484.6 million ( 2022 ), $334.9 million ( 2023 ) and $259.3 million ( 2024 ). As at December 31, 2018 , the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease and non-lease elements related to time charters, bareboat charters and FPSO contracts that were accounted for as operating leases were approximately $630.8 million ( 2019 ), $524.6 million ( 2020 ), $457.5 million ( 2021 ), $382.0 million ( 2022 ) and $291.8 million ( 2023 ). Minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2019 or after December 31, 2018 , as applicable, revenue from unexercised option periods of contracts that existed on December 31, 2019 or on December 31, 2018 , as applicable, revenue from vessels in the Company’s equity-accounted investments, or variable or contingent revenues accounted for under ASC 842 Leases. In addition, minimum scheduled future operating lease revenues presented in this paragraph have been reduced by estimated off-hire time for any periodic maintenance. The amounts may vary given unscheduled future events such as vessel maintenance. The net carrying amount of the vessels employed on time charter contracts, bareboat charter contracts and FPSO contracts that have been accounted for as operating leases at December 31, 2019 , was $3.1 billion ( 2018 – $3.4 billion , 2017 – $3.1 billion ). At December 31, 2019 , the cost and accumulated depreciation of such vessels were $3.9 billion ( 2018 – $4.3 billion , 2017 – $4.1 billion ) and $0.8 billion ( 2018 – $0.8 billion , 2017 – $1.0 billion ), respectively. Net Investment in Direct Financing Leases and Sales-Type Leases Teekay LNG owns a 70% ownership interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture ), which is a party to operating leases whereby the Teekay Tangguh Joint Venture leases two LNG carriers (or the Tangguh LNG Carriers ) to a third party, which in turn leases the vessels back to the joint venture. 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 2013, Teekay LNG acquired two 155,900 -cubic meter LNG carriers, the WilPride and WilForce, from Norway-based Awilco LNG ASA (or Awilco ) and chartered them back to Awilco on five - and four -year fixed-rate bareboat charter contracts (plus a one -year extension option), respectively, with Awilco holding a fixed-price purchase obligation at the end of the charters. 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 had the effect of deferring charter hire of 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, both of the charter contracts with Awilco were reclassified as operating leases upon the expiry of their respective original contract terms in November 2017 and August 2018. In September 2019, Awilco exercised its option to extend both charters from December 31, 2019 by up to 60 days with the ownership of both vessels transferring to Awilco at the end of this extension. In October 2019, Awilco obtained credit approval for a financing facility that would provide funds necessary for Awilco to satisfy its purchase obligation of the two LNG carriers. As a result, both vessels were derecognized from the consolidated balance sheets and sales-type lease receivables were recognized based on the remaining amounts owing to Teekay LNG, including the purchase obligations. Teekay LNG recognized a gain of $14.3 million upon derecognition of the vessels for the year ended December 31, 2019, which was included in write-down and loss on sale of vessels in the Company's consolidated statements of loss (see Note 19). Awilco purchased both vessels in January 2020 (see Note 24(a)). In addition, the 21 -year charter contract for the Bahrain Spirit floating storage unit (or FSU ) commenced in September 2018 and is accounted for as a direct finance lease. The following table lists the components of the net investments in direct financing leases and sales-type leases: December 31, 2019 December 31, 2018 $ $ Total minimum lease payments to be received 1,115,968 897,130 Estimated unguaranteed residual value of leased properties 284,277 291,098 Initial direct costs and other 296 329 Less unearned revenue (581,732 ) (613,394 ) Total 818,809 575,163 Less current portion (273,986 ) (12,635 ) Long-term portion 544,823 562,528 As at December 31, 2019 , estimated minimum lease payments to be received by Teekay LNG related to its direct financing and sales-type leases in each of the next five succeeding fiscal years were approximately $324.7 million ( 2020 ), $64.2 million ( 2021 ), $64.2 million ( 2022 ), $64.0 million ( 2023 ), $64.3 million ( 2024 ) and an aggregate of $534.6 million thereafter. The leases are scheduled to end between 2020 and 2039. As at December 31, 2018 , estimated minimum lease payments to be received by Teekay LNG related to its direct financing leases in each of the next five years were approximately $63.9 million ( 2019 ), $64.3 million ( 2020 ), $64.2 million ( 2021 ), $64.2 million ( 2022 ), $64.0 million ( 2023 ) and an aggregate of $576.5 million thereafter. Contract Liabilities The Company enters into certain customer contracts that result in situations where the customer will pay consideration upfront for performance to be provided in the following month or months. These receipts are contract liabilities and are presented as deferred revenue until performance is provided. As at December 31, 2019 and December 31, 2018 , there were contract liabilities of $32.4 million and $26.4 million , respectively. During the years ended December 31, 2019 and December 31, 2018 , the Company recognized $26.4 million and $29.5 million , respectively, of revenue that was included in the contract liability balance at the beginning of the respective periods. |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Revenue Table The following tables contain the Company’s total revenue for the years ended December 31, 2019 , 2018 and 2017 , by contract type, by segment and by business line within segments. The tables do not include revenues of Altera for periods subsequent to the deconsolidation of Altera in September 2017 as a result of the 2017 Brookfield Transaction (see Note 4 ). Year Ended December 31, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 533,294 6,742 17,495 — 33,961 (11,562 ) 579,930 Voyage charters 36,351 — 881,603 — — — 917,954 Bareboat charters 18,387 — — — — — 18,387 FPSO contracts — — — 210,816 — — 210,816 Management fees and other 6,482 — 44,819 — 169,029 (2,026 ) 218,304 594,514 6,742 943,917 210,816 202,990 (13,588 ) 1,945,391 Year Ended December 31, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conven-tional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 420,262 17,405 59,976 — 33,737 (9,418 ) 521,962 Voyage charters 23,922 14,591 671,928 — — — 710,441 Bareboat charters 23,820 — — — — 729 24,549 FPSO contracts — — — 261,736 — — 261,736 Management fees and other 10,435 327 44,589 — 156,186 (1,737 ) 209,800 478,439 32,323 776,493 261,736 189,923 (10,426 ) 1,728,488 Year Ended December 31, 2017 (1) Teekay LNG Liquefied Gas Carriers Teekay LNG Conven-tional Tankers Teekay Tankers Conven-tional Tankers Teekay Parent Offshore Production Teekay Parent Conven-tional Tankers Teekay Parent Other Altera Eliminations and Other Total $ $ $ $ $ $ $ $ $ Time charters 332,751 39,171 112,100 — — 41,734 231,950 (57,385 ) 700,321 Voyage charters 2,285 6,709 125,774 — — — 34,576 — 169,344 Bareboat charters 40,058 — — — — — 68,453 (28,818 ) 79,693 FPSO contracts — — — 209,394 — — 332,108 — 541,502 Net pool revenues — — 139,936 — 5,065 — — 145,001 Contracts of affreightment — — — — — — 129,624 — 129,624 Management fees and other 10,589 1,113 53,368 — — 47,373 — 2,404 114,847 385,683 46,993 431,178 209,394 5,065 89,107 796,711 (83,799 ) 1,880,332 (1) The year ended December 31, 2017 does not include the impact of the January 1, 2018 adoption of ASU 2014-09 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 3. 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 Daughter Entities ), Teekay and its remaining subsidiaries (or Teekay Parent ), and, prior to the completion of the 2019 Brookfield Transaction (see Note 4), its equity-accounted investment in Altera, as well as from the perspective of the Company's lines of business . The primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is on the Daughter Entities, Teekay Parent and, prior to the completion of the 2019 Brookfield Transaction, its equity-accounted investment in Altera (the Legal Entity approach ), and its segments are presented accordingly on this basis. The Company (which excludes Altera) has three primary lines of business: (1) offshore production (FPSO units), (2) LNG and LPG carriers, and (3) conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company incorporates the primary lines of business within its segments, as in certain cases there is more than one line of business in each Daughter Entity and the Company believes this information allows a better understanding of the Company’s performance and prospects for future net cash flows. The following table includes the Company’s revenues and income (loss) from vessel operations by segment for the periods presented in these financial statements: Revenues (1)(2) Income (loss) from Vessel Operations (3) Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Teekay LNG Liquefied Gas Carriers 594,514 478,439 385,683 300,520 169,918 188,676 Conventional Tankers 6,742 32,323 46,993 (1,267 ) (21,319 ) (40,027 ) 601,256 510,762 432,676 299,253 148,599 148,649 Teekay Tankers Conventional Tankers 943,917 776,493 431,178 123,883 7,204 1,416 Teekay Parent Offshore Production 210,816 261,736 209,394 (208,167 ) 22,958 (256,758 ) Conventional Tankers — — 5,065 — — (13,390 ) Other 202,990 189,923 89,107 (10,927 ) (14,442 ) (20,277 ) 413,806 451,659 303,566 (219,094 ) 8,516 (290,425 ) Altera (4) — — 796,711 — — 147,060 Eliminations and other (13,588 ) (10,426 ) (83,799 ) — — — 1,945,391 1,728,488 1,880,332 204,042 164,319 6,700 (1) The year ended December 31, 2017 does not include the impact of the January 1, 2018 adoption of ASU 2014-09. (2) The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the years ended 2019 , 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 Teekay LNG – Liquefied Gas Carriers 11,562 9,418 36,358 Teekay Tankers – Conventional Tankers 1,979 1,689 — Altera — — 34,232 13,541 11,107 70,590 (3) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). (4) On September 25, 2017, the Company deconsolidated Altera (see Note 4 ). The figures above include those of Altera until the date of deconsolidation. 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 December 31, (U.S. dollars in millions) 2019 2018 2017 BP Plc (1) (2) $227.6 or 12% $195.0 or 11% $183.0 or 10% Royal Dutch Shell Plc (1) (3) (4) (4) $259.4 or 14% (1) On September 25, 2017, the Company deconsolidated Altera (see Note 4 ). The figures above include those of Altera until the date of deconsolidation. (2) Altera Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, Teekay Parent Segment — Offshore Production, and Teekay Parent Segment — Conventional Tankers. (3) Altera Segment, Teekay LNG Segment – Liquefied Gas Carriers, Teekay Tankers Segment – Conventional Tankers, and Teekay Parent Segment – Conventional Tankers. (4) Less than 10%. The following table includes other income statement items by segment for the periods presented in these financial statements. Depreciation and Amortization Write-down and loss on sale of vessels Equity Income (Loss) Year Ended Year Ended Year Ended 2019 2018 2017 2019 2018 2017 2019 2018 2017 Teekay LNG Liquefied Gas Carriers (136,069 ) (119,108 ) (95,025 ) 14,349 (33,000 ) — 58,819 53,546 9,789 Conventional Tankers (696 ) (5,270 ) (10,520 ) (785 ) (20,863 ) (50,600 ) — — — (136,765 ) (124,378 ) (105,545 ) 13,564 (53,863 ) (50,600 ) 58,819 53,546 9,789 Teekay Tankers Conventional Tankers (124,002 ) (118,514 ) (100,481 ) (5,544 ) 170 (12,984 ) 2,345 1,220 (25,370 ) Teekay Parent Offshore Production (29,710 ) (33,271 ) (60,560 ) (178,330 ) — (205,659 ) — 15,089 (7,861 ) Conventional Tankers — — — — — — — (510 ) (20,677 ) Other (195 ) (144 ) 163 — — — 127 (1,384 ) (2,792 ) (29,905 ) (33,415 ) (60,397 ) (178,330 ) — (205,659 ) 127 13,195 (31,330 ) Altera (1) — — (219,406 ) — — (1,500 ) — — 12,028 Altera (2) — — — — — — (75,814 ) (6,907 ) (2,461 ) (290,672 ) (276,307 ) (485,829 ) (170,310 ) (53,693 ) (270,743 ) (14,523 ) 61,054 (37,344 ) (1) On September 25, 2017, the Company deconsolidated Altera (see Note 4 ). The figures above include those of Altera until the date of deconsolidation. (2) Commencing on September 25, 2017 and prior to its sale in May 2019, the Company accounted for its investment in Altera using the equity method, and recognized equity losses of $75.8 million and $6.9 million for the years ended December 31, 2019 and December 31, 2018, respectively, and an equity loss of $2.5 million for the post-deconsolidation period ended December 31, 2017. During the year ended December 31, 2019, the Company wrote-down the investment in Altera by $64.9 million and recognized a loss on sale of $8.9 million . A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: December 31, 2019 December 31, 2018 Teekay LNG – Liquefied Gas Carriers 5,249,465 5,188,088 Teekay LNG – Conventional Tankers — 39,450 Teekay Tankers – Conventional Tankers 2,140,652 2,106,169 Teekay Parent – Offshore Production 161,096 311,550 Teekay Parent – Other 80,455 38,280 Altera — 233,225 Cash and cash equivalents 353,241 424,169 Other assets not allocated 102,701 70,153 Eliminations (14,746 ) (19,414 ) Consolidated total assets 8,072,864 8,391,670 The following table includes capital expenditures by segment for the periods presented in these financial statements. December 31, 2019 December 31, 2018 Teekay LNG – Liquefied Gas Carriers 96,357 687,841 Teekay LNG – Conventional Tankers 1,538 124 Teekay Tankers – Conventional Tankers 11,628 5,827 109,523 693,792 |
Deconsolidation of Teekay Offsh
Deconsolidation of Teekay Offshore | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Deconsolidation of Teekay Offshore | 4. Deconsolidation and Sale of Altera On September 25, 2017, Teekay, Altera and Brookfield finalized a strategic partnership (or the 2017 Brookfield Transaction ) which resulted in the deconsolidation of Altera as of that date. Although Teekay owned less than 50% of Altera, Teekay maintained control of Altera until September 25, 2017, by virtue of its 100% ownership interest in the general partner of Altera, which is a master limited partnership. In connection with Brookfield's acquisition of a 49% interest in Altera's general partner, Altera Infrastructure GP L.L.C. (or Altera GP ), Teekay and Brookfield entered into an amended limited liability company agreement whereby Brookfield obtained certain participatory rights in the management of Altera GP, which resulted in Teekay deconsolidating Altera for accounting purposes on September 25, 2017. Subsequent to the closing of the 2017 Brookfield Transaction, Teekay had significant influence over Altera and accounted for its investment in Altera using the equity method until May 2019. On May 8, 2019, Teekay sold to Brookfield, for proceeds of $100 million , all of the Company's remaining interests in Altera, which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Altera. Altera is no longer a related party of Teekay subsequent to the sale (see Note 14 ). In July 2018, Brookfield exercised its option to acquire an additional 2% of ownership interests in Altera GP from Teekay in exchange for 1.0 million Altera common unit warrants. After exercising this option, Brookfield held a 51% interest in the general partner and Teekay owned a 49% interest in Altera GP. As a result of the 2019 Brookfield Transaction, Teekay had no interest in the common units of Altera as at December 31, 2019 ( 13.8% – December 31, 2018 ). The following table shows the accounting impact from the deconsolidation of Altera 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 Altera, including common units, warrants, and vessel charters with Altera, and derecognized the carrying value of both Altera’s net assets and the non-controlling interest in Altera, 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 Altera 150,132 Fair value of warrants ( note 16 ) 36,596 Fair value of vessel charters with Altera (notes 6 and 7) 14,812 Carrying value of the non-controlling interest in Altera 1,138,275 Subtotal 1,479,508 Less: Carrying value of Altera's net assets on deconsolidation (1,584,296 ) Loss on deconsolidation of Altera (104,788 ) The $150.1 million fair value of Teekay's retained investment in Altera, which consisted of approximately 14% in its outstanding common units and a 51% interest in Altera GP, was determined with reference to the market price of Altera'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 Altera, Teekay sold certain vessels to Altera. As Altera 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 Altera was $349.6 million . Upon deconsolidation of Altera, such amount was recognized as an increase to net loss attributable to non-controlling interests for the year ended December 31, 2017. Until December 31, 2017, Teekay and its wholly-owned subsidiaries directly and indirectly provided substantially all of Altera’s ship management, commercial, technical, strategic, business development and administrative service needs. On January 1, 2018, as part of the 2017 Brookfield Transaction, Altera acquired a 100% ownership interest in seven subsidiaries (or the Transferred Subsidiaries ) of Teekay at carrying value. The Company recognized a loss of $7.1 million for the year ended December 31, 2018 related to the sale of the Transferred Subsidiaries and the resultant release of accumulated pension losses from accumulated other comprehensive income, which is recorded in loss on deconsolidation of Altera on the Company's consolidated statements of loss . |
Equity Financing Transactions o
Equity Financing Transactions of the Daughter Companies | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity Financing Transactions of the Daughter Companies | 5. Equity Financing Transactions of the Daughter Entities On November 25, 2019, Teekay Tankers effected a one-for-eight reverse stock split of Teekay Tankers' Class A and Class B common shares, which reduced the number of issued and outstanding Class A and B common shares of Teekay Tankers as at December 31, 2019 from approximately 232.0 million and 37.0 million to approximately 29.0 million and 4.6 million , respectively. In December 2018, Teekay LNG announced that its Board of Directors had authorized a common unit repurchase program for the repurchase of up to $100 million of Teekay LNG's common units. During the years ended December 31, 2019 and December 31, 2018 , Teekay LNG repurchased 1.9 million and 0.3 million of its common units for a total cost of $25.2 million and $3.7 million , respectively, under its common unit repurchase program. During the year ended December 31, 2017, the Company’s publicly-traded subsidiaries, Teekay Tankers and Teekay LNG, and prior to the 2017 Brookfield Transaction on September 25, 2017, Altera, 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 (4) 475,000 8,826 — (305 ) 8,521 Teekay Tankers Private Placement (4) 269,397 5,000 (5,000 ) — — Teekay Tankers Direct Equity Placement (1)(4) 1,721,903 25,897 (25,897 ) — — Altera Private Placements (2) 6,521,518 29,817 (17,160 ) (212 ) 12,445 Teekay Tankers Direct Equity Placement (3)(4) 11,122,193 151,262 (14,025 ) — 137,237 Teekay LNG Preferred B Units Offering 6,800,000 170,000 — (5,589 ) 164,411 (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, Altera issued common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the distributions on Altera'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 Altera's common units and general partner interest held by subsidiaries of Teekay. In June 2016, Altera agreed with Teekay that, until the Altera's 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 Altera to Teekay or its affiliates, including Altera's general partner, would instead be paid in common units or from the proceeds of the sale of common units. During 2017, Altera 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 Altera's Series D Preferred Units, common units and general partner interest held by subsidiaries of Teekay. During 2017, Altera issued common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the interest due on Altera's $200 million loan due to Teekay. Altera 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) Number of shares for historical equity financing transactions have been adjusted for Teekay Tankers' one-for-eight reverse stock split completed in November 2019. As a result of the public offerings and equity placements of Teekay Tankers and Teekay LNG, and Altera prior to the 2017 Brookfield Transaction on September 25, 2017, the Company recorded an increase to retained earnings of $23.5 million in 2017. This amount represents Teekay’s dilution gains from the issuance of units and shares by these consolidated subsidiaries. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets In January 2020,Teekay Tankers reached an agreement to sell the non-US portion of its ship-to-ship support services business and its LNG terminal management business for $26 million , subject to adjustment for the final amounts of cash and other working capital present on the closing date. The sale is expected to close in the second quarter of 2020. All related assets to these businesses, including associated goodwill of $5.6 million and intangible assets of $6.9 million are classified as held-for-sale as at December 31, 2019 (see Note 24 ). Goodwill The carrying amount of goodwill for the years ended December 31, 2019 and 2018 , for the Company’s reportable segments are as follows: Teekay LNG – Liquefied Gas Segment Conventional Tanker Segment Total Balance as of December 31, 2018 35,631 8,059 43,690 Decrease due to reclass of goodwill held for sale — (5,632 ) (5,632 ) Balance as of December 31, 2019 35,631 2,427 38,058 Intangible Assets As at December 31, 2019 , the Company’s intangible assets consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer contracts 192,938 (149,558 ) 43,380 Customer relationships 3,208 (663 ) 2,545 196,146 (150,221 ) 45,925 As at December 31, 2018 , the Company’s intangible assets consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer contracts 193,194 (140,756 ) 52,438 Customer relationships 22,500 (10,875 ) 11,625 Off-market in-charter contracts (1) 17,900 (4,190 ) 13,710 233,594 (155,821 ) 77,773 (1) Represents the off-market in-charter contracts between the Company and Altera for two FSO units. On January 1, 2019, upon the adoption of ASU 2016-02, the existing carrying value of the Company's chartered-in vessels was reclassified from other intangible assets to a right-of-use asset. Aggregate amortization expense of intangible assets for the year ended December 31, 2019 , was $11.3 million ( 2018 – $15.2 million , 2017 – $14.0 million ), including $11.3 million presented in depreciation and amortization ( 2018 – $12.0 million , 2017 – $13.1 million ), and $nil presented in time-charter hire expenses ( 2018 – $3.2 million , 2017 – $0.9 million ) as a result of the adoption of ASU 2016-02 on January 1, 2019 (see Note 1 ). Amortization of intangible assets following 2019 is expected to be $9.4 million ( 2020 ), $9.4 million ( 2021 ), $8.8 million ( 2022 ), $6.6 million ( 2023 ), $4.9 million ( 2024 ) and $6.9 million (thereafter). In 2015, Teekay Tankers acquired a ship-to-ship transfer business (previously referred to as SPT and now known as Teekay Marine Solutions or TMS ) from a company jointly owned by Teekay Corporation and a Norway-based marine transportation company, I.M. Skaugen SE and recognized goodwill and intangible assets relating to customer relationships at the time of acquisition. |
Accrued Liabilities and Other a
Accrued Liabilities and Other and Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Accrued liabilities Voyage, vessel and corporate expenses 121,937 98,135 Interest 29,371 47,731 Payroll and related liabilities 33,494 34,849 Distributions payable and other 6,487 6,426 Deferred revenues and gains – current ( note 2 ) 36,242 30,108 In-process revenue contracts – current 5,933 5,930 Current portion of derivative liabilities ( note 16 ) 39,263 12,205 Office lease liability – current ( note 1 ) 3,627 — 276,354 235,384 Other Long-Term Liabilities December 31, 2019 December 31, 2018 Deferred revenues and gains ( note 2 ) 28,612 31,324 Guarantee liabilities 10,113 9,434 Asset retirement obligation 31,068 27,759 Pension liabilities 7,238 4,847 In-process revenue contracts 11,866 17,800 Derivative liabilities ( note 16 ) 51,914 56,352 Unrecognized tax benefits ( note 22 ) 62,958 40,556 Office lease liability – long-term ( note 1 ) 10,254 — Other 2,325 1,325 216,348 189,397 In-Process Revenue Contracts As part of the Company’s previous acquisition of FPSO units from Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl ), the Company assumed a certain FPSO contract with terms that were less favorable than the then prevailing market terms. At the time of the acquisition, the Company recognized a liability based on the estimated fair value of this contract and service obligation. The Company is amortizing the remaining liability over the estimated remaining term of its associated contract on a weighted basis, based on the projected revenue to be earned under the contract. Amortization of in-process revenue contracts for the year ended December 31, 2019 was $5.9 million ( 2018 – $14.5 million , 2017 – $27.2 million ), which is included in revenues on the consolidated statements of loss . Amortization of in-process revenue contracts following 2019 is expected to be $5.9 million ( 2020 ), $5.9 million ( 2021 ) and $5.9 million ( 2022 ). |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | 8. Short-Term Debt In November 2018, Teekay Tankers Chartering Pte. Ltd. (or TTCL ), a wholly-owned subsidiary of Teekay Tankers, entered into a working capital loan facility agreement (or the Working Capital Loan ), which initially provided available aggregate borrowings of up to $40.0 million for TTCL, and which was subsequently increased to $80.0 million , effective December 2019. Proceeds of the Working Capital Loan are used to provide working capital in relation to certain vessels subject to the RSAs. The Working Capital Loan had an initial maturity date in August 2019 but is continually extended for further periods of six months thereafter until the lender gives notice in writing that no further extensions shall occur. Interest payments are based on LIBOR plus a margin of 3.5% . The Working Capital Loan is collateralized by the assets of TTCL. The Working Capital Loan requires Teekay Tankers to maintain its paid-in capital contribution under the RSAs and the retained distributions of the RSA counterparties in an amount equal to the greater of (a) an amount equal to the minimum average capital contributed by the RSA counterparties per vessel in respect of the RSA (including cash, bunkers or other working capital contributions and amounts accrued to the RSA counterparties but unpaid) and (b) a minimum capital contribution ranging from $20.0 million to $ 30.0 million based on the amount borrowed. As at December 31, 2019 , $50.0 million ( December 31, 2018 – nil ) was owing under this facility, and the interest rate on the facility was 5.0% ( December 31, 2018 – nil ). As of the date these consolidated financial statements were issued, Teekay Tankers was in compliance with all covenants in respect of this facility. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt December 31, 2019 December 31, 2018 Revolving Credit Facilities 603,132 642,997 Senior Notes (8.5%) due January 15, 2020 36,712 508,577 Senior Notes (9.25%) due November 15, 2022 250,000 — Convertible Senior Notes (5%) due January 15, 2023 125,000 125,000 Norwegian Krone-denominated Bonds due through August 2023 347,163 352,973 U.S. Dollar-denominated Term Loans due through 2030 1,336,437 1,536,499 Euro-denominated Term Loans due through 2024 165,376 193,781 Other U.S. Dollar-denominated loan 3,300 3,300 Total principal 2,867,120 3,363,127 Less unamortized discount and debt issuance costs (39,968 ) (43,604 ) Total debt 2,827,152 3,319,523 Less current portion (523,312 ) (242,137 ) Long-term portion 2,303,840 3,077,386 As of December 31, 2019 , the Company had five revolving credit facilities (or the Revolvers ) available, one of which is scheduled to mature in November 2020. The five credit facilities, as at such date, provided for aggregate borrowings of up to $890.7 million , of which $287.6 million was undrawn. Interest payments are based on LIBOR plus margins. The margins ranged between 1.40% and 3.95% as at December 31, 2019 and December 31, 2018. The aggregate amount available under the Revolvers was scheduled to decrease by $401.6 million ( 2020 ), $321.4 million ( 2021 ) and $167.8 million ( 2022 ) (see Note 24(c)(f) for refinancings completed subsequent to December 31, 2019). The Revolvers are collateralized by first-priority mortgages granted on 35 of the Company’s vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all but one of the Revolvers' outstanding amounts. Included in other related security are 25.2 million common units in Teekay LNG and 5.0 million Class A common shares in Teekay Tankers to secure a $150 million credit facility. The Company’s 8.5% senior unsecured notes are due January 15, 2020 with an original aggregate principal amount of $450 million (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 Additional Notes ) at 99.01% of face value, plus accrued interest from July 15, 2015. The Additional Notes were an additional issuance of the Company’s Original Notes (collectively referred to as the 2020 Notes ). The Additional Notes were issued under the same indenture governing the Original Notes and are fungible with the Original Notes. The discount on the 2020 Notes is accreted through the maturity date of the notes using the effective interest rate of 8.67% per year. During 2018, the Company repurchased $84.1 million in aggregate principal amount of the 2020 Notes. During the first quarter of 2019, the Company repurchased an additional $10.9 million in aggregate principal amount of the 2020 Notes. In May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of the 2020 Notes and issued $250.0 million in aggregate principal amount of 9.25% senior secured notes at par due November 2022 (or the 2022 Notes ). The Company recognized a loss of $10.6 million on the purchase of the 2020 Notes for the year ended December 31, 2019 which is included in other loss in the consolidated statements of loss . The 2022 Notes are guaranteed on a senior secured basis by certain of our subsidiaries and are secured by first-priority liens on two of Teekay's FPSO units, a pledge of the equity interests in Teekay's subsidiary that owns all of Teekay's common units of Teekay LNG Partners L.P. and all of Teekay’s Class A common shares of Teekay Tankers Ltd. and a pledge of the equity interests in Teekay's subsidiaries that own Teekay Parent's three FPSO units. In January 2020, the Company repaid all remaining 2020 Notes at maturity. The 2020 Notes rank equally in right of payment with all of Teekay's existing and future senior unsecured debt and senior to any future subordinated debt of Teekay. The 2020 Notes are not guaranteed by any of Teekay’s subsidiaries and effectively rank behind all existing and future secured debt of Teekay and other liabilities of its subsidiaries. The Company may redeem the 2020 Notes in whole or in part at any time before their maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the 2020 Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2020 Notes to be redeemed (excluding accrued interest), discounted to the redemption date on a semi-annual basis, at the treasury yield plus 50 basis points , plus accrued and unpaid interest to the redemption date. The Company may redeem the 2022 Notes in whole or in part at any time prior to November 15, 2020 at a redemption price equal to 100% of the principal amount of the 2022 Notes to be redeemed, plus the greater of (i) 1.0% of the principal amount of such 2022 Notes and (ii) the excess, if any, of the sum of the present values of the remaining scheduled payments of principal and interest on the 2022 Notes to be redeemed (excluding accrued interest), discounted to the redemption date on a semi-annual basis, at the treasury yield plus 50 basis points over the principal amount of such 2022 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. The Company may redeem the 2022 Notes in whole or in part at a redemption price equal to a percentage of the principal amount of the 2022 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date, as follows: 104.625% at any time on or after November 15, 2020, but prior to November 15, 2021; 102.313% at any time on or after November 15, 2021, but prior to August 15, 2022; and 100% at any time on or after August 15, 2022. On January 26, 2018, Teekay Parent completed a private offering of $125.0 million in aggregate principal amount of 5% Convertible Senior Notes due January 15, 2023 (the Convertible Notes ). The Convertible Notes are convertible into Teekay’s common stock, initially at a rate of 85.4701 shares of common stock per $1,000 principal amount of Convertible Notes. This represents an initial effective conversion price of $11.70 per share of common stock. The initial conversion price represents a premium of 20% to the concurrent common stock offering price of $9.75 per share. On issuance of the Convertible Notes, $104.6 million of the net proceeds was reflected in long-term debt, including unamortized discount, and is being accreted to $125.0 million over its five -year term through interest expense. The remaining amount of the net proceeds of $16.1 million was allocated to the conversion feature and reflected in additional paid-in capital. Teekay LNG has a total of Norwegian Krone (or NOK ) 3.1 billion in senior unsecured bonds issued in the Norwegian bond market at December 31, 2019 that mature through August 2023. As at December 31, 2019 , the total carrying amount of the senior unsecured bonds was $347.2 million ( December 31, 2018 – $353.0 million ). The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin, which ranges from 3.70% to 6.00% . The Company entered into cross currency rate swaps to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging from 5.92% to 7.89% , and the transfer of the principal amount fixed at $382.5 million upon maturity in exchange for NOK 3.1 billion (see Note 16 ). As of December 31, 2019 , the Company had 10 U.S. Dollar-denominated term loans outstanding, which totaled $1.3 billion in aggregate principal amount ( December 31, 2018 – $1.5 billion ). Interest payments on the term loans are based on LIBOR plus a margin, of which two of the term loans have additional tranches with a weighted average fixed rate of 4.48% . At December 31, 2019 , the margins ranged between 0.30% and 3.25% and at December 31, 2018 , the margins ranged between 0.30% and 3.50% . Term loans require payments in quarterly or semi-annual installments commencing three or six months after delivery of each newbuilding vessel financed thereby, and eight of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 24 ( December 31, 2018 – 24 ) of the Company’s vessels, together with certain other security. Teekay LNG has two Euro-denominated term loans outstanding, which, as at December 31, 2019 , totaled 147.5 million Euros ( $165.4 million ) ( December 31, 2018 – 169.0 million Euros ( $193.8 million )). Teekay LNG is servicing the loans with funds generated by two Euro-denominated, long-term time-charter contracts. Interest payments on the loans are based on EURIBOR plus a margin. At December 31, 2019 and December 31, 2018 , the margins ranged between 0.60% and 1.95% . The Euro-denominated term loans reduce in monthly and semi-annual payments with varying maturities through 2024, are collateralized by first-priority mortgages on two of Teekay LNG’s vessels, together with certain other security, and are guaranteed by Teekay LNG and one of its subsidiaries. Both Euro-denominated term loans and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK-denominated bonds, the Company’s Euro-denominated term loans, and restricted cash, and the change in the valuation of the Company’s cross currency swaps, the Company recognized a foreign exchange loss during 2019 of $13.6 million ( 2018 – gain of $6.1 million , 2017 – loss of $26.5 million ). The weighted-average interest rate on the Company’s aggregate long-term debt as at December 31, 2019 was 4.6% ( December 31, 2018 – 5.1% ). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 16 ). Teekay has guaranteed obligations pursuant to certain credit facilities of Teekay Tankers. As at December 31, 2019 , the aggregate outstanding balance on such credit facilities was $145.0 million . The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to December 31, 2019 , after giving effect to Teekay LNG's revolving credit facility refinancing completed in March 2020 (see Note 24 (c)) and including the impact of Teekay Tankers' debt refinancing completed in January 2020 (see Note 24(f)), are $0.5 billion ( 2020 ), $0.6 billion ( 2021 ), $0.6 billion ( 2022 ), $0.4 billion ( 2023 ), $0.3 billion ( 2024 ) and $0.4 billion (thereafter). The Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and five loan agreements require the maintenance of vessel market value to loan ratios. As at December 31, 2019 , these ratios ranged from 138% to 281% compared to their minimum required ratios of 115% to 135% . The vessel values used in these ratios are the appraised values provided by third parties where available or prepared by the Company based on second-hand sale and purchase market data. Changes in the LNG/LPG carrier and conventional tanker markets could negatively affect the Company’s compliance with these ratios. Two of Teekay Tankers’ term loans, which are scheduled to mature in 2021, are guaranteed by Teekay. One of the term loans contains covenants that require Teekay Parent to maintain the greater of (a) free cash (cash and cash equivalents) and undrawn committed revolving credit lines with at least six months to maturity of at least $50.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 5.0% of Teekay’s total consolidated debt (excluding the debt Teekay LNG and its subsidiaries and Teekay Tankers and its subsidiaries which is non-recourse to Teekay). This term loan has been repaid and settled in the first quarter of 2020. The other term loan requires Teekay Parent and Teekay Tankers collectively to maintain the greater of (a) free cash (cash and cash equivalents) of at least $100.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 7.5% of Teekay's total consolidated debt (excluding the debt of Teekay LNG and its subsidiaries). In addition, certain loan agreements require Teekay Tankers to maintain minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of Teekay Tankers' total consolidated debt. Certain loan agreements require Teekay LNG to maintain a minimum level of tangible net worth, and minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million , and not to exceed a maximum level of financial leverage. As at the date this Annual Report on Form 20-F was filed, the Company was in compliance with all covenants under its credit facilities and other long-term debt. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Leases | 10. Operating Leases The Company charters-in vessels from other vessel owners on time-charter-in and bareboat charter contracts, whereby the vessel owner provides use of the vessel to the Company, and, in the case of time-charter-in contracts, also operates the vessel for the Company. A time-charter-in contract is typically for a fixed period of time, although in certain cases the Company may have the option to extend the charter. The Company typically pays the owner a daily hire rate that is fixed over the duration of the charter. The Company is generally not required to pay the daily hire rate for time-charters during periods the vessel is not able to operate. With respect to time-charter-in and bareboat charter contracts with an original term of more than one year, for the year ended December 31, 2019 , the Company incurred $99.0 million of time-charter and bareboat hire expense related to these time-charter and bareboat charter contracts, of which $68.2 million was allocable to the lease component, and $30.8 million was allocable to the non-lease component. The amounts allocable to the lease component approximate the cash paid for the amounts included in lease liabilities and are reflected as a reduction in operating cash flows for the year ended December 31, 2019 . Three of Teekay Tankers' time-charter-in contracts each have an option to extend the charter for an additional one -year term. Since it is not reasonably certain that Teekay Tankers will exercise the options, the lease components of the options are not recognized as part of the right-of-use assets and lease liabilities. As at December 31, 2019 , the weighted-average remaining lease term and weighted-average discount rate for these time-charter-in and bareboat charter contracts were 2.6 years and 6.1% , respectively. For the year ended December 31, 2019 , the Company incurred $18.0 million of time-charter hire expense related to time-charter-in contracts classified as short-term leases. During the year ended December 31, 2019 , Teekay Tankers chartered in two LR2 vessels and one Aframax vessel for periods of 24 months each, Teekay LNG extended the charter-in contract for one LNG carrier for a period of 21 months , and Teekay Parent extended the charter-in contract for one FSO unit for a period of 12 months , which resulted in the Company recognizing right-of-use assets and lease liabilities totaling $47.7 million and $47.7 million , respectively. A maturity analysis of the Company’s operating lease liabilities from time-charter-in and bareboat charter contracts (excluding short-term leases) at December 31, 2019 is as follows: Lease Commitment Non-Lease Commitment Total Commitment $ $ $ Payments 2020 69,617 37,089 106,706 2021 54,195 26,948 81,143 2022 22,978 8,189 31,167 2023 9,227 — 9,227 2024 5,713 — 5,713 Thereafter — — — Total payments 161,730 72,226 233,956 Less: imputed interest (13,128 ) Carrying value of operating lease liabilities 148,602 Less current portion (61,431 ) Carrying value of long-term operating lease liabilities 87,171 As at December 31, 2019 , minimum commitments to be incurred by the Company under short-term time-charter-in contracts were approximately $4.3 million ( 2020 ). As at December 31, 2018 , minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $116.3 million ( 2019 ), $90.4 million ( 2020 ), $53.4 million ( 2021 ), $9.1 million ( 2022 ), $9.1 million ( 2023 ) and $5.6 million thereafter. |
Obligations Related to Finance
Obligations Related to Finance Leases | 12 Months Ended |
Dec. 31, 2019 | |
Lessee, Finance Lease, Description [Abstract] | |
