Teekay (TK) 6-K 24 Nov 20 2020 Q3 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2020
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	TK
Entity Registrant Name	TEEKAY CORP
Entity Central Index Key	0000911971
Current Fiscal Year End Date	--12-31

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of (Loss) Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenues	$ 396,517,000	$ 425,836,000	$ 1,453,376,000	$ 1,375,106,000
Voyage expenses	(61,736,000)	(97,829,000)	(250,196,000)	(310,022,000)
Vessel operating expenses	(153,764,000)	(159,616,000)	(454,853,000)	(479,229,000)
Time-charter hire expenses	18,796,000	28,932,000	63,566,000	87,587,000
Depreciation and amortization	(64,352,000)	(73,633,000)	(200,205,000)	(219,589,000)
General and administrative expenses	(18,073,000)	(20,016,000)	(60,018,000)	(63,856,000)
Write-down and (loss) gain on sale	(66,273,000)	(175,785,000)	(171,548,000)	(179,113,000)
Gain on commencement of sales-type lease	0	0	44,943,000	0
Restructuring charges	2,139,000	414,000	9,149,000	10,404,000
Income (loss) from vessel operations	11,384,000	(130,389,000)	288,784,000	25,306,000
Interest expense	(53,175,000)	(67,707,000)	(174,940,000)	(211,583,000)
Interest income	1,754,000	1,485,000	6,871,000	6,407,000
Realized and unrealized gains (losses) on derivative instruments	(1,471,000)	(1,924,000)	(32,404,000)	(18,311,000)
Equity income (loss)	24,392,000	21,514,000	62,048,000	(46,423,000)
Foreign exchange (loss) gain)	(5,943,000)	5,628,000	(8,219,000)	(2,853,000)
Other Income (Loss)	(14,627,000)	(1,424,000)	(15,707,000)	(12,495,000)
(Loss) income before income taxes	(37,686,000)	(172,817,000)	126,433,000	(259,952,000)
Income tax (expense) recovery	3,702,000	3,091,000	(9,681,000)	11,531,000
Net (loss) income	(41,388,000)	(175,908,000)	136,114,000	(271,483,000)
Net loss (income) attributable to non-controlling interests	5,981,000	(22,270,000)	(199,603,000)	(50,437,000)
Net loss attributable to the shareholders of Teekay Corporation	$ (35,407,000)	$ (198,178,000)	$ (63,489,000)	$ (321,920,000)
Earnings Per Share, Basic	$ (0.35)	$ (1.97)	$ (0.63)	$ (3.20)
Earnings Per Share, Diluted	$ (0.35)	$ (1.97)	$ (0.63)	$ (3.20)
Weighted average number of common shares outstanding (note 18)
Weighted Average Number of Shares Outstanding, Basic and Diluted	101,107,371	100,784,683	101,034,362	100,697,251

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ (41,388)	$ (175,908)	$ 136,114	$ (271,483)
Other comprehensive loss before reclassifications
Unrealized loss on qualifying cash flow hedging instruments	(959)	(19,576)	(69,593)	(71,828)
Pension adjustments, net of taxes	(19)	(230)	(53)	(402)
Amounts reclassified from accumulated other comprehensive income (loss) relating to:
Other comprehensive income (loss)	4,512	(19,427)	(57,591)	(72,956)
Comprehensive (loss) income	(36,876)	(195,335)	78,523	(344,439)
Comprehensive loss (income) attributable to non-controlling interests	3,293	(9,578)	(160,770)	(1,482)
Comprehensive loss attributable to shareholders of Teekay Corporation	(33,583)	(204,913)	(82,247)	(345,921)
Interest Expense
Other comprehensive loss before reclassifications
Unrealized loss on qualifying cash flow hedging instruments		(2,244)		(9,646)
Amounts reclassified from accumulated other comprehensive income (loss) relating to:
Realized loss on qualifying cash flow hedging instruments to equity income	835	(22)	1,469	(430)
Equity Income
Amounts reclassified from accumulated other comprehensive income (loss) relating to:
Realized loss on qualifying cash flow hedging instruments to equity income	$ 4,655	$ 401	$ 10,586	$ (296)

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current
Cash and cash equivalents	$ 376,563	$ 353,241
Restricted cash – current	15,916	56,777
Accounts receivable, including non-trade of $6,700 (2019 - $12,793)	161,057	199,957
Accounts receivable, non-trade	6,700	12,793
Accrued revenue	38,887	107,111
Prepaid expenses and other	74,464	86,338
Current portion of net investments in direct financing and sales-type leases, net	14,686	273,986
Assets held for sale	0	65,458
Total current assets	681,573	1,142,868
Restricted cash – non-current	50,068	44,849
Vessels and equipment
At cost, less accumulated depreciation of $1,226,252 (2019 – $1,259,404)	2,375,865	2,654,466
Accumulated depreciation on vessels and equipment	1,226,252	1,259,404
Vessels related to finance leases, at cost, less accumulated amortization of $272,372 (2019 - $253,553)	2,148,835	2,219,026
Vessels related to finance leases, accumulated amortization	272,372	253,553
Operating lease right-of-use assets	61,796	159,638
Total vessels and equipment	4,586,496	5,033,130
Net investment in direct financing and sales-type leases, net – non-current	522,456	544,823
Investment in and loans, net to equity-accounted investments	1,111,660	1,173,728
Goodwill, intangibles and other non-current assets	128,867	133,466
Total assets	7,081,120	8,072,864
Current
Accounts payable	117,411	135,496
Accrued liabilities and other	344,253	295,001
Short-term debt	20,000	50,000
Current portion of long-term debt	302,682	523,312
Current obligations related to finance leases	98,236	95,339
Current portion of operating lease liabilities	28,731	61,431
Liabilities related to assets held for sale	0	2,980
Total current liabilities	911,313	1,163,559
Long-term portion	1,752,190	2,303,840
Long-term obligations related to finance leases	1,656,321	1,730,353
Long-term operating lease liabilities	34,798	87,171
Other long-term liabilities	196,568	216,348
Total liabilities	4,551,190	5,501,271
Equity
Common Stocks, Including Additional Paid in Capital	$ 1,056,113	$ 1,052,284
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 101,108,886 shares outstanding and issued (2019 – 100,784,422)	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	725,000,000	725,000,000
Common stock, share outstanding (in shares)	101,108,886	100,784,422
Common stock, share issued (in shares)	101,108,886	100,784,422
Accumulated deficit	$ (507,462)	$ (546,684)
Non-controlling interest	2,033,112	2,089,730
Accumulated other comprehensive loss	(51,833)	(23,737)
Total equity	2,529,930	2,571,593
Total liabilities and equity	$ 7,081,120	$ 8,072,864

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net income (loss)	$ 136,114	$ (271,483)
Non-cash and non-operating items:
Depreciation and amortization	200,205	219,589
Unrealized loss on derivative instruments	(22,373)	(38,803)
Write-down and (loss) gain on sale	(171,548)	(179,113)
Gain on commencement of sales-type lease	44,943	0
Equity (income) loss, net of dividends received and return of capital	(29,751)	71,797
Income tax (recovery) expense	(9,681)	11,531
Foreign currency exchange loss and other	43,428	2,071
Direct financing lease payments received	337,363	9,242
Change in other operating assets and liabilities	92,310	41,729
Asset retirement obligation expenditures	(15,207)	0
Expenditures for dry docking	9,623	46,266
Net Cash Provided by (Used in) Operating Activities	894,136	256,126
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net of issuance costs	1,109,267	449,686
Prepayments of long-term debt	1,639,223	774,401
Scheduled repayments of long-term debt and settlement of related swaps (note 10)	(267,953)	(171,946)
Proceeds from short-term debt	235,000	125,000
Prepayment of short-term debt	(265,000)	(75,000)
Proceeds from financing related to sale-leaseback of vessels	0	381,526
Repayments of obligations related to finance leases	71,135	72,559
Prepayment obligations related to finance leases	0	(111,617)
Repurchase of Teekay LNG common units	15,635	25,729
Distributions paid from subsidiaries to non-controlling interests	(58,081)	(46,982)
Cash dividends paid	0	5,523
Other financing activities	(798)	(580)
Net Cash Provided by (Used in) Financing Activities	(973,558)	(328,125)
INVESTING ACTIVITIES
Expenditures for vessels and equipment	(18,468)	(98,713)
Proceeds from sale of vessels and equipment	60,915	0
Proceeds from sale of assets, net of cash sold	24,977	100,000
Investment in equity-accounted investments	0	42,171
Loan repayment by joint venture	(4,650)	0
Other investing activities	(6,430)	0
Net Cash Provided by (Used in) Investing Activities	65,644	(40,884)
Decrease in cash, cash equivalents, restricted cash and cash held for sale	(13,778)	(112,883)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance	456,325	505,639
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance	$ 442,547	$ 392,756

Unaudited Consolidated Statem_4

Unaudited Consolidated Statement of Changes in Total Equity - USD ($) $ in Thousands	Total	Thousands of Shares of Common Stock Outstanding	Common Stock and Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss	Non-controlling Interests	Thousands of Shares of Common Stock Outstanding
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated other comprehensive loss					$ (2,273)
Beginning Balance (in shares) at Dec. 31, 2018		100,435,000
Beginning Balance at Dec. 31, 2018	$ 2,867,028		$ 1,045,659	$ (234,395)			$ 2,058,037
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted				(84,257)
Net Income (Loss) Attributable to Noncontrolling Interest							22,793
Net income (loss)	(61,464)
Other comprehensive loss	(22,347)					$ (7,247)	(15,100)
Dividends declared	$ 13,892			5,385			13,892	$ 5,385
Dividends declared per share	$ 0.055
Employee stock compensation and other, number of shares		264,000
Employee stock compensation and other	$ 2,964		2,964
Change in accounting policy	(2,991)			606		(1,604)	(1,993)
Changes to non-controlling interest from equity contributions and other	7,823			1,526		0
Changes to non-controlling interest from equity contributions and other							(9,349)
Ending Balance (in shares) at Mar. 31, 2019		100,699,000
Ending Balance at Mar. 31, 2019	2,756,090		1,048,623	(321,905)			2,040,496
Beginning Balance (in shares) at Dec. 31, 2018		100,435,000
Beginning Balance at Dec. 31, 2018	2,867,028		1,045,659	(234,395)			2,058,037
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted	(321,920)
Net Income (Loss) Attributable to Noncontrolling Interest	50,437
Net income (loss)	(271,483)
Other comprehensive loss	(72,956)
Ending Balance (in shares) at Sep. 30, 2019		100,784,000
Ending Balance at Sep. 30, 2019	2,448,900		1,050,898	(558,016)			1,983,896
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated other comprehensive loss					(11,124)
Beginning Balance (in shares) at Mar. 31, 2019		100,699,000
Beginning Balance at Mar. 31, 2019	2,756,090		1,048,623	(321,905)			2,040,496
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted				(39,485)
Net Income (Loss) Attributable to Noncontrolling Interest							5,374
Net income (loss)	(34,111)
Other comprehensive loss	(31,182)					(10,019)	(21,163)
Dividends declared	16,574						16,574
Employee stock compensation and other, number of shares		85,000
Employee stock compensation and other	908		908
Changes to non-controlling interest from equity contributions and other	2,506			228
Changes to non-controlling interest from equity contributions and other							(2,734)
Ending Balance (in shares) at Jun. 30, 2019		100,784,000
Ending Balance at Jun. 30, 2019	2,672,625		1,049,531	(361,162)			2,005,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated other comprehensive loss					(21,143)
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted	(198,178)			(198,178)
Net Income (Loss) Attributable to Noncontrolling Interest	22,270						22,270
Net income (loss)	(175,908)
Other comprehensive loss	(19,427)					(6,735)	(12,692)
Dividends declared	16,516						16,516
Employee stock compensation and other	1,367		1,367
Changes to non-controlling interest from equity contributions and other	13,241			1,324
Changes to non-controlling interest from equity contributions and other							(14,565)
Ending Balance (in shares) at Sep. 30, 2019		100,784,000
Ending Balance at Sep. 30, 2019	2,448,900		1,050,898	(558,016)			1,983,896
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated other comprehensive loss					(27,878)
Accumulated other comprehensive loss	$ (23,737)				(23,737)
Beginning Balance (in shares) at Dec. 31, 2019	100,784,422	100,784,000
Beginning Balance at Dec. 31, 2019	$ 2,571,593		1,052,284	(546,684)			2,089,730
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted				(49,805)
Net Income (Loss) Attributable to Noncontrolling Interest							101,807
Net income (loss)	52,002
Other comprehensive loss	(53,911)					(17,624)	(36,287)
Dividends declared	16,353						16,353
Employee stock compensation and other, number of shares		324,000
Employee stock compensation and other	1,238		1,238
Change in accounting policy	(53,300)			(17,216)			(36,084)
Changes to non-controlling interest from equity contributions and other	14,605			2,912		(321)
Changes to non-controlling interest from equity contributions and other							(17,196)
Ending Balance (in shares) at Mar. 31, 2020		101,108,000
Ending Balance at Mar. 31, 2020	$ 2,486,664		1,053,522	(610,793)			2,085,617
Beginning Balance (in shares) at Dec. 31, 2019	100,784,422	100,784,000
Beginning Balance at Dec. 31, 2019	$ 2,571,593		1,052,284	(546,684)			2,089,730
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted	(63,489)
Net Income (Loss) Attributable to Noncontrolling Interest	199,603
Net income (loss)	136,114
Other comprehensive loss	$ (57,591)
Ending Balance (in shares) at Sep. 30, 2020	101,108,886	101,109,000
Ending Balance at Sep. 30, 2020	$ 2,529,930		1,056,113	(507,462)			2,033,112
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated other comprehensive loss					(41,682)
Beginning Balance (in shares) at Mar. 31, 2020		101,108,000
Beginning Balance at Mar. 31, 2020	2,486,664		1,053,522	(610,793)			2,085,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted				21,723
Net Income (Loss) Attributable to Noncontrolling Interest							103,777
Net income (loss)	125,500
Other comprehensive loss	(8,192)					(2,958)	(5,234)
Dividends declared	19,166						19,166
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease)		(1,000)
Employee stock compensation and other	1,368		1,368
Changes to non-controlling interest from equity contributions and other	1,067			116,818		(9,030)
Changes to non-controlling interest from equity contributions and other							(106,721)
Ending Balance (in shares) at Jun. 30, 2020		101,107,000
Ending Balance at Jun. 30, 2020	2,587,241		1,054,890	(472,252)			2,058,273
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated other comprehensive loss					(53,670)
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted	(35,407)			(35,407)
Net Income (Loss) Attributable to Noncontrolling Interest	(5,981)						(5,981)
Net income (loss)	(41,388)
Other comprehensive loss	4,512					1,824	2,688
Dividends declared	22,562						22,562
Employee stock compensation and other, number of shares		2,000
Employee stock compensation and other	1,223		1,223
Changes to non-controlling interest from equity contributions and other	$ 904			197		$ 13
Changes to non-controlling interest from equity contributions and other							694
Ending Balance (in shares) at Sep. 30, 2020	101,108,886	101,109,000
Ending Balance at Sep. 30, 2020	$ 2,529,930		$ 1,056,113	$ (507,462)			$ 2,033,112
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated other comprehensive loss	$ (51,833)				$ (51,833)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim 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 publicly-traded subsidiaries Teekay LNG Partners L.P. (or Teekay LNG ) and Teekay Tankers Ltd. (or Teekay Tankers ). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted from these unaudited interim consolidated financial statements and, therefore, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC ) on April 8, 2020. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in total equity for the interim periods presented. The results of operations for the three and nine months ended September 30, 2020, are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited financial statements and accompanying notes. Actual results could differ from those estimates. It is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. Given the dynamic nature of these circumstances, the full extent to which the COVID-19 pandemic may have direct or indirect impact on the Company's business and the related financial reporting implications cannot be reasonably estimated at this time, although it could materially affect the Company's business, results of operations and financial condition in the future. COVID-19 has resulted and may continue to result in a significant decline in global demand for oil. As the Company's business includes the transportation of crude oil and refined petroleum products on behalf of customers, any significant decrease in demand for the cargo the Company transports could adversely affect demand for the Company's vessels and services. Spot tanker rates have come under pressure since mid-May 2020 as a result of record OPEC+ oil production cuts and lower production from other oil producing countries, which reduced crude exports, and the unwinding of floating storage. COVID-19 has also been a contributing factor to the decline in short-term charter rates and the increase in certain crewing-related costs, which has had an impact on our cash flows, and was a contributing factor to the write-down of certain tankers owned by Teekay Tankers during the three months ended September 30, 2020, as described in Note 7 - Write-down and (Loss) Gain on Sale. During the nine months ended September 30, 2020, COVID-19 was also a contributing factor to the write-down of six of Teekay LNG's multi-gas vessels and one floating production storage and offloading ( or FPSO ) unit, as described in Note 7 - Write-down and (Loss) Gain on Sale, as well as being a contributing factor to the reduction in certain tax accruals as described in Note 17 - Income Tax (Expense) Recovery.

Accounting Pronouncements

Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (or 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 introduced a new credit loss methodology, which requires earlier recognition of potential 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 replaced multiple impairment methods under previous GAAP for these type of assets, which generally required that a loss be incurred before it was recognized. The Company adopted this update on January 1, 2020 with a modified-retrospective approach, whereby a cumulative-effect adjustment was made to increase accumulated deficit on January 1, 2020 without any retroactive application to prior periods. The Company's net investment in direct financing and sales-type leases, loans to equity-accounted investments, guarantees of indebtedness of equity-accounted investments and receivables related to non-operating lease revenue arrangements are subject to ASU 2016-13. On adoption, the Company decreased the carrying value of investment in and loans to equity-accounted investments by $40.0 million, non-controlling interest by $36.1 million and net investment in direct financing and sales-type leases by $11.2 million and increased accumulated deficit by $17.2 million and its other long-term liabilities by $2.1 million. The cumulative adjustment recorded on initial adoption of this update does not reflect an increase in credit risk exposure to the Company compared to previous periods presented. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (or ASU 2019-12) , as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the effect of adopting this new guidance. In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or LIBOR ). This update applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. This update is effective through December 31, 2022. The Company is currently evaluating the effect of adopting this new guidance. In August 2020, the FASB issued ASU 2020-06 - Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . This update simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. This update also enhances transparency and improves disclosures for convertible instruments and earnings per share guidance. It is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update permits the use of either the modified retrospective or fully retrospective method of transition. The Company is currently evaluating the effect of adopting this new guidance.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues	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 by providing corporate management services to such third-party entities. For a description of these contracts, see "Item 18 – Financial Statements: Note 2" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2019. Revenue Table The following tables contain the Company’s revenue for the three and nine months ended September 30, 2020 and 2019, by contract type, by segment and by business lines within segments. Three Months Ended September 30, 2020 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 136,203 — 42,180 — 3,947 — 182,330 Voyage charters 9,982 — 125,819 — — — 135,801 Bareboat charters — — — 293 — — 293 FPSO contracts — — — 15,952 — — 15,952 Management fees and other 2,750 — 2,241 — 57,150 — 62,141 148,935 — 170,240 16,245 61,097 — 396,517 Three Months Ended September 30, 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 129,633 1,597 1,909 — 12,642 (7,246) 138,535 Voyage charters 10,846 — 178,174 — — — 189,020 Bareboat charters 6,196 — — — — — 6,196 FPSO contracts — — — 44,558 — — 44,558 Management fees and other 1,383 — 7,361 — 38,633 150 47,527 148,058 1,597 187,444 44,558 51,275 (7,096) 425,836 Nine Months Ended September 30, 2020 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 402,509 — 92,733 — 13,000 — 508,242 Voyage charters 27,682 — 651,223 — — — 678,905 Bareboat charters — — — 590 — — 590 FPSO contracts — — — 90,375 — — 90,375 Management fees and other 6,836 — 14,676 — 153,752 — 175,264 437,027 — 758,632 90,965 166,752 — 1,453,376 Nine Months Ended September 30, 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 394,092 6,728 6,815 — 26,989 (9,733) 424,891 Voyage charters 28,864 — 591,746 — — — 620,610 Bareboat charters 18,387 — — — — — 18,387 FPSO contracts — — — 151,824 — — 151,824 Management fees and other 4,388 — 34,051 — 122,934 (1,979) 159,394 445,731 6,728 632,612 151,824 149,923 (11,712) 1,375,106 The following table contains the Company's total revenue for the three and nine months ended September 30, 2020 and 2019, by those contracts or components of contracts accounted for as leases and by those contracts or components not accounted for as leases. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 305,321 339,346 1,181,911 1,087,289 Interest income on lease receivables 12,952 12,978 38,495 38,741 Variable lease payments – cost reimbursements (1) 10,730 14,169 37,578 39,483 Variable lease payments – other (2) — 6,542 5,218 33,686 329,003 373,035 1,263,202 1,199,199 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 5,373 5,274 14,910 16,513 Management fees and other income 62,141 47,527 175,264 159,394 67,514 52,801 190,174 175,907 Total 396,517 425,836 1,453,376 1,375,106 (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 September 30, 2020, the minimum scheduled future rentals to be received by the Company in each of the next five years for time charters, bareboat charters and FPSO contracts that were accounted for as operating leases were approximately $172.8 million (remainder of 2020), $573.6 million (2021), $444.9 million (2022), $334.5 million (2023) and $259.3 million (2024). 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 September 30, 2020, revenue from unexercised option periods of contracts that existed on September 30, 2020, 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 and do not reflect the impact of revenue sharing arrangements whereby time-charter revenues are shared with other revenue sharing arrangement participants. The amounts may vary given unscheduled future events such as vessel maintenance. Net Investment in Direct Financing Leases and Sales-Type Leases On March 27, 2020, the Company entered into a bareboat charter with Britoil Limited (or BP ), a subsidiary of BP p.l.c., for the Petrojarl Foinaven FPSO for a period up to December 2030. BP may cancel the charter on six-months notice. Under the terms of this charter, Teekay received a cash payment of approximately $67 million in April 2020 and will 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 EU ship recycling regulations. The charter was classified and accounted for as a sales-type lease. Consequently, the Company recognized a net investment in sales-type lease of $81.9 million and an asset retirement obligation of $6.1 million, derecognized the carrying value of the Petrojarl Foinaven FPSO and related customer contract, and recognized a gain of $44.9 million in the three months ended March 31, 2020. As at September 30, 2020, the net investment in sales-type lease was $14.8 million, with the majority of the reduction relating to the cash payment of $67 million received in April 2020. As at September 30, 2020, Teekay LNG had three liquefied natural gas (or LNG ) carriers, excluding vessels in its equity-accounted joint ventures, which are accounted for as direct financing leases. For a description of Teekay LNG's LNG carriers accounted for as direct financing leases, see "Item 18 – Financial Statements: Note 2" to the Company's Annual Report on Form 20-F for the year ended December 31, 2019. As at December 31, 2019, Teekay LNG had two additional LNG carriers, the WilForce and the WilPride , that were chartered to Awilco LNG ASA (or Awilco ) and were accounted for as sales-type leases. In January 2020, Awilco purchased both carriers from Teekay LNG and paid Teekay LNG the associated purchase obligation, deferred hire amounts and interest on deferred hire amounts, totaling $260 million relating to these two vessels. As at September 30, 2020, estimated minimum lease payments to be received related to direct financing and sales-type leases in each of the next five years were approximately $16.4 million (remainder of 2020), $64.6 million (2021), $64.6 million (2022), $64.4 million (2023), $64.7 million (2024) and an aggregate of $522.3 million thereafter. The leases are scheduled to end between 2025 and 2039. 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 September 30, 2020 and December 31, 2019, there were contract liabilities of $32.7 million and $32.4 million, respectively. During the three and nine months ended September 30, 2020, the Company recognized revenues of $36.0 million and $32.4 million, respectively (three and nine months ended September 30, 2019 – $23.3 million and $26.4 million, respectively), included in contract liability at the beginning of such periods.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Deconsolidation of Teekay Offshore	Related Party Transactions 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 three and nine months ended September 30, 2020, the Company earned $21.1 million and $58.5 million, respectively (three and nine months ended September 30, 2019 – $17.4 million and $50.0 million, respectively), of fees pursuant to these management agreements and reimbursement of costs. 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 expenses for the three and nine months ended September 30, 2020 were $6.0 million and $17.3 million, respectively (three and nine months ended September 30, 2019 – $5.3 million and $14.0 million, respectively). On May 11, 2020, Teekay and Teekay LNG agreed to eliminate all of Teekay LNG's incentive distribution rights, which were held by Teekay GP LLC, in exchange for the issuance to a subsidiary of Teekay Corporation of 10.75 million newly-issued common units of Teekay LNG. The common units were valued at $122.6 million, based on the prevailing unit price at the time of issuance. As a result of the share issuance of Teekay LNG, the Company recorded a decrease to accumulated deficit of $116.6 million and an increase to accumulated other comprehensive loss of $9.0 million with a corresponding decrease in non-controlling interests of $107.6 million. The $116.6 million represents Teekay’s dilution gain from the issuance of new common units by Teekay LNG and is credited directly to equity, and the $9.0 million represents the change in Teekay's interest in Teekay LNG's accumulated other comprehensive loss. On May 8, 2019, Teekay sold to Brookfield Business Partners L.P. (or Brookfield ) all of the Company’s remaining interests in Altera Infrastructure L.P. (or Altera ) (previously known as Teekay Offshore Partners L.P (or Teekay Offshore )), 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 (or the 2019 Brookfield Transaction ). Subsequent to the 2019 Brookfield Transaction, Altera is no longer a related party of Teekay. Subsequent to the deconsolidation of Altera in September 2017 and prior to the 2019 Brookfield Transaction, the Company accounted for its investment in Altera's general partner and common units under the equity method of accounting. Based on the 2019 Brookfield Transaction, the Company remeasured its investment in Altera to fair value at March 31, 2019 based on the Altera publicly-traded unit price at that date, resulting in a write-down of $64.9 million reflected in equity loss on the Company's unaudited consolidated statements of (loss) income for the nine months ended September 30, 2019. The Company recognized a loss on sale of $8.9 million upon completion of the 2019 Brookfield Transaction in May 2019. On September 25, 2017, Teekay, Altera and Brookfield completed a strategic partnership (or the 2017 Brookfield Transaction ), which resulted in the deconsolidation of Altera as of that date. 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. Subsequent to their transfer to Altera, the Transferred Subsidiaries continue to provide ship management, commercial, technical, strategic, 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 recognized by the Company for services provided to Altera during the period that Altera was a related party to the Company, from January 1, 2019 to May 8, 2019, were $7.6 million, which were recorded in revenues on the Company's unaudited consolidated statements of (loss) income. 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, from January 1, 2019 to May 8, 2019, were $9.6 million, which were recorded in vessel operating expenses and general and administrative expenses on the Company's unaudited consolidated statements of (loss) income.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company’s segments are described in "Item 18 – Financial Statements: Note 3" to the Company’s Annual Report on Form 20-F for the year ended December 31, 2019. 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, 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, 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 liquefied petroleum gas (or LPG) carriers, and (3) conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company incorporates the primary lines of business within its segments, as in certain cases there is more than one line of business in each 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 by segment for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Teekay LNG Liquefied Gas Carriers 148,935 148,058 437,027 445,731 Conventional Tankers — 1,597 — 6,728 148,935 149,655 437,027 452,459 Teekay Tankers Conventional Tankers (1) 170,240 187,444 758,632 632,612 Teekay Parent Offshore Production 16,245 44,558 90,965 151,824 Other 61,097 51,275 166,752 149,923 77,342 95,833 257,717 301,747 Eliminations and other (1) — (7,096) — (11,712) 396,517 425,836 1,453,376 1,375,106 (1) During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit was chartered by Teekay LNG to Teekay Parent. The following table includes the Company’s income (loss) from vessel operations by segment for the three and nine months ended September 30, 2020 and 2019: Income (Loss) from Vessel Operations (1) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Teekay LNG Liquefied Gas Carriers 69,597 72,112 160,924 216,799 Conventional Tankers — (501) — (1,150) 69,597 71,611 160,924 215,649 Teekay Tankers Conventional Tankers (29,193) (4,873) 183,919 32,275 Teekay Parent Offshore Production (20,586) (194,415) (44,394) (212,959) Other (8,434) (2,712) (11,665) (9,659) (29,020) (197,127) (56,059) (222,618) 11,384 (130,389) 288,784 25,306 (1) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). Prior to its sale in May 2019, the Company accounted for its investment in Altera's general partner and common units using the equity method and recognized equity losses in respect of Altera for the period from January 1, 2019 to May 8, 2019 of $3.1 million. The Company wrote-down the investment in Altera by $64.9 million in the nine months ended September 30, 2019 and recognized a loss on sale of $8.9 million in the nine months ended September 30, 2019. A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheets is as follows: September 30, 2020 December 31, 2019 $ $ Teekay LNG – Liquefied Gas Carriers 4,711,448 5,249,465 Teekay Tankers – Conventional Tankers 1,791,132 2,140,652 Teekay Parent – Offshore Production 35,791 161,096 Teekay Parent – Other 48,448 80,455 Cash and cash equivalents 376,563 353,241 Other assets not allocated 127,608 102,701 Eliminations (9,870) (14,746) Consolidated total assets 7,081,120 8,072,864

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability, Maturity [Table Text Block]	As at September 30, 2020, the remaining commitments related to the financial liabilities of these nine LNG carriers, including the amounts to be paid for the related purchase obligations, approximated $1.8 billion, including imputed interest of $417.7 million, repayable through 2034, as indicated below: Commitments At September 30, 2020 Year $ Remainder of 2020 34,831 2021 138,601 2022 136,959 2023 135,459 2024 132,011 Thereafter 1,198,366 As at September 30, 2020, the total remaining commitments related to the financial liabilities of Teekay Tankers' Suezmax tankers, Aframax tankers and LR2 product tankers, including the amounts to be paid for the related purchase obligations, approximated $559.7 million, including imputed interest of $163.6 million, repayable from 2020 through 2030, as indicated below: Commitments At September 30, 2020 Year $ Remainder of 2020 14,235 2021 56,222 2022 56,213 2023 56,204 2024 56,348 Thereafter 320,481

Write-down and Loss on Sales of

Write-down and Loss on Sales of Vessels	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Write-down and Loss on Sales of Vessels	Write-down and (Loss) Gain on Sale 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. During the third quarter of 2020, the Company recognized impairment charges in respect of five Aframax tankers due to the lower near-term market outlook. The following table contains the write-downs, gains and losses on sales of vessels for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Segment Asset Type Completion of Sale Date 2020 2019 $ $ Teekay Parent Segment – Offshore Production (1) 2 FPSO units N/A (12,200) (175,000) Teekay Parent Segment – Other (2) Operating lease ROU asset N/A (9,100) — Teekay LNG Segment – Conventional Tankers 1 Handymax Oct-2019 — (785) Teekay Tankers Segment – Conventional Tanker s (3) 5 Aframaxes N/A (43,526) — Teekay Tankers Segment – Conventional Tankers Operating lease ROU asset N/A (1,447) — Total (66,273) (175,785) Nine Months Ended September 30, Segment Asset Type Completion of Sale Date 2020 2019 $ $ Teekay Parent Segment – Offshore Production (1) 2 FPSO units N/A (72,285) (175,000) Teekay Parent Segment – Offshore Production (4) 1 FPSO unit N/A — (3,328) Teekay Parent Segment – Other (2) Operating lease ROU asset N/A (9,100) — Teekay LNG Segment – Liquefied Gas Carriers (5) 6 Multi-gas Carriers N/A (45,000) — Teekay LNG Segment – Conventional Tankers 1 Handymax Oct-2019 — (785) Teekay Tankers Segment – Conventional Tankers (3) 5 Aframaxes N/A (43,526) — Teekay Tankers Segment – Conventional Tankers (6) (6) Apr-2020 3,081 — Teekay Tankers Segment – Conventional Tankers 3 Suezmaxes Feb/Mar-2020 (2,627) — Teekay Tankers Segment – Conventional Tankers Operating lease ROU asset N/A (2,091) — Total (171,548) (179,113) (1) During the first three quarters of 2020 and 2019, Teekay Parent recognized impairment charges of $72.3 million and $175.0 million, respectively, in respect of two of its FPSO units. In the first quarter of 2020, CNR International (U.K.) Limited (or CNR ) provided formal notice to Teekay of its intention to cease production in June 2020 and decommission the Banff field shortly thereafter. As such, the Company removed the Petrojarl Banff FPSO and Apollo Spirit FSO from the Banff field in the third quarter of 2020 and expects to remove the subsea equipment in 2021. The Company expects to recycle the FPSO unit, which is currently in lay-up, and the sub-sea equipment following removal from the field. The Company redelivered the FSO unit to its owner in the third quarter of 2020. The asset retirement obligation for the Petrojarl Banff FPSO unit was increased based on changes to cost estimates and the carrying value of the unit was fully written dow n. During 2020, the Company also made changes to its expected cash flows from the Sevan Hummingbird FPSO unit based on the market environment and oil prices, and contract discussions with the customer. The carrying value of the unit was fully written down in the third quarter of 2020. (2) In the third quarter of 2020, the Company made changes to its expected cash flows from the Suksan Salamander FSO unit, which it in-charters from Altera under an operating lease, to take into account recent progress relating to the early termination of the in-charter and the novation of the charter contracts with the customer to Altera. The ROU asset was written down to its estimated fair value, using a discounted cash flow approach. See Note 13. (3) During the three and nine months ended September 30, 2020, the carrying values of five Aframax tankers were written down to their estimated fair values, using appraised values, primarily due to the lower near-term tanker market outlook and a reduction of charter rates as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. (4) On March 27, 2020, the Company entered into a bareboat charter agreement for Petrojarl Foinaven FPSO unit, which was accounted for as a sales-type lease and resulted in the recognition of a gain of $44.9 million in the three months ended March 31, 2020. See Note 3. (5) In March 2020, the carrying values for six of Teekay LNG's seven wholly-owned multi-gas carriers were written down to their estimated fair values, using appraised values, primarily due to the lower near-term outlook for these type of vessels as a result of the economic environment at that time (including the COVID-19 pandemic), as well as Teekay LNG receiving notification that its then-existing commercial management agreement with a third-party commercial manager will dissolve and be replaced by a new commercial management agreement in September 2020.

Accrued Liabilities and Other a

Accrued Liabilities and Other and Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilities and Other September 30, 2020 December 31, 2019 $ $ Accrued liabilities Voyage and vessel expenses 122,999 121,937 Interest 28,510 29,371 Payroll and related liabilities 42,450 33,494 Distributions payable and other 6,425 6,487 Deferred revenues – current 36,522 36,242 In-process revenue contracts – current — 5,933 Current portion of derivative liabilities ( note 16 ) 37,702 39,263 Office lease liability – current 2,014 3,627 Loans from equity-accounted investments 29,631 18,647 Asset retirement obligation – current 38,000 — 344,253 295,001 Other Long-Term Liabilities September 30, 2020 December 31, 2019 $ $ Deferred revenues and gains 24,977 28,612 Guarantee liabilities 11,445 10,113 Asset retirement obligation 11,848 31,068 Pension liabilities 7,964 7,238 In-process revenue contracts — 11,866 Derivative liabilities ( note 16 ) 82,708 51,914 Unrecognized tax benefits ( note 17 ) 45,008 62,958 Office lease liability – long-term 9,361 10,254 Other 3,257 2,325 196,568 216,348 Asset Retirement Obligations In the first quarter of 2020, CNR provided formal notice to Teekay of its intention to cease production in June 2020 and decommission the Banff field shortly thereafter. As such, the Company removed the Petrojarl Banff FPSO and Apollo Spirit FSO from the Banff field in the third quarter of 2020 and expects to remove the subsea equipment in 2021. The Company expects to recycle the FPSO unit, which is currently in lay-up, and the sub-sea equipment following removal from the field. The Company redelivered the FSO unit to its owner in the third quarter of 2020. During the first half of 2020, the asset retirement obligation for the Petrojarl Banff FPSO unit was increased based on changes to cost estimates and the carrying value of the unit was fully written down. As of September 30, 2020, the present value of the Petrojarl Banff FPSO unit's estimated asset retirement obligations relating to the remediation of the subsea infrastructure was $42.9 million , of which $38.0 million is recorded in accrued liabilities and $4.9 million recorded in other long-term liabilities. The Company has also recorded $8.7 million in other non-current assets as at September 30, 2020 for the expected recovery of a portion of these costs from the customer upon the completion of the remediation work. In March 2020, Teekay Parent entered into a new bareboat charter contract with the existing charterer of the Petrojarl Foinaven FPSO unit, which can be extended up to December 2030. Under the terms of the new contract, Teekay received a cash payment of $67 million in April 2020 and will 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 EU ship recycling regulations. As of September 30, 2020, the carrying value of the related lease asset was $14.8 million . As of September 30, 2020, the present value of the Petrojarl Foinaven FPSO unit's estimated asset retirement obligation relating to recycling costs was $6.8 million .