Lessee, Finance Leases [Text Block] | 11. Obligations Related to Finance Leases December 31, 2019 December 31, 2018 Teekay LNG LNG Carriers 1,410,904 1,274,569 Suezmax Tanker — 23,987 Teekay Tankers Suezmax Tankers 216,546 191,267 Aframax Tankers 173,284 157,899 LR2 Product Tanker 24,958 26,123 Total obligations related to finance leases 1,825,692 1,673,845 Less current portion (95,339 ) (102,115 ) Long-term obligations related to finance leases 1,730,353 1,571,730 Teekay LNG As at December 31, 2019 , Teekay LNG was a party to finance leases on nine LNG carriers ( December 31, 2018 – eight LNG carriers). Upon delivery of these nine LNG carriers between February 2016 and January 2019, Teekay LNG sold these vessels to third parties (or Lessors ) and leased them back under 7.5 - to 15 -year bareboat charter contracts ending in 2026 through to 2034. At the inception of these leases, the weighted-average interest rate implicit in these leases was 5.1% . The bareboat charter contracts are presented as obligations related to finance leases on the Company's consolidated balance sheets and have purchase obligations at the end of the lease terms. Teekay LNG consolidates seven of the nine Lessors for financial reporting purposes as VIEs. Teekay LNG understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay LNG operates the vessels during the lease term and as a result, is considered to be, under GAAP, the Lessors' primary beneficiary. The sale and leaseback of two of Teekay LNG's vessels are accounted for as failed sales. Teekay LNG is not considered as holding a variable interest in these buyer Lessor entities and thus, does not consolidate these entities. The liabilities of the seven Lessors considered as VIEs are loans and are non-recourse to Teekay LNG . The amounts funded to the seven Lessors in order to purchase the vessels materially match the funding to be paid by Teekay LNG's subsidiaries under the sale-leaseback transactions. As a result, the amounts due by Teekay LNG's subsidiaries to the seven Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. During January 2019, Teekay LNG sold the Yamal Spirit and leased it back for a period of 15 years, with an option granted to Teekay LNG to extend the lease term by an additional five years. Teekay LNG is required to purchase the vessel at the end of the lease term. During September 2019, Teekay LNG refinanced the Torben Spirit by acquiring the Torben Spirit from its original Lessor and then selling the vessel to another Lessor and leasing it back for a period of 7.5 years. Teekay LNG is required to purchase the vessel at the end of the lease term. As a result of this refinancing transaction, Teekay LNG recognized a loss of $1.4 million for the year ended December 31, 2019 on the extinguishment of the original finance lease which was included in other loss in the consolidated statements of loss . The obligations of Teekay LNG under the bareboat charter contracts for the nine LNG carriers are guaranteed by Teekay LNG. In addition, the guarantee agreements require Teekay LNG to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage . As at December 31, 2019 , Teekay LNG was in compliance with all covenants in respect of the obligations related to its finance leases. As at December 31, 2019 , the remaining commitments related to the finance leases of these nine LNG carriers ( December 31, 2018 – eight LNG carriers) , including the amounts to be paid for the related purchase obligations, approximated $1.9 billion ( December 31, 2018 – $1.7 billion ), including imputed interest of $470.9 million ( December 31, 2018 – $435.3 million ), repayable from 2020 through 2034, as indicated below: Commitments December 31, 2019 Year $ 2020 140,386 2021 138,601 2022 136,959 2023 135,459 2024 132,011 Thereafter 1,198,366 As at December 31, 2018, Teekay LNG was a party, as lessee, to a finance lease on one Suezmax tanker, the Toledo Spirit . As at December 31, 2018, the remaining commitments related to the finance lease for the tanker, including the related purchase obligation, approximated $24.2 million , including imputed interest of $0.2 million , repayable in 2019. In January 2019, the charterer, who is also the owner, sold the Toledo Spirit to a third party, which resulted in Teekay LNG returning the vessel to its owner and the concurrent extinguishment of the obligation related to finance lease. Teekay Tankers In May 2019, Teekay Tankers completed a $63.7 million sale-leaseback financing transaction with a financial institution relating to two of Teekay Tankers' Suezmax tankers, the Aspen Spirit and Cascade Spirit . In November 2018, Teekay Tankers completed an $84.7 million sale-leaseback financing transaction with a financial institution relating to four of Teekay Tankers' vessels, consisting of two Aframax tankers, one Suezmax tanker and one Long Range 2 (or LR2 ) product tanker, the Explorer Spirit , Navigator Spirit , Pinnacle Spirit and Trysil Spirit . In September 2018, Teekay Tankers completed a $156.6 million sale-leaseback financing transaction with a financial institution relating to six of its Aframax tankers, the Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Peak Spirit, Tarbet Spirit and Whistler Spirit . In July 2017, Teekay Tankers completed a $153.0 million sale-leaseback financing transaction with a financial institution relating to four of its Suezmax tankers, the Athens Spirit , the Beijing Spirit , the Moscow Spirit and the Sydney Spirit . Under these arrangements, Teekay Tankers transferred the vessels to subsidiaries of the financial institutions (or collectively, the Lessors ), and leased the vessels back from the Lessors on bareboat charters ranging from 9 to 12 -year terms. Teekay Tankers has the option to purchase each of the 16 tankers at various times starting between July 2020 and November 2021 until the end of their respective lease terms. Teekay Tankers is also obligated to purchase six of the Aframax vessels and two of the Suezmax vessels upon maturity of their respective bareboat charters. Teekay Tankers consolidates 14 of the 16 Lessors for financial reporting purposes as VIEs. Teekay Tankers understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay Tankers operates the vessels during the lease terms, and as a result, is considered to be the Lessor's primary beneficiary. The liabilities of the 14 Lessors are loans that are non-recourse to Teekay Tankers. The amounts funded to the 14 Lessors in order to purchase the vessels materially match the funding to be paid by Teekay Tankers' subsidiaries under these lease-back transactions. As a result, the amounts due by Teekay Tankers' subsidiaries to the 14 Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. Subsequent to the adoption of ASU 2016-02 on January 1, 2019, sale and leaseback transactions where the lessee has a purchase obligation are treated as a failed sale. Consequently, Teekay Tankers has not derecognized the Aspen Spirit and Cascade Spirit and continues to depreciate the assets as if it was the legal owner. Proceeds received from the sale are set up as an obligation related to finance lease and bareboat charter hire payments made by Teekay Tankers to the Lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. The bareboat charters related to each of these 16 vessels require that Teekay Tankers maintain minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of Teekay Tankers' consolidated debt and obligations related to finance leases (excluding applicable security deposits reflected in restricted cash – non-current on the Company's consolidated balance sheets). Four of the bareboat charters require Teekay Tankers to maintain, for each vessel, a hull coverage ratio of 90% of the total outstanding principal balance during the first three years of the lease period and 100% of the total outstanding principal balance thereafter. As at December 31, 2019 , this ratio was approximately 122% ( December 31, 2018 – 101% ). Six of the bareboat charters require Teekay Tankers to maintain, for each vessel, a hull coverage ratio of 78% of the total outstanding principal balance during the first year of the lease period, 78% for the second year, 80% for the following two years and 90% of the total outstanding principal balance thereafter. As at December 31, 2019 , this ratio was approximately 115% ( December 31, 2018 – 91% ). Four of the bareboat charters also require Teekay Tankers to maintain, for each vessel, a hull overage ratio of 100% of the total outstanding principal balance. As at December 31, 2019 , this ratio was approximately 158% ( December 31, 2018 – 122% ). The remaining two bareboat charters also require Teekay Tankers to maintain, for each vessel, a minimum hull coverage ratio of 75% of the total outstanding principal balance during the first year of the lease period, 78% for the second year, 80% for the following two years and 90% of the total outstanding principal balance thereafter. As at December 31, 2019 , this ratio was approximately 109% ( December 31, 2018 – nil ). Such requirements are assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As of the date these consolidated financial statements were issued, Teekay Tankers was in compliance with all covenants in respect of the obligations related to finance leases. The weighted average interest rate on Teekay Tankers’ obligations related to finance leases as at December 31, 2019 was 7.6% ( December 31, 2018 – 7.5% ). As at December 31, 2019 , the total remaining commitments under the 16 finance leases of Teekay Tankers' Suezmax, Aframax and LR2 product tankers, including the amounts to be paid for the related purchase obligations, approximated $601.7 million ( December 31, 2018 – $557.1 million ) , including imputed interest of $186.9 million ( December 31, 2018 – $181.8 million ), repayable from 2020 through 2030, as indicated below: Commitments December 31, 2019 Year $ 2020 56,364 2021 56,202 2022 56,193 2023 56,184 2024 56,328 Thereafter 320,388 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements and Financial Instruments a) 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, appraised values and contractual sales prices. 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. Loans to equity-accounted investments 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 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 finance leases – The fair value of the Company's long-term obligation related to finance leases is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities. 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, 2019 December 31, 2018 Fair Value Carrying Fair Carrying Fair Recurring Cash, cash equivalents and restricted cash Level 1 454,867 454,867 505,639 505,639 Derivative instruments ( note 16 ) Interest rate swap agreements – assets (1) Level 2 3,099 3,099 9,640 9,640 Interest rate swap agreements – liabilities (1) Level 2 (52,453 ) (52,453 ) (43,175 ) (43,175 ) Cross currency interest swap agreements – assets (1) Level 2 — — — — Cross currency interest swap agreements – liabilities (1) Level 2 (42,104 ) (42,104 ) (29,122 ) (29,122 ) Foreign currency contracts Level 2 (202 ) (202 ) — — Stock purchase warrants Level 3 — — 12,026 12,026 Freight forward agreements Level 2 (86 ) (86 ) (57 ) (57 ) Non-recurring Vessels held for sale ( notes 6 and 19 ) Level 2 37,240 37,240 — — Other (2) Short-term debt ( note 8 ) Level 2 (50,000 ) (50,000 ) — — Long-term debt – public ( note 9 ) Level 1 (619,794 ) (655,977 ) (856,986 ) (851,470 ) Long-term debt – non-public ( note 9 ) Level 2 (2,207,358 ) (2,180,440 ) (2,462,537 ) (2,395,300 ) Obligations related to finance leases, including current portion ( note 11 ) Level 2 (1,825,692 ) (1,877,558 ) (1,673,845 ) (1,652,345 ) (1) The fair value of the Company’s interest rate swap and cross currency swap agreements at December 31, 2019 includes $3.4 million ( December 31, 2018 – $3.2 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 investments in equity-accounted investments form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the individual components of such aggregate interests is not determinable. Stock purchase warrants – Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants (or the Brookfield Transaction Warrants ) issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (see Note 4) and 1,755,000 warrants to purchase common units of Altera issued to Teekay in connection with Altera's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants ). In May 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants. Changes in fair value during the years ended December 31, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows: Year Ended December 31, 2019 2018 Fair value at the beginning of the year 12,026 30,749 Fair value on acquisition/issuance — 2,330 Unrealized gain (loss) included in earnings 26,900 (21,053 ) Realized loss included in earnings (25,559 ) — Settlements (13,367 ) — Fair value at the end of the year — 12,026 b) Financing Receivables The following table contains the carrying value of the Company's financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2019 . December 31, Class of Financing Receivable Credit Quality Indicator Grade 2019 2018 Direct financing leases and sales-type leases Payment activity Performing 818,809 575,163 Other loan receivables Loans to equity-accounted investments and joint venture partners Other internal metrics Performing 70,784 231,404 Long-term receivable and accrued revenue included in accounts receivable and other assets Payment activity Performing 8,092 15,694 897,685 822,261 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | 13. Capital Stock The authorized capital stock of Teekay at December 31, 2019 , 2018 , and 2017 , was 25 million shares of Preferred Stock, with a par value of $1 per share, and 725 million shares of Common Stock, with a par value of $0.001 per share. As at December 31, 2019 , 100,784,422 shares of Common Stock ( 2018 – 100,435,210 ) were issued and outstanding and no shares of Preferred Stock issued. In April 2019, Teekay filed a continuous offering program (or COP ) under which Teekay may issue shares of its common stock, at market prices up to a maximum aggregate amount of $63.0 million . No shares of common stock have been issued under this COP as of December 31, 2019 . During 2018, Teekay completed a public offering of 10.0 million common shares priced at $9.75 per share, raising net proceeds of approximately $93.0 million and issued 1.1 million shares of common stock as part of a COP initiated in 2016 generating net proceeds of $10.7 million . 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. 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, 2019 , the Company had reserved 5,606,429 ( 2018 – 5,777,326 ) 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, 2019 , 2018 and 2017 , the Company granted options under the 2013 Plan to acquire up to 2,525,113 , 1,048,916 and 732,314 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, 2019 , expire between March 8, 2020 and March 14, 2029, 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, 2019 , 2018 , and 2017 , are as follows: December 31, 2019 December 31, 2018 December 31, 2017 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding – beginning of year 3,754 15.54 3,600 22.96 3,367 29.16 Granted 2,525 3.98 1,052 8.67 732 10.18 Exercised — — (2 ) 9.44 (3 ) 9.44 Forfeited / expired (308 ) 11.07 (896 ) 37.44 (496 ) 46.27 Outstanding – end of year 5,971 10.88 3,754 15.54 3,600 22.96 Exercisable – end of year 2,565 18.25 1,954 21.35 2,221 29.76 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2019 , 2018 and 2017 , are as follows: December 31, 2019 December 31, 2018 December 31, 2017 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding non-vested stock options – beginning of year 1,800 4.25 1,379 4.44 1,096 4.30 Granted 2,525 1.53 1,052 4.21 732 4.71 Vested (807 ) 4.18 (609 ) 4.65 (399 ) 4.62 Forfeited (111 ) 3.33 (22 ) 3.93 (50 ) 3.94 Outstanding non-vested stock options – end of year 3,407 2.28 1,800 4.25 1,379 4.44 The weighted average grant date fair value for non-vested options forfeited in 2019 was $0.4 million ( 2018 – $0.1 million , 2017 – $0.2 million ). As of December 31, 2019 , there was $3.0 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 $1.9 million ( 2020 ), $1.0 million ( 2021 ) and $0.2 million ( 2022 ). During the years ended December 31, 2019 , 2018 , and 2017 , the Company recognized $3.0 million , $2.8 million and $1.7 million , respectively, of compensation cost relating to stock options granted under the Plans. The intrinsic value of options exercised during 2019 was $ nil , during 2018 was $ nil and during 2017 was $0.03 million . As at December 31, 2019 , the intrinsic value of outstanding and exercisable stock options was $3.3 million ( 2018 – $ nil ). As at December 31, 2019 , the weighted-average remaining life of options vested and expected to vest was 7.3 years ( 2018 – 6.7 years). Further details regarding the Company’s outstanding and exercisable stock options at December 31, 2019 are as follows: Outstanding Options Exercisable Options Range of Exercise Prices Options Weighted- Average Weighted- Options Weighted- Average Weighted- $0.00 – $4.99 2,496 9.2 3.98 — 0.0 — $5.00 – $9.99 1,788 7.3 9.00 1,108 6.8 9.20 $10.00 – $19.99 693 7.2 10.18 462 7.2 10.18 $20.00 – $24.99 280 0.2 24.42 280 0.2 24.42 $25.00 – $29.99 348 2.2 27.69 349 2.2 27.69 $30.00 – $39.99 94 2.4 34.42 94 2.4 34.42 $40.00 – $49.99 257 5.2 43.99 257 5.2 43.99 $50.00 – $59.99 15 4.2 56.76 15 4.2 56.76 5,971 7.3 10.88 2,565 5.2 18.25 The weighted-average grant-date fair value of options granted during 2019 was $1.53 per option ( 2018 – $4.21 , 2017 – $4.71 ). 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 65.2% in 2019 , 64.8% in 2018 and 62.4% in 2017 ; expected life of 5.5 years in 2019 , 5.5 years in 2018 and 6 years in 2017 ; dividend yield of 5.9% in 2019 , 2.5% in 2018 and 2.5% in 2017 ; risk-free interest rate of 2.5% in 2019 , 2.6% in 2018 , and 2.0% in 2017 ; and estimated forfeiture rate of 6.0% in 2019 , 7.4% in 2018 and 7.0% in 2017 . 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 restricted stock award is equal in value to one share of the Company’s common stock plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Upon vesting, the value of the restricted stock units and restricted stock awards are paid to each grantee in the form of shares. During 2019 , the Company granted 808,391 restricted stock units with a fair value of $3.2 million , to certain of the Company’s employees. During 2019 , a total of 880,871 restricted stock units with a market value of $18.1 million vested and that amount, net of withholding taxes, was paid to grantees by issuing 483,431 shares of common stock. During 2018 , the Company granted 625,878 restricted stock units with a fair value of $5.4 million , to certain of the Company’s employees. During 2018 , a total of 563,588 restricted stock units with a market value of $15.2 million vested and that amount, net of withholding taxes, was paid to grantees by issuing 311,124 shares of common stock. 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. For the year ended December 31, 2019 , the Company recorded an expense of $3.3 million ( 2018 – $3.0 million , 2017 – $4.0 million ) related to the restricted stock units and performance share units. During 2019 , the Company also granted 111,808 ( 2018 – 79,869 and 2017 – 89,387 ) shares as restricted stock awards with a fair value of $0.4 million ( 2018 – $0.7 million and 2017 – $0.9 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, 2019 , 2018 and 2017 , 35,419 , 17,498 and 17,345 common units of Teekay LNG, respectively, and 19,918 , 21,004 and nil shares of Class A common stock of Teekay Tankers, respectively, with aggregate values of $0.7 million , $0.5 million , and $0.3 million , respectively, were granted and issued to the non-management directors of the general partner of Teekay LNG and the non-management directors of Teekay Tankers as part of their annual compensation for 2019 , 2018 and 2017 . Teekay LNG and Teekay Tankers grant equity-based compensation awards as incentive-based compensation to certain employees of Teekay’s subsidiaries that provide services to Teekay LNG and Teekay Tankers. During March 2019 , 2018 and 2017 , Teekay LNG granted phantom unit awards and Teekay Tankers granted restricted stock-based compensation awards with respect to 80,100 , 62,283 and 60,809 units of Teekay LNG and 99,056 , 95,330 and 47,805 Class A common shares of Teekay Tankers, respectively, with aggregate grant date fair values of $2.0 million , $2.1 million and $1.8 million , respectively, based on 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 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 canceled, 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 2019 , 2018 and 2017 , Teekay Tankers granted 218,223 , 92,041 and 60,791 stock options, respectively, with an exercise price of $8.00 , $9.76 and $17.84 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 2019 , 2018 and 2017 , Teekay Tankers also granted 58,843 , 63,012 and 49,552 stock options, respectively, with an exercise price of $8.00 , $9.76 and $17.84 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, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions On May 8, 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Altera (described below), for total cash proceeds of $100 million . Subsequent to the 2019 Brookfield Transaction, Altera is no longer a related party of Teekay (see Notes 1, 3, and 4). Since Altera is no longer a related party of Teekay, advances from Teekay to Altera and advances from Altera to Teekay were included in accounts receivable and accounts payable, respectively, on the Company's consolidated balance sheet as at December 31, 2019 . Advances from Teekay to Altera as at December 31, 2018 were $83.1 million , and advances from Altera to Teekay as at December 31, 2018 were $59.3 million . Such amounts were included in current portion of loans to equity-accounted investments and loans from equity-accounted investments, respectively, on the Company's consolidated balance sheet as at December 31, 2018. In March 2018, Altera entered into a loan agreement for a $125.0 million senior unsecured revolving credit facility, of which up to $25.0 million was provided by Teekay and up to $100.0 million was provided by Brookfield. The facility was scheduled to mature in October 2019. Teekay's $25.0 million loan to Altera was among the assets sold by Teekay to Brookfield in the 2019 Brookfield Transaction. Until December 31, 2017, Teekay and its wholly-owned subsidiaries directly and indirectly provided substantially all of Altera’s ship management, commercial, technical, strategic, business development and administrative service needs. Specifically, the Transferred Subsidiaries provided ship management, commercial, technical, strategic, business development and administrative services to Altera, primarily related to Altera's FPSO units, shuttle tankers and FSO units. On January 1, 2018, Altera acquired a 100% ownership interest in the Transferred Subsidiaries (see Note 4 ). Subsequent to their transfer to Altera, the Transferred Subsidiaries continue to provide ship management, commercial, technical, strategic, business development and administrative services to Teekay, primarily related to Teekay's FPSO units. Teekay and certain of its subsidiaries, other than the Transferred Subsidiaries, continue to provide certain other ship management, commercial, technical, strategic and administrative services to Altera. Revenues r ecognized by the Company for services provided to Altera during the periods that Altera was a related party to the Company for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 were $7.6 million , $21.0 million and $17.8 million , respectively, which were recorded in revenues on the Company's consolidated statements of loss . Fees paid by the Company to Altera for services provided by Altera to the Company during the period that Altera was a related party to the Company for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 were $9.6 million , $25.7 million and $0.8 million , respectively, and were recorded in vessel operating expenses and general and administrative expenses on the Company's consolidated statements of loss . As at December 31, 2019 , two shuttle tankers and three FSO units of Altera were employed on long-term time-charter-out or bareboat contracts with subsidiaries of Teekay. Time-charter hire expense paid by the Company to Altera during the periods that Altera was a related party to the Company for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 were $20.8 million , $56.3 million and $14.3 million , respectively. In September 2018, Teekay LNG entered into an agreement with its 52% -owned joint venture with Marubeni Corporation (or the MALT Joint Venture ) to charter in one of the MALT Joint Venture's LNG carriers, the Magellan Spirit , for a period of two years at a fixed-rate. Time-charter hire expense for the year ended December 31, 2019 was $20.0 million ( December 31, 2018 – $7.7 million ). The Company provides ship management and corporate services to certain of its equity-accounted joint ventures that own and operate LNG carriers on long-term charters. In addition, the Company is reimbursed for costs incurred by the Company for its seafarers operating these LNG carriers. During the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 , the Company earned $68.8 million , $55.2 million and $6.5 million , respectively, of fees pursuant to these management agreements and reimbursement of costs. The accounting presentation of such reimbursement of costs was impacted by the adoption of ASU 2014-09 on January 1, 2018 (see Note 1). As at December 31, 2019 , Resolute Investments, Ltd. (or Resolute ) owned 31.7% ( 2018 – 31.8% , 2017 – 31.9% ) of the Company’s outstanding Common Stock. One of the Company’s current directors, Heidi Locke Simon, 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, Rudolph Krediet, is partner at Anholt Services (USA), a wholly-owned subsidiary of Kattegat Limited . Director Bjorn Moller is a director of Kattegat Limited. Director Peter Antturi serves as an executive officer and director of Resolute and other Kattegat Limited subsidiaries and affiliates. He is also an executive officer and owner of Anglemont Financial Services Ltd., a joint venture with Kattegat Limited that provides financial services to Kattegat Limited and its subsidiaries. |
Other Loss
Other Loss | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Loss | 15. Other loss Year Ended Year Ended Year Ended Loss on bond repurchases (1) (10,601 ) (1,772 ) — Loss on lease extinguishment (2) (1,417 ) — — Tax indemnification guarantee liability (3) — (600 ) (50,000 ) Contingent liability (4) — — (4,500 ) Gain on sale / (write-down) of cost-accounted investment — — 1,250 Miscellaneous (loss) income (2,457 ) 359 (731 ) Other loss (14,475 ) (2,013 ) (53,981 ) (1) In May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of the 2020 Notes and issued $250.0 million in aggregate principal amount of 9.25% senior secured notes at par due November 2022. The Company recognized a loss of $10.6 million on the purchase of the 2020 Notes for the year ended December 31, 2019 (see Note 9). (2) During September 2019, Teekay LNG refinanced the Torben Spirit by acquiring the Torben Spirit from its original Lessor and then selling the vessel to another Lessor and leasing it back for a period of 7.5 years. As a result of this refinancing transaction, the Partnership recognized a loss of $1.4 million for the year ended December 31, 2019 on the extinguishment of the original finance lease (see Note 11). (3) Following the termination of the finance lease arrangements for the RasGas II LNG Carriers in 2014, the lessor made a determination that additional rentals were due under the leases following a challenge by the UK taxing authority. As a result, in 2017 the Teekay Nakilat Joint Venture recognized an additional liability, which was included as part of other loss in the Company's consolidated statements of loss . (4) 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 Altera in 2014. Altera was deconsolidated in September 2017 (see Note 4 ). |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 16. Derivative Instruments and Hedging Activities The Company uses derivatives to manage certain risks in accordance with its overall risk management policies. Foreign Exchange Risk From time to time the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at December 31, 2019 , the Company was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency Average Forward Rate (1) Fair Value / Carrying Amount Of Asset (Liability) $ Expected Maturity 2020 2021 $ $ Euro 5,820 0.86 (202) 6,750 — (1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. The Company enters into cross currency swaps and pursuant to these swaps the Company receives the principal amount in NOK on the maturity 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 2020, 2021 and 2023. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2020, 2021 and 2023. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2020, 2021 and 2023. As at December 31, 2019 , the Company was committed to the following cross currency swaps: Notional Amount NOK Notional Amount USD Fair Value / Carrying Amount of Asset / (Liability) Remaining Floating Rate Receivable Reference Rate Margin Fixed Rate Payable 1,000,000 134,000 NIBOR 3.70 % 5.92 % (20,665 ) 0.4 1,200,000 146,500 NIBOR 6.00 % 7.72 % (10,532 ) 1.8 850,000 102,000 NIBOR 4.60 % 7.89 % (10,907 ) 3.7 (42,104 ) 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, 2019 , the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt and EURIBOR-based debt, whereby certain of the Company’s floating-rate 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 1,042,106 (41,194 ) 3.4 2.8 EURIBOR-Based Debt: Euro-denominated interest rate swaps EURIBOR 75,089 (8,160 ) 3.7 3.8 (49,354 ) (1) Excludes the margins the Company pays on its variable-rate debt, which, as of December 31, 2019 , ranged from 0.3% to 3.95% . (2) Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. Three interest rate swaps are subject to mandatory early termination in 2020, 2021 and 2024, at which time the swaps will be settled based on their fair value. Stock Purchase Warrants P rior to the 2019 Brookfield Transaction on May 8, 2019, Teekay held 15.5 million Brookfield Transaction Warrants and 1,755,000 Series D Warrants of Altera (see Notes 4 and 12 ). As part of the 2019 Brookfield Transaction, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants. 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 (1) Accrued Liabilities and Other (2) Other long-term liabilities As at December 31, 2019 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (13 ) (836 ) (3,475 ) Derivatives not designated as a cash flow hedge: Foreign currency contracts — — — (202 ) — Interest rate swap agreements 932 1,916 (2,948 ) (15,478 ) (29,452 ) Cross currency swap agreements — — (456 ) (22,661 ) (18,987 ) Forward freight agreements — — — (86 ) — 932 1,916 (3,417 ) (39,263 ) (51,914 ) As at December 31, 2018 Derivatives designated as a cash flow hedge: Interest rate swap agreements 784 2,362 20 — — Derivatives not designated as a cash flow hedge: Interest rate swap agreements 2,915 2,973 (2,498 ) (7,419 ) (32,672 ) Cross currency swap agreements — — (713 ) (4,729 ) (23,680 ) Stock purchase warrants — 12,026 — — — Forward freight agreements — — — (57 ) — 3,699 17,361 (3,191 ) (12,205 ) (56,352 ) (1) Represents accrued interest related to derivative instruments recorded in accrued liabilities and other on the consolidated balance sheets (see Note 7). (2) Represents the current portion of derivative liabilities recorded in accrued liabilities and other on the consolidated balance sheets (see Note 7). As at December 31, 2019 , the Company had multiple interest rate swaps and cross currency swaps with the same counterparty that are subject to the same master agreements. Each of these master agreements provides for the net settlement of all 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, 2019 , these derivatives had an aggregate fair value asset amount of $3.1 million ( December 31, 2018 – $9.5 million ) and an aggregate fair value liability amount of $74.3 million ( December 31, 2018 – $55.8 million ). As at December 31, 2019 , the Company had $14.3 million on deposit with the relevant counterparties as security for swap liabilities under certain master agreements ( December 31, 2018 – $6.8 million ). The deposit is presented in restricted cash – current and long-term on the consolidated balance sheets. For the periods indicated, the following table presents the effective portion of gains (losses) on consolidated interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments) : Year Ended December 31, 2019 Amount of Loss Recognized in OCI (effective portion) Amount of Gain Reclassified from Accumulated OCI to Interest Expense (1) $ $ (7,458 ) 376 Year Ended December 31, 2018 Amount of Gain Recognized in OCI (effective portion) Amount of Loss Reclassified from Accumulated OCI to Interest Expense (1) Amount of Gain Recognized in Interest Expense (ineffective portion) $ $ $ 2,128 (152 ) 740 Year Ended December 31, 2017 Amount of Loss Recognized in OCI (effective portion) Amount of Loss Reclassified from Accumulated OCI to Interest Expense (1) Amount of Loss Recognized in Interest Expense (ineffective portion) $ $ $ (31 ) (1,614 ) (746 ) (1) See Note 1 – adoption of ASU 2017-12. 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 . The effect of the (losses) and gains on derivatives not designated as hedging instruments in the consolidated statements of loss are as follows: Year Ended Year Ended Year Ended Realized (losses) gains relating to: Interest rate swap agreements (8,296 ) (13,898 ) (53,921 ) Interest rate swap agreement terminations — (13,681 ) (610 ) Foreign currency forward contracts (147 ) — 667 Stock purchase warrants (25,559 ) — — Time charter swap agreement — — 1,106 Forward freight agreements 1,490 137 270 (32,512 ) (27,442 ) (52,488 ) Unrealized (losses) gains relating to: Interest rate swap agreements (7,878 ) 33,700 17,005 Foreign currency forward contracts (200 ) — 3,925 Stock purchase warrants 26,900 (21,053 ) (6,421 ) Time-charter swap agreement — — (875 ) Forward Freight Agreements (29 ) (57 ) — 18,793 12,590 13,634 Total realized and unrealized losses on derivative instruments (13,719 ) (14,852 ) (38,854 ) 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 . The effect of the gains (losses) on cross currency swaps on the consolidated statements of loss is as follows: Year Ended December 31, 2019 2018 2017 Realized gains (losses) on maturity and/or partial termination of cross currency swap — (42,271 ) (25,733 ) Realized losses (5,062 ) (6,533 ) (18,494 ) Unrealized (losses) gains (13,239 ) 21,240 82,668 Total realized and unrealized (losses) gains on cross currency swaps (18,301 ) (27,564 ) 38,441 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, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies a) Vessels Under Construction and Upgrades T eekay LNG's share of commitments to fund newbuilding and other construction contract costs as at December 31, 2019 are as follows: Total 2020 2021 2022 $ $ $ $ Consolidated LNG carriers (i) 49,652 11,979 22,382 15,291 Bahrain LNG Joint Venture (ii) 11,351 11,351 — — 61,003 23,330 22,382 15,291 (i) In June 2019, Teekay LNG entered into an agreement with a contractor to supply equipment on certain of its LNG carriers in 2021 and 2022, for an estimated installed cost of approximately $60.6 million . As at December 31, 2019 , the estimated remaining cost of this installation is $49.7 million . (ii) Teekay LNG has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain. The Bahrain LNG Joint Venture has secured undrawn debt financing of $34 million , of which $10 million relates to Teekay LNG's proportionate share of the commitments included in the table above. b) 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 a consolidated net loss of $149.0 million and $383.3 million of consolidated cash flows from operating activities during the year ended December 31, 2019 and ended the year with a working capital deficit of $20.7 million . This working capital deficit included approximately $523.3 million related to scheduled maturities and repayments of debt in the next 12 months, of which some loan maturities relate to assets which are subject to purchase obligations of the charterer (Teekay LNG subsequently made a repayment relating to this in January 2020, see Note 24(a)), and was classified as current liabilities as at December 31, 2019 . In addition, the scheduled repayments of debt include $36.7 million of Teekay Parent senior notes due in January 2020 and $50.0 million of its equity margin revolving credit facility (or EMR ) due in December 2020. In January 2020, the Company repaid all remaining 2020 Notes at maturity and, as of the date of filing, is in discussions with its lenders to refinance the EMR. Based on the Company’s liquidity at the date these consolidated financial statements were issued, and the liquidity the Company expects to generate from operations over the following year and assuming no significant decline in spot tanker rates, the Company expects that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements. c) Legal Proceedings and Claims The Company may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. The Company believes that any adverse outcome of existing claims, individually or in the aggregate, would not have a material effect on its financial position, results of operations or cash flows, when taking into account its insurance coverage and indemnifications from charterers. d) Other The Company enters into indemnification agreements with certain officers and directors. In addition, the Company enters into other indemnification agreements in the ordinary course of business. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains what it believes is appropriate liability insurance that reduces its exposure and enables the Company to recover future amounts paid up to the maximum amount of the insurance coverage, less any deductible amounts pursuant to the terms of the respective policies, the amounts of which are not considered material. Teekay LNG also guarantees its proportionate share of certain loan facilities and obligations on interest rate swaps for its equity-accounted joint ventures for which the aggregate principal amount of the loan facilities and fair value of the interest rate swaps as at December 31, 2019 was $1.4 billion . As of the date these consolidated financial statements were issued, Teekay LNG's equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that Teekay LNG guarantees. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 18. Supplemental Cash Flow Information a) Total cash, cash equivalents, restricted cash, and cash and restricted cash held for sale are as follows: December 31, 2019 December 31, 2018 December 31, 2017 $ $ $ Cash and cash equivalents 353,241 424,169 445,452 Restricted cash – current 56,777 40,493 38,179 Restricted cash – non-current 44,849 40,977 68,543 Assets held for sale - cash 1,121 — — Assets held for sale - restricted cash 337 — — 456,325 505,639 552,174 The Company maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 16 ), leasing arrangements, project tenders and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. b) The changes in operating assets and liabilities for the years ended December 31, 2019 , 2018 , and 2017 , are as follows: Year Ended December 31, 2019 2018 2017 Accounts receivable (38,811 ) (25,090 ) (1,925 ) Prepaid expenses and other (103,712 ) (30,808 ) 3,118 Accounts payable 104,579 8,929 (14,499 ) Accrued liabilities and other 33,121 32,215 118,137 (4,823 ) (14,754 ) 104,831 c) Cash interest paid, including realized interest rate swap settlements, during the years ended December 31, 2019 , 2018 , and 2017 , totaled $290.3 million , $242.9 million and $319.6 million , respectively. In addition, during the years ended December 31, 2019 , 2018 , and 2017 , cash interest paid relating to interest rate swap amendments and terminations totalled $nil , $13.7 million and $0.6 million , respectively . d) During the year ended December 31, 2019 , the Company entered into new or extended operating leases, primarily for in-chartered vessels, which resulted in the recognition of additional operating lease right-of-use assets and operating lease liabilities of $47.7 million . e) The associated sales of the Toledo Spirit and Teide Spirit by its owner during the years ended December 31, 2019 and December 31, 2018 , respectively, resulted in the vessels being returned to their owner with the obligations related to finance lease being concurrently extinguished. As a result, the sales of the vessels and the concurrent extinguishment of the corresponding obligations related to finance lease of $23.6 million and $23.1 million for the years ended December 31, 2019 and December 31, 2018 , respectively, were treated as non-cash transactions in the Company's consolidated statements of cash flows. f) As described in Note 23 , in November 2017, Teekay Tankers acquired the outstanding shares of TIL through issuing 11.1 million Class A common shares, which was treated as a non-cash transaction in the Company's consolidated statement of cash flows. As a result of this transaction, Teekay Tankers acquired $37.6 million in cash and paid $6.8 million in professional fees. g) In 2017, the portion of the distributions paid in kind by Altera to the unitholders of Series C-1 Preferred Units and Series D Preferred Units of $12.7 million was treated as a non-cash transaction in the consolidated statements of cash flows. h) As at December 31, 2018, the Partnership had advanced $79.1 million to the Bahrain LNG Joint Venture and these advances were repayable on November 14, 2019. On the repayment date, the Partnership agreed to convert $7.9 million of advances into equity and agreed to convert the remaining advances of $71.2 million into a subordinated loan at an interest rate of 6% with no fixed repayment terms. Both of these transactions were treated as non-cash transactions in the Partnership's consolidated statements of cash flows for the year ended December 31, 2019. |
Write-down and loss on sale of