Short-Term Debt

Short-Term Debt	9 Months Ended
	Sep. 30, 2020
Short-term Debt [Line Items]
Short-term Debt [Text Block]	9. 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 revolving loan facility (or the Working Capital Loan ), which initially provided available aggregate borrowings of up to $40.0 million for TTCL, and had an initial maturity date in May 2019, subject to extension as described below. The maximum available aggregate borrowings were subsequently increased to $80.0 million, effective December 2019. The amount available for drawdown is limited to a percentage of certain receivables and accrued revenue, which is assessed weekly. The next maturity date of the Working Capital Loan is in November 2020. The Working Capital Loan maturity date is continually extended for further periods of six months thereafter unless and until the lender gives notice in writing that no further extensions shall occur. Proceeds of the Working Capital Loan are used to provide working capital in relation to certain vessels subject to revenue sharing agreements (or RSAs ). 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 September 30, 2020, $20.0 million (December 31, 2019 – $50.0 million) was owing under this facility, and the interest rate on the facility was 3.6% (December 31, 2019 – 5.0%). As of the date these unaudited consolidated financial statements were issued, Teekay Tankers was in compliance with all covenants in respect of this facility.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Long-Term Debt September 30, 2020 December 31, 2019 $ $ Revolving Credit Facilities 280,000 603,132 Senior Notes (8.5%) due January 15, 2020 — 36,712 Senior Notes (9.25%) due November 15, 2022 250,000 250,000 Convertible Senior Notes (5%) due January 17, 2023 114,184 125,000 Norwegian Krone-denominated Bonds due through September 2025 326,820 347,163 U.S. Dollar-denominated Term Loans due through 2030 962,757 1,336,437 Euro-denominated Term Loans due through 2024 157,156 165,376 Other U.S. Dollar-denominated loan — 3,300 Total principal 2,090,917 2,867,120 Less unamortized discount and debt issuance costs (36,045) (39,968) Total debt 2,054,872 2,827,152 Less current portion (302,682) (523,312) Long-term portion 1,752,190 2,303,840 As of September 30, 2020, the Company had four revolving credit facilities (collectively, the Revolvers ) available . The Revolvers, as at such date, provided for aggregate borrowings of up to $928.2 million, of which $648.2 million was undrawn. Interest payments are based on LIBOR plus a margin. The margins ranged between 1.40% and 3.95% at September 30, 2020 and at December 31, 2019. As at September 30, 2020, the aggregate amount available under the Revolvers was scheduled to decrease by $135.0 million (remainder of 2020), $115.8 million (2021), $410.8 million (2022), $65.3 million (2023) and $201.3 million (2024). The Revolvers are collateralized by first-priority mortgages granted on 33 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 C lass A common shares in Teekay Tankers to secure a $150 million credit facility. On October 1, 2020, Teekay Parent completed the refinancing of its revolving credit facility, and as part of this refinancing, 10.75 million Teekay LNG common units were included as additional security. Subsequent to this refinancing, the Revolvers provided for aggregate borrowings of up to $957.6 million, of which $677.6 million was undrawn, and the aggregate amount available under the Revolvers is scheduled to decrease by $47.2 million (remainder of 2020), $115.8 million (2021), $528.0 million (2022), $65.3 million (2023) and $201.3 million (2024). The Company’s 8.5% senior unsecured notes were due January 15, 2020 with an original aggregate principal amount of $450 million (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 which were due on January 15, 2020 (or the Additional Notes ) at 99.0% of face value, plus accrued interest from July 15, 2015. Prior to 2020, the Company repurchased $613.3 million in aggregate principal amount and in January 2020, the Company repaid all remaining Original Notes and Additional Notes at maturity. In May 2019, the Company issued $250.0 million in aggregate principal amount of 9.25% senior secured notes at par due November 2022 (or the 2022 Notes ). 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 owned 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 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. In September 2020, Teekay Parent commenced repurchasing some of its Convertible Notes in the open market, acquiring $10.8 million of the principal of the Convertible Notes for total consideration of $8.8 million and recognized a gain of $1.1 million in the third quarter of 2020, included in other loss on the Company's unaudited consolidated statements of (loss) income. Subsequently, in October and November 2020, Teekay Parent acquired an additional $2.0 million of the principal of the Convertible Notes for total consideration of $1.7 million and $6.6 million of the principal of its existing 2022 Notes for total consideration of $6.2 million. As at September 30, 2020, Teekay LNG had a total of Norwegian Krone (or NOK ) 3.1 billion in senior unsecured bonds issued in the Norwegian bond market that mature through 2025 (December 31, 2019 – NOK 3.1 billion). As of September 30, 2020, the total carrying amount of the senior unsecured bonds was $326.8 million (December 31, 2019 – $347.2 million). The bonds are either listed or subject to an application for listing on the Oslo Stock Exchange. The interest payments on the bonds are based on Norwegian Interbank Offered Rate (or NIBOR ) plus a margin, which ranges from 4.60% to 6.00% as at September 30, 2020. 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 5.74% to 7.89%, and the transfer of the principal amount fixed at $360.5 million upon maturity in exchange for NOK 3.1 billion (see Note 16). As of September 30, 2020, the Company had six U.S. Dollar-denominated term loans outstanding, which totaled $962.8 million in aggregate principal amount (December 31, 2019 – $1.3 billion). Interest payments on the term loans are based on LIBOR plus a margin, of which one of the term loans has an additional tranche with a weighted average fixed rate of 4.26%. At September 30, 2020 and at December 31, 2019, the margins ranged between 0.30% and 3.25%. Term loans require payments in quarterly or semi-annual installments commencing three or six months after delivery of each newbuilding vessel financed thereby, and five of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 20 (December 31, 2019 – 24) of the Company’s vessels, together with certain other security. Teekay LNG has two Euro-denominated term loans outstanding, which, as at September 30, 2020, totaled 134.1 million Euros ($157.2 million) (December 31, 2019 – 147.5 million Euros ($165.4 million)). Teekay LNG is servicing the loans with funds generated by two Euro-denominated, long-term time-charter contracts. Interest payments for one of the term loans are based on Euro Interbank Offered Rate (or EURIBOR ) plus a margin. Interest payments on the remaining term loan are based on EURIBOR where EURIBOR is limited to zero or above zero values, plus a margin. At September 30, 2020 and December 31, 2019, 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 of $5.9 million (2019 – gain of $5.6 million) and a loss of $8.2 million (2019 – loss of $2.9 million) during the three and nine months ended September 30, 2020 and 2019, respectively. The weighted-average interest rate on the Company’s aggregate long-term debt as at September 30, 2020 was 3.7% (December 31, 2019 – 4.6%). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 16). The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to September 30, 2020, are $38.0 million (remainder of 2020), $423.9 million (2021), $474.0 million (2022), $363.6 million (2023), $258.4 million (2024) and $533.0 million (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 September 30, 2020, these ratios were 483%, 234%, 140%, 203% and 182% compared to their minimum required ratios of 125%, 115%, 120%, 135% and 125%, respectively. 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 affect the Company's compliance with these ratios. 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. 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 and obligations related to finance leases. As of the date these unaudited consolidated financial statements were issued, the Company is in compliance with all covenants under its credit facilities and other long-term debt.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Capital Stock	Capital Stock The authorized capital stock of Teekay at September 30, 2020 and December 31, 2019 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 September 30, 2020, Teekay had no shares of preferred stock issued. In April 2019, Teekay filed a continuous offering program (or COP

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies a) Vessels Under Construction and Upgrades Teekay LNG's share of commitments to fund equipment installation and other construction contract costs as at September 30, 2020 are as follows: Total Remainder of 2021 2022 Certain consolidated LNG carriers (i) 42,910 3,316 24,583 15,011 Bahrain LNG Joint Venture (ii) 11,339 — 11,339 — 54,249 3,316 35,922 15,011 (i) In June 2019, Teekay LNG entered into an agreement with a contractor to supply equipment on certain of Teekay LNG's LNG carriers in 2021 and 2022, for an estimated installed cost of $59.5 million. As at September 30, 2020, the estimated remaining cost of this installation is $42.9 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. As at September 30, 2020, Teekay LNG's proportionate share of the estimated remaining cost of $11.3 million relates to the final construction installment on the LNG terminal. The Bahrain LNG Joint Venture has remaining debt financing of $24 million, which is undrawn, of which $7 million relates to Teekay LNG's proportionate share of the construction commitments included in the table above. b) Liquidity Management is required to assess whether 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 income of $136.1 million and consolidated cash flows from operating activities of $894.1 million during the nine months ended September 30, 2020 and had a working capital deficit of $229.7 million as at September 30, 2020. Based on the Company’s liquidity at the date these unaudited consolidated financial statements were issued, the liquidity the Company expects to generate from operations over the following year and the dividends it expects to receive from its equity-accounted joint ventures, 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 unaudited 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 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 September 30, 2020 was $1.4 billion. As of the date these unaudited consolidated financial statements were issued, Teekay LNG's equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities and interest rate swaps that Teekay LNG guarantees.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments a) Fair Value Measurements For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see "Item 18 – Financial Statements: Note 12" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2019. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at fair value on a recurring basis. September 30, 2020 December 31, 2019 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring Cash, cash equivalents and restricted cash ( note 19 ) Level 1 442,547 442,547 454,867 454,867 Derivative instruments (note 16) Interest rate swap agreements – assets (1) Level 2 — — 3,099 3,099 Interest rate swap agreements – liabilities (1) Level 2 (79,747) (79,747) (52,453) (52,453) Cross currency interest swap agreements – liabilities (1) Level 2 (44,773) (44,773) (42,104) (42,104) Foreign currency contracts Level 2 — — (202) (202) Forward freight agreements Level 2 (483) (483) (86) (86) Non-recurring Vessels and equipment ( note 7 ) (3) Level 2 46,750 46,750 — — Vessels related to finance leases ( note 7 ) (3) Level 2 34,000 34,000 — — Vessels held for sale ( note 7 ) Level 2 — — 37,240 37,240 Operating lease right-of-use assets ( note 7 ) (4) Level 3 31,469 31,469 — — Operating lease right-of-use assets ( note 7 ) Level 2 6,148 6,148 — — Other (2) Short-term debt ( note 9 ) Level 2 (20,000) (19,994) (50,000) (50,000) Long-term debt – public (note 10) Level 1 (564,645) (577,776) (619,794) (655,977) Long-term debt – non-public (note 10) Level 2 (1,490,227) (1,484,221) (2,207,358) (2,180,440) Obligations related to finance leases, including current portion ( note 6 ) Level 2 (1,754,557) (1,936,576) (1,825,692) (1,877,558) (1) The fair value of the Company's interest rate swap and cross currency swap agreements at September 30, 2020 includes $4.6 million (December 31, 2019 – $3.4 million) accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheet. (2) In these unaudited interim 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. (3) In September 2020, the carrying values of five of Teekay Tankers' Aframax tankers were written down to their estimated fair values, using appraised values, primarily due to the lower near-term tanker market outlook, a reduction of charter rates and a decline in vessel values as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. Three of these vessels were classified as vessels and equipment and two were classified as vessels related to finance leases on the Company's unaudited consolidated balance sheet as at September 30, 2020. (4) Includes an operating lease right-of-use asset relating to one FSO unit which was written down to its estimated fair value, using a discounted cash flow approach. The discounted cash flow approach was based on the expected novation of the existing customer contract in 2021. Cash flow projections have been discounted at an estimated market participant rate of 10.8%. Cash flow projections are based on current and projected charter rates and operating costs. (5) One FPSO unit was written down its estimated fair value, which is a nominal amount, as the expected remaining cash flows generated by the unit is estimated to be offset by the costs to decommission and recycle the unit. Cash flow projections are based on current and projected charter rates as well as operating, decommissioning and recycling costs. b) Credit Losses The Company's exposure to potential credit losses within the scope of ASC 2016-13 includes Teekay Parent's one sales-type lease (the Foinaven FPSO – see Note 3) and Teekay LNG's three direct financing leases, its two loans to equity-accounted joint ventures and its guarantees of its proportionate share of secured loan facilities. In addition, Teekay LNG's exposure to potential credit losses within its equity-accounted joint ventures under ASC 2016-13 primarily includes direct financing and sales-types leases for 18 LNG carriers, one FSU and an LNG regasification terminal within the Yamal LNG Joint Venture, the Bahrain LNG Joint Venture, the Pan Union Joint Venture, the RasGas III Joint Venture and the Angola Joint Venture. For a description of these equity-accounted investments, see "Item 18 – Financial Statements: Note 23" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2019. The following table includes the amortized cost basis of the Company's direct interests in financing receivables and net investment in direct financing leases by class of financing receivables and by period of origination and their associated credit quality. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 Prior to 2016 Total As at September 30, 2020 $ $ $ $ $ Sales-type lease – Teekay Parent Foinaven FPSO Performing 15,453 — — — 15,453 Direct financing leases – Teekay LNG Tangguh Hiri and Tangguh Sago Performing — — — 335,336 335,336 Bahrain Spirit Performing — 212,312 — — 212,312 — 212,312 — 335,336 547,648 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — — 52,266 52,266 Bahrain LNG Joint Venture Performing — — 73,375 — 73,375 — — 73,375 52,266 125,641 15,453 212,312 73,375 387,602 688,742 (1) The Company's credit quality grades are based on internal risk credit ratings whereby a credit quality grade of performing is consistent with a low likelihood of loss. The Company assesses the credit quality of its direct financing leases and loan to the Exmar LPG Joint Venture on whether there are no past due payments, no concessions granted to the counterparties and whether the Company is aware of any other information that would indicate that there is a material increase of likelihood of loss. The same policy is applied by the equity-accounted joint ventures. The Company assesses the credit quality of its loan to the Bahrain LNG Joint Venture based on whether there are any past due payments from the Bahrain LNG Joint Venture’s primary customer, whether the Bahrain LNG Joint Venture has granted any concessions to its primary customer and whether the Company is aware of any other information that would indicate that there is a material increase of likelihood of loss. As at September 30, 2020, all direct financing and sales-type leases held by Teekay LNG and Teekay LNG's equity-accounted joint ventures had a credit quality grade of performing. Changes in the allowance for credit losses for the three and nine months ended September 30, 2020 are as follows: Direct financing and sales-type leases (1) $ Direct financing and sales-type leases and other within equity-accounted joint ventures (1) $ Loans to equity-accounted joint ventures (2) $ Guarantees of debt (3) $ Total $ As at January 1, 2020 11,155 36,292 3,714 2,139 53,300 Provision for potential credit losses (100) 8,980 — — 8,880 As at March 31, 2020 11,055 45,272 3,714 2,139 62,180 Provision for potential credit losses 465 (423) 83 (288) (163) As at June 30, 2020 11,520 44,849 3,797 1,851 62,017 Provision for potential credit losses 14,439 7,099 877 (285) 22,130 As at September 30, 2020 25,959 51,948 4,674 1,566 84,147 (1) The credit loss provision related to the lease receivable component of the net investment in direct financing and sales-type leases is based on an internal historical loss rate, as adjusted when asset specific risk characteristics of the existing lease receivables at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. During the nine months ended September 30, 2020, two of Teekay LNG's LNG project counterparties maintained investment grade credit ratings. As such, the internal historical loss rate used to determine the credit loss provision at both January 1, 2020 and September 30, 2020 was adjusted downwards to reflect a lower risk profile for these two LNG projects at such dates compared to the average LNG project used to determine the internal historical loss rate. In addition, the internal historical loss rate was adjusted upwards for (a) one LNG project to reflect a lower credit rating for the counterparty, including consideration of the critical infrastructure nature of assets, and (b) a second LNG project to reflect a larger potential risk of loss given potential default as the vessels servicing this project have fewer opportunities for redeployment compared to Teekay LNG's other LNG carriers. The credit loss provision for the residual value component is based on a reversion methodology whereby the current estimated fair value of the vessel as depreciated to the end of the charter contract as compared to the expected carrying value, with such potential gain or loss on maturity being included in the credit loss provision in increasing magnitude on a straight-line basis the closer the contract is to its maturity. Risks related to the net investments in direct financing and sales-type leases consist of risks related to the underlying LNG projects and demand for LNG carriers at the end of the time-charter contracts. The provision for potential credit loss as at January 1, 2020 and September 30, 2020 has been developed in part based on Teekay LNG's understanding that LNG production is critical infrastructure. The changes in credit loss provision for Teekay LNG's consolidated vessels for the three and nine months ended September 30, 2020 of $13.8 million and $14.2 million, respectively, are included in other expense and primarily reflects a decline in the estimated charter-free valuations for certain types of its LNG carriers at the end of their servicing time-charter contract which are accounted for as direct financing and sales-type leases. These estimated future charter-free values are subject to change from period to period based on based on the underlying LNG shipping market fundamentals. The changes in the credit loss provision for Teekay LNG's consolidated vessels for the three and nine months ended September 30, 2020 do not reflect any material changes in expectations of the charterers' ability to make their time-charter hire payments as they come due compared to the beginning of such periods. The changes in credit loss provision of $7.1 million and $15.7 million for the three and nine months ended September 30, 2020, respectively, relating to the direct financing and sales-type leases and other within Teekay LNG's equity-accounted joint ventures are included in equity income and reflects a decline in the estimated charter-free valuations for certain types of LNG carriers at the end of their time-charter contract which are accounted for as direct financing and sales-type leases for the three months ended September 30, 2020, combined with the initial credit loss provision recognition upon commencement of the sales-type lease for the LNG regasification terminal and associated FSU in the Bahrain LNG Joint Venture in January 2020. (2) The determination of the credit loss provision for such loans is based on their expected duration and on an internal historical loss rate of Teekay LNG and its affiliates, as adjusted when asset specific risk characteristics of the existing loans at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. These two loans rank behind secured debt in each equity-accounted joint venture. As such, they are similar to equity in terms of risk. The Exmar LPG Joint Venture owns and charters-in LPG carriers with a primary focus on mid-size gas carriers. Their vessels are trading on the spot market or short-term charters. Adverse changes in the spot market for mid-size LPG carriers, as well as operating costs for such vessels, may impact the ability of the Exmar LPG Joint Venture to repay its loan to Teekay LNG. The Bahrain LNG Joint Venture owns an LNG receiving and regasification terminal in Bahrain. The ability of Bahrain LNG Joint Venture to repay its loan to Teekay LNG is primarily dependent upon the Bahrain LNG Joint Venture’s customer, a company owned by the Kingdom of Bahrain, fulfilling its obligations under the 20-year agreement, as well as the Bahrain LNG Joint Venture’s ability to operate the terminal in accordance with the agreed upon operating criteria. (3) The determination of the credit loss provision for such guarantees was based on a probability of default and loss given default methodology. In determining the overall estimated loss from default as a percentage of the outstanding guaranteed share of secured loan facilities and finance leases, Teekay LNG considers current and future operational performance of the vessels securing the loan facilities and finance leases and current and future expectations of the proceeds that could be received from the sale of the vessels securing the loan facilities and finance leases in comparison to the outstanding principal amount of the loan facilities and finance leases if Teekay LNG was called on its guarantees.

Restructuring Reversals (Charge

Restructuring Reversals (Charges)	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During the three and nine months ended September 30, 2020, the Company recorded restructuring charges of $2.1 million and $9.1 million, respectively. The restructuring charges primarily related to the cessation of production of the Petrojarl Banff FPSO unit in June 2020, and the restructuring of the Company's tanker services and operations. In addition, the restructuring charges for the nine months ended September 30, 2020 also related to severance costs resulting from the termination of the management contract for an FSO unit based in Australia (the severance costs were fully recoverable from the customer and the recovery was presented in revenue), and severance costs resulting from the reorganization and realignment of resources of the Company's shared service function of which a portion of the costs were recovered from the customer, Altera (see Note 4), and the recovery was presented in revenue. During the three and nine months ended September 30, 2019, the Company recorded restructuring charges of $0.4 million and $10.4 million. The restructuring charges primarily related to severance costs resulting from the termination of certain management contracts in Teekay Parent of which the costs were fully recovered from the customer and the recovery was presented in revenue, 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. At September 30, 2020 and December 31, 2019, $7.8 million and $0.8 million, respectively, of restructuring liabilities were recorded in accrued liabilities and other on the unaudited consolidated balance sheets.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss As at September 30, 2020 and December 31, 2019, the Company’s accumulated other comprehensive loss consisted of the following components: September 30, December 31, 2020 2019 $ $ Unrealized loss on qualifying cash flow hedging instruments (47,457) (19,408) Pension adjustments, net of tax recoveries (4,376) (4,329) (51,833) (23,737)

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company uses derivative instruments 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 September 30, 2020, the Company was not committed to any foreign currency forward contracts. The Company enters into cross currency swaps, and pursuant to these swaps the Company receives the principal amount in NOK on the maturity dates of the swaps, 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 amounts of the Company’s NOK-denominated bonds due in 2021, 2023 and 2025. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2021, 2023 and 2025. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2021, 2023 and 2025. As at September 30, 2020, the Company was committed to the following cross currency swaps: Fair Value / Carrying Amount of Asset / (Liability) $ Notional Notional Floating Rate Receivable Reference Rate Margin Fixed Rate Payable Remaining Term (years) 1,200,000 146,500 NIBOR 6.00% 7.72% (20,638) 1.1 850,000 102,000 NIBOR 4.60% 7.89% (18,606) 2.9 1,000,000 112,000 NIBOR 5.15% 5.74% (5,529) 4.9 (44,773) 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 September 30, 2020, 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 debts were swapped with fixed-rate obligations: Interest Rate Index Principal Amount Fair Value / Carrying Amount of Asset / (Liability) $ Weighted- Fixed Swap Rate (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 821,196 (73,352) 4.0 3.0 EURIBOR-Based Debt: Euro-denominated interest rate swaps EURIBOR 70,577 (6,395) 2.9 3.9 (79,747) (1) Excludes the margins the Company pays on its variable-rate debt which, as of September 30, 2020, ranged fro m 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 2021 and 2024, at which time the swaps will be settled based on their fair value. Stock Purchase Warrants Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (or the Brookfield Transaction Warrants ) (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 ). As part of the 2019 Brookfield Transaction, Teekay sold to Brookfield all of the Company’s remaining interests in Teekay Offshore, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants. Tabular Disclosure The following tables present the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s unaudited 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 September 30, 2020 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (65) (3,132) (10,790) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — — (3,572) (27,821) (34,367) Cross currency swap agreements — — (956) (6,266) (37,551) Forward freight agreements — — — (483) — — — (4,593) (37,702) (82,708) 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 forward 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) (1) Represents accrued interest related to derivative instruments presented in accrued liabilities and other on the consolidated balance sheets (see Note 8). (2) Represents the current portion of derivative liabilities presented in accrued liabilities and other on the consolidated balance sheets (see Note 8). As at September 30, 2020, 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 unaudited consolidated balance sheets. As at September 30, 2020, these derivatives had an aggregate fair value asset amount of nil and an aggregate fair value liability amount of $100.5 million. As at September 30, 2020, the Company had $8.9 million on deposit with the relevant counterparties as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash – current and long-term on the consolidated balance sheets. For the periods indicated, the following tables present the gains (losses) on interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments): Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Amount of Gain Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense Amount of Loss Recognized in OCI Amount of Gain Reclassified from Accumulated OCI to Interest Expense 616 (835) (2,244) 22 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Amount of Loss Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense Amount of Loss Recognized in OCI Amount of Gain Reclassified from Accumulated OCI to Interest Expense (9,610) (1,469) (9,646) 430 Realized and unrealized (losses) gains from derivative instruments that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized (losses) gains on non-designated derivatives in the unaudited consolidated statements of (loss) income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Realized (losses) gains relating to: Interest rate swap agreements (5,349) (2,247) (11,905) (5,720) Foreign currency forward contracts 379 — 138 — Stock purchase warrants — — — (25,559) Forward freight agreements (183) 435 (433) 393 (5,153) (1,812) (12,200) (30,886) Unrealized gains (losses) relating to: Interest rate swap agreements 3,956 (623) (20,107) (14,839) Foreign currency forward contracts (53) (435) 202 (536) Stock purchase warrants — — — 26,900 Forward freight agreements (221) 946 (299) 1,050 3,682 (112) (20,204) 12,575 Total realized and unrealized losses on derivative instruments (1,471) (1,924) (32,404) (18,311) Realized and unrealized (losses) gains from cross currency swaps are recognized in earnings and reported in foreign exchange (loss) gain in the unaudited consolidated statements of (loss) income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Realized losses on maturity and termination of cross currency swaps — — (33,844) — Realized losses (1,669) (1,431) (4,915) (3,952) Unrealized gains (losses) 1,489 (23,759) (2,169) (25,819) Total realized and unrealized losses on cross currency swaps (180) (25,190) (40,928) (29,771) 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 cross currency and interest rate swap agreements; however, the Company does not anticipate non-performance by any of the counterparties. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk.

Income Tax Expense (Recovery)

Income Tax Expense (Recovery)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense	Income Tax (Expense) Recovery The components of the provision for income tax (expense) recovery are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Current (3,592) (2,911) 9,030 (10,983) Deferred (110) (180) 651 (548) Income tax (expense) recovery (3,702) (3,091) 9,681 (11,531) The following table reflects changes in uncertain tax positions relating to freight tax liabilities, which are recorded in other long-term liabilities and accrued liabilities on the Company's unaudited consolidated balance sheets: Nine Months Ended September 30, 2020 2019 $ $ Balance of unrecognized tax benefits as at January 1 62,958 40,556 Increases for positions related to the current year 8,608 2,106 Changes for positions taken in prior years (14,564) 4,121 Settlements with tax authority (9,372) — Decrease related to statute limitations (2,372) — Balance of unrecognized tax benefits as at September 30 45,258 46,783 Included in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. In the nine months ended September 30, 2020, the Company obtained further legal advice regarding the applicable tax rate in respect of freight taxes in a certain jurisdiction and subsequently secured an agreement in principle with a tax authority relating to an outstanding uncertain tax liability. The agreement in principle was based in part on a recent initiative of the tax authority in response to COVID-19, which included the waiver of interest and penalties on unpaid taxes. Based on this and other clarifications of tax regulations, the Company reversed $24.4 million of freight tax liabilities as at June 30, 2020. In August 2020, the Company made a tax payment of $8.5 million to this jurisdiction, with respect to open tax years up to and including 2019, with the remaining balance for 2020 recorded in accrued liabilities on the Company's unaudited consolidated balance sheets as of September 30, 2020. The Company does not presently anticipate that its provisions for uncertain tax positions relating to freight taxes will significantly increase in the next 12 months; however, this is dependent on the jurisdictions in which vessel trading activity occurs. 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 2020 remain open to examination by some of the major jurisdictions in which the Company is subject to tax.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Net loss attributable to the shareholders of Teekay Corporation – basic and diluted (35,407) (198,178) (63,489) (321,920) Weighted average number of common shares 101,107,371 100,784,683 101,034,362 100,697,251 Common stock and common stock equivalents 101,107,371 100,784,683 101,034,362 100,697,251 - Basic (0.35) (1.97) (0.63) (3.20) - Diluted (0.35) (1.97) (0.63) (3.20)

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplementary Cash Flow Information	Supplemental Cash Flow Information Total cash, cash equivalents, restricted cash, and cash and restricted cash held for sale are as follows: September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018 $ $ $ $ Cash and cash equivalents 376,563 353,241 293,361 424,169 Restricted cash – current 15,916 56,777 60,463 40,493 Restricted cash – non-current 50,068 44,849 38,932 40,977 Assets held for sale – cash — 1,121 — — Assets held for sale – restricted cash — 337 — — 442,547 456,325 392,756 505,639 The Company maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 16), performance bond collateral, leasing arrangements, project tenders and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. On March 27, 2020, Teekay Parent sold Golar-Nor to Altera (see Note 6). Among the assets and liabilities of Golar-Nor that were deconsolidated concurrent with the sale were Golar-Nor's operating lease right-of-use assets and operating lease liabilities relating to the Petroatlantic and Petronordic shuttle tankers totaling $50.7 million and $50.7 million, respectively. The sale of the Toledo Spirit by its owner in January 2019 resulted in the vessel being returned to its owner with the obligation related to finance lease being concurrently extinguished. As a result, the sale of the vessel and the concurrent extinguishment of the corresponding obligation related to finance lease of $23.6 million for the nine months ended September 30, 2019, was treated as a non-cash transaction in the Company's unaudited consolidated statements of cash flows.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events a) On October 1, 2020, Teekay Parent completed the refinancing of its revolving credit facility of up to $150 million, and as part of this refinancing, 10.75 million Teekay LNG common units were included as additional security. b) In October and November 2020, Teekay Parent repurchased $2.0 million of principal of its existing Convertible Notes for total consideration of $1.7 million and $6.6 million of the principal of its existing 2022 Notes for total consideration of $6.2 million. c) On October 19 and 22, 2020, Teekay Tankers completed the purchases of two Aframax tankers previously under the sale-leaseback arrangement described in Note 6 for a total cost of $29.6 million, using available cash. d) On November 13, 2020, Teekay Tankers declared purchase options on two Suezmax tankers for a total cost of $56.7 million, as part of the repurchase options under the sale-leaseback arrangements described in Note 6. The Company expects to complete the purchase and delivery of these vessels in May 2021.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim 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 publicly-traded subsidiaries Teekay LNG Partners L.P. (or Teekay LNG ) and Teekay Tankers Ltd. (or Teekay Tankers ). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted from these unaudited interim consolidated financial statements and, therefore, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC ) on April 8, 2020. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in total equity for the interim periods presented. The results of operations for the three and nine months ended September 30, 2020, are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited financial statements and accompanying notes. Actual results could differ from those estimates. It is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. Given the dynamic nature of these circumstances, the full extent to which the COVID-19 pandemic may have direct or indirect impact on the Company's business and the related financial reporting implications cannot be reasonably estimated at this time, although it could materially affect the Company's business, results of operations and financial condition in the future. COVID-19 has resulted and may continue to result in a significant decline in global demand for oil. As the Company's business includes the transportation of crude oil and refined petroleum products on behalf of customers, any significant decrease in demand for the cargo the Company transports could adversely affect demand for the Company's vessels and services. Spot tanker rates have come under pressure since mid-May 2020 as a result of record OPEC+ oil production cuts and lower production from other oil producing countries, which reduced crude exports, and the unwinding of floating storage. COVID-19 has also been a contributing factor to the decline in short-term charter rates and the increase in certain crewing-related costs, which has had an impact on our cash flows, and was a contributing factor to the write-down of certain tankers owned by Teekay Tankers during the three months ended September 30, 2020, as described in Note 7 - Write-down and (Loss) Gain on Sale. During the nine months ended September 30, 2020, COVID-19 was also a contributing factor to the write-down of six of Teekay LNG's multi-gas vessels and one floating production storage and offloading ( or FPSO ) unit, as described in Note 7 - Write-down and (Loss) Gain on Sale, as well as being a contributing factor to the reduction in certain tax accruals as described in Note 17 - Income Tax (Expense) Recovery.

Accounting Pronouncements Accou

Accounting Pronouncements Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (or 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 introduced a new credit loss methodology, which requires earlier recognition of potential 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 replaced multiple impairment methods under previous GAAP for these type of assets, which generally required that a loss be incurred before it was recognized. The Company adopted this update on January 1, 2020 with a modified-retrospective approach, whereby a cumulative-effect adjustment was made to increase accumulated deficit on January 1, 2020 without any retroactive application to prior periods. The Company's net investment in direct financing and sales-type leases, loans to equity-accounted investments, guarantees of indebtedness of equity-accounted investments and receivables related to non-operating lease revenue arrangements are subject to ASU 2016-13. On adoption, the Company decreased the carrying value of investment in and loans to equity-accounted investments by $40.0 million, non-controlling interest by $36.1 million and net investment in direct financing and sales-type leases by $11.2 million and increased accumulated deficit by $17.2 million and its other long-term liabilities by $2.1 million. The cumulative adjustment recorded on initial adoption of this update does not reflect an increase in credit risk exposure to the Company compared to previous periods presented. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (or ASU 2019-12) , as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the effect of adopting this new guidance. In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or LIBOR ). This update applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. This update is effective through December 31, 2022. The Company is currently evaluating the effect of adopting this new guidance. In August 2020, the FASB issued ASU 2020-06 - Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . This update simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. This update also enhances transparency and improves disclosures for convertible instruments and earnings per share guidance. It is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update permits the use of either the modified retrospective or fully retrospective method of transition. The Company is currently evaluating the effect of adopting this new guidance.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	The following tables contain the Company’s revenue for the three and nine months ended September 30, 2020 and 2019, by contract type, by segment and by business lines within segments. Three Months Ended September 30, 2020 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 136,203 — 42,180 — 3,947 — 182,330 Voyage charters 9,982 — 125,819 — — — 135,801 Bareboat charters — — — 293 — — 293 FPSO contracts — — — 15,952 — — 15,952 Management fees and other 2,750 — 2,241 — 57,150 — 62,141 148,935 — 170,240 16,245 61,097 — 396,517 Three Months Ended September 30, 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 129,633 1,597 1,909 — 12,642 (7,246) 138,535 Voyage charters 10,846 — 178,174 — — — 189,020 Bareboat charters 6,196 — — — — — 6,196 FPSO contracts — — — 44,558 — — 44,558 Management fees and other 1,383 — 7,361 — 38,633 150 47,527 148,058 1,597 187,444 44,558 51,275 (7,096) 425,836 Nine Months Ended September 30, 2020 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 402,509 — 92,733 — 13,000 — 508,242 Voyage charters 27,682 — 651,223 — — — 678,905 Bareboat charters — — — 590 — — 590 FPSO contracts — — — 90,375 — — 90,375 Management fees and other 6,836 — 14,676 — 153,752 — 175,264 437,027 — 758,632 90,965 166,752 — 1,453,376 Nine Months Ended September 30, 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 394,092 6,728 6,815 — 26,989 (9,733) 424,891 Voyage charters 28,864 — 591,746 — — — 620,610 Bareboat charters 18,387 — — — — — 18,387 FPSO contracts — — — 151,824 — — 151,824 Management fees and other 4,388 — 34,051 — 122,934 (1,979) 159,394 445,731 6,728 632,612 151,824 149,923 (11,712) 1,375,106
Revenue from External Customers by Products and Services [Table Text Block]	The following table contains the Company's total revenue for the three and nine months ended September 30, 2020 and 2019, by those contracts or components of contracts accounted for as leases and by those contracts or components not accounted for as leases. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 305,321 339,346 1,181,911 1,087,289 Interest income on lease receivables 12,952 12,978 38,495 38,741 Variable lease payments – cost reimbursements (1) 10,730 14,169 37,578 39,483 Variable lease payments – other (2) — 6,542 5,218 33,686 329,003 373,035 1,263,202 1,199,199 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 5,373 5,274 14,910 16,513 Management fees and other income 62,141 47,527 175,264 159,394 67,514 52,801 190,174 175,907 Total 396,517 425,836 1,453,376 1,375,106 (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)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Disaggregation of Revenue	The following table includes the Company’s revenues by segment for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Teekay LNG Liquefied Gas Carriers 148,935 148,058 437,027 445,731 Conventional Tankers — 1,597 — 6,728 148,935 149,655 437,027 452,459 Teekay Tankers Conventional Tankers (1) 170,240 187,444 758,632 632,612 Teekay Parent Offshore Production 16,245 44,558 90,965 151,824 Other 61,097 51,275 166,752 149,923 77,342 95,833 257,717 301,747 Eliminations and other (1) — (7,096) — (11,712) 396,517 425,836 1,453,376 1,375,106 (1) During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit
Income (loss) from Vessel Operations by Segment	The following table includes the Company’s income (loss) from vessel operations by segment for the three and nine months ended September 30, 2020 and 2019: Income (Loss) from Vessel Operations (1) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Teekay LNG Liquefied Gas Carriers 69,597 72,112 160,924 216,799 Conventional Tankers — (501) — (1,150) 69,597 71,611 160,924 215,649 Teekay Tankers Conventional Tankers (29,193) (4,873) 183,919 32,275 Teekay Parent Offshore Production (20,586) (194,415) (44,394) (212,959) Other (8,434) (2,712) (11,665) (9,659) (29,020) (197,127) (56,059) (222,618) 11,384 (130,389) 288,784 25,306
Reconciliation of Total Segment Assets	A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheets is as follows: September 30, 2020 December 31, 2019 $ $ Teekay LNG – Liquefied Gas Carriers 4,711,448 5,249,465 Teekay Tankers – Conventional Tankers 1,791,132 2,140,652 Teekay Parent – Offshore Production 35,791 161,096 Teekay Parent – Other 48,448 80,455 Cash and cash equivalents 376,563 353,241 Other assets not allocated 127,608 102,701 Eliminations (9,870) (14,746) Consolidated total assets 7,081,120 8,072,864

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Lease, Cost [Table Text Block]	Obligations Related to Finance Leases September 30, 2020 December 31, 2019 $ $ Teekay LNG LNG Carriers 1,358,485 1,410,904 Teekay Tankers Conventional Tankers 396,072 414,788 Total obligations related to finance leases 1,754,557 1,825,692 Less current portion (98,236) (95,339) Long-term obligations related to finance leases 1,656,321 1,730,353
Finance Lease, Liability, Maturity [Table Text Block]	As at September 30, 2020, the remaining commitments related to the financial liabilities of these nine LNG carriers, including the amounts to be paid for the related purchase obligations, approximated $1.8 billion, including imputed interest of $417.7 million, repayable through 2034, as indicated below: Commitments At September 30, 2020 Year $ Remainder of 2020 34,831 2021 138,601 2022 136,959 2023 135,459 2024 132,011 Thereafter 1,198,366 As at September 30, 2020, the total remaining commitments related to the financial liabilities of Teekay Tankers' Suezmax tankers, Aframax tankers and LR2 product tankers, including the amounts to be paid for the related purchase obligations, approximated $559.7 million, including imputed interest of $163.6 million, repayable from 2020 through 2030, as indicated below: Commitments At September 30, 2020 Year $ Remainder of 2020 14,235 2021 56,222 2022 56,213 2023 56,204 2024 56,348 Thereafter 320,481