Write-down and loss on sale of vessels | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Write-down and loss on sale of vessels | 19. Write-down and Loss on Sale of Vessels The Company's write-downs and vessel sales generally relate to vessels approaching the end of their useful lives as well as other vessels it strategically sells, or is attempting to sell, to reduce exposure to a certain vessel class. The following table shows the write-downs and net (loss) gain on sale of vessels for the years ended December 31, 2019 , 2018 , and 2017 : Write-down and (Loss) Gain on Sales of Vessels Year Ended December 31, Segment Asset Type Completion of Sale Date 2019 2018 2017 Teekay Parent Segment – Offshore Segment (1) 3 FPSOs N/A (178,330 ) — (205,659 ) Teekay LNG Segment – Conventional Tankers (2) Handymax Oct-2019 (785 ) (13,000 ) — Teekay LNG Segment – Liquefied Gas Carriers (3) 2 LNG Carriers Jan-2020 14,349 — — Teekay LNG Segment – Liquefied Gas Carriers (4) 4 Multi-gas Carriers N/A — (33,000 ) — Teekay LNG Segment – Conventional Tankers (5) 2 Suezmaxes Oct/Dec-2018 — (7,863 ) (25,100 ) Teekay LNG Segment – Conventional Tankers (6) 2 Suezmaxes Feb-2018/Jan-2019 — — (25,500 ) Teekay Tankers Segment – Conventional Tankers (7) 3 Suezmaxes Dec-2019/Feb-2020 (5,544 ) — — Teekay Tankers Segment – Conventional Tankers 3 Aframaxes Jun/Sep/Nov-2017 — — (11,158 ) Teekay Tankers Segment – Conventional Tankers 2 Suezmaxes Jan/Mar-2017 — — (1,797 ) Teekay Offshore Segment (8) FSO N/A — — (1,500 ) Other — 170 (29 ) Total (170,310 ) (53,693 ) (270,743 ) (1) During the year ended December 31, 2019, the Company took impairment charges in respect of all three of its FPSO-related assets. The Company has continued to follow its strategy of contract extensions and a potential sale of any or all of the three FPSOs. Substantially all of the $178.3 million impairment in the year ended December 31, 2019 relates to the write-down of two of the Company’s FPSO units. The Company has determined the estimated fair value of one of the units based on the expected sales price and the other unit using a discounted cash flow approach. The discounted cash flow approach used includes scenarios consisting of sale of the unit following expiration of the existing customer contract, sale of the unit in early 2020 and extension of the existing customer contract, weighted based on the likelihood of them occurring. Cash flow projections have been discounted at an estimated market participant rate of 9.5% . Cash flow projections are based on current and project charter rates and operating costs. The projected future use of the unit takes into consideration the Company’s projected charter rates that could be contracted in future periods. In establishing this estimate, the Company has considered current discussions with potential customers, and historical experience redeploying FPSO units. Estimated proceeds from the potential sale of the unit are based on prior discussions with potential buyers of the Company's FPSO units. 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 Altera. For the Petrojarl Foinaven FPSO, two shuttle tankers, which are owned by Altera, 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 Altera. For the Petrojarl Banff FPSO, the carrying value of an FSO, which is owned by Altera, was removed from the carrying value of the asset group and the estimated future cash flows of the asset group were changed to include the in-charter costs of the FSO unit to be paid by Teekay Parent to Altera. This change in asset groups and a re-evaluation of the estimated future net cash flows of the units at the time 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 . The impairment charges were included in the Company's Teekay Parent Segment – Offshore Production. The Company determined the discounted cash flows using the then-current projected time charter rates and costs, discounted at an estimated market participant rate of 10% . For both units, the Company 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 took 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 considered discussions with potential customers, available information regarding field expansions and historical experience redeploying FPSO units. (2) Teekay LNG commenced marketing the Alexander Spirit conventional tanker for sale in the second quarter of 2019 and sold the vessel in October 2019 for net proceeds of $11.5 million . (3) In the fourth quarter of 2019, Teekay LNG derecognized two LNG carriers, the WilPride and WilForce , as a result of contract amendments that lead to the reclassification of these operating leases to sales-type leases. Teekay LNG recognized a gain of $14.3 million upon derecognition of the vessels for the year ended December 31, 2019. In January 2020, the lessee purchased both vessels (see Note 24). (4) In June 2018, the carrying values for four of Teekay LNG's seven wholly-owned multi-gas carriers, the Napa Spirit , Pan Spirit , Cathinka Spirit and Camilla Spirit , were written down to their estimated fair value, using appraised values, as a result of Teekay LNG's evaluation of alternative strategies for these assets, the current charter rate environment and the outlook for charter rates for these vessels. (5) During the year ended December 31, 2018, Teekay LNG recorded write-downs on the European Spirit and African Spirit Suezmax tankers to their estimated resale value. In the fourth quarter of 2018, Teekay LNG sold the European Spirit and African Spirit for net proceeds of $15.7 million and $12.8 million , respectively, using the net proceeds from the sales primarily to repay its existing term loans associated with the vessels. (6) 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. During 2018, the charterer sold the Teide Spirit to a third party and gave formal notification to Teekay LNG of its intention to terminate its charter contract subject to certain conditions being met and the receipt of certain third-party approvals. In November 2018, the owner and charterer of the Toledo Spirit reached an agreement to sell the vessel and delivered the vessel to the buyer in January 2019. Teekay LNG wrote down the vessels to their estimated fair values based on their expected future discounted cash flows. (7) Teekay Tankers recognized a loss on sale of a vessel of $2.3 million relating to one Suezmax vessel, which was sold and delivered to its buyer in the fourth quarter of 2019. In 2019, Teekay Tankers agreed to sell two Suezmax tankers for an aggregate sales price of $38 million . Both tankers were delivered to their new owners in February 2020 (see Note 24). The vessels and the related bunkers, the vessel disposal group, were classified as held for sale as at December 31, 2019 and written down to their agreed sales price. Teekay Tankers recognized a write down of the vessels of $3.2 million in 2019. (8) In 2017, the carrying value of the Falcon Spirit FSO was written down as a result of a decrease in the estimated residual value of the unit. See Note 3 – Segment Reporting for the write-downs and gain (loss) on sales of vessels, by segment for 2019 , 2018 and 2017 . |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 20. Net Loss Per Share Year Ended December 31, 2019 2018 2017 Net loss attributable to shareholders of Teekay Corporation for basic loss per share (310,577 ) (79,237 ) (163,276 ) Reduction in net earnings due to dilutive impact of stock-based compensation in Teekay LNG, Altera and Teekay Tankers and stock purchase warrants in Altera — — (90 ) Net loss attributable to shareholders of Teekay Corporation for diluted loss per share (310,577 ) (79,237 ) (163,366 ) Weighted average number of common shares 100,719,224 99,670,176 86,335,473 Dilutive effect of stock-based compensation — — — Common stock and common stock equivalents 100,719,224 99,670,176 86,335,473 Loss per common share - basic and diluted (3.08 ) (0.79 ) (1.89 ) The Company intends to settle the principal of the Convertible Notes in cash on conversion and calculates diluted earnings per share using the treasury-stock method. Stock-based awards and the conversion feature on the Convertible Notes that have an anti-dilutive effect on the calculation of diluted loss per common share, are excluded from this calculation. For the years ended December 31, 2019 , 2018 and 2017 , the number of Common Stock from stock-based awards and the conversion feature on the Convertible Notes that had an anti-dilutive effect on the calculation of diluted earnings per common share were 3.5 million , 4.0 million and 3.6 million respectively. In periods where a loss attributable to shareholders has been incurred all stock-based awards and the conversion feature on the Convertible Notes are anti-dilutive. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 21. Restructuring Charges During 2019 , the Company recorded restructuring charges of $12.0 million ( 2018 – $4.1 million , 2017 – $5.1 million ). The restructuring charges in 2019 primarily related to severance costs resulting from the termination of certain management contracts in Teekay Parent of which these costs were fully recovered from the customer and the recovery is presented in revenue, severance costs resulting from the reorganization and realignment of resources of the Company's shared service function, as well as from the termination of the charter contract for the Toledo Spirit Suezmax tanker in Teekay LNG upon the sale of the vessel in January 2019. The restructuring charges in 2018 primarily related to severance costs resulting from reorganization and realignment of resources of certain of the Company's business development, marine solutions and fleet operations functions to better respond to the changing business environment. The restructuring charges in 2017 primarily related to severance costs resulting from the termination of the charter contract for the Arendal Spirit UMS in Altera 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. At December 31, 2019 and 2018 , $0.8 million and $0.8 million , respectively, of restructuring liabilities were recorded in accrued liabilities on the consolidated balance sheets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 22. 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 1,646 5,868 Tax losses carried forward and disallowed finance costs (1) 164,009 155,910 Other 19,674 10,545 Total deferred tax assets 185,329 172,323 Deferred tax liabilities: Vessels and equipment 22,913 18,037 Provisions 6,512 5,588 Other — 2,060 Total deferred tax liabilities 29,425 25,685 Net deferred tax assets 155,904 146,638 Valuation allowance (153,302 ) (144,560 ) Net deferred tax assets 2,602 2,078 (1) Substantially all of the Company's estimated net operating loss carryforwards of $878.3 million relates primarily to its U.K., Spanish, Norwegian and Luxembourg subsidiaries and, to a lesser extent, to its Australian subsidiaries. The Company had estimated disallowed finance costs in Spain and Norway of approximately $15.1 million and $15.0 million , respectively, at December 31, 2019, which are available for 18 years and 10 years, respectively, from the year the costs are incurred for offset against future taxable income in Spain and Norway, respectively. The Company's estimated tax losses in Luxembourg are available for offset against taxable future income in Luxembourg, either indefinitely for losses arising prior to 2017, or for 17 years for losses arising subsequent to 2016. Deferred tax balances are presented in other non-current assets in the accompanying consolidated balance sheets. The components of the provision for income tax expense are as follows: Year Ended Year Ended Year Ended Current (25,563 ) (17,458 ) (11,997 ) Deferred 81 (2,266 ) (235 ) Income tax expense (25,482 ) (19,724 ) (12,232 ) Included in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at the time. Such information may include legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. The tax years 2008 through 2019 remain open to examination by some of the major jurisdictions in which the Company is subject to tax. 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 before taxes (123,504 ) (38,023 ) (516,840 ) Net loss not subject to taxes (91,925 ) (104,465 ) (297,688 ) Net (loss) income subject to taxes (31,579 ) 66,442 (219,152 ) At applicable statutory tax rates (4,352 ) 15,177 (51,471 ) Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions 25,177 4,639 64,164 Other 4,657 (92 ) (461 ) Tax expense related to the year 25,482 19,724 12,232 The following is a roll-forward of the Company’s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019 : Year Ended Year Ended Year Ended Balance of unrecognized tax benefits as at January 1 40,556 31,061 19,492 Increases for positions related to the current year 5,829 9,297 2,631 Changes for positions taken in prior years 19,119 981 3,475 Decreases related to statute of limitations (2,546 ) (783 ) (1,562 ) Increase due to acquisition of TIL — — 8,528 Decrease due to deconsolidation of Altera — — (1,503 ) Balance of unrecognized tax benefits as at December 31 62,958 40,556 31,061 The majority of the net increase for positions relates to the potential tax on freight income on changes for positions taken in prior years and an increased number of voyages for the year ended December 31, 2019 . 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 increases of approximately $13.2 million , $9.2 million and $6.4 million in 2019, 2018 and 2017 , respectively. |
Equity-accounted Investments
Equity-accounted Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity-accounted Investments | 23. Equity-accounted Investments On May 8, 2019, Teekay sold to Brookfield all of the Company's remaining interests in Altera, which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Altera for total cash proceeds of $100 million . Subsequent to the deconsolidation of Altera on September 25, 2017 and prior to the sale in May 2019 (see Note 4 ), Teekay included the results of Altera as an equity-accounted investment in its financial results. The Company wrote-down the investment in Altera by $64.9 million and recognized a loss on sale of $8.9 million which are included in equity loss on the consolidated statements of loss for the year ended December 31, 2019. The equity investments of Teekay LNG include the following: • In December 2015, Teekay LNG ( 30% ) entered into an agreement with National Oil & Gas Authority (or NOGA ) ( 30% ), Gulf Investment Corporation ( 24% ), and Samsung C&T ( 16% ) 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 LNG terminal includes 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 customer contract. In addition, Teekay LNG has supplied an FSU in connection with this terminal commencing in September 2018 through a 21 -year time-charter contract with the Bahrain LNG Joint Venture. As at December 31, 2019 , Teekay LNG had advanced $73.4 million ( December 31, 2018 – $79.1 million ) to the Bahrain LNG Joint Venture. These advances bear interest at 6.0% (2018 – LIBOR plus 1.25% ) and as at December 31, 2019 and 2018, the interest receivable on these advances was $0.5 million and $nil , respectively. • A 50 / 50 joint venture agreement with China LNG Shipping (Holdings) Limited (or China LNG ) (or the Yamal LNG Joint Venture ) and the joint venture has six icebreaker LNG carriers that carry out international transportation of LNG for a project located on the Yamal Peninsula in Northern Russia. Teekay LNG has guaranteed its 50% share of a secured loan facility and interest rate swaps in the Yamal LNG Joint Venture for which the aggregate principal amount of the loan facility and fair value of the interest rate swaps as at December 31, 2019 was $809.2 million . As a result, Teekay LNG has recorded a guarantee liability, which has a carrying value of $2.2 million as at December 31, 2019 ( December 31, 2018 – $0.6 million ) and is included as part of other long-term liabilities in the consolidated balance sheets. • As at December 31, 2019 , Teekay LNG has a 30% ownership interest in two LNG carriers, the Pan Asia and the Pan Americas , and a 20% ownership interest in two LNG carriers, the Pan Europe and the Pan Africa , through its joint venture with China LNG, CETS Investment Management (HK) Co. Ltd. and BW Investments Pte. Ltd (or the Pan Union Joint Venture ). 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, 2019 , the unamortized amount of the basis difference was $10.5 million ( December 31, 2018 – $11.0 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 secured loan facilities and four finance leases in the Exmar LPG Joint Venture for which the aggregate principal amount of the secured loan facilities and finance leases as at December 31, 2019 was $246.7 million . As a result, Teekay LNG has recorded a guarantee liability which has a carrying value of $0.9 million as at December 31, 2019 ( December 31, 2018 – $1.3 million ), and is included as part of other long-term liabilities in the consolidated balance sheets. As at December 31, 2019 , the Teekay LNG had advanced $52.3 million ( December 31, 2018 – $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, 2019 , the interest receivable on these advances was $0.3 million ( December 31, 2018 – $nil ). 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, 2019 , the unamortized amount of the basis difference was $23.6 million ( December 31, 2018 – $24.9 million ). • A 50 / 50 joint venture with Exmar (or the Excalibur Joint Venture ). On January 31, 2018, Teekay LNG sold its other 50 / 50 joint venture with Exmar relating to the Excelsior LNG carrier (or the Excelsior Joint Venture ) for gross proceeds of approximately $54 million . As a result of the sale, Teekay LNG recorded a gain of $5.6 million for the year ended December 31, 2018, which is included in equity (loss) income in the consolidated statements of loss . Teekay LNG has guaranteed its 50% share of the secured loan facility of the Excalibur Joint Venture for which the principal amount of the secured loan facility was $21.8 million as at December 31, 2019. As a result, Teekay LNG has recorded a guarantee liability which has a carrying value of $0.1 million as at December 31, 2019 ( December 31, 2018 – nominal ). On initial acquisition, the basis difference between Teekay LNG's investment and the carrying value of the Excalibur Joint Venture's net assets was substantially attributed to an increase to the carrying value of the vessel of the Excalibur Joint Venture in accordance with the finalized purchase price allocation. At December 31, 2019 , the unamortized amount of the basis difference was $12.5 million ( December 31, 2018 – $13.0 million ). • A 52% ownership interest in the joint venture with Marubeni Corporation (or the MALT Joint Venture ). Teekay LNG has guaranteed its 52% share of the secured loan facilities of the MALT Joint Venture for which the principal amount of the secured loan facilities was $147.0 million as at December 31, 2019. As a result, Teekay LNG has recorded a guarantee liability, which has a carrying value of $0.3 million as at December 31, 2019 ( December 31, 2018 – $0.4 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 for which the aggregate principal amount of the secured loan facilities and fair value of the interest rate swaps was $213.8 million as at December 31, 2019 . As a result, Teekay LNG has recorded a guarantee liability which has a carrying value of $0.5 million as at December 31, 2019 ( December 31, 2018 – $0.6 million ), and is included as part of other long-term liabilities in the consolidated balance sheets. • A 40% ownership interest in Teekay Nakilat (III) Corporation (or the RasGas III Joint Venture ), and the remaining 60% is held by Qatar Gas Transport Company Ltd. ( Nakilat ). 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 (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 0.4 shares of Teekay Tankers Class A common stock for each outstanding share of TIL common stock (or the TIL merger ). During the year ended December 31, 2017, the Company recognized a loss of $46.2 million on remeasuring its investment in TIL to fair value. On completion of the TIL merger, TIL became a wholly-owned subsidiary of Teekay Tankers. As consideration for the merger, Teekay Tankers issued 11,122,193 Class A common shares (including 1,031,250 Class A common shares to Teekay) to the TIL shareholders (other than Teekay Tankers) for $151.3 million . 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 $6.9 million . Together with the fair value of the Company's 19.5% ownership in TIL ( 11.3% of which was held through Teekay Tankers) and the total number of Class A common shares issued at the close of the merger, the total acquisition cost was $177.4 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 asset acquisition purchase price was allocated to vessels ( $467.2 million ) and existing time-charter contracts ( $0.2 million ), on a relative fair value basis. 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. The vessel is currently trading on spot voyage charters in an RSA managed by a third party. In November 2011, Teekay acquired a 40% interest in a recapitalized Magnora ASA (or Magnora , previously Sevan Marine ASA) for approximately $25 million and as at December 31, 2017, the Company had a 43.5% interest in Magnora. In November 2018, Teekay sold its ownership interest in Magnora for approximately $27 million and recognized a gain of $15.3 million , which is presented in equity income on the consolidated statements of loss for the year ended December 31, 2018. A condensed summary of the Company’s investments in equity-accounted investments by segment, which includes loans and net advances to equity-accounted investments, is as follows (in thousands of U.S. dollars, except percentages): As at December 31, Equity-accounted Investments (1) Ownership Percentage 2019 2018 Teekay LNG – Liquefied Gas Bahrain LNG Joint Venture 30% 64,017 81,709 Yamal LNG Joint Venture 50% 264,088 210,290 Pan Union Joint Venture 20%-30% 75,403 71,040 Exmar LNG Joint Venture 50% 32,717 32,419 Exmar LPG Joint Venture 50% 149,024 151,186 MALT Joint Venture 52% 344,571 342,280 Angola Joint Venture 33% 84,474 79,606 RasGas3 Joint Venture 40% 120,917 132,256 Teekay Tankers – Conventional Tankers Wah Kwong Joint Venture 50% 28,111 25,766 Teekay Parent – Other Altera (2) (note 4) 14% — 157,924 TOO GP (2) ( note 4 ) 49% — 3,968 1,163,322 1,288,444 (1) Investments in equity-accounted investments is presented in current portion of loans to equity-accounted investments, investments in and loans to equity-accounted investments and loans from equity-accounted investments in the Company’s consolidated balance sheets. A condensed summary of the Company’s financial information for equity-accounted investments ( 20% to 52% -owned) shown on a 100% basis (excluding the impact from purchase price adjustments arising from the acquisition of Joint Ventures) are as follows: As at December 31, 2019 2018 Cash and restricted cash 379,085 568,843 Other assets – current 148,663 412,388 Vessels and equipment, including vessels related to finance leases and advances on newbuilding contracts 3,123,377 6,615,077 Net investment in direct financing leases 4,469,861 3,000,927 Other assets – non-current 169,925 1,957,271 Current portion of long-term debt and obligations related to finance leases 563,776 1,106,812 Other liabilities – current 189,165 563,862 Long-term debt and obligations related to finance leases 5,156,307 6,882,426 Other liabilities – non-current 243,301 478,311 Year Ended December 31, 2019 2018 2017 Revenues 1,115,537 2,052,084 980,078 Income from vessel operations 489,096 406,125 258,006 Realized and unrealized (loss) gain on non-designated derivative instruments (72,305 ) 21,664 (17,438 ) Net income (loss) 145,924 (3,747 ) 38,646 The results included for TIL are until its consolidation on November 27, 2017. The results included for Altera are from the date of deconsolidation on September 25, 2017 to the sale of Teekay's remaining interests on May 8, 2019. For the year ended December 31, 2019 , the Company recorded equity loss of $14.5 million ( 2018 – income of $61.1 million , and 2017 – loss of $37.3 million ). The equity loss in 2019 was primarily comprised of the write-down and loss on sale of Teekay's investment in Altera and the Company’s share of net loss from the Bahrain LNG Joint Venture; offset by equity income in the Yamal LNG Joint Venture, the RasGas III Joint Venture, the MALT Joint Venture, the Pan Union Joint Venture and the Angola Joint Venture. For the year ended December 31, 2019 , equity loss included $12.9 million related to the Company’s share of unrealized losses on interest rate swaps in the equity-accounted investments ( 2018 – gains of $17.6 million and 2017 – gains of $7.7 million ). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events a) On January 3 and January 7, 2020, Awilco purchased the WilPride and WilForce LNG carriers, and paid Teekay LNG the associated purchase obligation and deferred hire amounts totaling $260.0 million relating to these two vessels. Teekay LNG used the net proceeds from these sales to repay its term loans totaling $157.3 million that were collateralized by these vessels and in addition, increased its liquidity by over $100 million . b) The Bahrain LNG Joint Venture (in which Teekay LNG owns a 30% interest) completed the mechanical construction and commissioning of the LNG receiving and regasification terminal in Bahrain, and began receiving terminal use payments in early-2020 under its 20 -year terminal use agreement with NOGA. c) On March 24, 2020, Teekay LNG completed the refinancing of its existing $225.0 million revolving credit facility, which was scheduled to mature in November 2020, by entering into a new $225.0 million revolving credit facility maturing in March 2022. d) Subsequent to December 31, 2019, Teekay LNG repurchased 1.4 million of its common units for a total cost of $15.3 million under Teekay LNG's common unit repurchase program. e) On January 28, 2020, Teekay Tankers entered into an agreement to sell the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business for $26 million , subject to adjustment for the final amounts of cash and other working capital present on the closing date. The sale is expected to close in the second quarter of 2020. All assets and liabilities associated with the business to be sold have been reclassified to assets held for sale and liabilities associated with assets held for sale on the December 31, 2019 consolidated balance sheets. f) On January 28, 2020, Teekay Tankers entered into a new five -year, $532.8 million revolving credit facility to refinance 31 vessels. The revolving credit facility is scheduled to mature in late 2024, of which approximately $455 million will was used to repay Teekay Tankers' two revolving facilities and one of its term loan facilities, which was scheduled to mature in 2021. g) In January 2020, Teekay Tankers entered into agreements to sell two Suezmax tankers for an aggregate price of $40.8 million , of which one of the vessels was classified as held for sale on the consolidated balance sheets as at December 31, 2019 and written down to its sales price less closing costs. This vessel was delivered in February 2020 (see Note 19). The other vessel was delivered to its new owner in March 2020 and the Company expects to recognize a loss on sale of $2.7 million in the quarter ended March 31, 2020. h) In January 2020, the Company repaid at maturity all outstanding 2020 Notes totaling $36.7 million . i) On March 27, 2020, Teekay Parent entered into a new bareboat charter contract with Britoil Limited, a subsidiary of BP p.l.c., for the Petrojarl Foinaven FPSO unit for up to approximately ten years. Under the terms of the contract, Teekay Parent received an upfront payment of approximately $67 million in cash, and it is expecting to receive a nominal per day rate over the life of the contract, and a lump sum payment at the end of the contract period, which is expected to cover the costs of recycling the FPSO unit in accordance with the European Union Ship Recycling Regulations. j) In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. Certain crew members of the Hummingbird Spirit FPSO disembarked from the unit after a third-party contractor on board was presenting with flu-like symptoms who subsequently tested positive for COVID-19. In accordance with U.K. Government and Oil & Gas U.K. guidelines in dealing with COVID-19, production on the unit was temporarily suspended on April 4, 2020 to enable a crew health assessment, cleaning of the FPSO and an assessment of any additional precautions which should be taken before the resumption of production. The impact, if any, of the shut-down of the unit on the Company’s results of operations is uncertain. The Company has not yet experienced any other material negative impacts to its business, results of operations, or financial position as a result of COVID-19. The future financial effects to the Company, if any, of COVID-19 cannot be reasonably estimated at this time. |
Schedule I Condensed Non-Consol
Schedule I Condensed Non-Consolidated Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information 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 As at ASSETS Current Cash and cash equivalents 49,655 81,681 Accounts receivable 199 202 Prepaid expenses and other — 12 Due from affiliates 249,197 676,087 Total current assets 299,051 757,982 Investments in and advances to subsidiaries (note 1) 756,140 488,547 Other assets — 329 Total assets 1,055,191 1,246,858 LIABILITIES AND EQUITY Current Accounts payable 13,995 1,339 Accrued liabilities 8,684 24,641 Due to affiliates 351,618 203,585 Current portion of long-term debt 36,674 — Other current liabilities 718 584 Total current liabilities 411,689 230,149 Long-term debt (note 2) 349,977 614,341 Other long-term liabilities 9,360 7,911 Total liabilities 771,026 852,401 Equity Common stock and additional paid-in capital 1,052,284 1,045,659 Accumulated deficit (768,119 ) (651,202 ) Total equity 284,165 394,457 Total liabilities and equity 1,055,191 1,246,858 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 Year Ended Year Ended Revenues — 345 5,089 Voyage expenses — 20 (242 ) Operating expenses (412 ) (26 ) — Time-charter hire expense — — (17,765 ) General and administrative expenses (19,463 ) (23,799 ) (20,549 ) Loss from operations (19,875 ) (23,460 ) (33,467 ) Interest expense (46,243 ) (60,166 ) (53,103 ) Interest income 1,561 2,839 422 Impairments of investments and advances (note 1) (103,420 ) (651,473 ) (338,749 ) Dividend income (note 1) 62,100 32,751 58,000 Other (5,662 ) (6,008 ) 4,764 Net loss before income taxes (111,539 ) (705,517 ) (362,133 ) Income tax recovery (expense) 7 (208 ) (251 ) Net loss (111,532 ) (705,725 ) (362,384 ) 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 (111,532 ) (705,725 ) (362,384 ) Non-cash and non-operating items: Unrealized gain on derivative instruments (270 ) (2,932 ) (2,336 ) Impairments of investments and advances 103,420 651,473 338,749 Income tax (recovery) expense (7 ) 208 251 Stock-based compensation 7,400 7,329 6,952 Dividends-in-kind (10,000 ) (10,000 ) (58,000 ) Other 19,160 7,453 3,262 Change in operating assets and liabilities (15,314 ) (36,296 ) 718 Net operating cash flow (7,143 ) (88,490 ) (72,788 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt, net of issuance costs 250,000 120,713 — Debt issuance costs (15,029 ) — — Prepayments of long-term debt (480,851 ) (85,654 ) — Advances from affiliates 227,157 39,293 103,400 Net proceeds from equity issuances — 103,655 25,636 Cash dividends paid (5,523 ) (22,081 ) (18,967 ) Other financing activities (637 ) (651 ) (662 ) Net financing cash flow (24,883 ) 155,275 109,407 INVESTING ACTIVITIES Investments in subsidiaries — (7,109 ) (24,443 ) Other investing activities — (45 ) 1,289 Net investing cash flow — (7,154 ) (23,154 ) (Decrease) increase in cash and cash equivalents (32,026 ) 59,631 13,465 Cash and cash equivalents, beginning of the year 81,681 22,050 8,585 Cash and cash equivalents, end of the year 49,655 81,681 22,050 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. The restricted net assets of consolidated subsidiaries was $266.4 million , or 55% of total consolidated net assets, as at December 31, 2019. 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 $62.1 million ( 2019 ), $32.8 million ( 2018 ) and $58.0 million ( 2017 ), respectively. Teekay recognizes an impairment loss on its investments in its subsidiaries when the fair value of its investments is lower than the carrying value. The fair value of Teekay's investments in its subsidiaries is primarily influenced by the publicly-traded price of Teekay LNG's common units, the publicly-traded share price of Teekay Tankers' common shares, and the fair value of the three FPSO units, as of the respective balance sheet dates. 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, 2019 December 31, 2018 Senior Notes (8.5%) due January 15, 2020 36,712 508,577 Senior Notes (9.25%) due November 15, 2022 250,000 — Convertible Senior Notes (5%) due January 15, 2023 125,000 125,000 Total principal 411,712 633,577 Less unamortized discount and debt issuance costs (25,061 ) (19,236 ) Total debt 386,651 614,341 Less current portion (36,674 ) — Long-term portion 349,977 614,341 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 Additional Notes ) at 99.01% of face value, plus accrued interest from July 15, 2015. The Additional Notes were an additional issuance of the Company’s Original Notes (collectively referred to as the 2020 Notes ). The Additional Notes were issued under the same indenture governing the Original Notes and are fungible with the Original Notes. The discount on the 2020 Notes is accreted through the maturity date of the notes using the effective interest rate of 8.67% per year. During 2018, the Company repurchased $84.1 million in aggregate principal amount of the 2020 Notes. During the first quarter of 2019, the Company repurchased an additional $10.9 million in aggregate principal amount of the 2020 Notes. In May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of the 2020 Notes and issued $250.0 million in aggregate principal amount of 9.25% senior secured notes at par due November 2022 (or the 2022 Notes ). The Company recognized a loss of $10.6 million on the purchase of the 2020 Notes for the year ended December 31, 2019 which is included in other loss in the condensed statements of loss. The 2022 Notes are guaranteed on a senior secured basis by certain of our subsidiaries and are secured by first-priority liens on two of Teekay's FPSO units, a pledge of the equity interests in Teekay's subsidiary that owns all of Teekay's common units of Teekay LNG Partners L.P. and all of Teekay’s Class A common shares of Teekay Tankers Ltd. and a pledge of the equity interests in Teekay's subsidiaries that own Teekay Parent's three FPSO units. The 2020 Notes rank equally in right of payment with all of Teekay's existing and future senior unsecured debt and senior to any future subordinated debt of Teekay. The 2020 Notes are not guaranteed by any of Teekay’s subsidiaries and effectively rank behind all existing and future secured debt of Teekay and other liabilities of its subsidiaries. The Company may redeem the 2020 Notes in whole or in part at any time before their maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the 2020 Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2020 Notes to be redeemed (excluding accrued interest), discounted to the redemption date on a semi-annual basis, at the treasury yield plus 50 basis points , plus accrued and unpaid interest to the redemption date. In January 2020, the Company repaid all remaining 2020 Notes at maturity. The Company may redeem the 2022 Notes in whole or in part at any time prior to November 15, 2020 at a redemption price equal to 100% of the principal amount of the 2022 Notes to be redeemed, plus the greater of (i) 1.0% of the principal amount of such 2022 Notes and (ii) the excess, if any, of the sum of the present values of the remaining scheduled payments of principal and interest on the 2022 Notes to be redeemed (excluding accrued interest), discounted to the redemption date on a semi-annual basis, at the treasury yield plus 50 basis points over the principal amount of such 2022 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. The Company may redeem the 2022 Notes in whole or in part at a redemption price equal to a percentage of the principal amount of the 2022 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date, as follows: 104.625% at any time on or after November 15, 2020, but prior to November 15, 2021; 102.313% at any time on or after November 15, 2021, but prior to August 15, 2022; and 100% at any time on or after August 15, 2022. On January 26, 2018, Teekay Parent completed a private offering of $125.0 million in aggregate principal amount of 5% Convertible Senior Notes due January 15, 2023 (the Convertible Notes ). The Convertible Notes are convertible into Teekay’s common stock, initially at a rate of 85.4701 shares of common stock per $1,000 principal amount of Convertible Notes. This represents an initial effective conversion price of $11.70 per share of common stock. The initial conversion price represents a premium of 20% to the concurrent common stock offering price of $9.75 per share. On issuance of the Convertible Notes, $104.6 million of the net proceeds was reflected in long-term debt, including unamortized discount, and is being accreted to $125.0 million over its five -year term through interest expense. The remaining amount of the net proceeds of $16.1 million was allocated to the conversion feature and reflected in additional paid-in capital. 3. Guarantees Teekay Corporation has guaranteed obligations pursuant to certain credit facilities of its subsidiaries. As at December 31, 2019 , the aggregate outstanding balance on such credit facilities of Teekay Tankers was $145.0 million ( December 31, 2018 – $166.4 million ). As a result of a refinancing during the first quarter of 2020 of one of the two term loans, which had an outstanding balance of $52.2 million as at December 31, 2019, Teekay is no longer a guarantor of that term loan as of the date these consolidated financial statements were issued. 4. Supplemental Cash Flow Information During 2018 , one of the Company's subsidiaries returned capital in the amount of $1.7 million , paid-in-kind, which was treated as a non-cash transaction in the Company's condensed statement of cash flows. During 2019 , 2018 and 2017 , the Company received dividends of $10.0 million , $10.0 million and $58.0 million , respectively, paid-in-kind, which were treated as non-cash transactions in the Company's condensed statement of cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). They include the accounts of Teekay Corporation (or Teekay ), which is incorporated under the laws of the Republic of the Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which Teekay is the primary beneficiary (collectively, the Company ). Certain of Teekay’s significant non-wholly-owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the 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, Altera Infrastructure L.P. (or Altera ), previously known as Teekay Offshore Partners L.P. As of December 31, 2019 , Teekay owned a 33.9% interest in Teekay LNG ( 33.1% – December 31, 2018 ), including common units and its 2% general partner interest, a nd 28.7% of the capital stock of Teekay Tankers ( 28.8% – December 31, 2018 ), 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. Subsequent to September 25, 2017 and prior to May 8, 2019, Teekay owned a 13.8% interest in the common units of Altera and a 49% interest in the general partner of Altera, and accounted for its interest in Altera using the equity method. On May 8, 2019, Teekay sold to Brookfield Business Partners L.P. (or Brookfield ) all of the Company's remaining interests in Altera, which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Altera (or the 2019 Brookfield Transaction ). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. On November 25, 2019, Teekay Tankers effected a one-for-eight reverse stock split of Teekay Tankers' Class A and Class B common shares, which reduced the number of issued and outstanding Class A and B common shares of Teekay Tankers as at December 31, 2019 from approximately 232.0 million and 37.0 million to approximately 29.0 million and 4.6 million , respectively. All current and historical information regarding Teekay Tankers' Class A and Class B common shares in these consolidated financial statements reflect the one-for-eight reverse stock split. |
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 as a deduction from the Company’s net loss to arrive at net loss 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 Altera, 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 Altera each have limited partners and one general partner. Teekay LNG's general partner is wholly-owned by Teekay, and until September 25, 2017, Altera's general partner was wholly-owned by Teekay. For both Teekay LNG and Altera, the limited partners hold common units and preferred units. For each quarterly period (with regards to Altera, until its deconsolidation on September 25, 2017), the method of attributing Teekay LNG’s and Altera’s net income (loss) of that period to the non-controlling interests of Teekay LNG and Altera began by attributing net income (loss) of Altera and Teekay LNG to the non-controlling interests which hold 100% of the preferred units of Altera, except for Series D Preferred Units, of which the non-controlling interests 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 Altera was then divided into two components. The first component consists of the cash distribution that Teekay LNG or Altera 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 Altera 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 Altera 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 Altera compared to the controlling interest. The controlling interests include both limited partner common units and the general partner interests. The total net income (loss) of Teekay’s consolidated partially-owned entities and the attribution of that net income (loss) 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 Undistri- buted Earnings Total Non-Controlling Interest Distri- buted Earnings Undistri- buted Earnings Total Controlling Interest (Teekay) Teekay LNG 11,814 25,702 40,138 36,007 113,661 20,368 30,575 50,943 164,604 Teekay Tankers — — — 47,887 47,887 — (6,525 ) (6,525 ) 41,362 Other entities and eliminations — — — — 43 For the Year Ended December 31, 2019 11,814 25,702 40,138 83,894 161,591 Teekay LNG 13,506 25,701 30,463 (10,807 ) 58,863 15,026 2,986 18,012 76,875 Teekay Tankers — — — (37,423 ) (37,423 ) — (15,125 ) (15,125 ) (52,548 ) Other entities and eliminations — — — — 50 For the Year Ended December 31, 2018 13,506 25,701 30,463 (48,230 ) 21,490 Teekay Offshore 8,262 36,339 16,312 (398,185 ) (2 ) (337,272 ) 5,981 334,033 (2 ) 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 ) (1) Includes earnings attributable to common shares and preferred shares. (2) Subsequent to the formation of Altera, Teekay sold certain vessels to Altera. Even though Altera 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 Altera was $349.6 million . Upon deconsolidation of Altera, 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 interests and retained earnings in the Company’s consolidated balance sheets. The portion allocated to non-controlling interests 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 interests, which consists of the Company’s dilution gain or loss that is reflected in retained earnings. |
Foreign currency | Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in foreign exchange (loss) gain in the accompanying consolidated statements of loss . |
Revenues | Revenues The Company's floating production, storage and offloading (or FPSO ) contracts, time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected not to separate the non-lease component from the lease component for all such charters where the lease component is classified as an operating lease and certain other required criteria are met, and to account for the combined component as an operating lease in accordance with Accounting Standards Codification (or ASC ) 842 Leases . T ime-charter contracts accounted for as direct financing leases and sales type leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. FPSO contracts and time charters Revenues from FPSO contracts and time charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the contract. If collectability of the receipts from these contracts accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of an FPSO contract or time charter accounted for as a sales-type lease or direct financing lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, the lease element of time charter hire receipts is allocated to the lease receivable and revenues over the term of the lease using the effective interest rate method. The Company assesses the net investment in the lease for impairment, based on the cash flows that the lessor would expect to receive from the lease receivable and the unguaranteed residual asset during and following the end of the remaining charter term. The non-lease element of receipts is recognized by the Company on a straight-line basis daily over the term of the contract. Drydock cost reimbursements allocable to the non-lease element of a time-charter are recognized on a straight-line basis over the period between the previous scheduled dry dock and the next scheduled dry dock. In addition, if collectability of non-lease receipts of payments from a customer is not probable, any such receipts are recognized as a liability unless the receipts are non-refundable and either the contract has been terminated or the Company has no remaining performance obligations. The Company does not recognize revenues during days that the vessel is off-hire. When the FPSO contract or time charter contains a profit-sharing agreement, drydock cost reimbursements for time charters accounted for as operating leases, or other variable consideration, including performance-based metrics such as production tariffs and other operational performance measures, the Company recognizes this revenue in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. In addition, performance based revenue based on a multi-period performance-based metric that is allocable to non-lease services provided is estimated and to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved and recognize such estimate of revenue over the performance period. Where the charterer is responsible for the operation of the vessel, the Company offsets any vessel operating expenses it incurs against reimbursements from the charterer. The Company's accounting policy for the reimbursement of drydocking expenditures was impacted by the adoption of ASU 2016-02 (see a ccounting pronouncements below) . Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters subject to revenue sharing agreements (or RSA s) follow the same revenue recognition policy as voyage charters not subject to RSAs. The difference between the net revenue earned by a vessel of the Company performing voyage charters subject to RSAs and its allocated share of the aggregate net contribution is reflected within voyage expenses. The consolidated balance sheets reflect in accrued revenue the accrued portion of revenues for those voyages that commence prior to the balance sheet date and complete after the balance sheet date, and reflect in deferred revenues or other long-term liabilities the deferred portion of revenues which will be earned in subsequent periods. Prior to the adoption of FASB’s Accounting Standards Update 2014-09, Revenue from Contracts with Customers (or ASU 2014-09 ) on January 1, 2018, the Company accounted for the net allocation from the RSAs as revenue and amounts due from the RSAs were recognized in accounts receivable. Voyage expenses incurred that are recoverable from the Company’s customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. The Company recast prior periods to reflect this presentation. This had the impact of increasing voyage charter revenues and voyage expenses by $20.7 million for the year ended December 31, 2018. Bareboat charters Revenues from bareboat charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the charter. If collectability of the bareboat hire receipts from bareboat charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of a bareboat charter accounted for as a sales-type lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, bareboat hire receipts are allocated to the lease receivable and voyage revenues over the term of the lease using the effective interest rate method. The Company assesses the net investment in the lease for impairment, based on the cash flows that the lessor would expect to receive from the lease receivable and the unguaranteed residual asset during and following the end of the remaining charter term. Management fees and other Revenues are also earned from the management of third-party vessels and LNG terminals. The Company recognizes fixed revenue on a straight-line basis over the duration of the management contract and variable revenue, such as monthly commissions, in the month they are earned. The Company presents the reimbursement of expenditures it incurs to provide the promised goods or services as revenue if it controls such goods or services before they are transferred to the customer and presents such reimbursement of expenditures as an offset against the expenditures if the Company does not control the goods or services them before they are transferred to the customer. Prior to the adoption of ASU 2014-09 on January 1, 2018, where the Company managed vessels owned by its equity-accounted investments and third parties, costs incurred by us for our seafarers and reimbursements thereof were presented on a net basis. |
Operating expenses | Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters subject to an RSA and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter in which case the Company pays voyage expenses. 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, except when the Company incurs pre-operational costs related to the repositioning of a vessel that relates directly to a specific customer contract, that generates or enhances resources of the Company that will be used in satisfying performance obligations in the future, whereby such costs are expected to be recovered via the customer contract. In this case, such costs are deferred and amortized over the duration of the customer contract. |
Cash and cash equivalents | Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. |
Restricted cash | 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, 2019 and 2018 . The consolidated balance sheets reflect in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and, in prepaid expenses and other, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. |