Write-down and Loss on Sales _2

Write-down and Loss on Sales of Vessels (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Impairment and Loss on Sale of Vessels, Equipment and Other Operating Assets	The following table contains the write-downs, gains and losses on sales of vessels for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Segment Asset Type Completion of Sale Date 2020 2019 $ $ Teekay Parent Segment – Offshore Production (1) 2 FPSO units N/A (12,200) (175,000) Teekay Parent Segment – Other (2) Operating lease ROU asset N/A (9,100) — Teekay LNG Segment – Conventional Tankers 1 Handymax Oct-2019 — (785) Teekay Tankers Segment – Conventional Tanker s (3) 5 Aframaxes N/A (43,526) — Teekay Tankers Segment – Conventional Tankers Operating lease ROU asset N/A (1,447) — Total (66,273) (175,785) Nine Months Ended September 30, Segment Asset Type Completion of Sale Date 2020 2019 $ $ Teekay Parent Segment – Offshore Production (1) 2 FPSO units N/A (72,285) (175,000) Teekay Parent Segment – Offshore Production (4) 1 FPSO unit N/A — (3,328) Teekay Parent Segment – Other (2) Operating lease ROU asset N/A (9,100) — Teekay LNG Segment – Liquefied Gas Carriers (5) 6 Multi-gas Carriers N/A (45,000) — Teekay LNG Segment – Conventional Tankers 1 Handymax Oct-2019 — (785) Teekay Tankers Segment – Conventional Tankers (3) 5 Aframaxes N/A (43,526) — Teekay Tankers Segment – Conventional Tankers (6) (6) Apr-2020 3,081 — Teekay Tankers Segment – Conventional Tankers 3 Suezmaxes Feb/Mar-2020 (2,627) — Teekay Tankers Segment – Conventional Tankers Operating lease ROU asset N/A (2,091) — Total (171,548) (179,113) (1) During the first three quarters of 2020 and 2019, Teekay Parent recognized impairment charges of $72.3 million and $175.0 million, respectively, in respect of two of its FPSO units. In the first quarter of 2020, CNR International (U.K.) Limited (or CNR ) provided formal notice to Teekay of its intention to cease production in June 2020 and decommission the Banff field shortly thereafter. As such, the Company removed the Petrojarl Banff FPSO and Apollo Spirit FSO from the Banff field in the third quarter of 2020 and expects to remove the subsea equipment in 2021. The Company expects to recycle the FPSO unit, which is currently in lay-up, and the sub-sea equipment following removal from the field. The Company redelivered the FSO unit to its owner in the third quarter of 2020. The asset retirement obligation for the Petrojarl Banff FPSO unit was increased based on changes to cost estimates and the carrying value of the unit was fully written dow n. During 2020, the Company also made changes to its expected cash flows from the Sevan Hummingbird FPSO unit based on the market environment and oil prices, and contract discussions with the customer. The carrying value of the unit was fully written down in the third quarter of 2020. (2) In the third quarter of 2020, the Company made changes to its expected cash flows from the Suksan Salamander FSO unit, which it in-charters from Altera under an operating lease, to take into account recent progress relating to the early termination of the in-charter and the novation of the charter contracts with the customer to Altera. The ROU asset was written down to its estimated fair value, using a discounted cash flow approach. See Note 13. (3) During the three and nine months ended September 30, 2020, the carrying values of five Aframax tankers were written down to their estimated fair values, using appraised values, primarily due to the lower near-term tanker market outlook and a reduction of charter rates as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. (4) On March 27, 2020, the Company entered into a bareboat charter agreement for Petrojarl Foinaven FPSO unit, which was accounted for as a sales-type lease and resulted in the recognition of a gain of $44.9 million in the three months ended March 31, 2020. See Note 3. (5) In March 2020, the carrying values for six of Teekay LNG's seven wholly-owned multi-gas carriers were written down to their estimated fair values, using appraised values, primarily due to the lower near-term outlook for these type of vessels as a result of the economic environment at that time (including the COVID-19 pandemic), as well as Teekay LNG receiving notification that its then-existing commercial management agreement with a third-party commercial manager will dissolve and be replaced by a new commercial management agreement in September 2020.

Accrued Liabilities and Other_2

Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilties and Other and Other Long-Term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilities and Other September 30, 2020 December 31, 2019 $ $ Accrued liabilities Voyage and vessel expenses 122,999 121,937 Interest 28,510 29,371 Payroll and related liabilities 42,450 33,494 Distributions payable and other 6,425 6,487 Deferred revenues – current 36,522 36,242 In-process revenue contracts – current — 5,933 Current portion of derivative liabilities ( note 16 ) 37,702 39,263 Office lease liability – current 2,014 3,627 Loans from equity-accounted investments 29,631 18,647 Asset retirement obligation – current 38,000 — 344,253 295,001
Other Noncurrent Liabilities [Table Text Block]	Other Long-Term Liabilities September 30, 2020 December 31, 2019 $ $ Deferred revenues and gains 24,977 28,612 Guarantee liabilities 11,445 10,113 Asset retirement obligation 11,848 31,068 Pension liabilities 7,964 7,238 In-process revenue contracts — 11,866 Derivative liabilities ( note 16 ) 82,708 51,914 Unrecognized tax benefits ( note 17 ) 45,008 62,958 Office lease liability – long-term 9,361 10,254 Other 3,257 2,325 196,568 216,348

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Long-Term Debt	September 30, 2020 December 31, 2019 $ $ Revolving Credit Facilities 280,000 603,132 Senior Notes (8.5%) due January 15, 2020 — 36,712 Senior Notes (9.25%) due November 15, 2022 250,000 250,000 Convertible Senior Notes (5%) due January 17, 2023 114,184 125,000 Norwegian Krone-denominated Bonds due through September 2025 326,820 347,163 U.S. Dollar-denominated Term Loans due through 2030 962,757 1,336,437 Euro-denominated Term Loans due through 2024 157,156 165,376 Other U.S. Dollar-denominated loan — 3,300 Total principal 2,090,917 2,867,120 Less unamortized discount and debt issuance costs (36,045) (39,968) Total debt 2,054,872 2,827,152 Less current portion (302,682) (523,312) Long-term portion 1,752,190 2,303,840

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Vessels Under Constructions and Upgrades	Vessels Under Construction and Upgrades Teekay LNG's share of commitments to fund equipment installation and other construction contract costs as at September 30, 2020 are as follows: Total Remainder of 2021 2022 Certain consolidated LNG carriers (i) 42,910 3,316 24,583 15,011 Bahrain LNG Joint Venture (ii) 11,339 — 11,339 — 54,249 3,316 35,922 15,011 (i) In June 2019, Teekay LNG entered into an agreement with a contractor to supply equipment on certain of Teekay LNG's LNG carriers in 2021 and 2022, for an estimated installed cost of $59.5 million. As at September 30, 2020, the estimated remaining cost of this installation is $42.9 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. As at September 30, 2020, Teekay LNG's proportionate share of the estimated remaining cost of $11.3 million relates to the final construction installment on the LNG terminal. The Bahrain LNG Joint Venture has remaining debt financing of $24 million, which is undrawn, of which $7 million relates to Teekay LNG's proportionate share of the construction commitments included in the table above.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Other Non-Financial Assets	The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at fair value on a recurring basis. September 30, 2020 December 31, 2019 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring Cash, cash equivalents and restricted cash ( note 19 ) Level 1 442,547 442,547 454,867 454,867 Derivative instruments (note 16) Interest rate swap agreements – assets (1) Level 2 — — 3,099 3,099 Interest rate swap agreements – liabilities (1) Level 2 (79,747) (79,747) (52,453) (52,453) Cross currency interest swap agreements – liabilities (1) Level 2 (44,773) (44,773) (42,104) (42,104) Foreign currency contracts Level 2 — — (202) (202) Forward freight agreements Level 2 (483) (483) (86) (86) Non-recurring Vessels and equipment ( note 7 ) (3) Level 2 46,750 46,750 — — Vessels related to finance leases ( note 7 ) (3) Level 2 34,000 34,000 — — Vessels held for sale ( note 7 ) Level 2 — — 37,240 37,240 Operating lease right-of-use assets ( note 7 ) (4) Level 3 31,469 31,469 — — Operating lease right-of-use assets ( note 7 ) Level 2 6,148 6,148 — — Other (2) Short-term debt ( note 9 ) Level 2 (20,000) (19,994) (50,000) (50,000) Long-term debt – public (note 10) Level 1 (564,645) (577,776) (619,794) (655,977) Long-term debt – non-public (note 10) Level 2 (1,490,227) (1,484,221) (2,207,358) (2,180,440) Obligations related to finance leases, including current portion ( note 6 ) Level 2 (1,754,557) (1,936,576) (1,825,692) (1,877,558) (1) The fair value of the Company's interest rate swap and cross currency swap agreements at September 30, 2020 includes $4.6 million (December 31, 2019 – $3.4 million) accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheet. (2) In these unaudited interim 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. (3) In September 2020, the carrying values of five of Teekay Tankers' Aframax tankers were written down to their estimated fair values, using appraised values, primarily due to the lower near-term tanker market outlook, a reduction of charter rates and a decline in vessel values as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. Three of these vessels were classified as vessels and equipment and two were classified as vessels related to finance leases on the Company's unaudited consolidated balance sheet as at September 30, 2020. (4) Includes an operating lease right-of-use asset relating to one FSO unit which was written down to its estimated fair value, using a discounted cash flow approach. The discounted cash flow approach was based on the expected novation of the existing customer contract in 2021. Cash flow projections have been discounted at an estimated market participant rate of 10.8%. Cash flow projections are based on current and projected charter rates and operating costs. (5) One FPSO unit was written down its estimated fair value, which is a nominal amount, as the expected remaining cash flows generated by the unit is estimated to be offset by the costs to decommission and recycle the unit. Cash flow projections are based on current and projected charter rates as well as operating, decommissioning and recycling costs.
Summary of Financing Receivables	The following table includes the amortized cost basis of the Company's direct interests in financing receivables and net investment in direct financing leases by class of financing receivables and by period of origination and their associated credit quality. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 Prior to 2016 Total As at September 30, 2020 $ $ $ $ $ Sales-type lease – Teekay Parent Foinaven FPSO Performing 15,453 — — — 15,453 Direct financing leases – Teekay LNG Tangguh Hiri and Tangguh Sago Performing — — — 335,336 335,336 Bahrain Spirit Performing — 212,312 — — 212,312 — 212,312 — 335,336 547,648 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — — 52,266 52,266 Bahrain LNG Joint Venture Performing — — 73,375 — 73,375 — — 73,375 52,266 125,641 15,453 212,312 73,375 387,602 688,742 (1) The Company's credit quality grades are based on internal risk credit ratings whereby a credit quality grade of performing is consistent with a low likelihood of loss. The Company assesses the credit quality of its direct financing leases and loan to the Exmar LPG Joint Venture on whether there are no past due payments, no concessions granted to the counterparties and whether the Company is aware of any other information that would indicate that there is a material increase of likelihood of loss. The same policy is applied by the equity-accounted joint ventures. The Company assesses the credit quality of its loan to the Bahrain LNG Joint Venture based on whether there are any past due payments from the Bahrain LNG Joint Venture’s primary customer, whether the Bahrain LNG Joint Venture has granted any concessions to its primary customer and whether the Company is aware of any other information that would indicate that there is a material increase of likelihood of loss. As at September 30, 2020, all direct financing and sales-type leases held by Teekay LNG and Teekay LNG's equity-accounted joint ventures had a credit quality grade of performing.
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Changes in the allowance for credit losses for the three and nine months ended September 30, 2020 are as follows: Direct financing and sales-type leases (1) $ Direct financing and sales-type leases and other within equity-accounted joint ventures (1) $ Loans to equity-accounted joint ventures (2) $ Guarantees of debt (3) $ Total $ As at January 1, 2020 11,155 36,292 3,714 2,139 53,300 Provision for potential credit losses (100) 8,980 — — 8,880 As at March 31, 2020 11,055 45,272 3,714 2,139 62,180 Provision for potential credit losses 465 (423) 83 (288) (163) As at June 30, 2020 11,520 44,849 3,797 1,851 62,017 Provision for potential credit losses 14,439 7,099 877 (285) 22,130 As at September 30, 2020 25,959 51,948 4,674 1,566 84,147 (1) The credit loss provision related to the lease receivable component of the net investment in direct financing and sales-type leases is based on an internal historical loss rate, as adjusted when asset specific risk characteristics of the existing lease receivables at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. During the nine months ended September 30, 2020, two of Teekay LNG's LNG project counterparties maintained investment grade credit ratings. As such, the internal historical loss rate used to determine the credit loss provision at both January 1, 2020 and September 30, 2020 was adjusted downwards to reflect a lower risk profile for these two LNG projects at such dates compared to the average LNG project used to determine the internal historical loss rate. In addition, the internal historical loss rate was adjusted upwards for (a) one LNG project to reflect a lower credit rating for the counterparty, including consideration of the critical infrastructure nature of assets, and (b) a second LNG project to reflect a larger potential risk of loss given potential default as the vessels servicing this project have fewer opportunities for redeployment compared to Teekay LNG's other LNG carriers. The credit loss provision for the residual value component is based on a reversion methodology whereby the current estimated fair value of the vessel as depreciated to the end of the charter contract as compared to the expected carrying value, with such potential gain or loss on maturity being included in the credit loss provision in increasing magnitude on a straight-line basis the closer the contract is to its maturity. Risks related to the net investments in direct financing and sales-type leases consist of risks related to the underlying LNG projects and demand for LNG carriers at the end of the time-charter contracts. The provision for potential credit loss as at January 1, 2020 and September 30, 2020 has been developed in part based on Teekay LNG's understanding that LNG production is critical infrastructure. The changes in credit loss provision for Teekay LNG's consolidated vessels for the three and nine months ended September 30, 2020 of $13.8 million and $14.2 million, respectively, are included in other expense and primarily reflects a decline in the estimated charter-free valuations for certain types of its LNG carriers at the end of their servicing time-charter contract which are accounted for as direct financing and sales-type leases. These estimated future charter-free values are subject to change from period to period based on based on the underlying LNG shipping market fundamentals. The changes in the credit loss provision for Teekay LNG's consolidated vessels for the three and nine months ended September 30, 2020 do not reflect any material changes in expectations of the charterers' ability to make their time-charter hire payments as they come due compared to the beginning of such periods. The changes in credit loss provision of $7.1 million and $15.7 million for the three and nine months ended September 30, 2020, respectively, relating to the direct financing and sales-type leases and other within Teekay LNG's equity-accounted joint ventures are included in equity income and reflects a decline in the estimated charter-free valuations for certain types of LNG carriers at the end of their time-charter contract which are accounted for as direct financing and sales-type leases for the three months ended September 30, 2020, combined with the initial credit loss provision recognition upon commencement of the sales-type lease for the LNG regasification terminal and associated FSU in the Bahrain LNG Joint Venture in January 2020. (2) The determination of the credit loss provision for such loans is based on their expected duration and on an internal historical loss rate of Teekay LNG and its affiliates, as adjusted when asset specific risk characteristics of the existing loans at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. These two loans rank behind secured debt in each equity-accounted joint venture. As such, they are similar to equity in terms of risk. The Exmar LPG Joint Venture owns and charters-in LPG carriers with a primary focus on mid-size gas carriers. Their vessels are trading on the spot market or short-term charters. Adverse changes in the spot market for mid-size LPG carriers, as well as operating costs for such vessels, may impact the ability of the Exmar LPG Joint Venture to repay its loan to Teekay LNG. The Bahrain LNG Joint Venture owns an LNG receiving and regasification terminal in Bahrain. The ability of Bahrain LNG Joint Venture to repay its loan to Teekay LNG is primarily dependent upon the Bahrain LNG Joint Venture’s customer, a company owned by the Kingdom of Bahrain, fulfilling its obligations under the 20-year agreement, as well as the Bahrain LNG Joint Venture’s ability to operate the terminal in accordance with the agreed upon operating criteria. (3) The determination of the credit loss provision for such guarantees was based on a probability of default and loss given default methodology. In determining the overall estimated loss from default as a percentage of the outstanding guaranteed share of secured loan facilities and finance leases, Teekay LNG considers current and future operational performance of the vessels securing the loan facilities and finance leases and current and future expectations of the proceeds that could be received from the sale of the vessels securing the loan facilities and finance leases in comparison to the outstanding principal amount of the loan facilities and finance leases if Teekay LNG was called on its guarantees.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss As at September 30, 2020 and December 31, 2019, the Company’s accumulated other comprehensive loss consisted of the following components: September 30, December 31, 2020 2019 $ $ Unrealized loss on qualifying cash flow hedging instruments (47,457) (19,408) Pension adjustments, net of tax recoveries (4,376) (4,329) (51,833) (23,737)
Schedule of Accumulated Other Comprehensive Loss	As at September 30, 2020 and December 31, 2019, the Company’s accumulated other comprehensive loss consisted of the following components: September 30, December 31, 2020 2019 $ $ Unrealized loss on qualifying cash flow hedging instruments (47,457) (19,408) Pension adjustments, net of tax recoveries (4,376) (4,329) (51,833) (23,737)

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative [Line Items]
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]	As at September 30, 2020, the Company was committed to the following cross currency swaps: Fair Value / Carrying Amount of Asset / (Liability) $ Notional Notional Floating Rate Receivable Reference Rate Margin Fixed Rate Payable Remaining Term (years) 1,200,000 146,500 NIBOR 6.00% 7.72% (20,638) 1.1 850,000 102,000 NIBOR 4.60% 7.89% (18,606) 2.9 1,000,000 112,000 NIBOR 5.15% 5.74% (5,529) 4.9 (44,773)
Schedule of Interest Rate Derivatives [Table Text Block]	As at September 30, 2020, 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 debts were swapped with fixed-rate obligations: Interest Rate Index Principal Amount Fair Value / Carrying Amount of Asset / (Liability) $ Weighted- Fixed Swap Rate (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 821,196 (73,352) 4.0 3.0 EURIBOR-Based Debt: Euro-denominated interest rate swaps EURIBOR 70,577 (6,395) 2.9 3.9 (79,747) (1) Excludes the margins the Company pays on its variable-rate debt which, as of September 30, 2020, ranged fro m 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 2021 and 2024, at which time the swaps will be settled based on their fair value.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following tables present the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s unaudited 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 September 30, 2020 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (65) (3,132) (10,790) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — — (3,572) (27,821) (34,367) Cross currency swap agreements — — (956) (6,266) (37,551) Forward freight agreements — — — (483) — — — (4,593) (37,702) (82,708) 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 forward 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) (1) Represents accrued interest related to derivative instruments presented in accrued liabilities and other on the consolidated balance sheets (see Note 8). (2) Represents the current portion of derivative liabilities presented in accrued liabilities and other on the consolidated balance sheets (see Note 8).
Schedule of Cash Flow Hedges	For the periods indicated, the following tables present the gains (losses) on interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments): Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Amount of Gain Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense Amount of Loss Recognized in OCI Amount of Gain Reclassified from Accumulated OCI to Interest Expense 616 (835) (2,244) 22 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Amount of Loss Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense Amount of Loss Recognized in OCI Amount of Gain Reclassified from Accumulated OCI to Interest Expense (9,610) (1,469) (9,646) 430
Derivative Not Designated as Hedging Instruments [Table Text Block]	Realized and unrealized (losses) gains from derivative instruments that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized (losses) gains on non-designated derivatives in the unaudited consolidated statements of (loss) income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Realized (losses) gains relating to: Interest rate swap agreements (5,349) (2,247) (11,905) (5,720) Foreign currency forward contracts 379 — 138 — Stock purchase warrants — — — (25,559) Forward freight agreements (183) 435 (433) 393 (5,153) (1,812) (12,200) (30,886) Unrealized gains (losses) relating to: Interest rate swap agreements 3,956 (623) (20,107) (14,839) Foreign currency forward contracts (53) (435) 202 (536) Stock purchase warrants — — — 26,900 Forward freight agreements (221) 946 (299) 1,050 3,682 (112) (20,204) 12,575 Total realized and unrealized losses on derivative instruments (1,471) (1,924) (32,404) (18,311)
Schedule of Derivative Gains and Losses in Consolidated Statements of Financial Performance [Table Text Block]	Realized and unrealized (losses) gains from cross currency swaps are recognized in earnings and reported in foreign exchange (loss) gain in the unaudited consolidated statements of (loss) income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Realized losses on maturity and termination of cross currency swaps — — (33,844) — Realized losses (1,669) (1,431) (4,915) (3,952) Unrealized gains (losses) 1,489 (23,759) (2,169) (25,819) Total realized and unrealized losses on cross currency swaps (180) (25,190) (40,928) (29,771)

Income Tax Expense (Recovery) (

Income Tax Expense (Recovery) (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Components of Provision for Income Tax (Expense) Recovery	The components of the provision for income tax (expense) recovery are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Current (3,592) (2,911) 9,030 (10,983) Deferred (110) (180) 651 (548) Income tax (expense) recovery (3,702) (3,091) 9,681 (11,531)
Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities	The following table reflects changes in uncertain tax positions relating to freight tax liabilities, which are recorded in other long-term liabilities and accrued liabilities on the Company's unaudited consolidated balance sheets: Nine Months Ended September 30, 2020 2019 $ $ Balance of unrecognized tax benefits as at January 1 62,958 40,556 Increases for positions related to the current year 8,608 2,106 Changes for positions taken in prior years (14,564) 4,121 Settlements with tax authority (9,372) — Decrease related to statute limitations (2,372) — Balance of unrecognized tax benefits as at September 30 45,258 46,783

Net Income (Loss) Per Share Net

Net Income (Loss) Per Share Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Net (Loss) Income Per Share	Net Loss Per Share Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ $ $ Net loss attributable to the shareholders of Teekay Corporation – basic and diluted (35,407) (198,178) (63,489) (321,920) Weighted average number of common shares 101,107,371 100,784,683 101,034,362 100,697,251 Common stock and common stock equivalents 101,107,371 100,784,683 101,034,362 100,697,251 - Basic (0.35) (1.97) (0.63) (3.20) - Diluted (0.35) (1.97) (0.63) (3.20)

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash and Cash Equivalents	Total cash, cash equivalents, restricted cash, and cash and restricted cash held for sale are as follows: September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018 $ $ $ $ Cash and cash equivalents 376,563 353,241 293,361 424,169 Restricted cash – current 15,916 56,777 60,463 40,493 Restricted cash – non-current 50,068 44,849 38,932 40,977 Assets held for sale – cash — 1,121 — — Assets held for sale – restricted cash — 337 — — 442,547 456,325 392,756 505,639

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)vessel	Sep. 30, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 396,517,000	$ 425,836,000	$ 1,453,376,000	$ 1,375,106,000
Voyage expenses	61,736,000	97,829,000	250,196,000	310,022,000
Teekay Tankers
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Voyage expenses			15,500,000
Teekay Parent
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	77,342,000	95,833,000	$ 257,717,000	301,747,000
LPG Carriers | Teekay LNG | Effect of COVID-19 pandemic [Member]
Unusual Risk or Uncertainty [Line Items]
Number Of Vessels Impaired | vessel			6
FPSO | Teekay Parent
Unusual Risk or Uncertainty [Line Items]
Number Of Vessels Impaired | vessel			2
FPSO | Teekay Parent | Effect of COVID-19 pandemic [Member]
Unusual Risk or Uncertainty [Line Items]
Number Of Vessels Impaired | vessel			1
Voyage charters
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	135,801,000	$ 189,020,000	$ 678,905,000	$ 620,610,000
Voyage charters | Restatement Adjustment [Member] | Teekay Tankers
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	5,100,000		$ 15,500,000
Voyage expenses	$ 5,100,000
Teekay LNG and Teekay Tankers [Member] | Subsidiaries
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage	50.00%		50.00%

Accounting Pronouncements (Deta

Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in and loans, net to equity-accounted investments	$ 1,111,660		$ 1,173,728
Non-controlling interest	2,033,112		2,089,730
Accumulated deficit	(507,462)		(546,684)
Other long-term liabilities	$ 196,568		$ 216,348
Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in and loans, net to equity-accounted investments		$ 40,000
Non-controlling interest		36,100
Net Investment in Direct Financing and Sales Type Leases		11,200
Accumulated deficit		17,200
Other long-term liabilities		$ 2,100

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 396,517,000	$ 425,836,000	$ 1,453,376,000	$ 1,375,106,000
Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	77,342,000	95,833,000	257,717,000	301,747,000
Time charters
Disaggregation of Revenue [Line Items]
Revenues	182,330,000	138,535,000	508,242,000	424,891,000
Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	135,801,000	189,020,000	678,905,000	620,610,000
Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	293,000	6,196,000	590,000	18,387,000
FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	15,952,000	44,558,000	90,375,000	151,824,000
Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	62,141,000	47,527,000	175,264,000	159,394,000
Lease revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	329,003,000	373,035,000	1,263,202,000	1,199,199,000
Operating Leases, Income Statement, Lease Revenue	305,321,000	339,346,000	1,181,911,000	1,087,289,000
Sales-type Lease, Interest Income, Lease Receivable	12,952,000	12,978,000	38,495,000	38,741,000
Operating Lease, Variable Lease Income	10,730,000	14,169,000	37,578,000	39,483,000
Variable Lease, Payment	0	6,542,000	5,218,000	33,686,000
Non-lease
Disaggregation of Revenue [Line Items]
Revenues	5,373,000	5,274,000	14,910,000	16,513,000
Non-lease revenue and management fee revenue
Disaggregation of Revenue [Line Items]
Revenues	67,514,000	52,801,000	190,174,000	175,907,000
Operating Segments | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	148,935,000	149,655,000	437,027,000	452,459,000
Operating Segments | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	148,935,000	148,058,000	437,027,000	445,731,000
Operating Segments | Conventional Tankers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	0	1,597,000	0	6,728,000
Operating Segments | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues	170,240,000	187,444,000	758,632,000	632,612,000
Operating Segments | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	16,245,000	44,558,000	90,965,000	151,824,000
Operating Segments | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	61,097,000	51,275,000	166,752,000	149,923,000
Operating Segments | Time charters | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	136,203,000	129,633,000	402,509,000	394,092,000
Operating Segments | Time charters | Conventional Tankers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	0	1,597,000	0	6,728,000
Operating Segments | Time charters | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues	42,180,000	1,909,000	92,733,000	6,815,000
Operating Segments | Time charters | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Time charters | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	3,947,000	12,642,000	13,000,000	26,989,000
Operating Segments | Voyage charters | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	9,982,000	10,846,000	27,682,000	28,864,000
Operating Segments | Voyage charters | Conventional Tankers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Voyage charters | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues	125,819,000	178,174,000	651,223,000	591,746,000
Operating Segments | Voyage charters | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Voyage charters | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Bareboat charters | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	0	6,196,000	0	18,387,000
Operating Segments | Bareboat charters | Conventional Tankers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Bareboat charters | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Bareboat charters | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	293,000	0	590,000	0
Operating Segments | Bareboat charters | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | FPSO contracts | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | FPSO contracts | Conventional Tankers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | FPSO contracts | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | FPSO contracts | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	15,952,000	44,558,000	90,375,000	151,824,000
Operating Segments | FPSO contracts | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Management fees and other | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	2,750,000	1,383,000	6,836,000	4,388,000
Operating Segments | Management fees and other | Conventional Tankers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Management fees and other | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues	2,241,000	7,361,000	14,676,000	34,051,000
Operating Segments | Management fees and other | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Management fees and other | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	57,150,000	38,633,000	153,752,000	122,934,000
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenues	0	(7,096,000)	0	(11,712,000)
Intersegment Eliminations | Time charters
Disaggregation of Revenue [Line Items]
Revenues	0	(7,246,000)	0	(9,733,000)
Intersegment Eliminations | Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Intersegment Eliminations | Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Intersegment Eliminations | FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Intersegment Eliminations | Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 150,000	$ 0	$ (1,979,000)

Revenue Operating Leases (Detai

Revenue Operating Leases (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues	$ 396,517,000	$ 425,836,000	$ 1,453,376,000	$ 1,375,106,000
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year	172,800,000		172,800,000
Lessor, Operating Lease, Payments to be Received, Two Years	573,600,000		573,600,000
Lessor, Operating Lease, Payments to be Received, Three Years	444,900,000		444,900,000
Lessor, Operating Lease, Payments to be Received, Four Years	334,500,000		334,500,000
Lessor, Operating Lease, Payments to be Received, Five Years	$ 259,300,000		$ 259,300,000

Revenue Direct Financing Leases

Revenue Direct Financing Leases (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2020USD ($)	Sep. 30, 2020USD ($)vessel	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)vessel	Sep. 30, 2019USD ($)	Mar. 27, 2020USD ($)	Jan. 07, 2020USD ($)	Dec. 31, 2019vessel
Property Subject to or Available for Operating Lease [Line Items]
Gain on commencement of sales-type lease		$ 0		$ 0	$ 44,943	$ 0
Teekay LNG
Property Subject to or Available for Operating Lease [Line Items]
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Remainder of Fiscal Year		16,400			16,400
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years		64,600			64,600
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years		64,600			64,600
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years		64,400			64,400
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years		64,700			64,700
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter		522,300			522,300
FPSO
Property Subject to or Available for Operating Lease [Line Items]
Proceeds from Lease Payments	$ 67,000
Sales-type Lease, Net Investment in Lease		$ 14,800			$ 14,800		$ 81,900
Asset Retirement Obligation							$ 6,100
Gain on commencement of sales-type lease			$ 44,900
LNG Carriers [Member] | Teekay LNG
Property Subject to or Available for Operating Lease [Line Items]
Number Of Vessels | vessel		3			3
WilPride And WilForce LNG Carriers [Member] | Teekay LNG
Property Subject to or Available for Operating Lease [Line Items]
Number Of Vessels | vessel									2
Purchase Obligation And Deferred Hire Amounts								$ 260,000

Revenue Contract costs, assets

Revenue Contract costs, assets and liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Contract with Customer, Asset and Liability [Abstract]
Contract with Customer, Liability	$ 32.7		$ 32.7		$ 32.4
Contract with customer, liability, revenue recognized	$ 36	$ 23.3	$ 32.4	$ 26.4

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Millions	May 08, 2019	Sep. 30, 2018	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	May 08, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jan. 01, 2018Subsidiaries
Teekay Offshore [Member]
Business Acquisition [Line Items]
Revenue from Related Parties					$ 7.6
Teekay Offshore [Member] | Brookfield Business Partners L.P. [Member]
Business Acquisition [Line Items]
Percentage of ownership acquired								100.00%
Number of Subsidiaries | Subsidiaries								7
Technical Services [Member] | Teekay Offshore [Member]
Business Acquisition [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party					9.6
Time-Charter Hire Expense [Member] | Teekay Lng Marubeni Joint Venture [Member]
Business Acquisition [Line Items]
Additional Time Period For Fixed Rate Time Charters Contract		2 years
Related Party Transaction, Expenses from Transactions with Related Party			$ 6	$ 5.3		$ 17.3	$ 14
Time-Charter Hire Expense [Member] | Teekay Offshore [Member]
Business Acquisition [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party					$ 20.8
LNG Carriers [Member] | Equity Method Investee [Member]
Business Acquisition [Line Items]
Revenue from Related Parties			$ 21.1	$ 17.4		$ 58.5	$ 50
Teekay Lng Marubeni Joint Venture [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage			52.00%			52.00%
General Partner [Member] | Teekay Offshore [Member]
Business Acquisition [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	49.00%

Related Party Transactions (Det

Related Party Transactions (Details) shares in Thousands, $ in Thousands	May 08, 2019USD ($)	May 08, 2019USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)vessel	Sep. 30, 2020	May 11, 2020USD ($)shares	Jan. 01, 2018Subsidiaries
Teekay Lng Marubeni Joint Venture [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage					52.00%
Teekay LNG
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Issued | shares						10,750
Common Unit, Issuance Value						$ 122,600
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent			$ 116,600
Teekay LNG | Accumulated Deficit
Related Party Transaction [Line Items]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent			116,600
Teekay LNG | Non-controlling Interests
Related Party Transaction [Line Items]
Changes to non-controlling interest from equity contributions and other			107,600
Teekay LNG | AOCI Attributable to Parent [Member]
Related Party Transaction [Line Items]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent			$ 9,000
Teekay Offshore [Member]
Related Party Transaction [Line Items]
Due from Affiliate, Noncurrent	$ 25,000	$ 25,000
Proceeds from sale of Altera		100,000
Equity Method Investment, Other than Temporary Impairment				$ 64,900
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 8,900
Teekay Offshore [Member] | Shuttle Tankers [Member]
Related Party Transaction [Line Items]
Number Of Vessels | vessel				2
Teekay Offshore [Member] | Fso
Related Party Transaction [Line Items]
Number Of Vessels | vessel				3
Teekay Offshore [Member] | Brookfield Business Partners L.P. [Member]
Related Party Transaction [Line Items]
Percentage of ownership acquired							100.00%
Number of Subsidiaries | Subsidiaries							7
General Partner [Member] | Teekay Offshore [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	49.00%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Detail) $ in Thousands	May 08, 2019USD ($)	Sep. 30, 2020USD ($)subsidiary	Sep. 30, 2019USD ($)	May 08, 2019USD ($)	Sep. 30, 2020USD ($)subsidiarysegment	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment					3
Equity income (loss)		$ 24,392	$ 21,514		$ 62,048	$ (46,423)
Teekay Offshore [Member]
Segment Reporting Information [Line Items]
Equity income (loss)				$ 3,100
Equity Method Investment, Other than Temporary Impairment						64,900
Equity Method Investment, Realized Gain (Loss) on Disposal	$ 8,900
Teekay Offshore [Member]
Segment Reporting Information [Line Items]
Equity Method Investment, Other than Temporary Impairment						64,900
Equity Method Investment, Realized Gain (Loss) on Disposal						$ 8,900
Subsidiaries
Segment Reporting Information [Line Items]
Number of Subsidiaries | subsidiary		2			2

Segment Reporting - Revenues (D

Segment Reporting - Revenues (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 396,517,000	$ 425,836,000	$ 1,453,376,000	$ 1,375,106,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	0	(7,096,000)	0	(11,712,000)
Teekay LNG | Operating Segments
Segment Reporting Information [Line Items]
Revenues	148,935,000	149,655,000	437,027,000	452,459,000
Teekay LNG | Liquefied Gas Carriers | Operating Segments
Segment Reporting Information [Line Items]
Revenues	148,935,000	148,058,000	437,027,000	445,731,000
Teekay LNG | Conventional Tankers | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	1,597,000	0	6,728,000
Teekay Tankers | Conventional Tankers | Operating Segments
Segment Reporting Information [Line Items]
Revenues	170,240,000	187,444,000	758,632,000	632,612,000
Teekay Parent
Segment Reporting Information [Line Items]
Revenues	77,342,000	95,833,000	257,717,000	301,747,000
Teekay Parent | Offshore Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues	16,245,000	44,558,000	90,965,000	151,824,000
Teekay Parent | Corporate and Other [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 61,097,000	$ 51,275,000	$ 166,752,000	$ 149,923,000

Segment Reporting - Operating I

Segment Reporting - Operating Income (Loss) (Detail) - USD ($) $ in Thousands	May 08, 2019	Sep. 30, 2020	Sep. 30, 2019	May 08, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Equity income (loss)		$ 24,392	$ 21,514		$ 62,048	$ (46,423)
Operating Income (Loss)		11,384	(130,389)		288,784	25,306
Teekay LNG | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)		69,597	71,611		160,924	215,649
Teekay LNG | Liquefied Gas Carriers | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)		69,597	72,112		160,924	216,799
Teekay LNG | Conventional Tankers | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)		0	(501)		0	(1,150)
Teekay Tankers | Conventional Tankers | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)		(29,193)	(4,873)		183,919	32,275
Teekay Parent
Segment Reporting Information [Line Items]
Operating Income (Loss)		(29,020)	(197,127)		(56,059)	(222,618)
Teekay Parent | Offshore Production | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)		(20,586)	(194,415)		(44,394)	(212,959)
Teekay Parent | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)		$ (8,434)	$ (2,712)		$ (11,665)	(9,659)
Teekay Offshore [Member]
Segment Reporting Information [Line Items]
Equity income (loss)				$ 3,100
Equity Method Investment, Other than Temporary Impairment						64,900
Equity Method Investment, Realized Gain (Loss) on Disposal	$ 8,900
Teekay Offshore [Member]
Segment Reporting Information [Line Items]
Equity Method Investment, Other than Temporary Impairment						64,900
Equity Method Investment, Realized Gain (Loss) on Disposal						$ 8,900