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. Interest costs capitalized to vessels and equipment for the years ended December 31, 2019 , 2018 , and 2017 , aggregated $0.3 million , $14.8 million and $36.3 million , respectively. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation 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 25 years, 30 years, or 35 years, respectively . FPSO units are depreciated using an estimated useful life of 25 years commencing the date the unit is installed at the oil field and is in a condition that is ready to operate. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2019 , 2018 , and 2017 aggregated $239.9 million , $244.0 million and $397.6 million , respectively. Depreciation includes depreciation of all owned vessels and amortization of vessels accounted for as finance leases. The Company monitors the useful life of its FPSOs as market conditions evolve. During 2019, the Company considered factors related to the ongoing use of the FPSOs and has reassessed the remaining useful life of the Petrojarl Banff FPSO to be 11 months as at October 1, 2019, the commencement date for the change in estimate. This is based on CNR's advisement of their intention to decommission the Banff field and remove the Petrojarl Banff FPSO and the Apollo Spirit FSO from the field at the expected contract termination date. The effect of this change in estimate was an increase in depreciation expense and a decrease in net income by $1.7 million or a decrease of $0.02 per basic and diluted common unit for 2019. In early 2020, CNR provided formal notice to decommission the Banff field and remove the Petrojarl Banff FPSO and Apollo Spirit FSO from the field in 2020. 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 certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry-docking 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 following table summarizes the change in the Company’s of capitalized dry-docking costs from January 1, 2017 to December 31, 2019 : Year Ended December 31, 2019 2018 2017 Balance at the beginning of the year 96,384 89,372 135,700 Costs incurred for dry dockings 56,371 43,155 52,677 Dry-dock amortization (39,283 ) (33,684 ) (49,686 ) Write-down / sales of vessels (2,901 ) (2,459 ) (49,319 ) Balance at the end of the year 110,571 96,384 89,372 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 estimated net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Company’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and is based on second-hand sale and purchase data. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. |
Other loan receivables | Other loan receivables The Company’s advances to equity-accounted for investments and any other investments in loan receivables are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan loss provision is recognized 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 if a loan loss provision is required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available) any information provided by the debtor regarding its ability to repay the loan and the fair value of the underlying collateral. When a loan loss provision is recognized, the Company measures the amount of the loss provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting loss in the consolidated statements of loss . The carrying value of the loan will be adjusted each subsequent reporting period to reflect any changes in the present value of estimated future cash flows, which may result in increases or decreases to the loan loss provision. |
Equity-accounted for investments | Equity-accounted investments The Company’s investments in certain joint ventures and other partially-owned entities in which the Company does not control the entity but has the ability to exercise significant influence over the operating and financial policies of the entity are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted for investments for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted for investment experiences an other-than-temporary decline in value and i f the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company's consolidated statements of loss . |
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 which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as non-current assets in the Company's consolidated balance sheets. Amortization of debt issuance costs is included in interest expense in the Company's consolidated statements of loss . Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Other costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction from the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs associated with the old debt instrument are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other 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 a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent 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 designated as cash flow hedges (See Note 16 ). When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness are recognized immediately in earnings. The Company does not apply hedge accounting if it is determined that the hedge is not effective or will no longer be effective, the derivative is sold or exercised, or the hedged item is sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive 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 Company's consolidated statements of loss . If a cash flow hedge is terminated or de-designated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Company's consolidated statements of loss . If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the corresponding earnings line item in the Company's consolidated statements of loss . 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 in the Company's consolidated statements of loss . Gains and losses from the Company’s non-designated cross currency swaps are recorded in foreign exchange (loss) gain in the Company's consolidated statements of loss . |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company will measure the amount by which a reporting unit's carrying value exceeds its fair value, with the maximum impairment not to exceed the carrying value of 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. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill . Customer-related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. |
Lessee, Leases [Policy Text Block] | Lease obligations and right-of-use assets For its chartered-in vessels and office leases, as of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The discount rate used to determine the present value of the lease payments is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Company's chartered-in vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company's consolidated statements of loss . For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Company's consolidated statements of loss . Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period achievement of the target is considered probable. The Company recognizes the expense from short-term leases and any non-lease components of vessels time chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time charter hire expense for vessel charters and general and administrative expenses for office leases. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired right-of-use assets from in-chartered vessels is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. The Company has determined that all of its time-charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The bareboat charter contracts contain only a lease component. Vessels sold and leased back by the Company, where the Company has a fixed price repurchase obligation or other situations where the leaseback would be classified as a finance lease, are accounted for as a failed sale of the vessel. For such transactions, the Company does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease and bareboat charter hire payments made by the Company to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. In periods prior to the adoption of Accounting Standards Update 2016-02, Leases (or ASU 2016-02) (see note 2), the Company's accounting policy was to recognize the expense from vessels time-chartered from other owners, which was included in time-charter hire expense, on a straight-line basis over the firm period of the charters. |
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. The Company expects to begin incurring costs for this obligation at the end of the contract under which the FPSO unit currently operates, which, as of December 31, 2019, was estimated to be in mid-2020. The costs will be incurred over an approximate period of two years thereafter. The ARO will be covered in part by contractual payments to be received from FPSO contract counterparties. As at December 31, 2019 , the ARO and associated receivable, which is recorded in goodwill, intangibles, and other non-current assets, were $30.9 million and $8.4 million , respectively ( 2018 – $27.8 million and $7.5 million , respectively). 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 determined that it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits of uncertain tax positions only if 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 by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of loss . The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or Bermuda, and that distributions by its subsidiaries to the Company will not be subject to any income taxes under the laws of such countries. The Company qualifies for the Section 883 exemption under U.S. federal income tax purposes |
Accumulated other comprehensive loss | Accumulated other comprehensive 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, 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 ) Other comprehensive (loss) income and other (506 ) 7,521 — (3,293 ) 3,722 Balance as of December 31, 2018 903 (3,176 ) — — (2,273 ) Other comprehensive (loss) income and other (20,311 ) (1,153 ) — — (21,464 ) Balance as of December 31, 2019 (19,408 ) (4,329 ) — — (23,737 ) |
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, 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, 2019 , 2018 , and 2017 , the amount of cost recognized for the Company’s defined contribution pension plans was $8.1 million , $7.9 million and $11.8 million , respectively. The Company also has defined benefit pension plans (or the Benefit Plans ) covering certain of its employees in 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. The Company's funded status was a deficit of $1.7 million at December 31, 2019 and a surplus of $0.7 million at December 31, 2018 . |
Loss per common share | Loss per common share The computation of basic 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 | Accounting pronouncements 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 required 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. The Company elected to apply ASU 2014-09 only to those contracts that were not completed as of January 1, 2018. The Company adopted ASU 2014-09 as a cumulative-effect adjustment as of January 1, 2018. The Company has identified the following differences on adoption of ASU 2014-09: • Prior to January 1, 2018, the Company presented the net allocation for its vessels participating in RSAs in existence at that time as net pool revenues. Effective January 1, 2018, the Company has determined, for accounting purposes, that it is the principal in voyages its vessels perform that are subject to the RSAs. As such, the revenue from those voyages is presented in revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. This had the effect of increasing both revenues and voyage expenses for the year ended December 31, 2018 by $292.6 million . There was no cumulative impact to opening equity as at January 1, 2018. • The Company 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 are presented as vessel operating expenses and the reimbursement of such expenses are presented as revenue, instead of such amounts being presented on a net basis. This had the effect of increasing both revenues and vessel operating expenses for the year ended December 31, 2018 by $82.9 million . There was no cumulative impact to opening equity as at January 1, 2018. • The Company previously presented all accrued revenue as a component of accounts receivable. The Company has determined that if the right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing prepaid expenses and other and decreasing accounts receivable by $20.2 million as at December 31, 2018 . There was no cumulative impact to opening equity as at January 1, 2018. • In certain cases, the Company incurs pre-operational costs relating directly to a specific customer contract, that generate or enhance resources of the Company that will be used in satisfying performance obligations in the future, whereby such costs are expected to be recovered via the customer contract. Such costs are now deferred and amortized over the duration of the customer contract. The Company previously expensed such costs as incurred unless the costs were directly reimbursable by the contract or if they were related to the mobilization of offshore assets to an oil field. This change had the effect of increasing o ther non-current assets by $3.5 million , investments in and loans to equity-accounted joint ventures by $2.2 million and equity by $5.7 million as at December 31, 2018 . This change did not have a material effect on the consolidated statements of loss for the year ended December 31, 2018 . The cumulative increase to opening equity as at January 1, 2018 was $4.1 million . • The Company at times will enter into charter contracts that have annual performance measures that may result in the Company receiving additional consideration each year based on the annual performance measure result for such year. The Company previously recognized such consideration upon completion of the annual performance period. Upon adoption of ASU 2014-09, the portion of such consideration allocable to the non-lease element of charter contracts is included in the determination of the contract consideration and recognized over the annual performance period. There was no impact for the year ended December 31, 2018 and no cumulative impact to opening equity as at January 1, 2018 as the end of the annual performance period is December 31st. In February 2016, the FASB issued ASU 2016-02, which establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 became effective for the Company on January 1, 2019. FASB issued an additional accounting standards update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect and providing an optional practical expedient to lessors not to separate lease and non-lease components of a contract if certain criteria are met. The Company has elected to use this new optional transitional approach. In addition, the Company early adopted ASU 2019-01, which provides an exception for lessors who are not manufacturers or dealers to determine the fair value of leased property using the underlying asset's cost, instead of fair value. To determine the cumulative effect adjustment, the Company has not reassessed lease classification, initial direct costs for any existing leases, or whether any expired or existing contracts are or contain leases. The Company identified the following differences: • The adoption of ASU 2016-02 resulted in a change in the accounting method for the lease portion of the daily charter hire for the chartered-in vessels by the Company and the Company's equity-accounted joint ventures accounted for as operating leases with firm periods of greater than one year, as well as a small number of office leases. Under ASU 2016-02, the Company and the Company's equity-accounted joint ventures recognized an operating lease right-of-use asset and operating lease liability on the consolidated balance sheet for these charters and office leases based on the present value of future minimum lease payments, whereas previously no right-of-use asset or lease liability was recognized. This resulted in an increase in the Company's and its equity-accounted joint ventures' assets and liabilities. The pattern of expense recognition of chartered-in vessels remains substantially unchanged from the prior policy, unless the right-of-use asset becomes impaired. On January 1, 2019, a right-of-use asset of $170.0 million and a lease liability of $170.0 million were recognized for these chartered-in vessels. In addition, the existing carrying value of the Company's chartered-in vessels was reclassified from other non-current assets ( $13.7 million ) and from other long-term liabilities ( $0.9 million ) to a right-of-use asset as at January 1, 2019. The Company also recognized a right-of-use asset and liability for its office leases as at January 1, 2019, which is presented in other non-current assets and accrued liabilities and other, respectively. On December 31, 2019 , the right-of-use asset and lease liability relating to the Company's chartered-in vessels were $148.6 million and $148.6 million , respectively, and the right-of-use asset and lease liability relating to office leases were $13.7 million and $13.9 million , respectively, and $0.2 million was reflected as a foreign exchange loss for the year ended December 31, 2019 . • The adoption of ASU 2016-02 resulted in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where a charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock. This change decreased investment in and loans to equity-accounted investments by $0.1 million and decreased total equity by $0.1 million as at December 31, 2019 . The cumulative decrease to opening equity as at January 1, 2019 was $0.1 million . • The adoption of ASU 2016-02 resulted in direct financing and sales-type lease payments received being presented as an operating cash inflow instead of an investing cash inflow in the Company's consolidated statement of cash flows. Direct financing and sales-type lease payments received during the year ended December 31, 2019 was $17.1 million ( December 31, 2018 – $10.9 million ). • The adoption of ASU 2016-02 resulted in sale and leaseback transactions where the seller lessee has a fixed price repurchase option or other situations where the leaseback would be classified as a finance lease being accounted for as a failed sale of the vessel and a failed purchase of the vessel by the buyer lessor. Prior to the adoption of ASU 2016-02, such transactions were accounted for as a completed sale and a completed purchase. Consequently, for such transactions, the Company did not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel were recognized as a financial liability and bareboat charter hire payments made by the Company to the lessor were allocated between interest expense and principal repayments on the financial liability. The adoption of ASU 2016-02 resulted in the sale and leaseback of the Yamal Spirit , the Torben Spirit , the Cascade Spirit and the Aspen Spirit during 2019 being accounted for as failed sales, and unlike the 22 vessels sold and leased back in similar transactions in prior years, the Company was not considered as holding a variable interest in the buyer lessor entity and thus, did not consolidate the buyer lessor entities (see Note 11 ). In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ). ASU 2016-13 introduces a new credit loss methodology, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaces the multiple existing impairment methods in current GAAP, which generally require that a loss be incurred before it is recognized. This update is effective for the Company on January 1, 2020, with a modified-retrospective approach. The Company expects that its net investments in direct financing leases, sales-type leases, loans to equity-accounted investments, guarantees of indebtedness of equity-accounted investments and receivables related to non-operating lease revenue arrangements will be in-scope to ASU 2016-13. Consequently, the Company expects that on January 1, 2020, it will decrease the carrying value of these instruments, some of which are held by the Company's equity-accounted investments, resulting in a corresponding reduction to total equity on the date of adoption. The Company is in the process of finalizing its credit loss methodology and calculations. In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12 ). ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be recorded in other comprehensive (loss) income and reclassified to earnings in the same income statement line as the hedged item when the hedged item affects earnings. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 became effective for the Company on January 1, 2019. This change decreased accumulated other comprehensive loss by $1.6 million as at January 1, 2019, and correspondingly increased opening equity as at January 1, 2019 by $1.6 million . In December 2019, the FASB issued Income Taxes (or ASU 2019-12) Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The Company is currently evaluating the effect of adopting this new guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 (loss) of Teekay’s consolidated partially-owned entities and the attribution of that net income (loss) 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 Undistri- buted Earnings Total Non-Controlling Interest Distri- buted Earnings Undistri- buted Earnings Total Controlling Interest (Teekay) Teekay LNG 11,814 25,702 40,138 36,007 113,661 20,368 30,575 50,943 164,604 Teekay Tankers — — — 47,887 47,887 — (6,525 ) (6,525 ) 41,362 Other entities and eliminations — — — — 43 For the Year Ended December 31, 2019 11,814 25,702 40,138 83,894 161,591 Teekay LNG 13,506 25,701 30,463 (10,807 ) 58,863 15,026 2,986 18,012 76,875 Teekay Tankers — — — (37,423 ) (37,423 ) — (15,125 ) (15,125 ) (52,548 ) Other entities and eliminations — — — — 50 For the Year Ended December 31, 2018 13,506 25,701 30,463 (48,230 ) 21,490 Teekay Offshore 8,262 36,339 16,312 (398,185 ) (2 ) (337,272 ) 5,981 334,033 (2 ) 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 ) (1) Includes earnings attributable to common shares and preferred shares. (2) Subsequent to the formation of Altera, Teekay sold certain vessels to Altera. Even though Altera 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 Altera was $349.6 million . Upon deconsolidation of Altera, 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 following table summarizes the change in the Company’s of capitalized dry-docking costs from January 1, 2017 to December 31, 2019 : Year Ended December 31, 2019 2018 2017 Balance at the beginning of the year 96,384 89,372 135,700 Costs incurred for dry dockings 56,371 43,155 52,677 Dry-dock amortization (39,283 ) (33,684 ) (49,686 ) Write-down / sales of vessels (2,901 ) (2,459 ) (49,319 ) Balance at the end of the year 110,571 96,384 89,372 |
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, 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 ) Other comprehensive (loss) income and other (506 ) 7,521 — (3,293 ) 3,722 Balance as of December 31, 2018 903 (3,176 ) — — (2,273 ) Other comprehensive (loss) income and other (20,311 ) (1,153 ) — — (21,464 ) Balance as of December 31, 2019 (19,408 ) (4,329 ) — — (23,737 ) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue Table The following tables contain the Company’s total revenue for the years ended December 31, 2019 , 2018 and 2017 , by contract type, by segment and by business line within segments. The tables do not include revenues of Altera for periods subsequent to the deconsolidation of Altera in September 2017 as a result of the 2017 Brookfield Transaction (see Note 4 ). Year Ended December 31, 2019 Teekay LNG Liquefied Gas Carriers Teekay LNG Conventional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 533,294 6,742 17,495 — 33,961 (11,562 ) 579,930 Voyage charters 36,351 — 881,603 — — — 917,954 Bareboat charters 18,387 — — — — — 18,387 FPSO contracts — — — 210,816 — — 210,816 Management fees and other 6,482 — 44,819 — 169,029 (2,026 ) 218,304 594,514 6,742 943,917 210,816 202,990 (13,588 ) 1,945,391 Year Ended December 31, 2018 Teekay LNG Liquefied Gas Carriers Teekay LNG Conven-tional Tankers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Eliminations and Other Total $ $ $ $ $ $ $ Time charters 420,262 17,405 59,976 — 33,737 (9,418 ) 521,962 Voyage charters 23,922 14,591 671,928 — — — 710,441 Bareboat charters 23,820 — — — — 729 24,549 FPSO contracts — — — 261,736 — — 261,736 Management fees and other 10,435 327 44,589 — 156,186 (1,737 ) 209,800 478,439 32,323 776,493 261,736 189,923 (10,426 ) 1,728,488 Year Ended December 31, 2017 (1) Teekay LNG Liquefied Gas Carriers Teekay LNG Conven-tional Tankers Teekay Tankers Conven-tional Tankers Teekay Parent Offshore Production Teekay Parent Conven-tional Tankers Teekay Parent Other Altera Eliminations and Other Total $ $ $ $ $ $ $ $ $ Time charters 332,751 39,171 112,100 — — 41,734 231,950 (57,385 ) 700,321 Voyage charters 2,285 6,709 125,774 — — — 34,576 — 169,344 Bareboat charters 40,058 — — — — — 68,453 (28,818 ) 79,693 FPSO contracts — — — 209,394 — — 332,108 — 541,502 Net pool revenues — — 139,936 — 5,065 — — 145,001 Contracts of affreightment — — — — — — 129,624 — 129,624 Management fees and other 10,589 1,113 53,368 — — 47,373 — 2,404 114,847 385,683 46,993 431,178 209,394 5,065 89,107 796,711 (83,799 ) 1,880,332 (1) The year ended December 31, 2017 does not include the impact of the January 1, 2018 adoption of ASU 2014-09 . |
Direct Financing Lease, Lease Income | The following table lists the components of the net investments in direct financing leases and sales-type leases: December 31, 2019 December 31, 2018 $ $ Total minimum lease payments to be received 1,115,968 897,130 Estimated unguaranteed residual value of leased properties 284,277 291,098 Initial direct costs and other 296 329 Less unearned revenue (581,732 ) (613,394 ) Total 818,809 575,163 Less current portion (273,986 ) (12,635 ) Long-term portion 544,823 562,528 |
Operating Lease, Lease Income [Table Text Block] | The following table contains the Company's total revenue by those contracts or components of contracts accounted for as leases and by those contracts or components not accounted for as leases for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 $ $ $ Lease revenue Lease revenue from lease payments of operating leases 1,554,883 1,322,259 1,580,029 Interest income on lease receivables 51,676 41,963 49,275 Variable lease payments – cost reimbursements (1) 50,024 39,233 64,920 Variable lease payments – other (2) 48,813 96,679 48,699 1,705,396 1,500,134 1,742,923 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 21,691 18,554 22,562 Management fees and other income 218,304 209,800 114,847 239,995 228,354 137,409 Total 1,945,391 1,728,488 1,880,332 (1) Reimbursement for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer. (2) Compensation from time charter contracts based on spot market rates in excess of a base daily hire amount, production tariffs based on the volume of oil produced, the price of oil, and other monthly or annual operational performance measures. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenue and Income from Vessel Operations by Segment | The following table includes the Company’s revenues and income (loss) from vessel operations by segment for the periods presented in these financial statements: Revenues (1)(2) Income (loss) from Vessel Operations (3) Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Teekay LNG Liquefied Gas Carriers 594,514 478,439 385,683 300,520 169,918 188,676 Conventional Tankers 6,742 32,323 46,993 (1,267 ) (21,319 ) (40,027 ) 601,256 510,762 432,676 299,253 148,599 148,649 Teekay Tankers Conventional Tankers 943,917 776,493 431,178 123,883 7,204 1,416 Teekay Parent Offshore Production 210,816 261,736 209,394 (208,167 ) 22,958 (256,758 ) Conventional Tankers — — 5,065 — — (13,390 ) Other 202,990 189,923 89,107 (10,927 ) (14,442 ) (20,277 ) 413,806 451,659 303,566 (219,094 ) 8,516 (290,425 ) Altera (4) — — 796,711 — — 147,060 Eliminations and other (13,588 ) (10,426 ) (83,799 ) — — — 1,945,391 1,728,488 1,880,332 204,042 164,319 6,700 (1) The year ended December 31, 2017 does not include the impact of the January 1, 2018 adoption of ASU 2014-09. (2) The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the years ended 2019 , 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 Teekay LNG – Liquefied Gas Carriers 11,562 9,418 36,358 Teekay Tankers – Conventional Tankers 1,979 1,689 — Altera — — 34,232 13,541 11,107 70,590 (3) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). (4) On September 25, 2017, the Company deconsolidated Altera (see Note 4 ). The figures above include those of Altera until the date of deconsolidation. |
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 December 31, (U.S. dollars in millions) 2019 2018 2017 BP Plc (1) (2) $227.6 or 12% $195.0 or 11% $183.0 or 10% Royal Dutch Shell Plc (1) (3) (4) (4) $259.4 or 14% (1) On September 25, 2017, the Company deconsolidated Altera (see Note 4 ). The figures above include those of Altera until the date of deconsolidation. (2) Altera Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, Teekay Parent Segment — Offshore Production, and Teekay Parent Segment — Conventional Tankers. (3) Altera Segment, Teekay LNG Segment – Liquefied Gas Carriers, Teekay Tankers Segment – Conventional Tankers, and Teekay Parent Segment – Conventional Tankers. (4) Less than 10%. |
Other Income Statement Items by Segment | The following table includes capital expenditures by segment for the periods presented in these financial statements. December 31, 2019 December 31, 2018 Teekay LNG – Liquefied Gas Carriers 96,357 687,841 Teekay LNG – Conventional Tankers 1,538 124 Teekay Tankers – Conventional Tankers 11,628 5,827 109,523 693,792 The following table includes other income statement items by segment for the periods presented in these financial statements. Depreciation and Amortization Write-down and loss on sale of vessels Equity Income (Loss) Year Ended Year Ended Year Ended 2019 2018 2017 2019 2018 2017 2019 2018 2017 Teekay LNG Liquefied Gas Carriers (136,069 ) (119,108 ) (95,025 ) 14,349 (33,000 ) — 58,819 53,546 9,789 Conventional Tankers (696 ) (5,270 ) (10,520 ) (785 ) (20,863 ) (50,600 ) — — — (136,765 ) (124,378 ) (105,545 ) 13,564 (53,863 ) (50,600 ) 58,819 53,546 9,789 Teekay Tankers Conventional Tankers (124,002 ) (118,514 ) (100,481 ) (5,544 ) 170 (12,984 ) 2,345 1,220 (25,370 ) Teekay Parent Offshore Production (29,710 ) (33,271 ) (60,560 ) (178,330 ) — (205,659 ) — 15,089 (7,861 ) Conventional Tankers — — — — — — — (510 ) (20,677 ) Other (195 ) (144 ) 163 — — — 127 (1,384 ) (2,792 ) (29,905 ) (33,415 ) (60,397 ) (178,330 ) — (205,659 ) 127 13,195 (31,330 ) Altera (1) — — (219,406 ) — — (1,500 ) — — 12,028 Altera (2) — — — — — — (75,814 ) (6,907 ) (2,461 ) (290,672 ) (276,307 ) (485,829 ) (170,310 ) (53,693 ) (270,743 ) (14,523 ) 61,054 (37,344 ) (1) On September 25, 2017, the Company deconsolidated Altera (see Note 4 ). The figures above include those of Altera until the date of deconsolidation. (2) Commencing on September 25, 2017 and prior to its sale in May 2019, the Company accounted for its investment in Altera using the equity method, and recognized equity losses of $75.8 million and $6.9 million for the years ended December 31, 2019 and December 31, 2018, respectively, and an equity loss of $2.5 million for the post-deconsolidation period ended December 31, 2017. During the year ended December 31, 2019, the Company wrote-down the investment in Altera by $64.9 million and recognized a loss on sale of $8.9 million . |
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, 2019 December 31, 2018 Teekay LNG – Liquefied Gas Carriers 5,249,465 5,188,088 Teekay LNG – Conventional Tankers — 39,450 Teekay Tankers – Conventional Tankers 2,140,652 2,106,169 Teekay Parent – Offshore Production 161,096 311,550 Teekay Parent – Other 80,455 38,280 Altera — 233,225 Cash and cash equivalents 353,241 424,169 Other assets not allocated 102,701 70,153 Eliminations (14,746 ) (19,414 ) Consolidated total assets 8,072,864 8,391,670 |
Deconsolidation of Teekay Off_2
Deconsolidation of Teekay Offshore (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Deconsolidation | The following table shows the accounting impact from the deconsolidation of Altera 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 Altera, including common units, warrants, and vessel charters with Altera, and derecognized the carrying value of both Altera’s net assets and the non-controlling interest in Altera, 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 Altera 150,132 Fair value of warrants ( note 16 ) 36,596 Fair value of vessel charters with Altera (notes 6 and 7) 14,812 Carrying value of the non-controlling interest in Altera 1,138,275 Subtotal 1,479,508 Less: Carrying value of Altera's net assets on deconsolidation (1,584,296 ) Loss on deconsolidation of Altera (104,788 ) |
Equity Financing Transactions_2
Equity Financing Transactions of the Daughter Companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Proceeds Received from Financial Transactions | During the year ended December 31, 2017, the Company’s publicly-traded subsidiaries, Teekay Tankers and Teekay LNG, and prior to the 2017 Brookfield Transaction on September 25, 2017, Altera, 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 (4) 475,000 8,826 — (305 ) 8,521 Teekay Tankers Private Placement (4) 269,397 5,000 (5,000 ) — — Teekay Tankers Direct Equity Placement (1)(4) 1,721,903 25,897 (25,897 ) — — Altera Private Placements (2) 6,521,518 29,817 (17,160 ) (212 ) 12,445 Teekay Tankers Direct Equity Placement (3)(4) 11,122,193 151,262 (14,025 ) — 137,237 Teekay LNG Preferred B Units Offering 6,800,000 170,000 — (5,589 ) 164,411 (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, Altera issued common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the distributions on Altera'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 Altera's common units and general partner interest held by subsidiaries of Teekay. In June 2016, Altera agreed with Teekay that, until the Altera's 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 Altera to Teekay or its affiliates, including Altera's general partner, would instead be paid in common units or from the proceeds of the sale of common units. During 2017, Altera 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 Altera's Series D Preferred Units, common units and general partner interest held by subsidiaries of Teekay. During 2017, Altera issued common units (including the general partner's 2% proportionate capital contribution) as a payment-in-kind for the interest due on Altera's $200 million loan due to Teekay. Altera 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) Number of shares for historical equity financing transactions have been adjusted for Teekay Tankers' one-for-eight reverse stock split completed in November 2019. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | Teekay LNG – Liquefied Gas Segment Conventional Tanker Segment Total Balance as of December 31, 2018 35,631 8,059 43,690 Decrease due to reclass of goodwill held for sale — (5,632 ) (5,632 ) Balance as of December 31, 2019 35,631 2,427 38,058 |
Summary of Intangible Assets | As at December 31, 2019 , the Company’s intangible assets consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer contracts 192,938 (149,558 ) 43,380 Customer relationships 3,208 (663 ) 2,545 196,146 (150,221 ) 45,925 As at December 31, 2018 , the Company’s intangible assets consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer contracts 193,194 (140,756 ) 52,438 Customer relationships 22,500 (10,875 ) 11,625 Off-market in-charter contracts (1) 17,900 (4,190 ) 13,710 233,594 (155,821 ) 77,773 (1) Represents the off-market in-charter contracts between the Company and Altera for two FSO units. On January 1, 2019, upon the adoption of ASU 2016-02, the existing carrying value of the Company's chartered-in vessels was reclassified from other intangible assets to a right-of-use asset. |
Accrued Liabilities and Other_2
Accrued Liabilities and Other and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued Liabilities and Other December 31, 2019 December 31, 2018 Accrued liabilities Voyage, vessel and corporate expenses 121,937 98,135 Interest 29,371 47,731 Payroll and related liabilities 33,494 34,849 Distributions payable and other 6,487 6,426 Deferred revenues and gains – current ( note 2 ) 36,242 30,108 In-process revenue contracts – current 5,933 5,930 Current portion of derivative liabilities ( note 16 ) 39,263 12,205 Office lease liability – current ( note 1 ) 3,627 — 276,354 235,384 |
Schedule of Other Long-Term Liabilities | Other Long-Term Liabilities December 31, 2019 December 31, 2018 Deferred revenues and gains ( note 2 ) 28,612 31,324 Guarantee liabilities 10,113 9,434 Asset retirement obligation 31,068 27,759 Pension liabilities 7,238 4,847 In-process revenue contracts 11,866 17,800 Derivative liabilities ( note 16 ) 51,914 56,352 Unrecognized tax benefits ( note 22 ) 62,958 40,556 Office lease liability – long-term ( note 1 ) 10,254 — Other 2,325 1,325 216,348 189,397 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | December 31, 2019 December 31, 2018 Revolving Credit Facilities 603,132 642,997 Senior Notes (8.5%) due January 15, 2020 36,712 508,577 Senior Notes (9.25%) due November 15, 2022 250,000 — Convertible Senior Notes (5%) due January 15, 2023 125,000 125,000 Norwegian Krone-denominated Bonds due through August 2023 347,163 352,973 U.S. Dollar-denominated Term Loans due through 2030 1,336,437 1,536,499 Euro-denominated Term Loans due through 2024 165,376 193,781 Other U.S. Dollar-denominated loan 3,300 3,300 Total principal 2,867,120 3,363,127 Less unamortized discount and debt issuance costs (39,968 ) (43,604 ) Total debt 2,827,152 3,319,523 Less current portion (523,312 ) (242,137 ) Long-term portion 2,303,840 3,077,386 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Lease Commitment Non-Lease Commitment Total Commitment $ $ $ Payments 2020 69,617 37,089 106,706 2021 54,195 26,948 81,143 2022 22,978 8,189 31,167 2023 9,227 — 9,227 2024 5,713 — 5,713 Thereafter — — — Total payments 161,730 72,226 233,956 Less: imputed interest (13,128 ) Carrying value of operating lease liabilities 148,602 Less current portion (61,431 ) Carrying value of long-term operating lease liabilities 87,171 |
Obligations Related to Financ_2
Obligations Related to Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finance Lease, Liability, Payment, Due [Abstract] | |
Sale Leaseback Transactions [Table Text Block] | December 31, 2019 December 31, 2018 Teekay LNG LNG Carriers 1,410,904 1,274,569 Suezmax Tanker — 23,987 Teekay Tankers Suezmax Tankers 216,546 191,267 Aframax Tankers 173,284 157,899 LR2 Product Tanker 24,958 26,123 Total obligations related to finance leases 1,825,692 1,673,845 Less current portion (95,339 ) (102,115 ) Long-term obligations related to finance leases 1,730,353 1,571,730 |
Finance Lease, Liability, Maturity [Table Text Block] | As at December 31, 2019 , the remaining commitments related to the finance leases of these nine LNG carriers ( December 31, 2018 – eight LNG carriers) , including the amounts to be paid for the related purchase obligations, approximated $1.9 billion ( December 31, 2018 – $1.7 billion ), including imputed interest of $470.9 million ( December 31, 2018 – $435.3 million ), repayable from 2020 through 2034, as indicated below: Commitments December 31, 2019 Year $ 2020 140,386 2021 138,601 2022 136,959 2023 135,459 2024 132,011 Thereafter 1,198,366 As at December 31, 2019 , the total remaining commitments under the 16 finance leases of Teekay Tankers' Suezmax, Aframax and LR2 product tankers, including the amounts to be paid for the related purchase obligations, approximated $601.7 million ( December 31, 2018 – $557.1 million ) , including imputed interest of $186.9 million ( December 31, 2018 – $181.8 million ), repayable from 2020 through 2030, as indicated below: Commitments December 31, 2019 Year $ 2020 56,364 2021 56,202 2022 56,193 2023 56,184 2024 56,328 Thereafter 320,388 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table contains the carrying value of the Company's financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2019 . December 31, Class of Financing Receivable Credit Quality Indicator Grade 2019 2018 Direct financing leases and sales-type leases Payment activity Performing 818,809 575,163 Other loan receivables Loans to equity-accounted investments and joint venture partners Other internal metrics Performing 70,784 231,404 Long-term receivable and accrued revenue included in accounts receivable and other assets Payment activity Performing 8,092 15,694 897,685 822,261 |
Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the years ended December 31, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows: Year Ended December 31, 2019 2018 Fair value at the beginning of the year 12,026 30,749 Fair value on acquisition/issuance — 2,330 Unrealized gain (loss) included in earnings 26,900 (21,053 ) Realized loss included in earnings (25,559 ) — Settlements (13,367 ) — Fair value at the end of the year — 12,026 |
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, 2019 December 31, 2018 Fair Value Carrying Fair Carrying Fair Recurring Cash, cash equivalents and restricted cash Level 1 454,867 454,867 505,639 505,639 Derivative instruments ( note 16 ) Interest rate swap agreements – assets (1) Level 2 3,099 3,099 9,640 9,640 Interest rate swap agreements – liabilities (1) Level 2 (52,453 ) (52,453 ) (43,175 ) (43,175 ) Cross currency interest swap agreements – assets (1) Level 2 — — — — Cross currency interest swap agreements – liabilities (1) Level 2 (42,104 ) (42,104 ) (29,122 ) (29,122 ) Foreign currency contracts Level 2 (202 ) (202 ) — — Stock purchase warrants Level 3 — — 12,026 12,026 Freight forward agreements Level 2 (86 ) (86 ) (57 ) (57 ) Non-recurring Vessels held for sale ( notes 6 and 19 ) Level 2 37,240 37,240 — — Other (2) Short-term debt ( note 8 ) Level 2 (50,000 ) (50,000 ) — — Long-term debt – public ( note 9 ) Level 1 (619,794 ) (655,977 ) (856,986 ) (851,470 ) Long-term debt – non-public ( note 9 ) Level 2 (2,207,358 ) (2,180,440 ) (2,462,537 ) (2,395,300 ) Obligations related to finance leases, including current portion ( note 11 ) Level 2 (1,825,692 ) (1,877,558 ) (1,673,845 ) (1,652,345 ) (1) The fair value of the Company’s interest rate swap and cross currency swap agreements at December 31, 2019 includes $3.4 million ( December 31, 2018 – $3.2 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 investments in equity-accounted investments form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the individual components of such aggregate interests is not determinable. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 , and 2017 , are as follows: December 31, 2019 December 31, 2018 December 31, 2017 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding – beginning of year 3,754 15.54 3,600 22.96 3,367 29.16 Granted 2,525 3.98 1,052 8.67 732 10.18 Exercised — — (2 ) 9.44 (3 ) 9.44 Forfeited / expired (308 ) 11.07 (896 ) 37.44 (496 ) 46.27 Outstanding – end of year 5,971 10.88 3,754 15.54 3,600 22.96 Exercisable – end of year 2,565 18.25 1,954 21.35 2,221 29.76 |
Non-Vested Stock Option Activity and Related Information | A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2019 , 2018 and 2017 , are as follows: December 31, 2019 December 31, 2018 December 31, 2017 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding non-vested stock options – beginning of year 1,800 4.25 1,379 4.44 1,096 4.30 Granted 2,525 1.53 1,052 4.21 732 4.71 Vested (807 ) 4.18 (609 ) 4.65 (399 ) 4.62 Forfeited (111 ) 3.33 (22 ) 3.93 (50 ) 3.94 Outstanding non-vested stock options – end of year 3,407 2.28 1,800 4.25 1,379 4.44 |
Details Regarding Outstanding and Exercisable Stock Options | Further details regarding the Company’s outstanding and exercisable stock options at December 31, 2019 are as follows: Outstanding Options Exercisable Options Range of Exercise Prices Options Weighted- Average Weighted- Options Weighted- Average Weighted- $0.00 – $4.99 2,496 9.2 3.98 — 0.0 — $5.00 – $9.99 1,788 7.3 9.00 1,108 6.8 9.20 $10.00 – $19.99 693 7.2 10.18 462 7.2 10.18 $20.00 – $24.99 280 0.2 24.42 280 0.2 24.42 $25.00 – $29.99 348 2.2 27.69 349 2.2 27.69 $30.00 – $39.99 94 2.4 34.42 94 2.4 34.42 $40.00 – $49.99 257 5.2 43.99 257 5.2 43.99 $50.00 – $59.99 15 4.2 56.76 15 4.2 56.76 5,971 7.3 10.88 2,565 5.2 18.25 |
Other (Loss) Income (Tables)
Other (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Summary of Other Loss | Year Ended Year Ended Year Ended Loss on bond repurchases (1) (10,601 ) (1,772 ) — Loss on lease extinguishment (2) (1,417 ) — — Tax indemnification guarantee liability (3) — (600 ) (50,000 ) Contingent liability (4) — — (4,500 ) Gain on sale / (write-down) of cost-accounted investment — — 1,250 Miscellaneous (loss) income (2,457 ) 359 (731 ) Other loss (14,475 ) (2,013 ) (53,981 ) (1) In May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of the 2020 Notes and issued $250.0 million in aggregate principal amount of 9.25% senior secured notes at par due November 2022. The Company recognized a loss of $10.6 million on the purchase of the 2020 Notes for the year ended December 31, 2019 (see Note 9). (2) During September 2019, Teekay LNG refinanced the Torben Spirit by acquiring the Torben Spirit from its original Lessor and then selling the vessel to another Lessor and leasing it back for a period of 7.5 years. As a result of this refinancing transaction, the Partnership recognized a loss of $1.4 million for the year ended December 31, 2019 on the extinguishment of the original finance lease (see Note 11). (3) Following the termination of the finance lease arrangements for the RasGas II LNG Carriers in 2014, the lessor made a determination that additional rentals were due under the leases following a challenge by the UK taxing authority. As a result, in 2017 the Teekay Nakilat Joint Venture recognized an additional liability, which was included as part of other loss in the Company's consolidated statements of loss . (4) 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 Altera in 2014. Altera was deconsolidated in September 2017 (see Note 4 ). |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Foreign Currency Contracts [Table Text Block] | Foreign Exchange Risk From time to time the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at December 31, 2019 , the Company was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency Average Forward Rate (1) Fair Value / Carrying Amount Of Asset (Liability) $ Expected Maturity 2020 2021 $ $ Euro 5,820 0.86 (202) 6,750 — (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, 2019 , the Company was committed to the following cross currency swaps: Notional Amount NOK Notional Amount USD Fair Value / Carrying Amount of Asset / (Liability) Remaining Floating Rate Receivable Reference Rate Margin Fixed Rate Payable 1,000,000 134,000 NIBOR 3.70 % 5.92 % (20,665 ) 0.4 1,200,000 146,500 NIBOR 6.00 % 7.72 % (10,532 ) 1.8 850,000 102,000 NIBOR 4.60 % 7.89 % (10,907 ) 3.7 (42,104 ) |
Interest Rate Swap Agreements | As at December 31, 2019 , the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt and EURIBOR-based debt, whereby certain of the Company’s floating-rate 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 1,042,106 (41,194 ) 3.4 2.8 EURIBOR-Based Debt: Euro-denominated interest rate swaps EURIBOR 75,089 (8,160 ) 3.7 3.8 (49,354 ) (1) Excludes the margins the Company pays on its variable-rate debt, which, as of December 31, 2019 , ranged from 0.3% to 3.95% . (2) Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. Three interest rate swaps are subject to mandatory early termination in 2020, 2021 and 2024, at which time the swaps will be settled based on their fair value. |
Location and Fair Value Amounts of Derivative Instruments | The following 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 (1) Accrued Liabilities and Other (2) Other long-term liabilities As at December 31, 2019 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (13 ) (836 ) (3,475 ) Derivatives not designated as a cash flow hedge: Foreign currency contracts — — — (202 ) — Interest rate swap agreements 932 1,916 (2,948 ) (15,478 ) (29,452 ) Cross currency swap agreements — — (456 ) (22,661 ) (18,987 ) Forward freight agreements — — — (86 ) — 932 1,916 (3,417 ) (39,263 ) (51,914 ) As at December 31, 2018 Derivatives designated as a cash flow hedge: Interest rate swap agreements 784 2,362 20 — — Derivatives not designated as a cash flow hedge: Interest rate swap agreements 2,915 2,973 (2,498 ) (7,419 ) (32,672 ) Cross currency swap agreements — — (713 ) (4,729 ) (23,680 ) Stock purchase warrants — 12,026 — — — Forward freight agreements — — — (57 ) — 3,699 17,361 (3,191 ) (12,205 ) (56,352 ) |
Effective Portion of Gains (Losses) on Interest Rate Swap Agreements | For the periods indicated, the following table presents the effective portion of gains (losses) on consolidated interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments) : Year Ended December 31, 2019 Amount of Loss Recognized in OCI (effective portion) Amount of Gain Reclassified from Accumulated OCI to Interest Expense (1) $ $ (7,458 ) 376 Year Ended December 31, 2018 Amount of Gain Recognized in OCI (effective portion) Amount of Loss Reclassified from Accumulated OCI to Interest Expense (1) Amount of Gain Recognized in Interest Expense (ineffective portion) $ $ $ 2,128 (152 ) 740 Year Ended December 31, 2017 Amount of Loss Recognized in OCI (effective portion) Amount of Loss Reclassified from Accumulated OCI to Interest Expense (1) Amount of Loss Recognized in Interest Expense (ineffective portion) $ $ $ (31 ) (1,614 ) (746 ) (1) See Note 1 – adoption of ASU 2017-12 |
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 are as follows: Year Ended Year Ended Year Ended Realized (losses) gains relating to: Interest rate swap agreements (8,296 ) (13,898 ) (53,921 ) Interest rate swap agreement terminations — (13,681 ) (610 ) Foreign currency forward contracts (147 ) — 667 Stock purchase warrants (25,559 ) — — Time charter swap agreement — — 1,106 Forward freight agreements 1,490 137 270 (32,512 ) (27,442 ) (52,488 ) Unrealized (losses) gains relating to: Interest rate swap agreements (7,878 ) 33,700 17,005 Foreign currency forward contracts (200 ) — 3,925 Stock purchase warrants 26,900 (21,053 ) (6,421 ) Time-charter swap agreement — — (875 ) Forward Freight Agreements (29 ) (57 ) — 18,793 12,590 13,634 Total realized and unrealized losses on derivative instruments (13,719 ) (14,852 ) (38,854 ) |
Effect of Gains (Losses) on Cross Currency Swaps | The effect of the gains (losses) on cross currency swaps on the consolidated statements of loss is as follows: Year Ended December 31, 2019 2018 2017 Realized gains (losses) on maturity and/or partial termination of cross currency swap — (42,271 ) (25,733 ) Realized losses (5,062 ) (6,533 ) (18,494 ) Unrealized (losses) gains (13,239 ) 21,240 82,668 Total realized and unrealized (losses) gains on cross currency swaps (18,301 ) (27,564 ) 38,441 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Joint Ventures | T eekay LNG's share of commitments to fund newbuilding and other construction contract costs as at December 31, 2019 are as follows: Total 2020 2021 2022 $ $ $ $ Consolidated LNG carriers (i) 49,652 11,979 22,382 15,291 Bahrain LNG Joint Venture (ii) 11,351 11,351 — — 61,003 23,330 22,382 15,291 (i) In June 2019, Teekay LNG entered into an agreement with a contractor to supply equipment on certain of its LNG carriers in 2021 and 2022, for an estimated installed cost of approximately $60.6 million . As at December 31, 2019 , the estimated remaining cost of this installation is $49.7 million . (ii) Teekay LNG has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain. The Bahrain LNG Joint Venture has secured undrawn debt financing of $34 million , of which $10 million relates to Teekay LNG's proportionate share of the commitments included in the table above. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Total cash, cash equivalents, restricted cash, and cash and restricted cash held for sale are as follows: December 31, 2019 December 31, 2018 December 31, 2017 $ $ $ Cash and cash equivalents 353,241 424,169 445,452 Restricted cash – current 56,777 40,493 38,179 Restricted cash – non-current 44,849 40,977 68,543 Assets held for sale - cash 1,121 — — Assets held for sale - restricted cash 337 — — 456,325 505,639 552,174 |
Changes in Operating Assets and Liabilities | The changes in operating assets and liabilities for the years ended December 31, 2019 , 2018 , and 2017 , are as follows: Year Ended December 31, 2019 2018 2017 Accounts receivable (38,811 ) (25,090 ) (1,925 ) Prepaid expenses and other (103,712 ) (30,808 ) 3,118 Accounts payable 104,579 8,929 (14,499 ) Accrued liabilities and other 33,121 32,215 118,137 (4,823 ) (14,754 ) 104,831 |
Write-down and loss on sale o_2
Write-down and loss on sale of vessels (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of Write-down and Gain (Loss) on Sale of Vessel Sales | The following table shows the write-downs and net (loss) gain on sale of vessels for the years ended December 31, 2019 , 2018 , and 2017 : Write-down and (Loss) Gain on Sales of Vessels Year Ended December 31, Segment Asset Type Completion of Sale Date 2019 2018 2017 Teekay Parent Segment – Offshore Segment (1) 3 FPSOs N/A (178,330 ) — (205,659 ) Teekay LNG Segment – Conventional Tankers (2) Handymax Oct-2019 (785 ) (13,000 ) — Teekay LNG Segment – Liquefied Gas Carriers (3) 2 LNG Carriers Jan-2020 14,349 — — Teekay LNG Segment – Liquefied Gas Carriers (4) 4 Multi-gas Carriers N/A — (33,000 ) — Teekay LNG Segment – Conventional Tankers (5) 2 Suezmaxes Oct/Dec-2018 — (7,863 ) (25,100 ) Teekay LNG Segment – Conventional Tankers (6) 2 Suezmaxes Feb-2018/Jan-2019 — — (25,500 ) Teekay Tankers Segment – Conventional Tankers (7) 3 Suezmaxes Dec-2019/Feb-2020 (5,544 ) — — Teekay Tankers Segment – Conventional Tankers 3 Aframaxes Jun/Sep/Nov-2017 — — (11,158 ) Teekay Tankers Segment – Conventional Tankers 2 Suezmaxes Jan/Mar-2017 — — (1,797 ) Teekay Offshore Segment (8) FSO N/A — — (1,500 ) Other — 170 (29 ) Total (170,310 ) (53,693 ) (270,743 ) (1) During the year ended December 31, 2019, the Company took impairment charges in respect of all three of its FPSO-related assets. The Company has continued to follow its strategy of contract extensions and a potential sale of any or all of the three FPSOs. Substantially all of the $178.3 million impairment in the year ended December 31, 2019 relates to the write-down of two of the Company’s FPSO units. The Company has determined the estimated fair value of one of the units based on the expected sales price and the other unit using a discounted cash flow approach. The discounted cash flow approach used includes scenarios consisting of sale of the unit following expiration of the existing customer contract, sale of the unit in early 2020 and extension of the existing customer contract, weighted based on the likelihood of them occurring. Cash flow projections have been discounted at an estimated market participant rate of 9.5% . Cash flow projections are based on current and project charter rates and operating costs. The projected future use of the unit takes into consideration the Company’s projected charter rates that could be contracted in future periods. In establishing this estimate, the Company has considered current discussions with potential customers, and historical experience redeploying FPSO units. Estimated proceeds from the potential sale of the unit are based on prior discussions with potential buyers of the Company's FPSO units. 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 Altera. For the Petrojarl Foinaven FPSO, two shuttle tankers, which are owned by Altera, 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 Altera. For the Petrojarl Banff FPSO, the carrying value of an FSO, which is owned by Altera, was removed from the carrying value of the asset group and the estimated future cash flows of the asset group were changed to include the in-charter costs of the FSO unit to be paid by Teekay Parent to Altera. This change in asset groups and a re-evaluation of the estimated future net cash flows of the units at the time 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 . The impairment charges were included in the Company's Teekay Parent Segment – Offshore Production. The Company determined the discounted cash flows using the then-current projected time charter rates and costs, discounted at an estimated market participant rate of 10% . For both units, the Company 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 took 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 considered discussions with potential customers, available information regarding field expansions and historical experience redeploying FPSO units. (2) Teekay LNG commenced marketing the Alexander Spirit conventional tanker for sale in the second quarter of 2019 and sold the vessel in October 2019 for net proceeds of $11.5 million . (3) In the fourth quarter of 2019, Teekay LNG derecognized two LNG carriers, the WilPride and WilForce , as a result of contract amendments that lead to the reclassification of these operating leases to sales-type leases. Teekay LNG recognized a gain of $14.3 million upon derecognition of the vessels for the year ended December 31, 2019. In January 2020, the lessee purchased both vessels (see Note 24). (4) In June 2018, the carrying values for four of Teekay LNG's seven wholly-owned multi-gas carriers, the Napa Spirit , Pan Spirit , Cathinka Spirit and Camilla Spirit , were written down to their estimated fair value, using appraised values, as a result of Teekay LNG's evaluation of alternative strategies for these assets, the current charter rate environment and the outlook for charter rates for these vessels. (5) During the year ended December 31, 2018, Teekay LNG recorded write-downs on the European Spirit and African Spirit Suezmax tankers to their estimated resale value. In the fourth quarter of 2018, Teekay LNG sold the European Spirit and African Spirit for net proceeds of $15.7 million and $12.8 million , respectively, using the net proceeds from the sales primarily to repay its existing term loans associated with the vessels. (6) 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. During 2018, the charterer sold the Teide Spirit to a third party and gave formal notification to Teekay LNG of its intention to terminate its charter contract subject to certain conditions being met and the receipt of certain third-party approvals. In November 2018, the owner and charterer of the Toledo Spirit reached an agreement to sell the vessel and delivered the vessel to the buyer in January 2019. Teekay LNG wrote down the vessels to their estimated fair values based on their expected future discounted cash flows. (7) Teekay Tankers recognized a loss on sale of a vessel of $2.3 million relating to one Suezmax vessel, which was sold and delivered to its buyer in the fourth quarter of 2019. In 2019, Teekay Tankers agreed to sell two Suezmax tankers for an aggregate sales price of $38 million . Both tankers were delivered to their new owners in February 2020 (see Note 24). The vessels and the related bunkers, the vessel disposal group, were classified as held for sale as at December 31, 2019 and written down to their agreed sales price. Teekay Tankers recognized a write down of the vessels of $3.2 million in 2019. (8) In 2017, the carrying value of the Falcon Spirit FSO was written down as a result of a decrease in the estimated residual value of the unit. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Income (Loss) Per Share | Year Ended December 31, 2019 2018 2017 Net loss attributable to shareholders of Teekay Corporation for basic loss per share (310,577 ) (79,237 ) (163,276 ) Reduction in net earnings due to dilutive impact of stock-based compensation in Teekay LNG, Altera and Teekay Tankers and stock purchase warrants in Altera — — (90 ) Net loss attributable to shareholders of Teekay Corporation for diluted loss per share (310,577 ) (79,237 ) (163,366 ) Weighted average number of common shares 100,719,224 99,670,176 86,335,473 Dilutive effect of stock-based compensation — — — Common stock and common stock equivalents 100,719,224 99,670,176 86,335,473 Loss per common share - basic and diluted (3.08 ) (0.79 ) (1.89 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 1,646 5,868 Tax losses carried forward and disallowed finance costs (1) 164,009 155,910 Other 19,674 10,545 Total deferred tax assets 185,329 172,323 Deferred tax liabilities: Vessels and equipment 22,913 18,037 Provisions 6,512 5,588 Other — 2,060 Total deferred tax liabilities 29,425 25,685 Net deferred tax assets 155,904 146,638 Valuation allowance (153,302 ) (144,560 ) Net deferred tax assets 2,602 2,078 (1) Substantially all of the Company's estimated net operating loss carryforwards of $878.3 million relates primarily to its U.K., Spanish, Norwegian and Luxembourg subsidiaries and, to a lesser extent, to its Australian subsidiaries. The Company had estimated disallowed finance costs in Spain and Norway of approximately $15.1 million and $15.0 million , respectively, at December 31, 2019, which are available for 18 years and 10 years, respectively, from the year the costs are incurred for offset against future taxable income in Spain and Norway, respectively. The Company's estimated tax losses in Luxembourg are available for offset against taxable future income in Luxembourg, either indefinitely for losses arising prior to 2017, or for 17 years for losses arising subsequent to 2016. |
Components of Provision for Income Taxes | The components of the provision for income tax expense are as follows: Year Ended Year Ended Year Ended Current (25,563 ) (17,458 ) (11,997 ) Deferred 81 (2,266 ) (235 ) Income tax expense (25,482 ) (19,724 ) (12,232 ) |
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 before taxes (123,504 ) (38,023 ) (516,840 ) Net loss not subject to taxes (91,925 ) (104,465 ) (297,688 ) Net (loss) income subject to taxes (31,579 ) 66,442 (219,152 ) At applicable statutory tax rates (4,352 ) 15,177 (51,471 ) Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions 25,177 4,639 64,164 Other 4,657 (92 ) (461 ) Tax expense related to the year 25,482 19,724 12,232 |
Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities | The following is a roll-forward of the Company’s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019 : Year Ended Year Ended Year Ended Balance of unrecognized tax benefits as at January 1 40,556 31,061 19,492 Increases for positions related to the current year 5,829 9,297 2,631 Changes for positions taken in prior years 19,119 981 3,475 Decreases related to statute of limitations (2,546 ) (783 ) (1,562 ) Increase due to acquisition of TIL — — 8,528 Decrease due to deconsolidation of Altera — — (1,503 ) Balance of unrecognized tax benefits as at December 31 62,958 40,556 31,061 |
Equity-accounted Investments (T
Equity-accounted Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |
Condensed Summary of Company's Financial Information for Joint Venture | A condensed summary of the Company’s financial information for equity-accounted investments ( 20% to 52% -owned) shown on a 100% basis (excluding the impact from purchase price adjustments arising from the acquisition of Joint Ventures) are as follows: As at December 31, 2019 2018 Cash and restricted cash 379,085 568,843 Other assets – current 148,663 412,388 Vessels and equipment, including vessels related to finance leases and advances on newbuilding contracts 3,123,377 6,615,077 Net investment in direct financing leases 4,469,861 3,000,927 Other assets – non-current 169,925 1,957,271 Current portion of long-term debt and obligations related to finance leases 563,776 1,106,812 Other liabilities – current 189,165 563,862 Long-term debt and obligations related to finance leases 5,156,307 6,882,426 Other liabilities – non-current 243,301 478,311 Year Ended December 31, 2019 2018 2017 Revenues 1,115,537 2,052,084 980,078 Income from vessel operations 489,096 406,125 258,006 Realized and unrealized (loss) gain on non-designated derivative instruments (72,305 ) 21,664 (17,438 ) Net income (loss) 145,924 (3,747 ) 38,646 A condensed summary of the Company’s investments in equity-accounted investments by segment, which includes loans and net advances to equity-accounted investments, is as follows (in thousands of U.S. dollars, except percentages): As at December 31, Equity-accounted Investments (1) Ownership Percentage 2019 2018 Teekay LNG – Liquefied Gas Bahrain LNG Joint Venture 30% 64,017 81,709 Yamal LNG Joint Venture 50% 264,088 210,290 Pan Union Joint Venture 20%-30% 75,403 71,040 Exmar LNG Joint Venture 50% 32,717 32,419 Exmar LPG Joint Venture 50% 149,024 151,186 MALT Joint Venture 52% 344,571 342,280 Angola Joint Venture 33% 84,474 79,606 RasGas3 Joint Venture 40% 120,917 132,256 Teekay Tankers – Conventional Tankers Wah Kwong Joint Venture 50% 28,111 25,766 Teekay Parent – Other Altera (2) (note 4) 14% — 157,924 TOO GP (2) ( note 4 ) 49% — 3,968 1,163,322 1,288,444 (1) Investments in equity-accounted investments is presented in current portion of loans to equity-accounted investments, investments in and loans to equity-accounted investments and loans from equity-accounted investments in the Company’s consolidated balance sheets. |
Schedule I Condensed Non-Cons_2
Schedule I Condensed Non-Consolidated Financial Information of Registrant Schedule I Condensed Non-Consolidated Financial Information of Registrant (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Long-Term Debt | December 31, 2019 December 31, 2018 Revolving Credit Facilities 603,132 642,997 Senior Notes (8.5%) due January 15, 2020 36,712 508,577 Senior Notes (9.25%) due November 15, 2022 250,000 — Convertible Senior Notes (5%) due January 15, 2023 125,000 125,000 Norwegian Krone-denominated Bonds due through August 2023 347,163 352,973 U.S. Dollar-denominated Term Loans due through 2030 1,336,437 1,536,499 Euro-denominated Term Loans due through 2024 165,376 193,781 Other U.S. Dollar-denominated loan 3,300 3,300 Total principal 2,867,120 3,363,127 Less unamortized discount and debt issuance costs (39,968 ) (43,604 ) Total debt 2,827,152 3,319,523 Less current portion (523,312 ) (242,137 ) Long-term portion 2,303,840 3,077,386 |
Condensed Income Statement [Table Text Block] | 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 Year Ended Year Ended Revenues — 345 5,089 Voyage expenses — 20 (242 ) Operating expenses (412 ) (26 ) — Time-charter hire expense — — (17,765 ) General and administrative expenses (19,463 ) (23,799 ) (20,549 ) Loss from operations (19,875 ) (23,460 ) (33,467 ) Interest expense (46,243 ) (60,166 ) (53,103 ) Interest income 1,561 2,839 422 Impairments of investments and advances (note 1) (103,420 ) (651,473 ) (338,749 ) Dividend income (note 1) 62,100 32,751 58,000 Other (5,662 ) (6,008 ) 4,764 Net loss before income taxes (111,539 ) (705,517 ) (362,133 ) Income tax recovery (expense) 7 (208 ) (251 ) Net loss (111,532 ) (705,725 ) (362,384 ) The accompanying notes are an integral part of the condensed non-consolidated financial information. |
Condensed Balance Sheet [Table Text Block] | TEEKAY CORPORATION SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS (NOTE 1) (in thousands of U.S. dollars) As at As at ASSETS Current Cash and cash equivalents 49,655 81,681 Accounts receivable 199 202 Prepaid expenses and other — 12 Due from affiliates 249,197 676,087 Total current assets 299,051 757,982 Investments in and advances to subsidiaries (note 1) 756,140 488,547 Other assets — 329 Total assets 1,055,191 1,246,858 LIABILITIES AND EQUITY Current Accounts payable 13,995 1,339 Accrued liabilities 8,684 24,641 Due to affiliates 351,618 203,585 Current portion of long-term debt 36,674 — Other current liabilities 718 584 Total current liabilities 411,689 230,149 Long-term debt (note 2) 349,977 614,341 Other long-term liabilities 9,360 7,911 Total liabilities 771,026 852,401 Equity Common stock and additional paid-in capital 1,052,284 1,045,659 Accumulated deficit (768,119 ) (651,202 ) Total equity 284,165 394,457 Total liabilities and equity 1,055,191 1,246,858 The accompanying notes are an integral part of the condensed non-consolidated financial information. |
Condensed Cash Flow Statement [Table Text Block] | e 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 (111,532 ) (705,725 ) (362,384 ) Non-cash and non-operating items: Unrealized gain on derivative instruments (270 ) (2,932 ) (2,336 ) Impairments of investments and advances 103,420 651,473 338,749 Income tax (recovery) expense (7 ) 208 251 Stock-based compensation 7,400 7,329 6,952 Dividends-in-kind (10,000 ) (10,000 ) (58,000 ) Other 19,160 7,453 3,262 Change in operating assets and liabilities (15,314 ) (36,296 ) 718 Net operating cash flow (7,143 ) (88,490 ) (72,788 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt, net of issuance costs 250,000 120,713 — Debt issuance costs (15,029 ) — — Prepayments of long-term debt (480,851 ) (85,654 ) — Advances from affiliates 227,157 39,293 103,400 Net proceeds from equity issuances — 103,655 25,636 Cash dividends paid (5,523 ) (22,081 ) (18,967 ) Other financing activities (637 ) (651 ) (662 ) Net financing cash flow (24,883 ) 155,275 109,407 INVESTING ACTIVITIES Investments in subsidiaries — (7,109 ) (24,443 ) Other investing activities — (45 ) 1,289 Net investing cash flow — (7,154 ) (23,154 ) (Decrease) increase in cash and cash equivalents (32,026 ) 59,631 13,465 Cash and cash equivalents, beginning of the year 81,681 22,050 8,585 Cash and cash equivalents, end of the year 49,655 81,681 22,050 Supplemental cash flow information ( note 4 ) The accompanying notes are an integral part of the condensed non-consolidated financial information. |
Teekay Corporation | |
Summary of Long-Term Debt | December 31, 2019 December 31, 2018 Senior Notes (8.5%) due January 15, 2020 36,712 508,577 Senior Notes (9.25%) due November 15, 2022 250,000 — Convertible Senior Notes (5%) due January 15, 2023 125,000 125,000 Total principal 411,712 633,577 Less unamortized discount and debt issuance costs (25,061 ) (19,236 ) Total debt 386,651 614,341 Less current portion (36,674 ) — Long-term portion 349,977 614,341 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Basis of Presentation (Details) - USD ($) | Nov. 25, 2019 | May 08, 2019 | Dec. 31, 2019 | Dec. 31, 2017 | May 07, 2019 | Nov. 24, 2019 | Dec. 31, 2018 | Sep. 25, 2017 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Stockholders' Equity, Reverse Stock Split | one-for-eight | |||||||
Common Stock, Shares, Outstanding | 100,784,422 | 100,435,210 | ||||||
Teekay LNG and Teekay Tankers [Member] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||
Teekay LNG | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 33.90% | 33.10% | ||||||
General Partner of Teekay LNG [Domain] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||
Teekay Offshore | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | |||||||
Common Stock | Teekay Offshore | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 13.80% | |||||||
General Partner | Teekay LNG | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Interest of Company's general partner | 2.00% | |||||||
General Partner | Teekay Offshore | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Interest of Company's general partner | 49.00% | 2.00% | 49.00% | |||||
Teekay Tankers | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Stockholders' Equity, Reverse Stock Split | one-for-eight | one-for-eight | ||||||
Common Stock, Voting Rights, Votes Per Share Owned | $ 5 | |||||||
Teekay Tankers | Teekay Tankers | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 28.70% | 28.80% | ||||||
Teekay Corporation | Teekay LNG and Teekay Tankers [Member] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||
Common Class A | Teekay Tankers | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Common Stock, Shares, Outstanding | 29,000,000 | 232,000,000 | ||||||
Common Class B | Teekay Tankers | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||
Common Stock, Shares, Outstanding | 4,600,000 | 37,000,000 | ||||||
Common Stock Maximum Voting Power | 49.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Non-controlling Interests (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)componentpartner | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 25, 2017 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net income (loss) attributable to non-controlling interests | $ 161,591 | $ 21,490 | $ (365,796) | |
Net Income (Loss) Attributable to Parent | (310,577) | (79,237) | (163,276) | |
Net loss | (148,986) | (57,747) | (529,072) | |
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 | 161,591 | 21,490 | (365,796) | |
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 | 11,814 | 13,506 | 8,208 | |
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 | 40,138 | 30,463 | 46,786 | |
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 | 83,894 | (48,230) | (468,598) | |
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 | 25,702 | 25,701 | 50,318 | |
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 | 113,661 | 58,863 | 2,879 | |
Net Income (Loss) Attributable to Parent | 50,943 | 18,012 | (3,968) | |
Net loss | 164,604 | 76,875 | (1,089) | |
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 | 11,814 | 13,506 | (54) | |
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 | 40,138 | 30,463 | 30,474 | |
Net Income (Loss) Attributable to Parent | 20,368 | 15,026 | 15,027 | |
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 | 36,007 | (10,807) | (41,520) | |
Net Income (Loss) Attributable to Parent | 30,575 | 2,986 | (18,995) | |
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 | 25,702 | 25,701 | 13,979 | |
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 | 47,887 | (37,423) | (28,893) | |
Net Income (Loss) Attributable to Parent | (6,525) | (15,125) | (30,434) | |
Net loss | 41,362 | (52,548) | (59,327) | |
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 | 47,887 | (37,423) | (28,893) | |
Net Income (Loss) Attributable to Parent | (6,525) | (15,125) | (30,434) | |
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 | $ 43 | $ 50 | (2,510) | |
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) | |||
Number of Components in Segment | component | 2 | |||
Net Income (Loss) Attributable to Parent | 340,014 | |||
Net loss | 2,742 | |||
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 | |||
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 | |||
Net Income (Loss) Attributable to Parent | 5,981 | |||
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) | |||
Net Income (Loss) Attributable to Parent | 334,033 | |||
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 | |||
General Partner | Teekay Offshore and Teekay LNG | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of Partners | partner | 1 | |||
Teekay LNG | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 33.90% | 33.10% | ||
Teekay Offshore | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||
Deferred Gain (Loss) on Sale of Assets | Teekay Offshore | 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 | $ 349,600 | |||
Preferred Unitholders | Teekay LNG | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | |||
Preferred Unitholders | Teekay Offshore | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 1,945,391 | $ 1,728,488 | $ 1,880,332 |
Accounting Standards Update 2014-09 | Reimbursable voyage costs [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 20,700 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Vessels and equipment (Detail) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||||
Interest Costs Capitalized | $ 300 | $ 14,800 | $ 36,300 | |
Vessels and equipment | ||||
Depreciation, Depletion and Amortization | 290,672 | 276,307 | 485,829 | |
Asset retirement obligation | ||||
Asset retirement obligation | 30,900 | 27,800 | ||
Goodwill, intangibles and other non-current assets (notes 6 and 16) | 133,466 | 179,270 | ||
Asset retirement obligation | ||||
Asset retirement obligation | ||||
Goodwill, intangibles and other non-current assets (notes 6 and 16) | $ 8,400 | 7,500 | ||
Liquefied Natural Gas | ||||
Vessels and equipment | ||||
Property, plant and equipment, useful life | 35 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, Depletion and Amortization | $ 239,900 | $ 244,000 | $ 397,600 | |
Dry-docking activity | ||||
Vessels and equipment | ||||
Property, Plant and Equipment, Estimated Useful Lives | two and a half to five years | |||
Maximum | FPSO | ||||
Vessels and equipment | ||||
Property, plant and equipment, useful life | 25 years | |||
Petrojarl Banff [Member] | Service Life [Member] | ||||
Vessels and equipment | ||||
Property, plant and equipment, useful life | 11 months | |||
Depreciation | $ 1,700 | |||
Unusual or Infrequent Item, or Both, Earnings Per Share Impact, Net | $ 0.02 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Capitalized Dry Docking Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Drydocking Cost Incurred | $ 60,608 | $ 44,690 | $ 50,899 |
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | 5,517,133 | ||
Balance at the end of the year | 5,033,130 | 5,517,133 | |
Dry-docking activity | |||
Property, Plant and Equipment [Line Items] | |||
Drydocking Cost Incurred | 56,371 | 43,155 | 52,677 |
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | 96,384 | 89,372 | 135,700 |
Dry-dock amortization | (39,283) | (33,684) | (49,686) |
Write-down / sales of vessels | (2,901) | (2,459) | (49,319) |
Balance at the end of the year | $ 110,571 | $ 96,384 | $ 89,372 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Atrributable to Parent [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | $ (2,273) | $ (5,995) | $ (10,603) |
Other comprehensive (loss) income and other | (21,464) | 3,722 | 4,608 |
Ending Balance | (23,737) | (2,273) | (5,995) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 903 | 1,409 | (41) |
Other comprehensive (loss) income and other | (20,311) | (506) | 1,450 |
Ending Balance | (19,408) | 903 | 1,409 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (3,176) | (10,697) | (12,160) |
Other comprehensive (loss) income and other | (1,153) | 7,521 | 1,463 |
Ending Balance | (4,329) | (3,176) | (10,697) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | 0 | (416) |
Other comprehensive (loss) income and other | 0 | 0 | 416 |
Ending Balance | 0 | 0 | 0 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | 3,293 | 2,014 |
Other comprehensive (loss) income and other | 0 | (3,293) | 1,279 |
Ending Balance | $ 0 | $ 0 | $ 3,293 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Employee Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Pension Plans [Abstract] | |||
Defined Contribution Plan, Cost | $ 8.1 | $ 7.9 | $ 11.8 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 1.7 | $ 0.7 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Accounting Pronouncements (Details) | 12 Months Ended | ||||||
Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 08, 2019USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2016USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Revenues | $ 1,945,391,000 | $ 1,728,488,000 | $ 1,880,332,000 | ||||
Vessel operating expenses | 644,445,000 | 637,474,000 | 731,150,000 | ||||
Direct financing lease payments received | $ 17,073,000 | 0 | 0 | ||||
Finance Leased Assets, Number of Units | vessel | 22 | ||||||
Accounts receivable | $ (199,957,000) | (174,031,000) | |||||
Operating Lease, Right-of-Use Asset | 159,638,000 | 0 | |||||
Foreign exchange (loss) gain (notes 9 and 16) | (13,574,000) | 6,140,000 | (26,463,000) | ||||
Decrease to opening equity | (2,571,593,000) | (2,867,028,000) | (2,879,656,000) | $ (4,089,293,000) | |||
Net operating cash flow | (383,306,000) | (182,135,000) | (544,264,000) | ||||
Accumulated other comprehensive loss (note 1) | (23,737,000) | (2,273,000) | |||||
Investments in subsidiaries | 1,173,728,000 | 1,193,741,000 | |||||
Voyage expenses | 423,677,000 | 409,617,000 | 153,766,000 | ||||
Accounting Standards Update 2014-09 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Change in accounting policy | $ 0 | ||||||
Prepaid expenses and other | 20,200,000 | ||||||
Accounting Standards Update 2016-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Direct financing lease payments received | 17,100,000 | 10,900,000 | |||||
Operating Lease, Right-of-Use Asset | 148,600,000 | $ 170,000,000 | |||||
Lease liability | 148,600,000 | 170,000,000 | |||||
Foreign exchange (loss) gain (notes 9 and 16) | 200,000 | ||||||
Investments in subsidiaries | 100,000 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 100,000 | 100,000 | |||||
Accounting Standards Update 2017-12 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1,600,000 | ||||||
Teekay Offshore | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | ||||||
Pre-operational costs | Accounting Standards Update 2014-09 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Change in accounting policy | 5,700,000 | 4,100,000 | |||||
Increase in Prepaid Expenses and Other | 3,500,000 | ||||||
Increase in Investments in and Advance to Joint Ventures | 2,200,000 | ||||||
Voyage charters | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Revenues | 917,954,000 | 710,441,000 | 169,344,000 | ||||
Voyage charters | Accounting Standards Update 2014-09 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Revenues | 292,600,000 | ||||||
Voyage expenses | (292,600,000) | ||||||
Reimbursable voyage costs [Member] | Accounting Standards Update 2014-09 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Revenues | 20,700,000 | ||||||
Voyage expenses | 20,700,000 | ||||||
Vessels [Member] | Accounting Standards Update 2014-09 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Revenues | (82,900,000) | ||||||
Voyage expenses | 82,900,000 | ||||||
Non-lease | Accounting Standards Update 2014-09 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Change in accounting policy | $ 0 | ||||||
Increase in revenue from contract with customer | 0 | ||||||
Time-charter [Member] | Accounting Standards Update 2016-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | 13,700,000 | ||||||
Office Building [Member] | Accounting Standards Update 2016-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Lease liability | 13,900,000 | ||||||
Time-charter [Member] | Accounting Standards Update 2016-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | 900,000 | ||||||
Other Noncurrent Assets [Member] | Office Building [Member] | Accounting Standards Update 2016-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | 13,700,000 | ||||||
AOCI Atrributable to Parent [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accumulated other comprehensive loss (note 1) | $ (23,737,000) | $ (2,273,000) | $ (5,995,000) | $ (10,603,000) | |||
AOCI Atrributable to Parent [Member] | Accounting Standards Update 2017-12 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accumulated other comprehensive loss (note 1) | $ 1,600,000 |
Revenue - Revenue (Details)
Revenue - Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,945,391 | $ 1,728,488 | $ 1,880,332 |
Voyage expenses | 423,677 | 409,617 | 153,766 |
Lease revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating Leases, Income Statement, Lease Revenue | 1,554,883 | 1,322,259 | 1,580,029 |
Revenues | 1,705,396 | 1,500,134 | 1,742,923 |
Sales-type Lease, Interest Income, Lease Receivable | 51,676 | 41,963 | 49,275 |
Operating Lease, Variable Lease Income | 50,024 | 39,233 | 64,920 |
Variable Lease, Payment | 48,813 | 96,679 | 48,699 |
Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 579,930 | 521,962 | 700,321 |
Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 917,954 | 710,441 | 169,344 |
Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 18,387 | 24,549 | 79,693 |
FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 210,816 | 261,736 | 541,502 |
Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 145,001 | ||
Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 129,624 | ||
Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 218,304 | 209,800 | 114,847 |
Non-lease revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 239,995 | 228,354 | 137,409 |
Operating Segments | Teekay LNG | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 601,256 | 510,762 | 432,676 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 594,514 | 478,439 | 385,683 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 533,294 | 420,262 | 332,751 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 36,351 | 23,922 | 2,285 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 18,387 | 23,820 | 40,058 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay LNG | Liquefied Gas Carriers | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,482 | 10,435 | 10,589 |
Operating Segments | Teekay LNG | Conventional Tankers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,742 | 32,323 | 46,993 |
Operating Segments | Teekay LNG | Conventional Tankers | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,742 | 17,405 | 39,171 |
Operating Segments | Teekay LNG | Conventional Tankers | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 14,591 | 6,709 |
Operating Segments | Teekay LNG | Conventional Tankers | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay LNG | Conventional Tankers | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay LNG | Conventional Tankers | Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay LNG | Conventional Tankers | Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay LNG | Conventional Tankers | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 327 | 1,113 |
Operating Segments | Teekay Tankers | Conventional Tankers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 943,917 | 776,493 | 431,178 |
Operating Segments | Teekay Tankers | Conventional Tankers | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 17,495 | 59,976 | 112,100 |
Operating Segments | Teekay Tankers | Conventional Tankers | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 881,603 | 671,928 | 125,774 |
Operating Segments | Teekay Tankers | Conventional Tankers | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Tankers | Conventional Tankers | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Tankers | Conventional Tankers | Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 139,936 | ||
Operating Segments | Teekay Tankers | Conventional Tankers | Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Tankers | Conventional Tankers | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 44,819 | 44,589 | 53,368 |
Operating Segments | Teekay Parent | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 413,806 | 451,659 | 303,566 |
Operating Segments | Teekay Parent | Conventional Tankers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,065 | ||
Operating Segments | Teekay Parent | Conventional Tankers | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Conventional Tankers | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Conventional Tankers | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Conventional Tankers | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Conventional Tankers | Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,065 | ||
Operating Segments | Teekay Parent | Conventional Tankers | Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Conventional Tankers | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Offshore Production | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 210,816 | 261,736 | 209,394 |
Operating Segments | Teekay Parent | Offshore Production | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Offshore Production | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Offshore Production | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Offshore Production | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 210,816 | 261,736 | 209,394 |
Operating Segments | Teekay Parent | Offshore Production | Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Offshore Production | Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Offshore Production | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Teekay Parent | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 33,961 | 33,737 | |
Operating Segments | Teekay Parent | Teekay Parent | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Operating Segments | Teekay Parent | Teekay Parent | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Operating Segments | Teekay Parent | Teekay Parent | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Operating Segments | Teekay Parent | Teekay Parent | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 169,029 | 156,186 | |
Operating Segments | Teekay Parent | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 202,990 | 189,923 | 89,107 |
Operating Segments | Teekay Parent | Other | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 41,734 | ||
Operating Segments | Teekay Parent | Other | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Other | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Other | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Other | Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Other | Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Operating Segments | Teekay Parent | Other | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 47,373 | ||
Operating Segments | Teekay Offshore | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 796,711 |
Operating Segments | Teekay Offshore | Offshore Production | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 796,711 | ||
Operating Segments | Teekay Offshore | Offshore Production | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 231,950 | ||
Operating Segments | Teekay Offshore | Offshore Production | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34,576 | ||
Operating Segments | Teekay Offshore | Offshore Production | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 68,453 | ||
Operating Segments | Teekay Offshore | Offshore Production | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 332,108 | ||
Operating Segments | Teekay Offshore | Offshore Production | Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | |||
Operating Segments | Teekay Offshore | Offshore Production | Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 129,624 | ||
Operating Segments | Teekay Offshore | Offshore Production | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (13,588) | (10,426) | (83,799) |
Intersegment Eliminations | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (11,562) | (9,418) | (57,385) |
Intersegment Eliminations | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Intersegment Eliminations | Bareboat charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 729 | (28,818) |
Intersegment Eliminations | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Intersegment Eliminations | Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Intersegment Eliminations | Contracts of affreightment | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Intersegment Eliminations | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (2,026) | (1,737) | 2,404 |
Intersegment Eliminations | Teekay LNG | Liquefied Gas Carriers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 11,562 | 9,418 | 36,358 |