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 7,081,120	$ 8,072,864
Segment Reconciling Items | Cash and cash equivalents
Segment Reporting Information [Line Items]
Total assets	376,563	353,241
Segment Reconciling Items | Other assets not allocated
Segment Reporting Information [Line Items]
Total assets	127,608	102,701
Eliminations
Segment Reporting Information [Line Items]
Total assets	(9,870)	(14,746)
Teekay LNG | Liquefied Gas Carriers | Operating Segments
Segment Reporting Information [Line Items]
Total assets	4,711,448	5,249,465
Teekay Tankers | Conventional Tankers | Operating Segments
Segment Reporting Information [Line Items]
Total assets	1,791,132	2,140,652
Teekay Parent | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total assets	48,448	80,455
Teekay Parent | Offshore Production | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 35,791	$ 161,096

Leases Obligations relating to

Leases Obligations relating to Finance Leases (Details) $ in Thousands	9 Months Ended		36 Months Ended
	Sep. 30, 2020USD ($)vessellease	Sep. 30, 2019USD ($)	Jan. 31, 2019	Dec. 31, 2019USD ($)lease
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability	$ 1,754,557			$ 1,825,692
Payments to Acquire Property, Plant, and Equipment	18,468	$ 98,713
Proceeds from financing related to sale-leaseback of vessels	0	$ 381,526
Current obligations related to finance leases (note 6)	(98,236)			(95,339)
Finance Lease, Liability, Noncurrent	$ 1,656,321			$ 1,730,353
Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Finance Lease, Weighted Average Discount Rate, Percent	7.60%			7.60%
Number Of Vessels Obligated to Purchase | vessel	8
Number Of Sale Leaseback Transactions | vessel	16
November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Finance Leased Assets, Number of Units | vessel	4
Debt Covenant Minimum Hull Coverage Ratio Year 1 & 2	100.00%
September 2018 Sale-leaseback Transaction [Member] [Domain] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number Of Vessels | vessel	6
Debt Covenant Minimum Hull Coverage Ratio, Year 1	75.00%
Debt Covenant Minimum Hull Coverage Ratio, Year 2	78.00%
Debt Covenant Minimum Hull Coverage Ratio, Years 3 and 4	80.00%
Debt Covenant Minimum Hull Coverage Ratio, Thereafter	90.00%
Suezmax Tanker Sale Leaseback [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number of Vessels with Purchase Option | vessel	16
July 2017 Sale Leaseback [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number Of Vessels | vessel	4
Debt Covenant Minimum Hull Coverage Ratio, Years 1, 2 and 3	90.00%
Period Required to Maintain 90% Hull Coverage Ratio	three years
Debt Covenant Minimum Hull Coverage Ratio, Thereafter	100.00%
Minimum [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Sale Leaseback Transaction, Lease Terms	9
Minimum [Member] | November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Actual Hull Coverage Ratio	113.00%			140.00%
Minimum [Member] | September 2018 Sale-leaseback Transaction [Member] [Domain] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Actual Hull Coverage Ratio	87.00%			106.00%
Minimum [Member] | July 2017 Sale Leaseback [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Actual Hull Coverage Ratio	119.00%			110.00%
Maximum | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Sale Leaseback Transaction, Lease Terms	12
Maximum | November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Actual Hull Coverage Ratio	156.00%			173.00%
Maximum | September 2018 Sale-leaseback Transaction [Member] [Domain] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Actual Hull Coverage Ratio	104.00%			123.00%
Maximum | July 2017 Sale Leaseback [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Actual Hull Coverage Ratio	141.00%			132.00%
Suezmax, Aframax and LR2 Vessels [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability, Payment, Due	$ 559,700
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	163,600
LNG Carriers [Member] | Teekay LNG
Obligations relating to Finance Leases [Line Items]
Sale Leaseback Transaction, Imputed Interest Rate			5.10%
LNG Carriers [Member] | Minimum [Member] | Teekay LNG
Obligations relating to Finance Leases [Line Items]
Sale Leaseback Transaction, Lease Terms			7.5
LNG Carriers [Member] | Maximum | Teekay LNG
Obligations relating to Finance Leases [Line Items]
Sale Leaseback Transaction, Lease Terms			15
Suezmax, Aframax and LR2 Vessels [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability, Payments, Due Next Twelve Months	14,235
Finance Lease, Liability, Payments, Due Year Two	56,222
Finance Lease, Liability, Payments, Due Year Three	56,213
Finance Lease, Liability, Payments, Due Year Four	56,204
Finance Lease, Liability, Payments, Due Year Five	56,348
Finance Lease, Liability, Payments, Due after Year Five	$ 320,481
Suezmax Tankers [Member] | May 2019 Sale Leaseback [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Debt Covenant Minimum Hull Coverage Ratio, Year 2	78.00%
Debt Covenant Minimum Hull Coverage Ratio, Years 3 and 4	80.00%
Finance Leased Assets, Number of Units | vessel	2
Actual Hull Coverage Ratio	91.00%			109.00%
Debt Covenant Minimum Hull Coverage Ratio Year 1 & 2	75.00%
Debt Covenant Minimum Hull Coverage Ratio, Thereafter	90.00%
Sales-type lease [Member] | LNG Carriers [Member] | Teekay LNG
Obligations relating to Finance Leases [Line Items]
Number Of Vessels | lease	9			9
Finance Lease, Liability, Payment, Due	$ 1,800,000
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	417,700
Finance Lease, Liability, Payments, Due Next Twelve Months	34,831
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
Finance Lease, Liability, Payments, Due after Year Five	1,198,366
LNG Carriers [Member] | Teekay LNG
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability	1,358,485			$ 1,410,904
Conventional Tankers [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability	396,072			$ 414,788
Finance Lease Obligations [Member] | Suezmax, Aframax and LR2 Vessels [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line	$ 35,000
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt	5.00%

Leases Obligations relating t_2

Leases Obligations relating to Operating leases (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)leasevessel	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)leasevessel	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)lease
Operating Leased Assets [Line Items]
Current portion of operating lease liabilities	$ (28,731)		$ (28,731)		$ (61,431)
Time-charter hire expenses	18,796	$ 28,932	63,566	$ 87,587
Operating lease right-of-use assets	61,796		61,796		159,638
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	17,200		17,200
Lessee, Operating Lease, Liability, Payments, Due Year Two	43,400		43,400
Lessee, Operating Lease, Liability, Payments, Due Year Three	21,800		21,800
Lessee, Operating Lease, Liability, Payments, Due Year Four	9,200		9,200
Lessee, Operating Lease, Liability, Payments, Due Year Five	5,700		5,700
Long-term operating lease liabilities	34,798		34,798		$ 87,171
Shuttle Tankers [Member]
Operating Leased Assets [Line Items]
Operating lease right-of-use assets	50,700		50,700
Operating Lease, Liability	$ 50,700		$ 50,700
LNG Carriers [Member] | Teekay LNG
Operating Leased Assets [Line Items]
Number Of Vessels | vessel	3		3
Sales-type lease [Member] | LNG Carriers [Member] | Teekay LNG
Operating Leased Assets [Line Items]
Number Of Vessels | lease	9		9		9

Write-down and Loss on Sales _3

Write-down and Loss on Sales of Vessels Schedule of Impairment and Loss on Sale of Vessels, Equipment and Other Operating Assets (Detail) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2020vessel	Mar. 31, 2020vessel	Sep. 30, 2020USD ($)vessel	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)vessel	Sep. 30, 2019USD ($)
Long Lived Assets Held-for-sale [Line Items]
Write-down and (loss) gain on sale | $			$ (66,273)	$ (175,785)	$ (171,548)	$ (179,113)
FPSO
Long Lived Assets Held-for-sale [Line Items]
Number Of Vessels	3		3		3
Teekay LNG | LNG Carriers [Member]
Long Lived Assets Held-for-sale [Line Items]
Number Of Vessels	3		3		3
Teekay LNG | Multi-gas carriers [Member]
Long Lived Assets Held-for-sale [Line Items]
Number Of Vessels Impaired		6
Number Of Vessels		7
Teekay LNG | Liquefied Gas Segment | LNG Carriers [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges | $					$ (45,000)	0
Number Of Vessels Impaired					6
Teekay LNG | Conventional Tankers [Member] | Handymax Product
Long Lived Assets Held-for-sale [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment | $			$ 0	785	$ 0	785
Number Of Vessels Impaired			1		1
Teekay Tankers | Aframax
Long Lived Assets Held-for-sale [Line Items]
Number Of Vessels Impaired	5		5		5
Teekay Tankers | Conventional Tankers | Suezmaxes Tankers Three [Member]
Long Lived Assets Held-for-sale [Line Items]
Gain (Loss) on Disposition of Assets | $					$ 2,627	0
Number Of Vessels Impaired					3
Teekay Tankers | Conventional Tankers [Member] | Aframax
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges | $			$ (43,526)	0	$ (43,526)	0
Number Of Vessels Impaired			5		5
Teekay Parent | FPSO
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges | $					$ (72,300)	(175,000)
Number Of Vessels Impaired					2
Teekay Parent | FPSO | Petrojarl Foinaven FPSO [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges | $					$ 0	(3,328)
Number Of Vessels Impaired					1
Teekay Parent | FPSO | FPSO
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges | $			$ (12,200)	(175,000)	$ (72,285)	(175,000)
Number Of Vessels Impaired			2		2
Ship To Ship Transfer Business [Member] | Teekay Tankers | Conventional Tankers
Long Lived Assets Held-for-sale [Line Items]
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $					$ (3,081)	0
Operating Right Of Use Asset [Member] | Teekay Tankers | Conventional Tankers
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges | $			$ (1,447)	0	(2,091)	0
Operating Right Of Use Asset [Member] | Teekay Parent | Fso
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges | $			$ (9,100)	$ 0	$ (9,100)	$ 0

Write-down and Loss on Sales _4

Write-down and Loss on Sales of Vessels Vessel Impairment (Details) $ in Thousands	1 Months Ended				3 Months Ended				9 Months Ended
	Sep. 30, 2020vessel	Jul. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2020vessel	Sep. 30, 2020USD ($)vessel	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)vessel	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)vessel	Sep. 30, 2019USD ($)
Property, Plant and Equipment [Line Items]
Sales-type Lease, Selling Profit (Loss) | $					$ 0			$ 0	$ 44,943	$ 0
FPSO
Property, Plant and Equipment [Line Items]
Sales-type Lease, Selling Profit (Loss) | $							$ 44,900
FPSO
Property, Plant and Equipment [Line Items]
Number Of Vessels	3				3				3
Teekay Parent | FPSO
Property, Plant and Equipment [Line Items]
Asset Impairment Charges | $									$ (72,300)	(175,000)
Number Of Vessels Impaired									2
Teekay Parent | FPSO | Petrojarl Foinaven FPSO [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges | $									$ 0	(3,328)
Number Of Vessels Impaired									1
Teekay Parent | FPSO | FPSO
Property, Plant and Equipment [Line Items]
Asset Impairment Charges | $					$ (12,200)			(175,000)	$ (72,285)	(175,000)
Number Of Vessels Impaired					2				2
Teekay LNG | LNG Carriers [Member]
Property, Plant and Equipment [Line Items]
Number Of Vessels	3				3				3
Teekay LNG | Multi-gas carriers [Member]
Property, Plant and Equipment [Line Items]
Number Of Vessels Impaired				6
Number Of Vessels				7			7
Teekay LNG | Liquefied Gas Segment | LNG Carriers [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges | $									$ (45,000)	0
Number Of Vessels Impaired									6
Teekay Tankers | Aframax
Property, Plant and Equipment [Line Items]
Number Of Vessels Impaired	5				5				5
Teekay Tankers | Conventional Tankers | Suezmaxes Tankers Three [Member]
Property, Plant and Equipment [Line Items]
Number Of Vessels Impaired									3
Teekay Tankers | Conventional Tankers [Member] | Aframax
Property, Plant and Equipment [Line Items]
Asset Impairment Charges | $					$ (43,526)			0	$ (43,526)	0
Number Of Vessels Impaired					5				5
Ship To Ship Transfer Business [Member] | Teekay Tankers | Conventional Tankers
Property, Plant and Equipment [Line Items]
Proceeds from Divestiture of Businesses | $		$ 12,700	$ 14,300			$ 27,100
Proceeds From Divestiture of Business Adjustment | $						$ 1,100
Operating Right Of Use Asset [Member] | Teekay Tankers | Conventional Tankers
Property, Plant and Equipment [Line Items]
Asset Impairment Charges | $					$ (1,447)			$ 0	$ (2,091)	$ 0

Accrued Liabilities and Other_3

Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilities and Other and Other Long-Term Liabilities - Schedule of Accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Voyage And Vessel Accrued Liabilities Current	$ 122,999	$ 121,937
Interest Payable, Current	28,510	29,371
Employee-related Liabilities, Current	42,450	33,494
Other Accrued Liabilities	6,425	6,487
Contract with Customer, Liability, Current	36,522	36,242
Liabilities of Business Transferred under Contractual Arrangement, Current	0	5,933
Derivative Liability, Current	37,702	39,263
Current portion of operating lease liabilities	28,731	61,431
Due to Affiliate, Current	29,631	18,647
Asset Retirement Obligation, Current	38,000	0
Accrued liabilities and other	344,253	295,001
Office Building [Member]
Current portion of operating lease liabilities	$ 2,014	$ 3,627

Accrued Liabilities and Other_4

Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilities and Other and Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Contract with Customer, Liability, Noncurrent	$ 24,977	$ 28,612
Guarantee Liability Non Current	11,445	10,113
Asset Retirement Obligations, Noncurrent	11,848	31,068
Liability, Defined Benefit Pension Plan, Noncurrent	7,964	7,238
Liabilities of Business Transferred under Contractual Arrangement, Noncurrent	0	11,866
Derivative Liability, Noncurrent	82,708	51,914
Unrecognized tax benefits and deferred tax liabilities noncurrent	45,008	62,958
Long-term operating lease liabilities	34,798	87,171
Other Sundry Liabilities, Noncurrent	3,257	2,325
Other long-term liabilities	196,568	216,348
Office Building [Member]
Long-term operating lease liabilities	$ 9,361	$ 10,254

Accrued Liabilities and Other_5

Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilities and Other and Other Long-Term Liabilities - Asset Retirement Obligations (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Asset Retirement Obligation, Current		$ 38,000	$ 0
Asset Retirement Obligations, Noncurrent		11,848	31,068
Vessels related to finance leases, at cost, less accumulated amortization		2,148,835	$ 2,219,026
Petrojarl Banff FPSO [Member]
Asset Retirement Obligation		42,900
Asset Retirement Obligation, Current		38,000
Asset Retirement Obligations, Noncurrent		4,900
Asset Retirement Obligation Costs Recoverable		8,700
Petrojarl Foinaven FPSO [Member]
Asset Retirement Obligation		6,800
Proceeds from Lease Payments	$ 67,000
Vessels related to finance leases, at cost, less accumulated amortization		$ 14,800

Short-Term Debt (Details)