Intersegment Eliminations | Teekay Tankers | Conventional Tankers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (1,979) | (1,689) | 0 |
Intersegment Eliminations | Teekay Offshore | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 34,232 |
Non-lease Component [Member] | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 218,304 | 209,800 | 114,847 |
Non-lease Component [Member] | Non-lease revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 21,691 | 18,554 | $ 22,562 |
Accounting Standards Update 2014-09 | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 292,600 | ||
Voyage expenses | $ (292,600) |
Revenue - Operating Leases (Det
Revenue - Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property Subject to or Available for Operating Lease [Line Items] | |||
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 680,000 | $ 630,800 | |
Lessor, Operating Lease, Payments to be Received, Two Years | 586,900 | 524,600 | |
Lessor, Operating Lease, Payments to be Received, Three Years | 484,600 | 457,500 | |
Lessor, Operating Lease, Payments to be Received, Four Years | 334,900 | 382,000 | |
Lessor, Operating Lease, Payments to be Received, Five Years | 259,300 | 291,800 | |
Property, Plant and Equipment, Net | 5,033,130 | 5,517,133 | |
Accumulated depreciation | 1,259,404 | 1,270,460 | |
Assets Leased to Others [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property, Plant and Equipment, Net | 3,100,000 | 3,400,000 | $ 3,100,000 |
Property, Plant and Equipment, Gross | 3,900,000 | 4,300,000 | 4,100,000 |
Accumulated depreciation | $ 800,000 | $ 800,000 | $ 1,000,000 |
Revenue - Direct Financing Leas
Revenue - Direct Financing Leases (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2019vessel | Nov. 30, 2013vesselm³ | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Sep. 30, 2018 | |
Property Subject to or Available for Operating Lease [Line Items] | |||||
Contract with Customer, Liability, Revenue Recognized | $ 26,400,000 | $ 29,500,000 | |||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 1,115,968,000 | 897,130,000 | |||
Residual Value of Leased Asset | 284,277,000 | 291,098,000 | |||
Deferred Costs, Leasing, Net | 296,000 | 329,000 | |||
Deferred Lease Income, after Accumulated Amortization | 581,732,000 | 613,394,000 | |||
Direct Financing Lease, Net Investment in Lease | 818,809,000 | 575,163,000 | |||
Net Investment in Lease, Current | (273,986,000) | (12,635,000) | |||
Net Investment in Lease, Noncurrent | 544,823,000 | 562,528,000 | |||
Teekay LNG | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | 324,700,000 | 63,900,000 | |||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 64,200,000 | 64,300,000 | |||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 64,200,000 | 64,200,000 | |||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 64,000,000 | 64,200,000 | |||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 64,300,000 | 64,000,000 | |||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 534,600,000 | $ 576,500,000 | |||
Maximum | Teekay LNG | Awilco LNG carriers | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Operating lease arrangement period, lessor (in years) | 5 years | ||||
Minimum | Teekay LNG | Awilco LNG carriers | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Operating lease arrangement period, lessor (in years) | 4 years | ||||
Direct Finance Lease [Member] | Teekay LNG | Awilco LNG carriers | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Number of vessels | vessel | 2 | 2 | |||
Carriers volume (in cubic meters) | m³ | 155,900 | ||||
Additional time period for fixed rate time charters contract (in years) | 1 year | ||||
Gain (Loss) on Contract Termination | 14,300,000 | ||||
Direct Finance Lease [Member] | Maximum | Teekay LNG | Awilco LNG carriers | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Deferred rent receivables, net | 20,600 | ||||
Direct Finance Lease [Member] | Minimum | Teekay LNG | Awilco LNG carriers | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Deferred rent receivables, net | $ 10,600 | ||||
Bahrain LNG Joint Venture | LNG receiving and regasification terminal | Teekay LNG | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Operating lease arrangement period, lessor (in years) | 20 years | ||||
Bahrain LNG Joint Venture | Lease Agreements | Time charters | LNG receiving and regasification terminal | Teekay LNG | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Operating lease arrangement period, lessor (in years) | 21 years | 21 years | |||
Teekay Tangguh Joint Venture | Assets Leased to Others [Member] | Teekay LNG | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Number of vessels | vessel | 2 | ||||
Teekay Tangguh Joint Venture | Teekay LNG | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Ownership percentage | 70.00% |
Revenue - Contract Costs, Asset
Revenue - Contract Costs, Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Contract liabilities | $ 32.4 | $ 26.4 |
Contract with Customer, Liability, Revenue Recognized | 26.4 | 29.5 |
Teekay LNG | ||
Disaggregation of Revenue [Line Items] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | 324.7 | 63.9 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 64.2 | 64.3 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 64.2 | 64.2 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 64 | 64.2 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 64.3 | 64 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | $ 534.6 | $ 576.5 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019subsidiarysegment | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 3 |
Number of Operating Segments | 1 |
Public Subsidiaries | |
Segment Reporting Information [Line Items] | |
Number of subsidiaries | subsidiary | 2 |
Segment Reporting - Revenue and
Segment Reporting - Revenue and Income from Vessel Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,945,391 | $ 1,728,488 | $ 1,880,332 |
Operating Income (Loss) | 204,042 | 164,319 | 6,700 |
Eliminations and other | |||
Segment Reporting Information [Line Items] | |||
Revenues | (13,588) | (10,426) | (83,799) |
Operating Income (Loss) | 0 | 0 | 0 |
Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (10,927) | (14,442) | (20,277) |
Teekay Parent | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 345 | 5,089 |
Operating Income (Loss) | (19,875) | (23,460) | (33,467) |
Teekay Parent | Offshore Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (208,167) | 22,958 | (256,758) |
Teekay Parent | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 5,065 |
Operating Income (Loss) | 0 | 0 | (13,390) |
Teekay Offshore | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 796,711 |
Operating Income (Loss) | 0 | 0 | 147,060 |
Teekay Offshore | Offshore Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 796,711 | ||
Teekay LNG | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 601,256 | 510,762 | 432,676 |
Operating Income (Loss) | 299,253 | 148,599 | 148,649 |
Teekay LNG | Liquefied Gas Carriers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 594,514 | 478,439 | 385,683 |
Operating Income (Loss) | 300,520 | 169,918 | 188,676 |
Teekay LNG | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 6,742 | 32,323 | 46,993 |
Operating Income (Loss) | (1,267) | (21,319) | (40,027) |
Teekay Tankers | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 943,917 | 776,493 | 431,178 |
Operating Income (Loss) | 123,883 | 7,204 | 1,416 |
Teekay Parent [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 413,806 | 451,659 | 303,566 |
Operating Income (Loss) | (219,094) | 8,516 | (290,425) |
Teekay Parent [Member] | Offshore Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 210,816 | 261,736 | 209,394 |
Teekay Parent [Member] | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,065 | ||
Teekay Parent [Member] | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 202,990 | $ 189,923 | $ 89,107 |
Segment Reporting - Revenue a_2
Segment Reporting - Revenue and Income from Vessel Operations by Segment - Intersegment revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ (1,945,391) | $ (1,728,488) | $ (1,880,332) |
Operating Income (Loss) | 204,042 | 164,319 | 6,700 |
Eliminations and other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13,588 | 10,426 | 83,799 |
Operating Income (Loss) | 0 | 0 | 0 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13,588 | 10,426 | 83,799 |
Teekay LNG Liquefied Gas Carriers, Teekay Tankers Conventional Tankers [Member] | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (13,541) | (11,107) | |
Other Segments | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (70,590) | ||
Teekay Parent | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | (345) | (5,089) |
Operating Income (Loss) | (19,875) | (23,460) | (33,467) |
Teekay Offshore | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | (34,232) |
Teekay LNG | Liquefied Gas Carriers | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (11,562) | (9,418) | (36,358) |
Teekay Tankers | Conventional Tankers | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,979 | $ 1,689 | $ 0 |
Segment Reporting - Revenues an
Segment Reporting - Revenues and Percentage of Consolidated Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | |||
Revenues | $ 1,945,391 | $ 1,728,488 | $ 1,880,332 |
Customer Concentration Risk | Sales Revenue, Net | Royal Dutch Shell Plc | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 259,400 | ||
Percentage of consolidated revenues | 14.00% | ||
Customer Concentration Risk | Sales Revenue, Net | BP plc [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 195,000 | $ 195,000 | $ 183,000 |
Percentage of consolidated revenues | 11.00% | 11.00% | 10.00% |
Segment Reporting - Other Incom
Segment Reporting - Other Income Statement Items by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | $ (290,672) | $ (276,307) | $ (485,829) |
Write-down and loss on sale of vessels | (170,310) | (53,693) | (270,743) |
Equity Income (Loss) | (14,523) | 61,054 | (37,344) |
Teekay Parent | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | (29,905) | (33,415) | (60,397) |
Write-down and loss on sale of vessels | (178,330) | 0 | (205,659) |
Equity Income (Loss) | 127 | 13,195 | (31,330) |
Teekay Parent | Offshore Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | (29,710) | (33,271) | (60,560) |
Write-down and loss on sale of vessels | (178,330) | 0 | (205,659) |
Equity Income (Loss) | 0 | 15,089 | (7,861) |
Teekay Parent | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 0 | 0 | 0 |
Write-down and loss on sale of vessels | 0 | 0 | 0 |
Equity Income (Loss) | 0 | (510) | (20,677) |
Teekay Parent | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | (195) | (144) | 163 |
Write-down and loss on sale of vessels | 0 | 0 | 0 |
Equity Income (Loss) | 127 | (1,384) | (2,792) |
Teekay Offshore | |||
Segment Reporting Information [Line Items] | |||
Equity Income (Loss) | (75,814) | (6,907) | (2,461) |
Equity Method Investment, Other than Temporary Impairment | 64,900 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900 | ||
Teekay Offshore | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 0 | 0 | (219,406) |
Write-down and loss on sale of vessels | 0 | 0 | (1,500) |
Equity Income (Loss) | 0 | 0 | 12,028 |
Teekay LNG | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 5,600 | ||
Teekay LNG | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | (136,765) | (124,378) | (105,545) |
Write-down and loss on sale of vessels | 13,564 | (53,863) | (50,600) |
Equity Income (Loss) | 58,819 | 53,546 | 9,789 |
Teekay LNG | Liquefied Gas Carriers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | (136,069) | (119,108) | (95,025) |
Write-down and loss on sale of vessels | 14,349 | (33,000) | 0 |
Equity Income (Loss) | 58,819 | 53,546 | 9,789 |
Teekay LNG | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | (696) | (5,270) | (10,520) |
Write-down and loss on sale of vessels | (785) | (20,863) | (50,600) |
Equity Income (Loss) | 0 | 0 | 0 |
Teekay Tankers | Conventional Tankers | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | (124,002) | (118,514) | (100,481) |
Write-down and loss on sale of vessels | (5,544) | 170 | (12,984) |
Equity Income (Loss) | $ 2,345 | $ 1,220 | $ (25,370) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total assets | $ (8,072,864) | $ (8,391,670) |
Segment Reconciling Items | Cash and cash equivalents | ||
Segment Reporting Information [Line Items] | ||
Total assets | (353,241) | (424,169) |
Segment Reconciling Items | Other assets not allocated | ||
Segment Reporting Information [Line Items] | ||
Total assets | (102,701) | (70,153) |
Consolidation, Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total assets | (14,746) | 19,414 |
Teekay Parent | ||
Segment Reporting Information [Line Items] | ||
Total assets | (1,055,191) | (1,246,858) |
Teekay Offshore | Offshore Production | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 0 | (233,225) |
Teekay LNG | Liquefied Gas Carriers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | (5,249,465) | (5,188,088) |
Teekay LNG | Conventional Tankers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 0 | (39,450) |
Teekay Tankers | Conventional Tankers | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | (2,140,652) | (2,106,169) |
Teekay Parent [Member] | Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | (80,455) | (38,280) |
Teekay Parent [Member] | Offshore Production | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (161,096) | $ (311,550) |
Segment Reporting - Capital Exp
Segment Reporting - Capital Expenditures by Segment (Detail) - Operating Segments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 109,523 | $ 693,792 |
Teekay LNG | Liquefied Gas Carriers | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 96,357 | 687,841 |
Teekay LNG | Conventional Tankers | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 1,538 | 124 |
Teekay Tankers | Conventional Tankers | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 11,628 | $ 5,827 |
Deconsolidation of Teekay Off_3
Deconsolidation of Teekay Offshore - Narrative (Details) shares in Millions | May 08, 2019USD ($) | May 08, 2019USD ($) | Jan. 01, 2018company | Sep. 25, 2017USD ($) | Jul. 31, 2018shares | Dec. 31, 2018 | Sep. 24, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 07, 2019 |
Business Acquisition [Line Items] | |||||||||||
Proceeds from sale of equity-accounted investments and related assets | $ 100,000,000 | $ 81,823,000 | $ 0 | ||||||||
Equity method investment, ownership interest | 100.00% | ||||||||||
Fair Value Discounted Cash Flow Discount Rate | 10.00% | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 161,591,000 | 21,490,000 | (365,796,000) | ||||||||
Number of Entities Transferred | company | 7 | ||||||||||
Loss on deconsolidation of Altera (note 4) | 0 | (7,070,000) | (104,788,000) | ||||||||
Subsidiaries | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 161,591,000 | $ 21,490,000 | (365,796,000) | ||||||||
Teekay Offshore | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Investment in Teekay Offshore | $ 150,100,000 | ||||||||||
Teekay Offshore | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||||||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | $ 25,000,000 | |||||||||
Common Units | Teekay Offshore | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 13.80% | 0.00% | 13.80% | ||||||||
Equity method investment, ownership interest | 14.00% | ||||||||||
General Partner | Brookfield | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 51.00% | ||||||||||
General Partner | Teekay | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 2.00% | 49.00% | |||||||||
General Partner | Teekay Offshore | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Interest of Company's general partner | 100.00% | ||||||||||
Equity method investment, ownership interest | 51.00% | ||||||||||
Brookfield | General Partner | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Percentage of ownership acquired | 49.00% | ||||||||||
Teekay | Teekay Offshore | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of warrants to be issued (in shares) | shares | 1 | ||||||||||
Teekay Offshore | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Proceeds from sale of equity-accounted investments and related assets | 100,000,000 | ||||||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | $ 25,000,000 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (337,272,000) | ||||||||||
Loss on deconsolidation of Altera (note 4) | $ (104,788,000) | ||||||||||
Teekay Offshore | Deferred Gain (Loss) on Sale of Assets | Subsidiaries | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 349,600,000 | ||||||||||
Teekay Offshore | General Partner | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Investment in Teekay Offshore | $ 150,132,000 | ||||||||||
Transferred Subsidiaries | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Loss on deconsolidation of Altera (note 4) | $ 7,070,000 | ||||||||||
Disposed of by sale | Transferred Subsidiaries | Teekay Offshore | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership percentage | 100.00% | ||||||||||
General Partner | Teekay Offshore | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Interest of Company's general partner | 49.00% | 2.00% | 49.00% |
Deconsolidation of Teekay Off_4
Deconsolidation of Teekay Offshore - Schedule of Deconsolidation (Details) - USD ($) $ in Thousands | Sep. 25, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Noncontrolling Interest [Line Items] | ||||
Carrying value of the non-controlling interest in Altera | $ 881,830 | |||
Loss on deconsolidation of Altera | $ 0 | $ (7,070) | $ (104,788) | |
Teekay Offshore | ||||
Noncontrolling Interest [Line Items] | ||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 139,693 | |||
Fair value of vessel charters with Altera (notes 6 and 7) | 14,812 | |||
Carrying value of the non-controlling interest in Altera | 1,138,275 | |||
Subtotal | 1,479,508 | |||
Carrying value of Altera's net assets on deconsolidation | (1,584,296) | |||
Loss on deconsolidation of Altera | (104,788) | |||
Teekay Offshore | Stock Purchase Warrants | ||||
Noncontrolling Interest [Line Items] | ||||
Fair value of warrants (note 16) | 36,596 | |||
Teekay Offshore | General Partner | ||||
Noncontrolling Interest [Line Items] | ||||
Fair value of common units and general partner interest of Altera | $ 150,132 |
Equity Financing Transactions_3
Equity Financing Transactions of the Daughter Companies - Summary of Proceeds Received from Financial Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsidiary, Sale of Stock [Line Items] | |||
Net cash proceeds | $ 0 | $ 0 | $ 172,930 |
Teekay Tankers | Continuous Offering Program | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares / units | 475,000 | ||
Sale of Stock, Consideration Received Per Transaction | $ 8,826 | ||
Less: Teekay Corporation Portion | 0 | ||
Offering Expenses | (305) | ||
Net cash proceeds | $ 8,521 | ||
Teekay Tankers | Private Equity Placement | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares / units | 269,396.5 | ||
Sale of Stock, Consideration Received Per Transaction | $ 5,000 | ||
Less: Teekay Corporation Portion | (5,000) | ||
Offering Expenses | 0 | ||
Net cash proceeds | $ 0 | ||
Teekay Tankers | Direct Equity Placement | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares / units | 1,721,903 | ||
Sale of Stock, Consideration Received Per Transaction | $ 25,897 | ||
Less: Teekay Corporation Portion | (25,897) | ||
Offering Expenses | 0 | ||
Net cash proceeds | $ 0 | ||
Teekay Tankers | Direct Equity Placement | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares / units | 11,122,193 | ||
Sale of Stock, Consideration Received Per Transaction | $ 151,262 | ||
Less: Teekay Corporation Portion | (14,025) | ||
Offering Expenses | 0 | ||
Net cash proceeds | $ 137,237 | ||
Teekay Offshore | Private Equity Placement | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares / units | 6,521,518 | ||
Sale of Stock, Consideration Received Per Transaction | $ 29,817 | ||
Less: Teekay Corporation Portion | (17,160) | ||
Offering Expenses | (212) | ||
Net cash proceeds | $ 12,445 | ||
Teekay LNG | Preferred Units Offering | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares / units | 6,800,000 | ||
Sale of Stock, Consideration Received Per Transaction | $ 170,000 | ||
Less: Teekay Corporation Portion | 0 | ||
Offering Expenses | (5,589) | ||
Net cash proceeds | $ 164,411 |
Equity Financing Transactions_4
Equity Financing Transactions of the Daughter Companies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 25, 2019 | May 08, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 07, 2019 | Nov. 24, 2019 | Nov. 30, 2017 | Nov. 27, 2017 | Sep. 25, 2017 | May 31, 2017 | Dec. 31, 2016 |
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Stockholders' Equity, Reverse Stock Split | one-for-eight | |||||||||||
Common Stock, Shares, Outstanding | 100,784,422 | 100,435,210 | ||||||||||
Income from vessel operations | $ 204,042 | $ 164,319 | $ 6,700 | |||||||||
Payments for Repurchase of Common Stock | $ 25,729 | $ 0 | 0 | |||||||||
Increases (decreases) to retained earnings | $ 23,530 | |||||||||||
Tanker Investments Ltd. | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Amount purchased for shares | $ 151,300 | |||||||||||
Acquisition price (in dollars per share) | $ 1.70 | |||||||||||
Common Stock | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Common Stock, Shares, Outstanding | 100,784,000 | 100,435,000 | 89,127,000 | 86,150,000 | ||||||||
Retained Earnings | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Increases (decreases) to retained earnings | $ 23,530 | |||||||||||
Teekay Parent | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Income from vessel operations | $ (19,875) | $ (23,460) | (33,467) | |||||||||
Teekay Offshore | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900 | |||||||||||
Fair value of vessel charters with Teekay Offshore | $ 14,812 | |||||||||||
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% | |||||||||||
Teekay Offshore | Series D Preferred Stock | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Preferred units dividend rate | 10.50% | |||||||||||
Teekay Offshore | Common Stock | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Payment in kind distributions (in units) | 2,400,000 | |||||||||||
Teekay Offshore | Payment in Kind | Common Stock | Teekay Parent | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Payment in kind distributions (in units) | 1,700,000 | |||||||||||
Teekay LNG | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 5,600 | |||||||||||
Teekay Tankers | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Stockholders' Equity, Reverse Stock Split | one-for-eight | one-for-eight | ||||||||||
Teekay Tankers | Tanker Investments Ltd. | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Amount purchased for shares | $ 151,300 | |||||||||||
Teekay Tankers | Common Class A | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Common Stock, Shares, Outstanding | 29,000,000 | 232,000,000 | ||||||||||
Teekay Tankers | Common Class B | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Common Stock, Shares, Outstanding | 4,600,000 | 37,000,000 | ||||||||||
TTOL [Member] | Teekay Tankers | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Ownership percentage | 50.00% | |||||||||||
Tanker Investments Ltd. | Teekay Parent | Tanker Investments Ltd. | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Ownership percentage | 8.20% | |||||||||||
Tanker Investments Ltd. | Teekay Tankers | Tanker Investments Ltd. | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Ownership percentage | 88.70% | |||||||||||
Teekay Offshore | Series D Preferred Stock | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Ownership percentage | 74.00% | |||||||||||
Teekay Offshore | General Partner | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Interest of Company's general partner | 49.00% | 2.00% | 49.00% | |||||||||
Common Unit Repurchase Program 2018 [Member] | Teekay LNG | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | |||||||||||
Stock Repurchased During Period, Shares | 1,900,000 | 300,000 | ||||||||||
Payments for Repurchase of Common Stock | $ 25,200 | $ 3,700 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Carrying Amount of Goodwill for Company's Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill | $ 38,058 | $ 43,690 |
Goodwill, Period Increase (Decrease) | (5,632) | |
Teekay LNG | Liquefied Gas Segment | ||
Goodwill [Line Items] | ||
Goodwill | 35,631 | 35,631 |
Teekay Tankers | Conventional Tanker Segment | ||
Goodwill [Line Items] | ||
Goodwill | 2,427 | $ 8,059 |
Goodwill, Period Increase (Decrease) | $ (5,632) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)vessel | Dec. 31, 2019USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 233,594 | $ 196,146 |
Accumulated Amortization | (155,821) | (150,221) |
Net Carrying Amount | 77,773 | 45,925 |
Customer contracts | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 193,194 | 192,938 |
Accumulated Amortization | (140,756) | (149,558) |
Net Carrying Amount | 52,438 | 43,380 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,500 | 3,208 |
Accumulated Amortization | (10,875) | (663) |
Net Carrying Amount | 11,625 | $ 2,545 |
Off-market in-charter contracts | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,900 | |
Accumulated Amortization | (4,190) | |
Net Carrying Amount | $ 13,710 | |
Off-market in-charter contracts | FSO | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Number of vessels | vessel | 2 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | Jan. 28, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 11.3 | $ 15.2 | $ 14 | |
Depreciation and amortization | 11.3 | 12 | 13.1 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 9.4 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9.4 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8.8 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6.6 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4.9 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 6.9 | |||
Time-charter [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | 0 | $ 3.2 | $ 0.9 | |
Subsequent Events | Forecast | Ship-to-Ship Transfer Business (SPT) | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 26 | |||
Goodwill [Member] | Ship-to-Ship Transfer Business (SPT) | Teekay Tankers | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 5.6 | |||
Customer-Related Intangible Assets [Member] | Ship-to-Ship Transfer Business (SPT) | Teekay Tankers | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 6.9 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other and Other Long-Term Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Voyage, vessel and corporate expenses | $ 121,937 | $ 98,135 |
Interest | 29,371 | 47,731 |
Payroll and related liabilities | 33,494 | 34,849 |
Other Accrued Liabilities | 6,487 | 6,426 |
Deferred revenues and gains – current (note 2) | 36,242 | 30,108 |
In-process revenue contracts – current | 5,933 | 5,930 |
Current portion of derivative liabilities (note 16) | 39,263 | 12,205 |
Office lease liability – current (note 1) | 61,431 | 0 |
Accounts Payable and Accrued Liabilities | 276,354 | $ 235,384 |
Office Building [Member] | ||
Office lease liability – current (note 1) | $ 3,627 |
Accrued Liabilities and Other_4
Accrued Liabilities and Other and Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred revenues and gains (note 2) | $ 28,612 | $ 31,324 |
Guarantee liabilities | 10,113 | 9,434 |
Asset retirement obligation | 31,068 | 27,759 |
Pension liabilities | 7,238 | 4,847 |
In-process revenue contracts | 11,866 | 17,800 |
Derivative liabilities (note 16) | 51,914 | 56,352 |
Unrecognized tax benefits (note 22) | 62,958 | 40,556 |
Office lease liability – long-term (note 1) | 87,171 | 0 |
Other | 2,325 | 1,325 |
Other long-term liabilities | 216,348 | $ 189,397 |
Office Building [Member] | ||
Office lease liability – long-term (note 1) | $ 10,254 |
Accrued Liabilities and Other_5
Accrued Liabilities and Other and Other Long-Term Liabilities - In-Process Revenue Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Payables and Accruals [Line Items] | |||
Amortization of in-process revenue | $ 5.9 | $ 14.5 | $ 27.2 |
Amortization of in-process revenue contracts, Next Twelve Months | 5.9 | ||
Amortization of in-process revenue contracts, Year Two | 5.9 | ||
Amortization of in-process revenue contracts, Year Three | $ 5.9 |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2019 | Dec. 31, 2019 | Jun. 28, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
Short-term Debt [Line Items] | |||||
Short-term Debt | $ 50,000 | $ 0 | |||
Teekay Tankers | |||||
Short-term Debt [Line Items] | |||||
Short-term Debt | 50,000 | $ 0 | |||
Teekay Tankers | Short-term Debt [Member] | |||||
Short-term Debt [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 80,000 | $ 40,000 | |||
Debt Instrument, Term | 6 months | ||||
Teekay Tankers | Minimum | |||||
Short-term Debt [Line Items] | |||||
Debt Covenant, Required Capital Invested | 20,000 | ||||
Teekay Tankers | Maximum | |||||
Short-term Debt [Line Items] | |||||
Debt Covenant, Required Capital Invested | $ 30,000 | ||||
Teekay Tankers | LIBOR | |||||
Short-term Debt [Line Items] | |||||
Short-term Debt, Percentage Bearing Variable Interest Rate | 3.50% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) € in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 2,867,120 | $ 3,363,127 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 39,968 | 43,604 | |
Long-term Debt | 2,827,152 | 3,319,523 | |
Current portion of long-term debt (note 9) | 523,312 | 242,137 | |
Long-term portion | 2,303,840 | 3,077,386 | |
Senior Notes (8.5%) due January 15, 2020 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 36,712 | 508,577 | |
Senior Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 250,000 | 0 | |
Convertible Senior Notes (5%) due January 15, 2023 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 125,000 | 125,000 | |
Norwegian Krone-denominated Bonds due through August 2023 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 347,163 | 352,973 | |
US Dollar Denominated Term Loans Due Through Two Thousand Thirty [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 1,336,437 | 1,536,499 | |
Euro-denominated Term Loans due through 2024 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 165,376 | € 147,498 | 193,781 |
Other U.S. Dollar-denominated loan | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 3,300 | 3,300 | |
Revolving Credit Facilities | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 603,132 | $ 642,997 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers (Detail) shares in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)vesselterm_loanshares | |
Debt Instrument [Line Items] | |
Number of guaranteed debt | 1 |
Revolving Credit Facilities | |
Debt Instrument [Line Items] | |
Number of credit facilities | term_loan | 5 |
Number Of Credit Facilities Due to Mature within One Year | term_loan | 1 |
Credit facility, maximum borrowing capacity | $ 890,700,000 |
Undrawn amount of revolving credit facility | 287,600,000 |
Available capacity reduced under revolving credit facility next twelve months | 401,600,000 |
Available capacity reduced under revolving credit facility in year 2 | 321,400,000 |
Available capacity reduced under revolving credit facility in year 3 | $ 167,800,000 |
Debt Instrument, Collateral, Number of Vessels | vessel | 35 |
Revolving Credit Facilities | Teekay LNG | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 225,000,000 |
Revolving Credit Facilities | Teekay LNG | Common Class A | |
Debt Instrument [Line Items] | |
Common Unit, Issued | shares | 25.2 |
Revolving Credit Facilities | Teekay Tankers | Common Class A | |
Debt Instrument [Line Items] | |
Common Unit, Issued | shares | 5 |
LIBOR | Revolving Credit Facilities | Minimum | |
Debt Instrument [Line Items] | |
Debt instrument spread on variable rate | 1.40% |
LIBOR | Revolving Credit Facilities | Maximum | |
Debt Instrument [Line Items] | |
Debt instrument spread on variable rate | 3.95% |
Secured debt | Revolving Credit Facilities | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 150,000,000 |
Long-Term Debt - Additional I_2
Long-Term Debt - Additional Information - Senior Unsecured Notes (Detail) $ in Millions | Jan. 27, 2010USD ($) | May 31, 2019USD ($) | Nov. 30, 2015USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019vessel | Dec. 31, 2018USD ($) | Dec. 31, 2014USD ($) |
Senior Notes (8.5%) due January 15, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.50% | 8.50% | 8.50% | ||||
Debt instrument, principal amount | $ 450 | $ 200 | |||||
Percentage over par at which notes sold | 99.20% | 99.01% | |||||
Effective interest rate | 8.67% | ||||||
Repayments of senior debt | $ 460.9 | $ 10.9 | $ 84.1 | $ 57.3 | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
US Treasury (UST) Interest Rate [Member] | Senior Notes Due 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument spread on variable rate | 5000.00% | ||||||
US Treasury (UST) Interest Rate [Member] | Senior Notes (8.5%) due January 15, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument spread on variable rate | 5000.00% | ||||||
FPSO | Asset Pledged as Collateral [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of vessels | vessel | 3 |
Long-Term Debt - Additional I_3
Long-Term Debt - Additional Information - Convertible Notes (Details) - Convertible Debt - Convertible Senior Notes (5%) due January 15, 2023 | Jan. 31, 2018USD ($) | Jan. 26, 2018USD ($)$ / shares |
Debt Instrument [Line Items] | ||
Conversion rate | 85.4701 | |
Principal amount | $ 1,000 | |
Conversion price (in dollars per share) | $ / shares | $ 11.70 | |
Premium on concurrent common stock offering price (as a percentage) | 20.00% | |
Sale of stock (in dollars per share) | $ / shares | $ 9.75 | |
Teekay Parent | ||
Debt Instrument [Line Items] | ||
Debt instrument, principal amount | $ 125,000,000 | |
Debt interest rate | 5.00% | |
Conversion rate | 85.4701 | |
Principal amount | $ 1,000 | |
Conversion price (in dollars per share) | $ / shares | $ 11.70 | |
Premium on concurrent common stock offering price (as a percentage) | 20.00% | |
Sale of stock (in dollars per share) | $ / shares | $ 9.75 | |
Net proceeds of convertible debt | $ 104,600,000 | |
Debt Instrument, Term | 5 years | |
Remaining amount of net proceeds allocation to conversion feature | $ 16,100,000 |
Long-Term Debt - Additional I_4
Long-Term Debt - Additional Information - NOK Bonds (Detail) - Teekay LNG - Nibor Loan [Member] $ in Millions, kr in Billions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019NOK (kr) | Dec. 31, 2018USD ($) | |
Norwegian Kroner Denominated Bonds Due Through Two Thousand Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, carrying amount for unsecured debt | kr | kr 3.1 | ||
Debt instrument, carrying amount | $ | $ 347.2 | $ 353 | |
Derivative, Notional Amount | $ 382.5 | kr 3.1 | |
Norwegian Kroner Denominated Bonds Due Through Two Thousand Twenty Three [Member] | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument spread on variable rate | 3.70% | ||
Norwegian Kroner Denominated Bonds Due Through Two Thousand Twenty Three [Member] | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument spread on variable rate | 6.00% | ||
Fixed interest rates based on cross currency swaps | 7.89% | 7.89% | |
Norwegian Krone-denominated Bonds due through August 2023 | Minimum | |||
Debt Instrument [Line Items] | |||
Fixed interest rates based on cross currency swaps | 5.92% | 5.92% |
Long-Term Debt - Additional I_5
Long-Term Debt - Additional Information - USD Term Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)vesselterm_loan | Dec. 31, 2018USD ($)vessel | |
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | $ | $ 2,867,120 | $ 3,363,127 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Number of debt instruments | 10 | |
Number of term loans which have balloon or bullet repayments | 8 | |
Number of vessels | vessel | 24 | 24 |
Secured debt | Remaining Term Loans | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Number of debt instruments | 2 | |
Secured debt | Remaining Term Loans | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument spread on variable rate | 0.30% | 0.30% |
Secured debt | Remaining Term Loans | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument spread on variable rate | 3.25% | 3.50% |
Secured debt | Remaining Term Loans | Three-month LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 3 months | |
Secured debt | Remaining Term Loans | Three-month LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 6 months | |
Secured debt | Term Loan One | ||
Debt Instrument [Line Items] | ||
Debt interest rate | 4.48% |
Long-Term Debt - Additional I_6
Long-Term Debt - Additional Information - EURO Term Loans (Detail) € in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)vesselsubsidiarycontractterm_loan | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€)subsidiary | Dec. 31, 2018EUR (€) | |
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ | $ 2,867,120 | $ 3,363,127 | |||
Unrealized foreign exchange gain (loss) | $ | $ (13,574) | $ 6,140 | $ (26,463) | ||
Secured debt | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | 10 | ||||
Number of vessels | vessel | 24 | 24 | |||
Euro-denominated Term Loans due through 2024 | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 165,376 | $ 193,781 | € 147,498 | ||
Teekay LNG | Euro-denominated Term Loans due through 2024 | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | 2 | ||||
Carrying amount of long-term debt | $ 193,800 | € 169,000 | |||
Number of long term time charter contracts | contract | 2 | ||||
Teekay LNG | Euro-denominated Term Loans due through 2024 | |||||
Debt Instrument [Line Items] | |||||
Number of vessels | vessel | 2 | ||||
Number of subsidiaries | subsidiary | 1 | 1 | |||
Euro Interbank Offered Rate Euribor [Member] | Teekay LNG | Euro-denominated Term Loans due through 2024 | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument spread on variable rate | 0.60% | ||||
Euro Interbank Offered Rate Euribor [Member] | Teekay LNG | Euro-denominated Term Loans due through 2024 | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument spread on variable rate | 1.95% | ||||
Fixed Rate | Remaining Term Loans | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | 2 |
Long-Term Debt - Additional I_7
Long-Term Debt - Additional Information - Other (Detail) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)SecurityLoancredit_facilityterm_loan | May 31, 2019 | Dec. 31, 2018USD ($) | Nov. 30, 2015 | Jan. 27, 2010 | |
Debt Instrument [Line Items] | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.60% | 5.10% | |||
Long term debt principal repayments, 2019 | $ 500,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 600,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 600,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 400,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 300,000,000 | ||||
Long term debt principal repayments thereafter | $ 400,000,000 | ||||
Number of loan agreements | SecurityLoan | 5 | ||||
Short-term Debt | $ 50,000,000 | $ 0 | |||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Vessel market value to loan ratio | 138.00% | ||||
Vessel market value to loan minimum required ratio | 115.00% | ||||
Revolving credit lines maturity period (in months) | 6 months | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Vessel market value to loan ratio | 281.00% | ||||
Vessel market value to loan minimum required ratio | 135.00% | ||||
Convertible Senior Notes (5%) due January 15, 2023 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | 5.00% | |||
Secured debt | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | term_loan | 10 | ||||
Senior Notes (8.5%) due January 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.50% | 8.50% | 8.50% | ||
Discount rate for redemption feature | 0.50% | ||||
Senior Notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | |||
Discount rate for redemption feature | 0.50% | ||||
Teekay Parent | Convertible Senior Notes (5%) due January 15, 2023 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | 5.00% | |||
Teekay Parent | Senior Notes (8.5%) due January 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.50% | 8.50% | 8.50% | ||
Teekay Parent | Senior Notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | |||
Teekay Tankers | |||||
Debt Instrument [Line Items] | |||||
Debt Guaranteed | $ 145,000,000 | ||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.00% | 0.00% | |||
Short-term Debt | $ 50,000,000 | $ 0 | |||
Teekay Tankers | Minimum | |||||
Debt Instrument [Line Items] | |||||
Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 5.00% | ||||
Teekay Tankers | Teekay Parent | |||||
Debt Instrument [Line Items] | |||||
Debt Guaranteed | $ 145,000,000 | $ 166,400,000 | |||
Teekay LNG | |||||
Debt Instrument [Line Items] | |||||
Minimum level of free cash be maintained as per loan agreements | 35,000,000 | ||||
Term Loan One | |||||
Debt Instrument [Line Items] | |||||
Minimum level of free cash be maintained as per loan agreements | $ 100,000,000 | ||||
Term Loan One | Minimum | |||||
Debt Instrument [Line Items] | |||||
Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 7.50% | ||||
Remaining Secured Debt | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | credit_facility | 2 | ||||
Term Loan Two | |||||
Debt Instrument [Line Items] | |||||
Minimum level of free cash be maintained as per loan agreements | $ 50,000,000 | ||||
2016 Debt Facility [Member] | Teekay Tankers | |||||
Debt Instrument [Line Items] | |||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line | $ 35,000,000 | ||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt | 5.00% | ||||
2016 Debt Facility [Member] | Teekay Tankers | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 6 months | ||||
Fixed Rate | Remaining Term Loans | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | term_loan | 2 |
Operating Leases - Charters-in
Operating Leases - Charters-in (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019vessel | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | ||||
Operating Leases, Rent Expense | $ 118,761 | $ 86,458 | $ 120,893 | |
Short-term Lease, Cost | 18,000 | |||
Operating Lease, Right-of-Use Asset | 159,638 | 0 | ||
Lessee, Operating Lease, Liability, Payments, Due in Next Twelve Months | 116,300 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 90,400 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 53,400 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9,100 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 9,100 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | $ 5,600 | |||
Lessee, Operating Lease, Liability, Payments, Due | 233,956 | |||
Vessels [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Operating Lease, Right-of-Use Asset | 47,700 | |||
Operating Lease, Liability | $ 47,700 | |||
Teekay Tankers | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number Of Vessels Chartered In | vessel | 3 | |||
Lessee, Operating Sublease, Option to Extend | P1Y | |||
Lessee, Operating Lease, Term of Contract | 24 months | |||
Teekay Tankers | LR2 Tanker | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number Of Vessels Chartered In | vessel | 2 | |||
Teekay Tankers | Aframax Tanker [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number Of Vessels Chartered In | vessel | 1 | |||
Teekay LNG | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 21 months | |||
Teekay LNG | LNG Carriers | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number Of Vessels Chartered In | vessel | 1 | |||
Teekay Parent [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 12 months | |||
Teekay Parent [Member] | Fso [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Number Of Vessels Chartered In | vessel | 1 | |||
Time Charter and Bare-boat Expenses [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Operating Leases, Rent Expense | $ 99,000 | |||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 7 months 6 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | |||
Lease Component [Member] | Time Charter and Bare-boat Expenses [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Operating Leases, Rent Expense | $ 68,200 | |||
Lease [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Operating Lease, Liability | 148,602 | |||
Lessee, Operating Lease, Liability, Payments, Due | 161,730 | |||
Non-lease Component [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Lessee, Operating Lease, Liability, Payments, Due | 72,226 | |||
Non-lease Component [Member] | Time Charter and Bare-boat Expenses [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Operating Leases, Rent Expense | 30,800 | |||
Time-charter [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Short-term Lease Commitment | $ 4,300 |
Operating Leases - Schedule of
Operating Leases - Schedule of Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 106,706 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 81,143 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 31,167 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9,227 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5,713 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0 | |
Lessee, Operating Lease, Liability, Payments, Due | 233,956 | |
Operating Lease, Liability, Current | 61,431 | $ 0 |
Operating Lease, Liability, Noncurrent | 87,171 | $ 0 |
Lease [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 69,617 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 54,195 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 22,978 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9,227 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5,713 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0 | |
Lessee, Operating Lease, Liability, Payments, Due | 161,730 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 13,128 | |
Operating Lease, Liability | 148,602 | |
Operating Lease, Liability, Current | 61,431 | |
Operating Lease, Liability, Noncurrent | 87,171 | |
Non-lease Component [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 37,089 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 26,948 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 8,189 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 0 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 0 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0 | |
Lessee, Operating Lease, Liability, Payments, Due | $ 72,226 |
Obligations Related to Financ_3
Obligations Related to Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Capital Leased Assets [Line Items] | ||
Finance Lease, Liability | $ 1,825,692 | $ 1,673,845 |
Finance Lease, Liability, Current | 95,339 | 102,115 |
Finance Lease, Liability, Noncurrent | 1,730,353 | 1,571,730 |
Teekay LNG | LNG Carriers | ||
Capital Leased Assets [Line Items] | ||
Finance Lease, Liability | 1,410,904 | 1,274,569 |
Teekay LNG | Suezmax | ||
Capital Leased Assets [Line Items] | ||
Finance Lease, Liability | 0 | 23,987 |
Teekay Tankers | Suezmax | ||
Capital Leased Assets [Line Items] | ||
Finance Lease, Liability | 216,546 | 191,267 |
Teekay Tankers | Aframax Tanker [Member] | ||
Capital Leased Assets [Line Items] | ||
Finance Lease, Liability | 173,284 | 157,899 |
Teekay Tankers | LR2 Tanker | ||
Capital Leased Assets [Line Items] | ||
Finance Lease, Liability | $ 24,958 | $ 26,123 |
Obligations Related to Financ_4
Obligations Related to Finance Leases - Additional Information (Detail) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2019USD ($)vessel | Sep. 30, 2019vessel | May 31, 2019USD ($) | Jan. 31, 2019 | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Jul. 31, 2017USD ($)vessel | Dec. 31, 2019USD ($)vessel | Dec. 31, 2019USD ($)vesselleaselessor | Dec. 31, 2018USD ($)lease | Dec. 31, 2017USD ($) | Jan. 31, 2019 |
Capital Leased Assets [Line Items] | |||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ | $ 381,526,000 | $ 611,388,000 | $ 809,935,000 | ||||||||||
Teekay Tankers | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Finance Lease, Weighted Average Discount Rate, Percent | 7.50% | 7.64% | 7.64% | 7.64% | 7.50% | ||||||||
Teekay Tankers | Minimum | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Sale Leaseback Transaction, Lease Terms | 9 | ||||||||||||
Teekay Tankers | Maximum | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Sale Leaseback Transaction, Lease Terms | 12 | ||||||||||||
Teekay Tankers | Suezmax, Aframax and LR2 Vessels [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 16 | ||||||||||||
Approximate capital leases future minimum payments due | $ | $ 557,100,000 | $ 601,700,000 | $ 601,700,000 | $ 601,700,000 | $ 557,100,000 | ||||||||
Finance Lease, Liability, Undiscounted Excess Amount | $ | $ 181,800,000 | $ 186,900,000 | $ 186,900,000 | $ 186,900,000 | $ 181,800,000 | ||||||||
Teekay Tankers | Aframax Tanker [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number Of Vessels Obligated to Purchase | 6 | 6 | 6 | ||||||||||
Teekay Tankers | Suezmax | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 2 | 1 | |||||||||||
Number Of Vessels Obligated to Purchase | 2 | ||||||||||||
Finance Lease Obligations [Member] | Teekay Tankers | Suezmax, Aframax and LR2 Vessels [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of Lessors | lessor | 16 | ||||||||||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line | $ | $ 35,000,000 | $ 35,000,000 | $ 35,000,000 | ||||||||||
Percentage of debt | 5.00% | 5.00% | 5.00% | ||||||||||
Finance Lease Obligations [Member] | Teekay Tankers | Suezmax, Aframax and LR2 Vessels [Member] | Minimum | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Debt Instrument, Term | 6 months | ||||||||||||
LNG Carriers | Teekay LNG | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Failed Sales Number Of Vessels | 2 | ||||||||||||
May 2019 Sale Leaseback [Member] | Teekay Tankers | Suezmax | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Actual hull coverage ratio | 0.00% | 109.00% | 109.00% | 109.00% | 0.00% | ||||||||
Minimum hull coverage ratio, year 2 | 78.00% | ||||||||||||
Minimum hull coverage ratio, years 3 and 4 | 80.00% | ||||||||||||
Minimum hull coverage ratio, thereafter | 90.00% | ||||||||||||
Minimum hull coverage ratio | 75.00% | ||||||||||||
May 2019 Sale Leaseback [Member] | Finance Lease Obligations [Member] | Teekay Tankers | Suezmax | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 2 | ||||||||||||
November 2018 Sale-leaseback Transaction | Teekay Tankers | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ | $ 84,700,000 | ||||||||||||
November 2018 Sale-leaseback Transaction | Teekay Tankers | Suezmax, Aframax and LR2 Vessels [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Actual hull coverage ratio | 122.00% | 158.00% | 158.00% | 158.00% | 122.00% | ||||||||
Minimum hull coverage ratio | 100.00% | ||||||||||||
November 2018 Sale-leaseback Transaction | Teekay Tankers | LR2 Tanker | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 1 | ||||||||||||
November 2018 Sale-leaseback Transaction | Teekay Tankers | Aframax Tanker [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 2 | ||||||||||||
November 2018 Sale-leaseback Transaction | Teekay Tankers | Suezmax | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 1 | ||||||||||||
November 2018 Sale-leaseback Transaction | Finance Lease Obligations [Member] | Teekay Tankers | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 4 | ||||||||||||
November 2018 Sale-leaseback Transaction | Finance Lease Obligations [Member] | Teekay Tankers | Suezmax, Aframax and LR2 Vessels [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 4 | ||||||||||||
September 2018 Sale Leaseback [Member] | Teekay Tankers | Aframax Tanker [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 6 | ||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ | $ 156,600,000 | ||||||||||||
Actual hull coverage ratio | 91.00% | 115.00% | 115.00% | 115.00% | 91.00% | ||||||||
Minimum hull coverage ratio, year 1 | 78.00% | ||||||||||||
Minimum hull coverage ratio, year 2 | 78.00% | ||||||||||||
Minimum hull coverage ratio, years 3 and 4 | 80.00% | ||||||||||||
Minimum hull coverage ratio, thereafter | 90.00% | ||||||||||||
September 2018 Sale Leaseback [Member] | Finance Lease Obligations [Member] | Teekay Tankers | Aframax Tanker [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 6 | ||||||||||||
July 2017 Sale Leaseback [Member] | Teekay Tankers | Suezmax | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 4 | ||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ | $ 153,000,000 | ||||||||||||
Actual hull coverage ratio | 101.00% | 122.00% | 122.00% | 122.00% | 101.00% | ||||||||
Minimum hull coverage ratio, thereafter | 100.00% | ||||||||||||
Hull coverage ratio for first three years | 90.00% | ||||||||||||
July 2017 Sale Leaseback [Member] | Finance Lease Obligations [Member] | Teekay Tankers | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Period Required to Maintain 90% Hull Coverage Ratio | 3 years | ||||||||||||
July 2017 Sale Leaseback [Member] | Finance Lease Obligations [Member] | Teekay Tankers | Suezmax | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 4 | ||||||||||||
Option to Purchase July 2020 and November 2021 to End of Term [Member] | Teekay Tankers | Suezmax, Aframax and LR2 Vessels [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 16 | ||||||||||||
Suezmax | May 2019 Sale Leaseback [Member] | Teekay Tankers | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | $ | 2 | ||||||||||||
Proceeds from financing related to sale-leaseback of vessels | $ | $ 63,700,000 | ||||||||||||
LNG Carriers | Teekay LNG | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Sale Leaseback Transaction, Imputed Interest Rate | 5.10% | ||||||||||||
Number of Lessors | lessor | 9 | ||||||||||||
LNG Carriers | Teekay LNG | Minimum | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Sale Leaseback Transaction, Lease Terms | P7Y6M | ||||||||||||
LNG Carriers | Teekay LNG | Maximum | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Sale Leaseback Transaction, Lease Terms | P15Y | ||||||||||||
Direct Finance Lease [Member] | Suezmax | Teekay LNG | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | 1 | ||||||||||||
Approximate capital leases future minimum payments due | $ | $ 24,200,000 | $ 24,200,000 | |||||||||||
Finance Lease, Liability, Undiscounted Excess Amount | $ | 200,000 | $ 200,000 | |||||||||||
Sales-type lease [Member] | LNG Carriers | Teekay LNG | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of vessels | lease | 9 | 8 | |||||||||||
Approximate capital leases future minimum payments due | $ | 1,700,000,000 | $ 1,900,000,000 | $ 1,900,000,000 | $ 1,900,000,000 | $ 1,700,000,000 | ||||||||
Finance Lease, Liability, Undiscounted Excess Amount | $ | $ 435,300,000 | $ 470,900,000 | $ 470,900,000 | $ 470,900,000 | $ 435,300,000 | ||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Teekay Tankers | Suezmax, Aframax and LR2 Vessels [Member] | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of Lessors | lessor | 14 | ||||||||||||
Yamal Spirit [Member] | January 2019 Transaction [Member] | Teekay LNG | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Sale Leaseback Transaction, Lease Terms | P15Y | ||||||||||||
Lessee, Finance Lease, Option to Extend | P5Y | ||||||||||||
Torben Spirit [Member] | September 2019 Transaction [Member] | Teekay LNG | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Sale Leaseback Transaction, Lease Terms | P7Y6M | ||||||||||||
Gain (Loss) on Contract Termination | $ | $ 1,400,000 | ||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Sales-type lease [Member] | Teekay LNG | |||||||||||||
Capital Leased Assets [Line Items] | |||||||||||||
Number of Lessors | lessor | 7 |
Obligations Related to Financ_5
Obligations Related to Finance Leases - Schedule of Repayments of Capital Leases Including Imputed Interest (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Teekay Tankers | Suezmax, Aframax and LR2 Vessels [Member] | |
Capital Leased Assets [Line Items] | |
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 56,364 |
Finance Lease, Liability, Payments, Due Year Two | 56,202 |
Finance Lease, Liability, Payments, Due Year Three | 56,193 |
Finance Lease, Liability, Payments, Due Year Four | 56,184 |
Finance Lease, Liability, Payments, Due Year Five | 56,328 |
Thereafter | 320,388 |
Teekay LNG | Sales-type lease [Member] | LNG Carriers | |
Capital Leased Assets [Line Items] | |
Finance Lease, Liability, Payments, Due Next Twelve Months | 140,386 |
Finance Lease, Liability, Payments, Due Year Two | 138,601 |
Finance Lease, Liability, Payments, Due Year Three | 136,959 |
Finance Lease, Liability, Payments, Due Year Four | 135,459 |
Finance Lease, Liability, Payments, Due Year Five | 132,011 |
Thereafter | $ 1,198,366 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash, cash equivalents and restricted cash | $ 456,325 | $ 505,639 | $ 552,174 | $ 805,242 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 202 | |||
Derivative Liability, Current | 39,263 | 12,205 | ||
Assets Held-for-sale, Not Part of Disposal Group, Current | 65,458 | 0 | ||
Short-term Debt | 50,000 | 0 | ||
Loans to equity-accounted investees | 8,241 | 169,197 | ||
Long-term debt – non-public (note 9) | (2,827,152) | (3,319,523) | ||
Finance Lease, Liability | 1,825,692 | 1,673,845 | ||
Recurring | Level 3 | Stock Purchase Warrants | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Stock purchase warrants | 0 | 12,026 | $ 30,749 | |
Carrying Amount Asset (Liability) | Recurring | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash, cash equivalents and restricted cash | 454,867 | 505,639 | ||
Carrying Amount Asset (Liability) | Recurring | Level 2 | Cross Currency Interest Swap Agreement | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements - assets | 0 | 0 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 42,104 | 29,122 | ||
Carrying Amount Asset (Liability) | Recurring | Level 2 | Foreign Currency Contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cross currency interest swap agreement and foreign currency contracts | 202 | 0 | ||
Carrying Amount Asset (Liability) | Recurring | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative Asset, Current | (86) | |||
Derivative Liability, Current | (57) | |||
Carrying Amount Asset (Liability) | Recurring | Level 3 | Stock Purchase Warrants | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Stock purchase warrants | 0 | 12,026 | ||
Carrying Amount Asset (Liability) | Non-recurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 37,240 | 0 | ||
Fair Value Asset (Liability) | Recurring | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash, cash equivalents and restricted cash | 454,867 | 505,639 | ||
Fair Value Asset (Liability) | Recurring | Level 2 | Cross Currency Interest Swap Agreement | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements - assets | 0 | 0 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 42,104 | 29,122 | ||
Fair Value Asset (Liability) | Recurring | Level 2 | Foreign Currency Contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cross currency interest swap agreement and foreign currency contracts | 202 | 0 | ||
Fair Value Asset (Liability) | Recurring | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative Asset, Current | (86) | |||
Derivative Liability, Current | (57) | |||
Fair Value Asset (Liability) | Recurring | Level 3 | Stock Purchase Warrants | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Stock purchase warrants | 0 | 12,026 | ||
Fair Value Asset (Liability) | Non-recurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 37,240 | 0 | ||
Interest Rate Swap Agreements | Carrying Amount Asset (Liability) | Recurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative Asset | 3,099 | 9,640 | ||
Freight forward agreements | (52,453) | (43,175) | ||
Interest Rate Swap Agreements | Fair Value Asset (Liability) | Recurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative Asset | 3,099 | 9,640 | ||
Freight forward agreements | (52,453) | (43,175) | ||
Public [Member] | Carrying Amount Asset (Liability) | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt – non-public (note 9) | (619,794) | (856,986) | ||
Public [Member] | Fair Value Asset (Liability) | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt – non-public (note 9) | (655,977) | (851,470) | ||
Private [Member] | Carrying Amount Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term Debt | 50,000 | 0 | ||
Long-term debt – non-public (note 9) | (2,207,358) | (2,462,537) | ||
Finance Lease, Liability | 1,825,692 | 1,673,845 | ||
Private [Member] | Fair Value Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term Debt, Fair Value | (50,000) | 0 | ||
Long-term debt – non-public (note 9) | (2,180,440) | (2,395,300) | ||
Finance Lease, Liability | $ 1,877,558 | $ 1,652,345 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value of Financial Instruments and Other Non-Financial Assets (Footnote) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of interest rate swap agreements | $ 3.4 | $ 3.2 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Teekay Offshore | May 08, 2019shares |
Stock Purchase Warrants | 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 | 15,500,000 |
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 | 1,755,000 |
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 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Purchase Warrants | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | $ (13,367) | $ 0 |
Stock Purchase Warrants | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair value at the beginning of the year | 12,026 | 30,749 |
Fair value on acquisition/issuance | 0 | 2,330 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | 26,900 | (21,053) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (25,559) | 0 |
Fair value at the end of the year | $ 0 | $ 12,026 |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Notes Receivable, Fair Value Disclosure | $ 897,685 | $ 822,261 |
Payment Activity | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Direct Financing Lease, Net Investment in Lease | 818,809 | 575,163 |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 8,092 | 15,694 |
Credit Quality Indicator Other Internal Metrics [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Due from Affiliates | $ 70,784 | $ 231,404 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 25,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 1 | |||
Common stock, share authorized (in shares) | 725,000,000 | 725,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, share issued (in shares) | 100,784,422 | 100,435,210 | ||
Preferred stock, share issued (in shares) | 0 | |||
Net cash proceeds | $ 0 | $ 0 | $ 172,930 | |
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 [Member] | ||||
Class of Stock [Line Items] | ||||
Minimum Percentage Of Shares Acquired In Exercisable Rights | 20.00% | |||
Continuous Offering Program | ||||
Class of Stock [Line Items] | ||||
Sale of Stock, Offering Amount | $ 63,000 | |||
Teekay Parent | Continuous Offering Program | ||||
Class of Stock [Line Items] | ||||
Number of shares issued (in shares) | 1,100,000 | |||
Sale of Stock, Consideration Received Per Transaction | $ 10,700 | |||
Common Stock | Teekay Parent | ||||
Class of Stock [Line Items] | ||||
Number of shares issued (in shares) | 10,000,000 | |||
Sale of stock (in dollars per share) | $ 9.75 | |||
Net cash proceeds | $ 93,000 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 6 months | 5 years 6 months | 6 years |
Capital Stock - Additional In_2
Capital Stock - Additional Information, Stock-based compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 2,525,000 | 1,052,000 | 732,000 |
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 1.53 | $ 4.21 | $ 4.71 |
Common stock conversion (in 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 | 5,606,429 | 5,777,326 | |
Stock options granted (in shares) | 2,525,113 | 1,048,916 | 732,314 |
Stock option, term (in years) | 10 years | ||
Vesting period (in years) | 3 years | ||
Unrecognized compensation cost related to non-vested stock options granted under the Plans | $ 3,000,000 | ||
Expected recognition of compensation related to non-vested stock options granted under the Plans over next twelve months | 1,900,000 | ||
Expected recognition of compensation related to non-vested stock options granted under the Plans in year two | 1,000,000 | ||
Expected recognition of compensation related to non-vested stock options granted under the Plans in year three | 200,000 | ||
Compensation costs | 3,000,000 | $ 2,800,000 | $ 1,700,000 |
Intrinsic value of options exercised | 0 | 0 | $ 30,000 |
Intrinsic value of outstanding in-the-money stock options | $ 3,344,456 | $ 0 | |
Weighted-average remaining life (in years) | 7 years 3 months | 6 years 8 months | |
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 1.53 | $ 4.21 | $ 4.71 |
Expected volatility used in computing fair value of options granted | 65.20% | 64.80% | 62.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 6 months | 5 years 6 months | 6 years |
Dividend yield used in computing fair value of options granted | 5.90% | 2.50% | 2.50% |
Risk-free interest rate used in computing fair value of options granted | 2.50% | 2.60% | 2.00% |
Estimated forfeiture rate used in computing fair value of options granted | 6.00% | 7.40% | 7.00% |
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 | $ 400,000 | $ 100,000 | $ 200,000 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Number of shares or units granted equity based compensation awards | 808,391 | 625,878 | 349,175 |
Fair value of granted stock | $ 3,200,000 | $ 5,400,000 | $ 3,600,000 |
Vested restricted stock (in shares) | 880,871 | 563,588 | 129,106 |
Market value of vested restricted stock | $ 18,100,000 | $ 15,200,000 | $ 3,200,000 |
Restricted Stock Units and Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted (in shares) | 483,431 | 311,124 | 73,078 |
Share based compensation expense | $ 3,300,000 | $ 3,000,000 | $ 4,000,000 |
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs | $ 400,000 | $ 700,000 | $ 900,000 |
Number of shares or units granted equity based compensation awards | 111,808 | 79,869 | 89,387 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options | |||
Options Outstanding - beginning of year (shares) | 3,754 | 3,600 | 3,367 |
Options, Granted (in shares) | 2,525 | 1,052 | 732 |
Options, Exercised (shares) | 0 | (2) | (3) |
Options, Forfeited / expired (shares) | (308) | (896) | (496) |
Options Outstanding - end of year (shares) | 5,971 | 3,754 | 3,600 |
Options Exercisable - end of year (shares) | 2,565 | 1,954 | 2,221 |
Weighted-Average Exercise Price | |||
Weighted-Average Exercise Price, Outstanding - beginning of year (dollars per share) | $ 15.54 | $ 22.96 | $ 29.16 |
Weighted-Average Exercise Price, Granted (dollars per share) | 3.98 | 8.67 | 10.18 |
Weighted-Average Exercise Price, Exercised (dollars per share) | 0 | 9.44 | 9.44 |
Weighted-Average Exercise Price, Forfeited / expired (dollars per share) | 11.07 | 37.44 | 46.27 |
Weighted-Average Exercise Price, Outstanding - end of year (dollars per share) | 10.88 | 15.54 | 22.96 |
Weighted-Average Exercise Price, Exercisable - end of year (dollars per share) | $ 18.25 | $ 21.35 | $ 29.76 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options | |||
Options Outstanding Non-Vested Stock Options - beginning of year (shares) | 1,800 | 1,379 | 1,096 |
Stock options granted (in shares) | 2,525 | 1,052 | 732 |
Options, Vested (shares) | (807) | (609) | (399) |
Options, Forfeited (shares) | (111) | (22) | (50) |
Options Outstanding Non-Vested Stock Options - end of year (shares) | 3,407 | 1,800 | 1,379 |
Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding non-vested stock options - beginning of Year (dollars per share) | $ 4.25 | $ 4.44 | $ 4.30 |
Weighted-average grant-date fair value of options granted (in dollars per share) | 1.53 | 4.21 | 4.71 |
Weighted-Average Grant Date Fair Value, Vested (dollars per share) | 4.18 | 4.65 | 4.62 |
Weighted-Average Grant Date Fair Value, Forfeited (dollars per share) | 3.33 | 3.93 | 3.94 |
Weighted-Average Grant Date Fair Value, outstanding non-vested stock options - end of year (dollars per share) | $ 2.28 | $ 4.25 | $ 4.44 |
Capital Stock - Details Regardi
Capital Stock - Details Regarding Outstanding and Exercisable Stock Options (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of Outstanding Options (in shares) | 5,971,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 7 years 3 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 10.88 | $ 15.54 | $ 22.96 | $ 29.16 |
Number of Exercisable Options (in shares) | 2,565,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 5 years 2 months 29 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 18.25 | $ 21.35 | $ 29.76 | |
Range Of Exercise Prices [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, lower limit (USD per share) | 0 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 4.99 | |||
Number of Outstanding Options (in shares) | 2,496,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 9 years 2 months 23 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 3.98 | |||
Number of Exercisable Options (in shares) | 0 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 0 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 0 | |||
Range Of Exercise Prices One [Member] | ||||
Share-based Payment Arrangement, Option, 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) | 1,788,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 7 years 3 months 23 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 9 | |||
Number of Exercisable Options (in shares) | 1,108,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 6 years 8 months 31 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 9.20 | |||
Range Of Exercise Prices Two [Member] | ||||
Share-based Payment Arrangement, Option, 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) | 693,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 7 years 2 months 24 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 10.18 | |||
Number of Exercisable Options (in shares) | 462,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 7 years 2 months 19 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 10.18 | |||
Range Of Exercise Prices Three [Member] | ||||
Share-based Payment Arrangement, Option, 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) | 280,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 2 months 7 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 24.42 | |||
Number of Exercisable Options (in shares) | 280,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 2 months 9 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 24.42 | |||
Range Of Exercise Prices Four [Member] | ||||
Share-based Payment Arrangement, Option, 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) | 348,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 2 years 2 months 5 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 27.69 | |||
Number of Exercisable Options (in shares) | 349,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 2 years 2 months 5 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 27.69 | |||
Range Of Exercise Prices Five [Member] | ||||
Share-based Payment Arrangement, Option, 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) | 94,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 2 years 4 months 13 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 34.42 | |||
Number of Exercisable Options (in shares) | 94,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 2 years 4 months 13 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 34.42 | |||
Range Of Exercise Prices Six [Member] | ||||
Share-based Payment Arrangement, Option, 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) | 257,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 5 years 2 months 9 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 43.99 | |||
Number of Exercisable Options (in shares) | 257,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 5 years 2 months 9 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 43.99 | |||
Range Of Exercise Prices Seven [Member] | ||||
Share-based Payment Arrangement, Option, 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) | 4 years 2 months 11 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) | 4 years 2 months 12 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 56.76 |
Capital Stock - Additional In_3
Capital Stock - Additional Information, Stock-based compensation of Subsidiaries (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted (in shares) | 2,525,000 | 1,052,000 | 732,000 | ||||
Stock option per share value (dollars per share) | $ 3.98 | $ 8.67 | $ 10.18 | ||||
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 | 35,419 | 17,498 | 17,345 | ||||
Non-Management Directors | Teekay Offshore Teekay LNG and Teekay Tankers | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 0.7 | $ 0.5 | $ 0.3 | ||||
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 | 80,100 | 62,283 | 60,809 | ||||
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares or units granted equity based compensation awards | 808,391 | 625,878 | 349,175 | ||||
Vesting period (in years) | 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] | |||||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 2 | $ 2.1 | $ 1.8 | ||||
Vesting period (in years) | 3 years | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period (in years) | 3 years | ||||||
Stock options granted (in shares) | 2,525,113 | 1,048,916 | 732,314 | ||||
Stock option, term (in years) | 10 years | ||||||
Stock Options | Officer | Teekay Tankers | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period (in years) | 3 years | ||||||
Stock options granted (in shares) | 218,223 | 92,041 | 60,791 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 8 | $ 9.76 | $ 17.84 | $ 9.76 | |||
Stock option, term (in years) | 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) | 58,843 | 63,012 | 49,552 | ||||
Stock option per share value (dollars per share) | $ 8 | $ 9.76 | $ 17.84 | ||||
Stock option, term (in years) | 10 years | ||||||
Common 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 | 99,056 | 95,330 | 47,805 | ||||
2007 LTIP [Member] | Common Class A | Non-Management Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of common shares or units issued related to the exercise of share based compensation during the period | 21,004 | ||||||
2007 LTIP [Member] | Common 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 | 19,918 | 0 |
Related Party Transactions (Det
Related Party Transactions (Detail) | May 08, 2019USD ($) | May 08, 2019USD ($) | Jan. 01, 2018 | Sep. 30, 2018 | Dec. 31, 2017USD ($) | May 08, 2019USD ($) | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 07, 2019 | Mar. 31, 2018USD ($) |
Related Party Transaction [Line Items] | |||||||||||
Proceeds from sale of equity-accounted investments and related assets | $ 100,000,000 | $ 81,823,000 | $ 0 | ||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||
MALT Joint Venture | Time-Charter Hire Expense [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party expenses | $ (20,000,000) | (7,700,000) | |||||||||
Additional time period for fixed rate time charters contract (in years) | 2 years | ||||||||||
Technical Services | Teekay Offshore | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party expenses | $ (9,600,000) | ||||||||||
Equity-accounted joint ventures | LNG Carriers | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | $ 68,800,000 | 55,200,000 | $ 6,500,000 | ||||||||
Teekay Offshore | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from Related Parties | 83,100,000 | ||||||||||
Due to Related Parties | 59,300,000 | ||||||||||
Revenue from related parties | $ 17,800,000 | 7,600,000 | 21,000,000 | ||||||||
Teekay Offshore | Shuttle Tankers | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of vessels | vessel | 2 | ||||||||||
Teekay Offshore | Fso [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of vessels | vessel | 3 | ||||||||||
Teekay Offshore | Technical Services | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party expenses | (800,000) | (25,700,000) | |||||||||
Teekay Offshore | Time-Charter Hire Expense [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party expenses | $ (14,300,000) | (20,800,000) | $ (56,300,000) | ||||||||
Resolute Investments Ltd [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ownership percentage of Resolute outstanding common stock | 31.90% | 31.70% | 31.80% | 31.90% | |||||||
Teekay Offshore | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | $ 25,000,000 | 25,000,000 | ||||||||
Proceeds from sale of equity-accounted investments and related assets | 100,000,000 | ||||||||||
Revolving Credit Facilities | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 890,700,000 | ||||||||||
Revolving Credit Facilities | Teekay Offshore | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | ||||||||||
Revolving Credit Facilities | Teekay Parent [Member] | Teekay Offshore | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | 25,000,000 | ||||||||||
Revolving Credit Facilities | Teekay Offshore | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 100,000,000 | ||||||||||
MALT Joint Venture | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 52.00% | ||||||||||
Teekay Offshore | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | ||||||||
Teekay Offshore | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Transferred Subsidiaries | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% | ||||||||||
General Partner | Teekay Offshore | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest of Company's general partner | 49.00% | 2.00% | 49.00% |
Other Loss (Detail)
Other Loss (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | May 31, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | Nov. 30, 2015 | Jan. 27, 2010 | |
Other Income (Loss) [Line Items] | |||||||||
Gain (Loss) on Extinguishment of Debt | $ 10,600 | ||||||||
Tax indemnification guarantee liability | 0 | $ (600) | $ (50,000) | ||||||
Contingent liability | 0 | 0 | (4,500) | ||||||
Gain on sale / (write-down) of cost-accounted investment | 0 | 0 | 1,250 | ||||||
Loss on bond repurchases | (10,601) | (1,772) | 0 | ||||||
Gain (Loss) on Termination of Lease | (1,417) | 0 | 0 | ||||||
Miscellaneous (loss) income | (2,457) | 359 | (731) | ||||||
Other loss | $ (14,475) | (2,013) | $ (53,981) | ||||||
Senior Notes (8.5%) due January 15, 2020 | |||||||||
Other Income (Loss) [Line Items] | |||||||||
Repayments of senior debt | $ 460,900 | $ 10,900 | $ 84,100 | $ 57,300 | |||||
Debt Instrument, Face Amount | $ 200,000 | $ 450,000 | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.50% | 8.50% | 8.50% | ||||||
Senior Notes due 2022 [Member] | |||||||||
Other Income (Loss) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 250,000 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | |||||||
September 2019 Transaction [Member] | Teekay LNG | Torben Spirit [Member] | |||||||||
Other Income (Loss) [Line Items] | |||||||||
Sale Leaseback Transaction, Lease Terms | P7Y6M | ||||||||
Gain (Loss) on Contract Termination | $ 1,400 | ||||||||
Other Nonoperating Income (Expense) [Member] | Teekay LNG | |||||||||
Other Income (Loss) [Line Items] | |||||||||
Gain (Loss) on Contract Termination | $ 1,400 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) - Cross Currency Interest Rate Contract kr in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2019NOK (kr) | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset / (Liability) | $ (42,104) | |
Three Point Seven Zero Margin [Member] | NIBOR | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 134,000 | kr 1,000,000 |
Variable interest rate on debt | 3.70% | 3.70% |
Fixed Rate Payable | 5.92% | 5.92% |
Fair Value / Carrying Amount of Asset / (Liability) | $ (20,665) | |
Remaining Term (years) | 4 months 24 days | |
Six Point Zero Margin [Member] | NIBOR | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 146,500 | kr 1,200,000 |
Variable interest rate on debt | 6.00% | 6.00% |
Fixed Rate Payable | 7.72% | 7.72% |
Fair Value / Carrying Amount of Asset / (Liability) | $ (10,532) | |
Remaining Term (years) | 1 year 8 months 31 days | |
Four Point Six Zero Margin [Member] | NIBOR | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 102,000 | kr 850,000 |
Variable interest rate on debt | 4.60% | 4.60% |
Fixed Rate Payable | 7.89% | 7.89% |
Fair Value / Carrying Amount of Asset / (Liability) | $ (10,907) | |
Remaining Term (years) | 3 years 7 months 31 days |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
U.S. Dollar-denominated interest rate swaps 1 | LIBOR | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 1,042,106 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (41,194) |
Weighted-Average Remaining Term (years) | 3 years 4 months 21 days |
Fixed Rate Payable | 2.80% |
Euro Denominated Interest Rate Swaps [Member] | Euro Interbank Offered Rate Euribor [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 75,089 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (8,160) |
Weighted-Average Remaining Term (years) | 3 years 8 months 1 day |
Fixed Rate Payable | 3.80% |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (49,354) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Footnote) (Detail) | Dec. 31, 2019interest_rate_swap |
Interest Rate Swap Agreements | |
Derivative [Line Items] | |
Derivative, Number of Instruments Held | 3 |
Minimum | |
Derivative [Line Items] | |
Variable interest rate on debt | 0.30% |
Maximum | |
Derivative [Line Items] | |
Variable interest rate on debt | 3.95% |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Thousands | Dec. 31, 2019USD ($)€ / $ | May 08, 2019shares | Dec. 31, 2018USD ($) |
Derivative [Line Items] | |||
Investment Owned, Foreign Currency Contract, Current Value | $ 5,820 | ||
Derivative, Average Forward Exchange Rate | € / $ | 0.86 | ||
Expected maturity amount of foreign currency derivatives in next twelve months | $ 6,750 | ||
Expected maturity amounts of foreign currency derivatives in year two | 0 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 202 | ||
Restricted Cash and Cash Equivalents | 14,300 | $ 6,800 | |
Interest Rate Swaps, Cross Currency Swaps Agreement and Foreign Currency Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 3,100 | 9,500 | |
Derivative Liability, Fair Value, Gross Liability | $ 74,300 | $ 55,800 | |
Teekay Offshore | Series D Warrant | |||
Derivative [Line Items] | |||
Number of shares available through exercise of stock purchase warrant | shares | 1,755,000 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | $ 78,097 | $ 57,247 |
Other long-term liabilities | (51,914) | (56,352) |
Derivatives not designated as a cash flow hedge | Forward freight agreements | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 0 | 0 |
Other Non-Current Assets | 0 | 0 |
Accrued Liabilities and Other (1) | 0 | 0 |
Accrued Liabilities and Other (2) | (86) | (57) |
Other long-term liabilities | 0 | 0 |
Derivative | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 932 | 3,699 |
Other Non-Current Assets | 1,916 | 17,361 |
Accrued Liabilities and Other (1) | (3,417) | (3,191) |
Accrued Liabilities and Other (2) | (39,263) | (12,205) |
Other long-term liabilities | (51,914) | (56,352) |
Derivative | Derivatives designated as a cash flow hedge | Interest Rate Swap Agreements | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 0 | 784 |
Other Non-Current Assets | 0 | 2,362 |
Accrued Liabilities and Other (1) | (13) | (20) |
Accrued Liabilities and Other (2) | (836) | 0 |
Other long-term liabilities | (3,475) | 0 |
Derivative | Derivatives not designated as a cash flow hedge | Interest Rate Swap Agreements | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 932 | 2,915 |
Other Non-Current Assets | 1,916 | 2,973 |
Accrued Liabilities and Other (1) | (2,948) | (2,498) |
Accrued Liabilities and Other (2) | (15,478) | (7,419) |
Other long-term liabilities | (29,452) | (32,672) |
Derivative | Derivatives not designated as a cash flow hedge | Foreign currency contracts | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 0 | |
Other Non-Current Assets | 0 | |
Accrued Liabilities and Other (1) | 0 | |
Accrued Liabilities and Other (2) | (202) | |
Other long-term liabilities | 0 | |
Derivative | Derivatives not designated as a cash flow hedge | Cross currency swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 0 | 0 |
Other Non-Current Assets | 0 | 0 |
Accrued Liabilities and Other (1) | (456) | (713) |
Accrued Liabilities and Other (2) | (22,661) | (4,729) |
Other long-term liabilities | $ (18,987) | (23,680) |
Derivative | Derivatives not designated as a cash flow hedge | Stock Purchase Warrants | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Expenses and Other | 0 | |
Other Non-Current Assets | 12,026 | |
Accrued Liabilities and Other (1) | 0 | |
Accrued Liabilities and Other (2) | 0 | |
Other long-term liabilities | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Unrealized loss on qualifying cash flow hedging instruments | $ (57,615) | $ (11) | $ (1,895) |
Interest expense | |||
Derivative [Line Items] | |||
Effective Portion Recognized in AOCI | (7,458) | ||
Unrealized loss on qualifying cash flow hedging instruments | 2,128 | (31) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (152) | (1,614) | |
Ineffective Portion | $ 740 | $ (746) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ (376) |
Derivative Instruments and He_9
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | $ (32,512) | $ (27,442) | $ (52,488) |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 18,793 | 12,590 | 13,634 |
Total realized and unrealized losses on derivative instruments | (13,719) | (14,852) | (38,854) |
Interest Rate Swap Agreements | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (8,296) | (13,898) | (53,921) |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | (7,878) | 33,700 | 17,005 |
Interest rate swap agreement terminations | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 0 | (13,681) | (610) |
Foreign currency forward contracts | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (147) | 0 | 667 |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | (200) | 0 | 3,925 |
Stock Purchase Warrants | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (25,559) | 0 | 0 |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 26,900 | (21,053) | (6,421) |
Time-charter Swap Agreement | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 0 | 0 | 1,106 |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 0 | 0 | (875) |
Forward freight agreements | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | 1,490 | 137 | 270 |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | $ (29) | $ (57) | $ 0 |
Derivative Instruments and H_10
Derivative Instruments and Hedging Activities - Effect of Gains (Losses) on Cross Currency Swaps (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized (losses) gains | $ 10,851 | $ (7,135) | $ (101,157) |
Realized and unrealized losses on non-designated derivative instruments (note 16) | (13,719) | (14,852) | (38,854) |
Cross Currency Interest Rate Contract Maturity and Partial Termination | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized losses | 0 | (42,271) | (25,733) |
Cross Currency Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized losses | (5,062) | (6,533) | (18,494) |
Unrealized (losses) gains | (13,239) | 21,240 | 82,668 |
Realized and unrealized losses on non-designated derivative instruments (note 16) | $ (18,301) | $ (27,564) | $ 38,441 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information - Vessels Under Construction (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term Purchase Commitment [Line Items] | ||||
Carrying amount of long-term debt | $ 2,867,120 | $ 3,363,127 | ||
Net loss | (148,986) | (57,747) | $ (529,072) | |
Teekay LNG | ||||
Long-term Purchase Commitment [Line Items] | ||||
Unrecorded Unconditional Purchase Obligation | 61,003 | |||
Unrecorded Unconditional Purchase Obligation, Due within next Twelve Months | 23,330 | |||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 22,382 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 15,291 | |||
Net loss | 164,604 | $ 76,875 | $ (1,089) | |
Consolidated Entities [Member] | Teekay LNG | ||||
Long-term Purchase Commitment [Line Items] | ||||
Unrecorded Unconditional Purchase Obligation | 49,652 | |||
Unrecorded Unconditional Purchase Obligation, Due within next Twelve Months | 11,979 | |||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 22,382 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 15,291 | |||
Expected cost of project | $ 61,000 | |||
Equity Method Investments [Member] | Teekay LNG | ||||
Long-term Purchase Commitment [Line Items] | ||||
Unrecorded Unconditional Purchase Obligation | 11,351 | |||
Unrecorded Unconditional Purchase Obligation, Due within next Twelve Months | 11,351 | |||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 0 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Joint Ventures (Detail) - USD ($) | Dec. 31, 2019 | Dec. 11, 2017 |
Long-term Purchase Commitment [Line Items] | ||
Equity method investment, ownership interest | 100.00% | |
Minimum | ||
Long-term Purchase Commitment [Line Items] | ||
Equity method investment, ownership interest | 20.00% | |
Maximum | ||
Long-term Purchase Commitment [Line Items] | ||
Equity method investment, ownership interest | 52.00% | |
Yamal LNG Joint Venture | ||
Long-term Purchase Commitment [Line Items] | ||
Equity method investment, ownership interest | 50.00% | |
Teekay LNG | Bahrain LNG Joint Venture | ||
Long-term Purchase Commitment [Line Items] | ||
Equity method investment, ownership interest | 30.00% | |
Teekay LNG | Yamal LNG Joint Venture | ||
Long-term Purchase Commitment [Line Items] | ||
Equity method investment, ownership interest | 50.00% | |
Teekay LNG | Bahrain LNG Joint Venture | ||
Long-term Purchase Commitment [Line Items] | ||
Equity method investment, ownership interest | 30.00% | |
Teekay LNG | Bahrain LNG Joint Venture | LNG receiving and regasification terminal | ||
Long-term Purchase Commitment [Line Items] | ||
Secured financing | $ 34,000,000 | |
Undrawn amount | $ 10,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information - Liquidity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (148,986) | $ (57,747) | $ (529,072) |
Net operating cash flow | 383,306 | 182,135 | 544,264 |
Working capital deficit | 20,700 | ||
Current portion of long-term debt | 523,312 | 242,137 | |
Carrying amount of long-term debt | 2,867,120 | 3,363,127 | |
Senior Notes (8.5%) due January 15, 2020 | |||
Debt Instrument [Line Items] | |||
Carrying amount of long-term debt | 36,712 | 508,577 | |
Revolving Credit Facilities | |||
Debt Instrument [Line Items] | |||
Carrying amount of long-term debt | 50,000 | ||
Teekay LNG | |||
Debt Instrument [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 164,604 | $ 76,875 | $ (1,089) |
Teekay LNG | Equity Method Investments [Member] | |||
Debt Instrument [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,400,000 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities (Detail) - USD ($) $ in Thousands | Nov. 27, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash of Tanker Investments Ltd. upon acquisition, net of transaction costs (note 23) | $ 0 | $ 0 | $ 30,831 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 47,700 | |||
Accounts receivable | (38,811) | (25,090) | (1,925) | |
Prepaid expenses and other | (103,712) | (30,808) | 3,118 | |
Accounts payable | 104,579 | 8,929 | (14,499) | |
Accrued liabilities and other | 33,121 | 32,215 | 118,137 | |
Total | (4,823) | (14,754) | $ 104,831 | |
Toledo Spirit [Member] | Obligations [Member] | ||||
Extinguishment of Debt, Amount | $ 23,600 | |||
Teide Spirit [Member] | Obligations [Member] | ||||
Extinguishment of Debt, Amount | $ 23,100 | |||
Tanker Investments Ltd. | Teekay Tankers | ||||
Cash of Tanker Investments Ltd. upon acquisition, net of transaction costs (note 23) | $ 37,600 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 14, 2019 | Nov. 27, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Supplemental Cash Flow [Line Items] | |||||
Cash interest paid, including realized interest rate swap settlements | $ 290,300 | $ 242,900 | $ 319,600 | ||
Cash interest paid relating to interest rate swap amendments and terminations | 0 | 13,700 | 600 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 47,700 | ||||
Cash of Tanker Investments Ltd. upon acquisition, net of transaction costs | $ 0 | 0 | 30,831 | ||
Tanker Investments Ltd. | Teekay Tankers | |||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||
Cash of Tanker Investments Ltd. upon acquisition, net of transaction costs | $ 37,600 | ||||
Legal fees | $ 6,800 | ||||
Preferred Unitholders | Teekay Offshore | |||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||
Dividends-in-kind | $ 12,700 | ||||
Common Class A | Tanker Investments Ltd. | Teekay Tankers | |||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||
Number of shares to be issued/exchanged (in shares) | 11,122,193 | ||||
Bahrain LNG Joint Venture | Teekay LNG | |||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||
Due from Joint Ventures, Noncurrent | $ 79,100 | ||||
Equity Interest In Joint Ventures | $ 7,900 | ||||
Subordinated Debt | $ 71,200 | ||||
Subordinated Borrowing, Interest Rate | 6.00% |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 353,241 | $ 424,169 | $ 445,452 | |
Restricted cash – current | 56,777 | 40,493 | 38,179 | |
Restricted cash – non-current | 44,849 | 40,977 | 68,543 | |
Restricted Cash and Cash Equivalents | 14,300 | 6,800 | ||
Total cash, cash equivalents and restricted cash | 456,325 | $ 505,639 | $ 552,174 | $ 805,242 |
Cash and cash equivalents | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 1,121 | |||
Cash and restricted cash | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 337 |
Write-down and loss on sale o_3
Write-down and loss on sale of vessels - Additional Information - Asset Impairments (Detail) | Sep. 25, 2017USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($)vessel | Oct. 31, 2019USD ($) | Jun. 30, 2018vessel | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel | Sep. 30, 2019 |
Property, Plant and Equipment [Line Items] | |||||||||||
Property, Plant and Equipment, Net | $ 5,033,130,000 | $ 5,033,130,000 | $ 5,517,133,000 | $ 5,033,130,000 | $ 5,517,133,000 | ||||||
Proceeds from sale of vessels and equipment | $ 31,523,000 | 28,837,000 | $ 73,712,000 | ||||||||
Cancellation option period (in years) | 13 years | ||||||||||
Fair Value Discounted Cash Flow Discount Rate | 10.00% | ||||||||||
Write-down and loss on sale of vessels | $ (170,310,000) | (53,693,000) | (270,743,000) | ||||||||
Gain (loss) on sale of assets | $ (170,310,000) | (53,693,000) | (270,743,000) | ||||||||
Offshore Production | FPSO | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 2 | ||||||||||
Fair Value Discounted Cash Flow Discount Rate | 10.00% | 9.50% | |||||||||
Other | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Gain (loss) on sale of assets | $ 0 | $ 170,000 | $ (29,000) | ||||||||
Teekay LNG | Alexander Spirit [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Write-down and loss on sale of vessels | $ 11,500,000 | ||||||||||
Handymax | Liquefied Gas Segment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 1 | 1 | 0 | ||||||||
Handymax | Teekay LNG | Conventional Tankers | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Write down on vessel | $ 785,000 | $ 13,000,000 | $ 0 | ||||||||
FPSO | Offshore Production | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 3 | 0 | 3 | ||||||||
Property, Plant and Equipment, Net | $ 113,000,000 | ||||||||||
FPSO | Teekay Parent [Member] | FPSO | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Write down on vessel | $ 178,330,000 | $ 0 | $ 205,659,000 | ||||||||
LNG Carriers | Teekay LNG | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number of vessels | vessel | 4 | 2 | |||||||||
LNG Carriers | Teekay LNG | Liquefied Gas Segment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number of vessels | vessel | 7 | ||||||||||
LNG Carriers | Teekay LNG | Liquefied Gas Segment [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 2 | 0 | 0 | ||||||||
Write down on vessel | $ 0 | $ 33,000,000 | $ 0 | ||||||||
Gain (loss) on sale of assets | $ 14,349,000 | $ 0 | $ 0 | ||||||||
European Spirit [Member] | Teekay LNG | Conventional Tanker Segment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Proceeds from sale of vessels and equipment | 15,700,000 | ||||||||||
African Spirit [Member] | Teekay LNG | Conventional Tanker Segment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Proceeds from sale of vessels and equipment | $ 12,800,000 | ||||||||||
Shuttle Tankers | Offshore Production | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number of vessels | 2 | ||||||||||
Liquefied Gas Carriers | Liquefied Gas Segment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 0 | 4 | 0 | ||||||||
European Spirit and African Spirit [Member] | Teekay LNG | Liquefied Gas Segment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 0 | 2 | 2 | ||||||||
Teide Spirit and Toledo Spirit | Teekay LNG | Conventional Tankers | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 0 | 0 | 2 | ||||||||
Write down on vessel | $ 0 | $ 0 | $ 25,500,000 | ||||||||
Aframax Tanker [Member] | Teekay Tankers | Conventional Tankers | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 0 | 0 | 3 | ||||||||
Write down on vessel | $ 0 | $ 0 | $ 11,158,000 | ||||||||
Falcon Spirit FSO | Teekay Offshore | Offshore Logistics | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 0 | 0 | 1 | ||||||||
Write down on vessel | $ 0 | $ 0 | $ 1,500,000 | ||||||||
Suezmax | Teekay LNG | Conventional Tankers | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Write down on vessel | $ 0 | $ 7,863,000 | $ 25,100,000 | ||||||||
Suezmax | Teekay Tankers | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number of vessels | vessel | 2 | 1 | |||||||||
Proceeds from sale of vessels and equipment | $ 38,000,000 | ||||||||||
Suezmax | Teekay Tankers | Conventional Tankers | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 0 | 0 | 2 | ||||||||
Write down on vessel | $ 0 | $ 0 | $ 1,797,000 | ||||||||
Suezmaxes Tankers Three | Teekay Tankers | Conventional Tankers | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 3 | 0 | 0 | ||||||||
Write down on vessel | $ 0 | $ 0 | |||||||||
Write-down and loss on sale of vessels | $ (5,544,000) | ||||||||||
Subsequent Events | Teekay Tankers | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Proceeds from sale of vessels and equipment | $ 40,800,000 |
Write-down and loss on sale o_4
Write-down and loss on sale of vessels - Net (Loss) Gain on Sale of Vessels, Equipment and Other Operating Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Gain (loss) on sale of assets | $ (170,310) | $ (53,693) | $ (270,743) | |
Write-down and loss on sale of vessels | (170,310) | (53,693) | (270,743) | |
Other | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (loss) on sale of assets | 0 | 170 | (29) | |
Teekay Parent [Member] | FPSO | FPSO | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | (178,330) | 0 | (205,659) | |
Teekay Offshore | Offshore Logistics | Falcon Spirit FSO | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | 0 | 0 | (1,500) | |
Teekay LNG | Conventional Tankers | Handymax | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | (785) | (13,000) | 0 | |
Teekay LNG | Conventional Tankers | Suezmax | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | 0 | (7,863) | (25,100) | |
Teekay LNG | Conventional Tankers | Teide Spirit and Toledo Spirit | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | 0 | 0 | (25,500) | |
Teekay LNG | Liquefied Gas Segment [Member] | LNG Carriers | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (loss) on sale of assets | 14,349 | 0 | 0 | |
Asset Impairment Charges | 0 | (33,000) | 0 | |
Teekay Tankers | Suezmax | ||||
Property, Plant and Equipment [Line Items] | ||||
Net loss on sale of vessels, equipment and other operating assets (note 18b) | $ 2,300 | 3,200 | ||
Teekay Tankers | Conventional Tankers | Suezmax | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | 0 | 0 | (1,797) | |
Teekay Tankers | Conventional Tankers | Suezmaxes Tankers Three | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | 0 | 0 | ||
Write-down and loss on sale of vessels | (5,544) | |||
Teekay Tankers | Conventional Tankers | Aframax Tanker [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | $ 0 | $ 0 | $ (11,158) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net loss attributable to shareholders of Teekay Corporation for basic loss per share | $ (310,577) | $ (79,237) | $ (163,276) |
The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore | 0 | 0 | (90) |
Net loss attributable to shareholders of Teekay Corporation for diluted loss per share | $ (310,577) | $ (79,237) | $ (163,366) |
Basic and Diluted (shares) | 100,719,224 | 99,670,176 | 86,335,473 |
Dilutive effect of stock-based compensation (shares) | 0 | 0 | 0 |
Common stock and common stock equivalents (shares) | 100,719,224 | 99,670,176 | 86,335,473 |
Loss Per Share, Basic and Diluted | $ (3.08) | $ (0.79) | $ (1.89) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive effect on calculation of diluted loss per common share attributable to outstanding stock-based awards | 3.5 | 4 | 3.6 |
Restructuring Charges (Detail)
Restructuring Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 12,040 | $ 4,065 | $ 5,101 |
Restructuring liabilities | $ 800 | $ 800 |
Income Taxes - Components of Co
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Vessels and equipment | $ 1,646 | $ 5,868 |
Tax losses carried forward | 164,009 | 155,910 |
Other | 19,674 | 10,545 |
Total deferred tax assets | 185,329 | 172,323 |
Deferred tax liabilities: | ||
Vessels and equipment | 22,913 | 18,037 |
Provisions | 6,512 | 5,588 |
Other | 0 | 2,060 |
Total deferred tax liabilities | 29,425 | 25,685 |
Net deferred tax assets | 155,904 | 146,638 |
Valuation allowance | (153,302) | (144,560) |
Net deferred tax assets | $ 2,602 | $ 2,078 |
Income Taxes - Components of _2
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Footnote) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 878.3 |
SPAIN | |
Operating Loss Carryforwards [Line Items] | |
Tax losses and disallowed finance costs | $ 15.1 |
Carryforward term (in years) | P18Y |
Norway | |
Operating Loss Carryforwards [Line Items] | |
Tax losses and disallowed finance costs | $ 15 |
Carryforward term (in years) | P10Y |
LUXEMBOURG | |
Operating Loss Carryforwards [Line Items] | |
Carryforward term (in years) | P17Y |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (25,563) | $ (17,458) | $ (11,997) |
Deferred | 81 | (2,266) | (235) |
Income tax expense | $ (25,482) | $ (19,724) | $ (12,232) |
Income Taxes - Reconciliations
Income Taxes - Reconciliations of Income Tax Rates and Actual Tax Charge (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net loss before income taxes | $ (123,504) | $ (38,023) | $ (516,840) |
Net loss not subject to taxes | (91,925) | (104,465) | (297,688) |
Net (loss) income subject to taxes | (31,579) | 66,442 | (219,152) |
At applicable statutory tax rates | (4,352) | 15,177 | (51,471) |
Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions | 25,177 | 4,639 | 64,164 |
Other | 4,657 | (92) | (461) |
Tax expense related to the year | $ 25,482 | $ 19,724 | $ 12,232 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 13,200 | $ 9,200 | $ 6,400 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance of unrecognized tax benefits as at January 1 | 40,556 | 31,061 | 19,492 |
Increases for positions related to the current year | 5,829 | 9,297 | 2,631 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 19,119 | 981 | 3,475 |
Decreases related to statute of limitations | (2,546) | (783) | (1,562) |
Increase due to acquisition of TIL | 0 | 0 | 8,528 |
Decrease due to deconsolidation of Altera | 0 | 0 | (1,503) |
Balance of unrecognized tax benefits as at December 31 | $ 62,958 | $ 40,556 | $ 31,061 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Interest and penalties on unrecognized tax benefits | $ 13.2 | $ 9.2 | $ 6.4 |
Equity-accounted Investments -
Equity-accounted Investments - Additional Information (Detail) | May 08, 2019USD ($) | May 08, 2019USD ($) | Jan. 31, 2018USD ($) | Nov. 27, 2017USD ($)$ / sharesshares | May 31, 2017shares | Nov. 30, 2018USD ($) | Jun. 30, 2018vessel | Dec. 31, 2015ft³ | Oct. 31, 2014shares | Jan. 31, 2014USD ($)shares | Dec. 31, 2019USD ($)leasevessel | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)leasevesselm³ | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 07, 2019 | Sep. 30, 2018 | Dec. 11, 2017 | Sep. 25, 2017 | Dec. 02, 2015 | Jun. 30, 2015 | Nov. 30, 2011USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership interest | 100.00% | 100.00% | ||||||||||||||||||||
Proceeds from sale of equity-accounted investments and related assets | $ 100,000,000 | $ 81,823,000 | $ 0 | |||||||||||||||||||
Investments in subsidiaries | $ 1,173,728,000 | $ 1,193,741,000 | 1,173,728,000 | 1,193,741,000 | ||||||||||||||||||
Equity income | $ (14,523,000) | $ 61,054,000 | (37,344,000) | |||||||||||||||||||
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 | 20.00% | 20.00% | ||||||||||||||||||||
Magnora | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership interest | 43.50% | 43.50% | 40.00% | |||||||||||||||||||
Investment in equity private placement | $ 25,000,000 | |||||||||||||||||||||
Magnora ASA [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Proceeds from sale of equity-accounted investments and related assets | $ 27,000,000 | |||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 15,300,000 | |||||||||||||||||||||
Yamal LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership interest | 50.00% | 50.00% | ||||||||||||||||||||
Yamal LNG Joint Venture | Newbuildings | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Number of vessels | vessel | 6 | |||||||||||||||||||||
Teekay LNG | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Proceeds from sale of equity-accounted investments and related assets | $ 54,000,000 | |||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 5,600,000 | |||||||||||||||||||||
Teekay LNG | LNG Carriers | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Number of vessels | vessel | 4 | 2 | ||||||||||||||||||||
Teekay LNG | Excalibur Joint Venture And Excelsior Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Difference between carrying amount and book value | $ 12,500,000 | 13,000,000 | 12,500,000 | $ 13,000,000 | ||||||||||||||||||
Guarantor Obligations, Current Carrying Value | 100,000 | 0 | 100,000 | 0 | ||||||||||||||||||
Teekay LNG | Exmar LPG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Difference between carrying amount and book value | 23,600,000 | 24,900,000 | 23,600,000 | 24,900,000 | ||||||||||||||||||
Due from joint ventures | 52,300,000 | 52,300,000 | 52,300,000 | 52,300,000 | ||||||||||||||||||
Guarantor Obligations, Current Carrying Value | $ 900,000 | 1,300,000 | $ 900,000 | 1,300,000 | ||||||||||||||||||
Guarantee minimum liquidity as percentage | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
Capital Leased Assets, Number of Units | lease | 4 | 4 | ||||||||||||||||||||
Principal Amount Outstanding On Secured Loan Facilities And Finance Leases | $ 246,700,000 | $ 246,700,000 | ||||||||||||||||||||
Interest receivable | 347,092 | 0 | 347,092 | 0 | ||||||||||||||||||
Teekay LNG | Pan Union Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Difference between carrying amount and book value | $ 10,500,000 | 11,000,000 | $ 10,500,000 | 11,000,000 | ||||||||||||||||||
Teekay LNG | Bahrain LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership interest | 30.00% | 30.00% | ||||||||||||||||||||
Investments in subsidiaries | $ 73,400,000 | 79,100,000 | $ 73,400,000 | 79,100,000 | ||||||||||||||||||
Due from joint ventures | 79,100,000 | 79,100,000 | ||||||||||||||||||||
Investments in and advances to affiliates | $ 500,000 | 0 | ||||||||||||||||||||
Teekay LNG | Bahrain LNG Joint Venture | LNG receiving and regasification terminal | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Capacity of production facility, per day | ft³ | 800,000,000 | |||||||||||||||||||||
Onshore nitrogen production facility lease period (in years) | 20 years | 20 years | ||||||||||||||||||||
Credit facility, maximum borrowing capacity | $ 34,000,000 | $ 34,000,000 | ||||||||||||||||||||
Teekay LNG | Yamal LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership interest | 50.00% | |||||||||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 809,200,000 | 809,200,000 | ||||||||||||||||||||
Guarantor Obligations, Current Carrying Value | $ 2,200,000 | 600,000 | $ 2,200,000 | 600,000 | ||||||||||||||||||
Teekay LNG | MALT Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership interest | 52.00% | 52.00% | ||||||||||||||||||||
Guarantor Obligations, Current Carrying Value | $ 300,000 | 400,000 | $ 300,000 | 400,000 | ||||||||||||||||||
Guarantee minimum liquidity as percentage | 52.00% | 52.00% | ||||||||||||||||||||
Teekay LNG | Angola Joint Venture | 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 (in cubic meters) | 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% | ||||||||||||||||||||
Guarantor Obligations, Current Carrying Value | $ 500,000 | $ 600,000 | $ 500,000 | $ 600,000 | ||||||||||||||||||
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 | LIBOR | Bahrain LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Debt instrument spread on variable rate | 6.00% | 1.25% | ||||||||||||||||||||
MALT Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Debt instrument, principal amount | $ 147,000,000 | $ 147,000,000 | ||||||||||||||||||||
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 | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | $ 25,000,000 | ||||||||||||||||||||
Proceeds from sale of equity-accounted investments and related assets | 100,000,000 | |||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900,000 | |||||||||||||||||||||
Equity income | (75,814,000) | $ (6,907,000) | (2,461,000) | |||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 64,900,000 | |||||||||||||||||||||
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% | |||||||||||||||||||||
Common Stock | Teekay and Teekay Tankers | Tanker Investments Ltd. | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Purchase of common stock (in shares) | shares | 5,000,000 | |||||||||||||||||||||
Common Stock | Teekay Tankers | Tanker Investments Ltd. | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Purchase of common stock (in shares) | shares | 900,000 | |||||||||||||||||||||
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% | ||||||||||||||||||||
Thirty Percent Ownership | Teekay LNG | Pan Union Joint Venture | LNG Carriers | Shipbuilding supervision and crew training services | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Number of vessels | vessel | 2 | |||||||||||||||||||||
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% | ||||||||||||||||||||
National Oil and Gas Authority [Member] | Equity-accounted joint ventures | Teekay LNG | Bahrain LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership percentage | 30.00% | |||||||||||||||||||||
Nogaholdings | Teekay LNG | Bahrain LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership percentage | 30.00% | |||||||||||||||||||||
Samsung | Teekay LNG | Bahrain LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership percentage | 16.00% | |||||||||||||||||||||
GIC | Teekay LNG | Bahrain LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Ownership percentage | 24.00% | |||||||||||||||||||||
Teekay Offshore | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Due from Affiliate, Noncurrent | $ 25,000,000 | $ 25,000,000 | ||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||||||||||||||||
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% | |||||||||||||||||||||
Mitsui & Co. Ltd | Angola LNG Joint Venture | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership interest | 34.00% | 34.00% | ||||||||||||||||||||
Common Stock | Teekay Offshore | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment, ownership interest | 14.00% | |||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 0.00% | 13.80% | 0.00% | 13.80% | ||||||||||||||||||
Tanker Investments Ltd. | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Percentage of ownership acquired | 19.50% | |||||||||||||||||||||
Amount purchased for shares | $ 151,300,000 | |||||||||||||||||||||
Acquisition price (in dollars per share) | $ / shares | $ 1.70 | |||||||||||||||||||||
Tanker Investments Ltd. | Teekay Tankers | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Existing time-charter contracts | $ 200,000 | |||||||||||||||||||||
Long-term debt assumed | 337,100,000 | |||||||||||||||||||||
Total vessels and equipment | $ 467,200,000 | |||||||||||||||||||||
Percentage of ownership acquired | 11.30% | |||||||||||||||||||||
Amount purchased for shares | $ 151,300,000 | |||||||||||||||||||||
Transaction costs | 6,900,000 | |||||||||||||||||||||
Total acquisition cost | 177,400,000 | |||||||||||||||||||||
Net working capital assumed | $ 47,100,000 | |||||||||||||||||||||
Number of shares acquiring (in shares) | shares | 27,000,000 | |||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 46,200,000 | |||||||||||||||||||||
Tanker Investments Ltd. | Common Class A | Teekay Tankers | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Number of shares to be issued/exchanged (in shares) | shares | 11,122,193 | |||||||||||||||||||||
Share exchange (in shares) | shares | 0.4 | |||||||||||||||||||||
Tanker Investments Ltd. | Common Class A | Teekay Corporation | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Number of shares to be issued/exchanged (in shares) | shares | 1,031,250 | |||||||||||||||||||||
Time charters | Lease Agreements | Teekay LNG | Bahrain LNG Joint Venture | LNG receiving and regasification terminal | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Onshore nitrogen production facility lease period (in years) | 21 years | 21 years | 21 years | |||||||||||||||||||
Interest Rate Swap Agreements | Unrealized Gain Loss [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity income | $ (12,900,000) | $ 17,600,000 | $ 7,700,000 | |||||||||||||||||||
General Partner | Teekay Offshore | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Interest of Company's general partner | 49.00% | 2.00% | 49.00% |
Equity-accounted Investments _2
Equity-accounted Investments - Condensed Summary of Company's Investments in and Advances to Joint Ventures (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 11, 2017 | Nov. 30, 2011 |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 100.00% | |||
Investments in subsidiaries | $ 1,173,728 | $ 1,193,741 | ||
Operating Segments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in subsidiaries | $ 1,163,322 | $ 1,288,444 | ||
Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 20.00% | |||
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% | |||
Magnora | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 43.50% | 40.00% | ||
Teekay Parent | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in subsidiaries | $ 756,140 | $ 488,547 | ||
Teekay Parent | Teekay Offshore | Operating Segments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 14.00% | |||
Investments in subsidiaries | $ 0 | $ 157,924 | ||
Teekay Parent | TOO GP | Operating Segments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 49.00% | |||
Investments in subsidiaries | $ 0 | $ 3,968 | ||
Teekay LNG | Bahrain LNG Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 30.00% | |||
Investments in subsidiaries | $ 73,400 | 79,100 | ||
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 | $ 64,017 | 81,709 | ||
Teekay LNG | Yamal LNG Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 50.00% | |||
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 | $ 264,088 | 210,290 | ||
Teekay LNG | Pan Union Joint Venture | Liquefied Gas Carriers | Operating Segments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in subsidiaries | $ 75,403 | 71,040 | ||
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 | $ 32,717 | 32,419 | ||
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 | $ 149,024 | 151,186 | ||
Teekay LNG | MALT Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 52.00% | |||
Teekay LNG | MALT Joint Venture | Liquefied Gas Carriers | Operating Segments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 52.00% | |||
Investments in subsidiaries | $ 344,571 | 342,280 | ||
Teekay LNG | Angola Joint Venture | Liquefied Gas Carriers | Operating Segments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 33.00% | |||
Investments in subsidiaries | $ 84,474 | 79,606 | ||
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 | $ 120,917 | 132,256 | ||
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 | $ 28,111 | $ 25,766 | ||
Qatar Gas Transport Company Ltd | RasGas3 Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership interest | 60.00% |
Equity-accounted Investments _3
Equity-accounted Investments - Condensed Summary of Company's Financial Information for Joint Venture (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Income from vessel operations | $ 204,042 | $ 164,319 | $ 6,700 |
Equity Method Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 1,115,537 | 2,052,084 | 980,078 |
Income from vessel operations | 489,096 | 406,125 | 258,006 |
Realized and unrealized (loss) gain on non-designated derivative instruments | (72,305) | 21,664 | (17,438) |
Net income (loss) | 145,924 | (3,747) | $ 38,646 |
Equity Method Investments [Member] | Other assets – current | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 148,663 | 412,388 | |
Equity Method Investments [Member] | Other assets – non-current | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current assets | 169,925 | 1,957,271 | |
Equity Method Investments [Member] | Other liabilities – current | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 189,165 | 563,862 | |
Equity Method Investments [Member] | Other liabilities – non-current | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | 243,301 | 478,311 | |
Equity Method Investments [Member] | Vessels and Equipment | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current assets | 3,123,377 | 6,615,077 | |
Cash and restricted cash | Cash | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 379,085 | 568,843 | |
Net investment in direct financing leases | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current assets | 4,469,861 | 3,000,927 | |
Current portion of long-term debt and obligations related to finance leases | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 563,776 | 1,106,812 | |
Long-term debt and obligations related to finance leases | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | $ 5,156,307 | $ 6,882,426 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands, shares in Millions | Mar. 27, 2020USD ($) | Jan. 28, 2020USD ($)vesselcredit_facility | Jan. 07, 2020USD ($) | Jan. 07, 2020USD ($) | Jan. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($)vessel | May 31, 2019USD ($) | Mar. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)vessel | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2014USD ($) | Mar. 24, 2020USD ($) | Nov. 30, 2015 |
Subsequent Event [Line Items] | ||||||||||||||||
Equity method investment, ownership interest | 100.00% | 100.00% | 100.00% | |||||||||||||
Payments for Repurchase of Common Stock | $ 25,729 | $ 0 | $ 0 | |||||||||||||
Proceeds from sale of vessels and equipment | 31,523 | 28,837 | 73,712 | |||||||||||||
Repayments of Long-term Debt | 233,734 | 671,803 | 713,278 | |||||||||||||
Direct financing lease payments received | $ 17,073 | 0 | $ 0 | |||||||||||||
Teekay LNG | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Term of lease (in years) | 20 years | 20 years | 20 years | |||||||||||||
Teekay LNG | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of repurchased common units | shares | 1.4 | |||||||||||||||
Payments for Repurchase of Common Stock | $ 15,300 | |||||||||||||||
Teekay LNG | Bahrain LNG Joint Venture | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Equity method investment, ownership interest | 30.00% | 30.00% | 30.00% | |||||||||||||
Teekay Tankers | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of Vessels To Be Refinanced | vessel | 31 | |||||||||||||||
Proceeds from sale of vessels and equipment | $ 40,800 | |||||||||||||||
Gain (Loss) on Disposition of Assets | $ 2,700 | |||||||||||||||
WilPride And WilForce LNG Carriers [Member] | Teekay LNG | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Purchase Obligation And Deferred Hire Amounts | $ 260,000 | $ 260,000 | ||||||||||||||
Number of vessels | 2 | |||||||||||||||
Repayments of Debt | 157,000 | |||||||||||||||
Increase (Decrease) in Liquidity | $ 100,000 | |||||||||||||||
Suezmax | Teekay Tankers | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of vessels | vessel | 2 | 1 | ||||||||||||||
Proceeds from sale of vessels and equipment | $ 38,000 | |||||||||||||||
FPSO | Teekay Parent [Member] | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Operating lease arrangement period, lessor (in years) | 10 years | |||||||||||||||
Direct financing lease payments received | $ 67,000 | |||||||||||||||
Senior Notes (8.5%) due January 15, 2020 | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Repayments of senior debt | $ 460,900 | $ 10,900 | $ 84,100 | $ 57,300 | ||||||||||||
Debt interest rate | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | |||||||||||
Senior Notes (8.5%) due January 15, 2020 | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Repayments of Long-term Debt | $ 36,700 | |||||||||||||||
Revolving Credit Facility | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Credit facility, maximum borrowing capacity | $ 890,700 | $ 890,700 | $ 890,700 | |||||||||||||
Revolving Credit Facility | Teekay LNG | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Credit facility, maximum borrowing capacity | $ 225,000 | $ 225,000 | $ 225,000 | |||||||||||||
Revolving Credit Facility | Teekay LNG | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Credit facility, maximum borrowing capacity | $ 225,000 | |||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Credit facility, maximum borrowing capacity | $ 532,800 | |||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | Teekay Tankers | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||
Repayments of Debt | $ 455,000 | |||||||||||||||
Number of debt instruments | credit_facility | 2 | |||||||||||||||
Suezmax | Teekay Tankers | Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number Of Vessels Sold | vessel | 2 |
Schedule I Condensed Non-Cons_3
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current | |||
Cash and cash equivalents (notes 9 and 18) | $ 353,241 | $ 424,169 | $ 445,452 |
Accounts receivable, including non-trade and related party balances | 199,957 | 174,031 | |
Prepaid expenses and other (note 16) | 78,097 | 57,247 | |
Current portion of loans to equity-accounted investments (note 23) | 8,241 | 169,197 | |
Total current assets | 1,142,868 | 898,021 | |
Investments in and advances to subsidiaries (note 1) | (1,173,728) | (1,193,741) | |
Goodwill, intangibles and other non-current assets (notes 6 and 16) | 133,466 | 179,270 | |
Total assets | 8,072,864 | 8,391,670 | |
Current | |||
Due to affiliates | 18,647 | 75,292 | |
Current portion of long-term debt (note 9) | 523,312 | 242,137 | |
Total current liabilities | 1,163,559 | 686,129 | |
Long-term debt (note 9) | 2,303,840 | 3,077,386 | |
Other long-term liabilities (notes 7 and 16) | 216,348 | 189,397 | |
Total liabilities | 5,501,271 | 5,524,642 | |
Equity | |||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 100,784,422 shares outstanding and issued (2018 – 100,435,210)) (note 13) | 1,052,284 | 1,045,659 | |
Accumulated deficit | (546,684) | (234,395) | |
Total liabilities and equity | 8,072,864 | 8,391,670 | |
Teekay Parent | |||
Current | |||
Cash and cash equivalents (notes 9 and 18) | 49,655 | 81,681 | |
Accounts receivable, including non-trade and related party balances | 199 | 202 | |
Prepaid expenses and other (note 16) | 0 | 12 | |
Current portion of loans to equity-accounted investments (note 23) | 249,197 | 676,087 | |
Total current assets | 299,051 | 757,982 | |
Investments in and advances to subsidiaries (note 1) | (756,140) | (488,547) | |
Goodwill, intangibles and other non-current assets (notes 6 and 16) | 0 | 329 | |
Total assets | 1,055,191 | 1,246,858 | |
Current | |||
Accounts payable | 13,995 | 1,339 | |
Accrued liabilities | 8,684 | 24,641 | |
Due to affiliates | 351,618 | 203,585 | |
Current portion of long-term debt (note 9) | 36,674 | 0 | |
Other current liabilities | 718 | 584 | |
Total current liabilities | 411,689 | 230,149 | |
Long-term debt (note 9) | 349,977 | 614,341 | |
Other long-term liabilities (notes 7 and 16) | 9,360 | 7,911 | |
Total liabilities | 771,026 | 852,401 | |
Equity | |||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 100,784,422 shares outstanding and issued (2018 – 100,435,210)) (note 13) | 1,052,284 | 1,045,659 | |
Accumulated deficit | (768,119) | (651,202) | |
Total equity | 284,165 | 394,457 | |
Total liabilities and equity | $ 1,055,191 | $ 1,246,858 |
Schedule I Condensed Non-Cons_4
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Statements of (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||
Revenues | $ 1,945,391 | $ 1,728,488 | $ 1,880,332 |
Voyage expenses | (423,677) | (409,617) | (153,766) |
Vessel operating expenses | 644,445 | 637,474 | 731,150 |
Time-charter hire expenses | 118,761 | 86,458 | 120,893 |
General and administrative expenses | 81,444 | 96,555 | 106,150 |
Income from vessel operations | 204,042 | 164,319 | 6,700 |
Interest expense | (279,059) | (254,126) | (268,400) |
Interest income | 7,804 | 8,525 | 6,290 |
Other | (14,475) | (2,013) | (53,981) |
Net loss before income taxes | (123,504) | (38,023) | (516,840) |
Income tax recovery (expense) | 25,482 | 19,724 | 12,232 |
Net loss attributable to shareholders of Teekay Corporation | (310,577) | (79,237) | (163,276) |
Teekay Parent | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | 0 | 345 | 5,089 |
Voyage expenses | 0 | 20 | (242) |
Vessel operating expenses | 412 | 26 | 0 |
Time-charter hire expenses | 0 | 0 | 17,765 |
General and administrative expenses | 19,463 | 23,799 | 20,549 |
Income from vessel operations | (19,875) | (23,460) | (33,467) |
Interest expense | (46,243) | (60,166) | (53,103) |
Interest income | 1,561 | 2,839 | 422 |
Impairments of investments (note 1) | 103,420 | 651,473 | 338,749 |
Dividend income (note 1) | 62,100 | 32,751 | 58,000 |
Other | (5,662) | (6,008) | 4,764 |
Net loss before income taxes | (111,539) | (705,517) | (362,133) |
Income tax recovery (expense) | (7) | 208 | 251 |
Net loss attributable to shareholders of Teekay Corporation | $ (111,532) | $ (705,725) | $ (362,384) |
Schedule I Condensed Non-Cons_5
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net loss | $ (148,986) | $ (57,747) | $ (529,072) |
Non-cash and non-operating items: | |||
Income tax recovery (expense) | 25,482 | 19,724 | 12,232 |
Change in operating assets and liabilities | 4,823 | 14,754 | (104,831) |
Net operating cash flow | 383,306 | 182,135 | 544,264 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 527,465 | 1,325,482 | 1,007,010 |
Scheduled repayments of long-term debt and settlement of related swaps | (804,748) | (771,827) | (831,901) |
Net proceeds from equity issuances of Teekay Corporation | 0 | 103,655 | 25,636 |
Cash dividends paid | (5,523) | (22,082) | (18,977) |
Other financing activities | (580) | (671) | 1,638 |
Net financing cash flow | (382,229) | 434,786 | 284,309 |
INVESTING ACTIVITIES | |||
Other investing activities | 0 | 0 | 7,613 |
Net investing cash flow | (50,391) | (663,456) | (1,081,641) |
Decrease in cash, cash equivalents, restricted cash and cash held for sale | (49,314) | (46,535) | (253,068) |
Cash, cash equivalents, restricted cash and cash held for sale, beginning of the year | 505,639 | 552,174 | 805,242 |
Cash, cash equivalents, restricted cash and cash held for sale, end of the year | 456,325 | 505,639 | 552,174 |
Teekay Parent | |||
OPERATING ACTIVITIES | |||
Net loss | (111,532) | (705,725) | (362,384) |
Non-cash and non-operating items: | |||
Unrealized gain on derivative instruments | (270) | (2,932) | (2,336) |
Impairments of investments | 103,420 | 651,473 | 338,749 |
Income tax recovery (expense) | (7) | 208 | 251 |
Stock-based compensation | 7,400 | 7,329 | 6,952 |
Dividends-in-kind | (10,000) | (10,000) | (58,000) |
Other | 19,160 | 7,453 | 3,262 |
Change in operating assets and liabilities | 15,314 | 36,296 | (718) |
Net operating cash flow | (7,143) | (88,490) | (72,788) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 250,000 | 120,713 | 0 |
Payments of Debt Issuance Costs | 15,029 | 0 | 0 |
Scheduled repayments of long-term debt and settlement of related swaps | (480,851) | (85,654) | 0 |
Advances from affiliates | 227,157 | 39,293 | 103,400 |
Net proceeds from equity issuances of Teekay Corporation | 0 | 103,655 | 25,636 |
Cash dividends paid | (5,523) | (22,081) | (18,967) |
Other financing activities | (637) | (651) | (662) |
Net financing cash flow | (24,883) | 155,275 | 109,407 |
INVESTING ACTIVITIES | |||
Investments in subsidiaries | 0 | (7,109) | (24,443) |
Other investing activities | 0 | (45) | 1,289 |
Net investing cash flow | 0 | (7,154) | (23,154) |
Decrease in cash, cash equivalents, restricted cash and cash held for sale | (32,026) | 59,631 | 13,465 |
Cash, cash equivalents, restricted cash and cash held for sale, beginning of the year | 81,681 | 22,050 | 8,585 |
Cash, cash equivalents, restricted cash and cash held for sale, end of the year | $ 49,655 | $ 81,681 | $ 22,050 |
Schedule I Condensed Non-Cons_6
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Basis of presentation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 266,400 | ||
Restricted Investments, Percent of Net Assets | 55.00% | ||
Teekay Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividend income | $ 62,100 | $ 32,751 | $ 58,000 |
Impairments of investments | $ 103,420 | $ 651,473 | $ 338,749 |
Schedule I Condensed Non-Cons_7
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Long-term debt (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 27, 2010 | Jan. 31, 2020 | May 31, 2019 | Nov. 30, 2015 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||||||
Total principal | $ (2,867,120) | $ (3,363,127) | |||||||
Less unamortized discount and debt issuance costs | (39,968) | (43,604) | |||||||
Long-term Debt | 2,827,152 | 3,319,523 | |||||||
Long-term Debt, Current Maturities | (523,312) | (242,137) | |||||||
Long-term portion | 2,303,840 | 3,077,386 | |||||||
Gain (Loss) on Extinguishment of Debt | 10,600 | ||||||||
Repurchased aggregate principal amount | 233,734 | 671,803 | $ 713,278 | ||||||
Senior Notes (8.5%) due January 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal | $ (36,712) | $ (508,577) | |||||||
Debt interest rate | 8.50% | 8.50% | 8.50% | ||||||
Debt instrument, principal amount | $ 450,000 | $ 200,000 | |||||||
Percentage over par at which notes sold | 99.20% | 99.01% | |||||||
Effective interest rate | 8.67% | ||||||||
Repayments of senior debt | $ 460,900 | $ 10,900 | $ 84,100 | $ 57,300 | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Discount rate for redemption feature | 0.50% | ||||||||
Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal | $ (250,000) | 0 | |||||||
Debt interest rate | 9.25% | 9.25% | |||||||
Debt instrument, principal amount | $ 250,000 | ||||||||
Discount rate for redemption feature | 0.50% | ||||||||
Convertible Senior Notes (5%) due January 15, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal | $ (125,000) | $ (125,000) | |||||||
Debt interest rate | 5.00% | 5.00% | |||||||
Teekay Parent | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal | $ (411,712) | $ (633,577) | |||||||
Less unamortized discount and debt issuance costs | (25,061) | (19,236) | |||||||
Long-term Debt | 386,651 | 614,341 | |||||||
Long-term Debt, Current Maturities | (36,674) | 0 | |||||||
Long-term portion | 349,977 | 614,341 | |||||||
Teekay Parent | Senior Notes (8.5%) due January 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal | $ (36,712) | $ (508,577) | |||||||
Debt interest rate | 8.50% | 8.50% | 8.50% | ||||||
Gain (Loss) on Extinguishment of Debt | $ 10,600 | ||||||||
Debt instrument, principal amount | $ 450,000 | $ 200,000 | |||||||
Percentage over par at which notes sold | 99.20% | 99.01% | |||||||
Effective interest rate | 8.67% | ||||||||
Repayments of senior debt | $ 460,900 | $ 10,900 | $ 84,100 | $ 57,300 | |||||
Teekay Parent | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal | $ (250,000) | 0 | |||||||
Debt interest rate | 9.25% | 9.25% | |||||||
Debt instrument, principal amount | $ 250,000 | ||||||||
Teekay Parent | Convertible Senior Notes (5%) due January 15, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal | $ (125,000) | $ (125,000) | |||||||
Debt interest rate | 5.00% | 5.00% | |||||||
Teekay Parent | Senior Notes Due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Senior Notes due 2022 [Member] | Teekay Parent | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of vessels | 3 | ||||||||
Common Stock | Teekay Parent | |||||||||
Debt Instrument [Line Items] | |||||||||
Sale of stock (in dollars per share) | $ 9.75 | ||||||||
Subsequent Events | Senior Notes (8.5%) due January 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchased aggregate principal amount | $ 36,700 | ||||||||
Debt Instrument, Redemption, Period One [Member] | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 1.00% | ||||||||
Debt Instrument, Redemption, Period One [Member] | Teekay Parent | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 1.00% | ||||||||
Debt Instrument, Redemption, Period Two [Member] | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 104.625% | ||||||||
Debt Instrument, Redemption, Period Two [Member] | Teekay Parent | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 104.625% | ||||||||
Debt Instrument, Redemption, Period Three [Member] | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | ||||||||
Debt Instrument, Redemption, Period Three [Member] | Teekay Parent | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | ||||||||
Debt Instrument, Redemption, Period Four [Member] | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument, Redemption, Period Four [Member] | Teekay Parent | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Fpso Unit [Member] | Senior Notes due 2022 [Member] | Teekay Parent | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of vessels | 2 | ||||||||
Teekay Tankers | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 145,000 | ||||||||
Teekay Tankers | Teekay Parent | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 145,000 | $ 166,400 | |||||||
US Treasury (UST) Interest Rate [Member] | Senior Notes (8.5%) due January 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 5000.00% | ||||||||
US Treasury (UST) Interest Rate [Member] | Senior Notes Due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 5000.00% | ||||||||
US Treasury (UST) Interest Rate [Member] | Teekay Parent | Senior Notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 5000.00% | ||||||||
US Treasury (UST) Interest Rate [Member] | Teekay Parent | Senior Notes Due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 5000.00% |
Schedule I Condensed Non-Cons_8
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Guarantees (Details) - Teekay Tankers - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt Guaranteed | $ 145 | |
Teekay Parent | ||
Debt Instrument [Line Items] | ||
Debt Guaranteed | 145 | $ 166.4 |
Teekay Parent | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt Guaranteed | $ 52.2 |
Schedule I Condensed Non-Cons_9
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Supplemental Cash Flow Information (Details) - Teekay Parent - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Supplemental Cash Flow [Line Items] | |||
Dividends received | $ 10 | $ 10 | $ 58 |
Return of capital to parent | $ 1.7 |