Short-Term Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Nov. 30, 2018
Short-term Debt [Line Items]
Short-term debt	$ 20,000,000	$ 50,000,000
Teekay Tankers
Short-term Debt [Line Items]
Short-term debt	$ 20,000,000	$ 50,000,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	3.60%	5.00%
Teekay Tankers | Short-term Debt [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 80,000,000	$ 40,000,000
Debt Instrument, Term	6 months
Teekay Tankers | London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Short Term Debt, Interest Rate, Stated Percentage	3.50%
RSA [Member] | Teekay Tankers | Minimum [Member]
Short-term Debt [Line Items]
Capital	$ 20,000,000
RSA [Member] | Teekay Tankers | Maximum
Short-term Debt [Line Items]
Capital	$ 30,000,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) $ / shares in Units, shares in Thousands, € in Millions	Jan. 31, 2018USD ($)	Nov. 30, 2015USD ($)	Sep. 30, 2020USD ($)vesselterm_loansharessubsidiarySecurityLoan	Dec. 31, 2019USD ($)vessel	Oct. 01, 2020USD ($)	Oct. 01, 2020vessel	Oct. 01, 2020shares	Sep. 30, 2020NOK (kr)term_loanvesselsharessubsidiarySecurityLoan	Sep. 30, 2020EUR (€)term_loanvesselsharessubsidiarySecurityLoan	Dec. 31, 2019NOK (kr)vessel	Dec. 31, 2019EUR (€)vessel	May 31, 2019USD ($)	Jan. 26, 2018USD ($)$ / shares	Jan. 27, 2010USD ($)
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate, at Point in Time			3.70%	4.60%				3.70%	3.70%	4.60%	4.60%
Total principal			$ 2,090,917,000	$ 2,867,120,000
Less unamortized discount and debt issuance costs			(36,045,000)	(39,968,000)
Total debt			2,054,872,000	2,827,152,000
Less current portion			(302,682,000)	(523,312,000)
Long-term portion			1,752,190,000	2,303,840,000
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year			38,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Two			423,900,000
Long-term Debt, Maturities, Repayments of Principal in Year Three			474,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four			363,600,000
Long-term Debt, Maturities, Repayments of Principal in Year Five			258,400,000
Long-term Debt, Maturities, Repayments of Principal after Year Five			$ 533,000,000
Number Of Loan Agreements | SecurityLoan			5					5	5
Secured Debt [Member]
Debt Instrument [Line Items]
Total principal			$ 962,800,000	$ 1,300,000,000
Number Of Debt Instruments | term_loan			6
Number Of Debt Instruments With Balloon Or Bullet Payments | term_loan			5					5	5
Number Of Vessels Held As Collateral | vessel			20	24				20	20	24	24
Senior Notes (8.5%) due January 15, 2020
Debt Instrument [Line Items]
Percentage Of Par At Which Notes Sold		99.00%
Long-term debt, percentage bearing fixed interest, percentage rate		8.50%	0.085%	0.085%				0.085%	0.085%	0.085%	0.085%			8.50%
Total principal			$ 0	$ 36,712,000
Debt instrument, principal amount		$ 200,000,000												$ 450,000,000
Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate			9.25%	9.25%				9.25%	9.25%	9.25%	9.25%	9.25%
Total principal			$ 250,000,000	$ 250,000,000
Debt instrument, principal amount												$ 250,000,000
Convertible Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate			5.00%	5.00%				5.00%	5.00%	5.00%	5.00%
Total principal			$ 114,184,000	$ 125,000,000
Norwegian Krone-denominated Bonds due through September 2025
Debt Instrument [Line Items]
Total principal			326,820,000	347,163,000
U.S. Dollar-denominated Term Loans due through 2030
Debt Instrument [Line Items]
Total principal			962,757,000	1,336,437,000
Euro-denominated Term Loans due through 2024
Debt Instrument [Line Items]
Total principal			157,156,000	165,376,000
Other U.S. Dollar-denominated loan
Debt Instrument [Line Items]
Total principal			0	3,300,000
Revolving Credit Facilities
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			928,200,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 648,200,000
Number Of Credit Facilities | term_loan			4					4	4
Line Of Credit Reduction Of Available Borrowing Capacity In Year Four			$ 65,300,000
Total principal			280,000,000	$ 603,132,000
Line Of Credit Reduction Of Available Borrowing Capacity Remainder Of Fiscal Year			135,000,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two			115,800,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three			$ 410,800,000
Debt Instrument, Collateral, Number of Vessels | vessel			33					33	33
Revolving Credit Facilities | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 957,600,000
Line of Credit Facility, Remaining Borrowing Capacity					677,600,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Four					65,300,000
Line Of Credit Reduction Of Available Borrowing Capacity Remainder Of Fiscal Year					47,200,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two					115,800,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three					$ 528,000,000
Revolving Credit Facilities | Secured Debt [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 150,000,000
Remaining Term Loans [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.26%					4.26%	4.26%
Convertible Senior Notes due 2023 [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio	85.4701
Debt Instrument, Convertible, If-converted Value in Excess of Principal	$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares													$ 11.70
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	20.00%
Sale of Stock, Price Per Share | $ / shares													$ 9.75
Minimum [Member]
Debt Instrument [Line Items]
Undrawn Revolving Credit Facilities Time To Maturity			6 months
Minimum [Member] | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.40%	1.40%
Maximum | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.95%	3.95%
Teekay LNG
Debt Instrument [Line Items]
Minimum Level Of Free Cash Maintained Per Loan Agreements			$ 35,000,000
Teekay LNG | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member]
Debt Instrument [Line Items]
Total debt			$ 157,200,000	$ 165,400,000					€ 134.1		€ 147.5
Debt Instrument, Collateral, Number of Vessels | vessel			2					2	2
Number Of Debt Instruments | term_loan			2
Number of Subsidiaries | subsidiary			1					1	1
Teekay LNG | Common Class A [Member] | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units | shares			25,200					25,200	25,200
Teekay LNG | Thousands of Shares of Common Stock Outstanding | Revolving Credit Facilities | Subsequent Event
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units						10,750,000	10,750
Teekay LNG | Minimum [Member] | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.60%
Teekay LNG | Maximum | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.95%
Teekay Tankers
Debt Instrument [Line Items]
Minimum Level Of Free Cash Maintained Per Loan Agreements			$ 35,000,000
Teekay Tankers | Common Class A [Member] | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units | shares			5,000					5,000	5,000
Parent Company [Member] | Convertible Senior Notes due 2023 [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Proceeds from Convertible Debt	$ 104,600,000
Debt instrument, principal amount													$ 125,000,000
Debt Instrument, Interest Rate, Stated Percentage													5.00%
Debt Instrument, Convertible Term	5 years
Debt Instrument, Convertible, Carrying Amount of Equity Component													$ 16,100,000
Nibor Loan [Member] | Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount | kr								kr 3,100,000,000
Unsecured Debt | kr								kr 3,100,000,000		kr 3,100,000,000
Senior Notes			$ 326,800,000	$ 347,200,000
Derivative, Notional Amount			$ 360,500,000
Nibor Loan [Member] | Teekay LNG | Minimum [Member] | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			4.60%
Derivative, Fixed Interest Rate			5.74%					5.74%	5.74%
Nibor Loan [Member] | Teekay LNG | Maximum | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			6.00%
Derivative, Fixed Interest Rate			7.89%					7.89%	7.89%
Fixed Rate [Member] | Remaining Term Loans [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Number Of Debt Instruments | term_loan			1
Three Month London Interbank Offered Rate [Member] | Minimum [Member] | Remaining Term Loans [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.30%
Three Month London Interbank Offered Rate [Member] | Maximum | Remaining Term Loans [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.25%
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, Period Two [Member] | 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 Four [Member] | Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100.00%
Transportation Equipment [Member] | Long Term Debt1 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			483.00%					483.00%	483.00%
Vessel Market Value to Loan Required Ratio			125.00%					125.00%	125.00%
Transportation Equipment [Member] | Long Term Debt2 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			234.00%					234.00%	234.00%
Vessel Market Value to Loan Required Ratio			115.00%					115.00%	115.00%
Transportation Equipment [Member] | Long Term Debt3 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			140.00%					140.00%	140.00%
Vessel Market Value to Loan Required Ratio			120.00%					120.00%	120.00%
Transportation Equipment [Member] | Long Term Debt4 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			203.00%					203.00%	203.00%
Vessel Market Value to Loan Required Ratio			135.00%					135.00%	135.00%

Long-Term Debt Long-Term Debt N

Long-Term Debt Long-Term Debt Narrative (Details) $ / shares in Units, shares in Thousands, € in Millions	Jan. 31, 2018USD ($)	Jan. 31, 2020USD ($)	Nov. 30, 2015USD ($)	Sep. 30, 2020USD ($)vesselterm_loansharessubsidiarySecurityLoan	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)vesselterm_loansharessubsidiarySecurityLoan	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)vessel	Nov. 24, 2020USD ($)	Oct. 01, 2020USD ($)	Oct. 01, 2020vessel	Oct. 01, 2020shares	Sep. 30, 2020NOK (kr)term_loansharesvesselsubsidiarySecurityLoan	Sep. 30, 2020EUR (€)term_loansharesvesselsubsidiarySecurityLoan	Dec. 31, 2019NOK (kr)vessel	Dec. 31, 2019EUR (€)vessel	May 31, 2019USD ($)	Jan. 26, 2018USD ($)$ / shares	Jan. 27, 2010USD ($)
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal after Year Five				$ 533,000,000		$ 533,000,000
Long-term debt, gross				2,090,917,000		2,090,917,000		$ 2,867,120,000
Long-term Debt				2,054,872,000		2,054,872,000		$ 2,827,152,000
Foreign exchange (loss) gain)				$ (5,943,000)	$ 5,628,000	$ (8,219,000)	$ (2,853,000)
Long-term Debt, Weighted Average Interest Rate, at Point in Time				3.70%		3.70%		4.60%					3.70%	3.70%	4.60%	4.60%
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year				$ 38,000,000		$ 38,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Two				423,900,000		423,900,000
Long-term Debt, Maturities, Repayments of Principal in Year Three				474,000,000		474,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four				363,600,000		363,600,000
Long-term Debt, Maturities, Repayments of Principal in Year Five				$ 258,400,000		$ 258,400,000
Number Of Loan Agreements | SecurityLoan				5		5							5	5
Gain (Loss) on Repurchase of Debt Instrument						$ 1,100,000
Minimum [Member]
Debt Instrument [Line Items]
Undrawn Revolving Credit Facilities Time To Maturity						6 months
2020 Debt Facility Maturing in December 2024 [Member]
Debt Instrument [Line Items]
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line As Percentage Of Debt				5.00%		5.00%							5.00%	5.00%
Secured Debt [Member]
Debt Instrument [Line Items]
Number Of Debt Instruments | term_loan						6
Long-term debt, gross				$ 962,800,000		$ 962,800,000		$ 1,300,000,000
Number Of Debt Instruments With Balloon Or Bullet Payments | term_loan				5		5							5	5
Number Of Vessels Held As Collateral | vessel				20		20		24					20	20	24	24
Secured Debt [Member] | Remaining Term Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.26%		4.26%							4.26%	4.26%
Secured Debt [Member] | Remaining Term Loans [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Number Of Debt Instruments | term_loan						1
Secured Debt [Member] | Remaining Term Loans [Member] | Three Month London Interbank Offered Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						0.30%
Secured Debt [Member] | Remaining Term Loans [Member] | Three Month London Interbank Offered Rate [Member] | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						3.25%
Senior Notes (8.5%) due January 15, 2020
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate			8.50%	0.085%		0.085%		0.085%					0.085%	0.085%	0.085%	0.085%			8.50%
Debt instrument, principal amount			$ 200,000,000																$ 450,000,000
Percentage Of Par At Which Notes Sold			99.00%
Repayments of Senior Debt		$ 613,300,000
Long-term debt, gross				$ 0		$ 0		$ 36,712,000
Senior Notes (8.5%) due January 15, 2020 | US Treasury (UST) Interest Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						0.50%
Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate				9.25%		9.25%		9.25%					9.25%	9.25%	9.25%	9.25%	9.25%
Debt instrument, principal amount																	$ 250,000,000
Long-term debt, gross				$ 250,000,000		$ 250,000,000		$ 250,000,000
Convertible Debt [Member] | Convertible Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio	85.4701
Debt Instrument, Convertible, If-converted Value in Excess of Principal	$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares																		$ 11.70
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	20.00%
Sale of Stock, Price Per Share | $ / shares																		$ 9.75
Revolving Credit Facilities
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				928,200,000		928,200,000
Line of Credit Facility, Remaining Borrowing Capacity				648,200,000		648,200,000
Line Of Credit Reduction Of Available Borrowing Capacity Remainder Of Fiscal Year				135,000,000		135,000,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two				115,800,000		115,800,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three				410,800,000		410,800,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Four				65,300,000		65,300,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Five				$ 201,300,000		$ 201,300,000
Debt Instrument, Collateral, Number of Vessels | vessel				33		33							33	33
Long-term debt, gross				$ 280,000,000		$ 280,000,000		$ 603,132,000
Number Of Credit Facilities | term_loan				4		4							4	4
Revolving Credit Facilities | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity										$ 957,600,000
Line of Credit Facility, Remaining Borrowing Capacity										677,600,000
Line Of Credit Reduction Of Available Borrowing Capacity Remainder Of Fiscal Year										47,200,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two										115,800,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three										528,000,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Four										65,300,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Five										$ 201,300,000
Revolving Credit Facilities | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.40%		1.40%
Revolving Credit Facilities | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						3.95%		3.95%
Revolving Credit Facilities | Secured Debt [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 150,000,000		$ 150,000,000
Teekay LNG
Debt Instrument [Line Items]
Minimum Level Of Free Cash Maintained Per Loan Agreements				35,000,000		35,000,000
Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | Nibor Loan [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount | kr													kr 3,100,000,000
Unsecured Debt | kr													kr 3,100,000,000		kr 3,100,000,000
Senior Notes				$ 326,800,000		$ 326,800,000		$ 347,200,000
Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | Nibor Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						4.60%
Derivative, Fixed Interest Rate				5.74%		5.74%							5.74%	5.74%
Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | Nibor Loan [Member] | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						6.00%
Derivative, Fixed Interest Rate				7.89%		7.89%							7.89%	7.89%
Teekay LNG | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral, Number of Vessels | vessel				2		2							2	2
Number Of Debt Instruments | term_loan						2
Long-term Debt				$ 157,200,000		$ 157,200,000		$ 165,400,000						€ 134.1		€ 147.5
Number of Subsidiaries | subsidiary				1		1							1	1
Teekay LNG | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						0.60%
Teekay LNG | Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.95%
Teekay Tankers
Debt Instrument [Line Items]
Minimum Level Of Free Cash Maintained Per Loan Agreements				$ 35,000,000		$ 35,000,000
Parent Company [Member] | Senior Notes (8.5%) due January 15, 2020 | Senior Notes due 2022 [Member] | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount									$ 6,600,000
Debt Instrument, Repurchase Amount									6,200,000
Parent Company [Member] | Convertible Debt [Member] | Convertible Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount																		$ 125,000,000
Debt Instrument, Interest Rate, Stated Percentage																		5.00%
Proceeds from Convertible Debt	$ 104,600,000
Debt Instrument, Convertible Term	5 years
Debt Instrument, Convertible, Carrying Amount of Equity Component																		$ 16,100,000
Debt Instrument, Repurchased Face Amount				10,800,000		10,800,000
Debt Instrument, Repurchase Amount				$ 8,800,000		$ 8,800,000
Parent Company [Member] | Convertible Debt [Member] | Convertible Senior Notes due 2023 [Member] | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount									2,000,000
Debt Instrument, Repurchase Amount									$ 1,700,000
Common Class A [Member] | Teekay LNG | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units | shares				25,200		25,200							25,200	25,200
Common Class A [Member] | Teekay Tankers | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units | shares				5,000		5,000							5,000	5,000
Thousands of Shares of Common Stock Outstanding | Teekay LNG | Revolving Credit Facilities | Subsequent Event
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units											10,750,000	10,750
FPSO
Debt Instrument [Line Items]
Debt Instrument, Collateral, Number of Vessels | vessel				2		2							2	2
Number Of Vessels | vessel				3		3							3	3
Transportation Equipment [Member] | Long Term Debt1 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio				483.00%		483.00%							483.00%	483.00%
Vessel Market Value to Loan Required Ratio				125.00%		125.00%							125.00%	125.00%
Transportation Equipment [Member] | Long Term Debt2 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio				234.00%		234.00%							234.00%	234.00%
Vessel Market Value to Loan Required Ratio				115.00%		115.00%							115.00%	115.00%
Transportation Equipment [Member] | Long Term Debt3 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio				140.00%		140.00%							140.00%	140.00%
Vessel Market Value to Loan Required Ratio				120.00%		120.00%							120.00%	120.00%
Transportation Equipment [Member] | Long Term Debt4 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio				203.00%		203.00%							203.00%	203.00%
Vessel Market Value to Loan Required Ratio				135.00%		135.00%							135.00%	135.00%
Transportation Equipment [Member] | Long Term Debt5 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio				182.00%		182.00%							182.00%	182.00%
Vessel Market Value to Loan Required Ratio				125.00%		125.00%							125.00%	125.00%

Capital Stock - Capital Stock (

Capital Stock - Capital Stock (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, share authorized (in shares)		25,000,000	25,000,000
Preferred stock, par value (in usd per share)		$ 1	$ 1
Common stock, share authorized (in shares)		725,000,000	725,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Preferred stock, share issued (in shares)		0
Common Stock, Shares, Issued		101,108,886	100,784,422
Continuous Offering Program [Member]
Class of Stock [Line Items]
Sale of Stock, Offering Amount	$ 63
Common Stock, Shares, Issued		0

Vessels Under Construction (Det

Vessels Under Construction (Detail) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2019	Sep. 30, 2020
Teekay LNG
Long-term Purchase Commitment [Line Items]
Estimated remaining payments required to be made under newbuilding contract remainder of 2018		$ 3,316
Estimated remaining payments required to be made under newbuilding contract in 2019		35,922
Unrecorded Unconditional Purchase Obligation, Due within Three Years		15,011
Total		54,249
Consolidated Entities [Member] | Teekay LNG
Long-term Purchase Commitment [Line Items]
Estimated remaining payments required to be made under newbuilding contract remainder of 2018		3,316
Estimated remaining payments required to be made under newbuilding contract in 2019		24,583
Unrecorded Unconditional Purchase Obligation, Due within Three Years		15,011
Total		42,910
Equipment [Member] | Teekay LNG
Long-term Purchase Commitment [Line Items]
Expected cost of project	$ 59,500
Total		42,900
Equity Method Investments [Member] | Teekay LNG
Long-term Purchase Commitment [Line Items]
Estimated remaining payments required to be made under newbuilding contract remainder of 2018		0
Estimated remaining payments required to be made under newbuilding contract in 2019		11,339
Unrecorded Unconditional Purchase Obligation, Due within Three Years		0
Total		$ 11,339
Bahrain LNG Joint Venture [Member]
Long-term Purchase Commitment [Line Items]
Equity Method Investment, Ownership Percentage		30.00%
Bahrain LNG Joint Venture [Member] | Equity Method Investments [Member] | Lng Receiving and Regasification Terminal [Member]
Long-term Purchase Commitment [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		$ 24,000
Line of Credit Facility, Remaining Borrowing Capacity, Proportionate from equity-accounted investment		7,000
Bahrain LNG Joint Venture [Member] | Equity Method Investments [Member] | Construction [Member]
Long-term Purchase Commitment [Line Items]
Total		$ 11,300

Liquidity (Details)

Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Net income (loss)	$ (41,388)	$ 125,500	$ 52,002	$ (175,908)	$ (34,111)	$ (61,464)	$ 136,114	$ (271,483)
Net Cash Provided by (Used in) Operating Activities							894,136	$ 256,126
Working capital deficit	$ 229,700						$ 229,700

Commitments and Contingencies O

Commitments and Contingencies Other (Details) $ in Billions	Sep. 30, 2020USD ($)
Teekay LNG
Other Commitments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 1.4

Financial Instruments Fair Valu

Financial Instruments Fair Value of Financial Instruments and Other Non-Financial Assets (Detail)	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)vessel	Sep. 30, 2020USD ($)vessel	Sep. 30, 2020USD ($)vessel	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 442,547,000	$ 442,547,000	$ 442,547,000	$ 456,325,000	$ 392,756,000	$ 505,639,000
Forward freight agreements	37,702,000	37,702,000	37,702,000	39,263,000
At cost, less accumulated depreciation	2,375,865,000	2,375,865,000	2,375,865,000	2,654,466,000
Vessels related to finance leases, at cost, less accumulated amortization	2,148,835,000	2,148,835,000	2,148,835,000	2,219,026,000
Vessels held for sale	0	0	0	65,458,000
Operating lease right-of-use assets	61,796,000	61,796,000	61,796,000	159,638,000
Other (2)
Short-term debt	20,000,000	20,000,000	20,000,000	50,000,000
Long-term debt	(2,054,872,000)	(2,054,872,000)	(2,054,872,000)	(2,827,152,000)
Obligations related to finance leases, including current portion (note 6)	1,754,557,000	1,754,557,000	1,754,557,000	1,825,692,000
Swap | Accrued Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements – liabilities	(4,600,000)	(4,600,000)	(4,600,000)	3,400,000
Carrying Amount Asset (Liability) | Level 1 | Public
Other (2)
Long-term debt	(564,645,000)	(564,645,000)	(564,645,000)	(619,794,000)
Carrying Amount Asset (Liability) | Level 2 | Non-public
Other (2)
Short-term debt	20,000,000	20,000,000	20,000,000	50,000,000
Long-term debt	(1,490,227,000)	(1,490,227,000)	(1,490,227,000)	(2,207,358,000)
Obligations related to finance leases, including current portion (note 6)	1,754,557,000	1,754,557,000	1,754,557,000	1,825,692,000
Carrying Amount Asset (Liability) | Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	442,547,000	442,547,000	442,547,000	454,867,000
Carrying Amount Asset (Liability) | Recurring | Level 2 | Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements – assets	0	0	0	3,099,000
Interest rate swap agreements – liabilities	(79,747,000)	(79,747,000)	(79,747,000)	(52,453,000)
Carrying Amount Asset (Liability) | Recurring | Level 2 | Cross currency interest swap agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency interest swap agreements – liabilities	(44,773,000)	(44,773,000)	(44,773,000)	(42,104,000)
Carrying Amount Asset (Liability) | Recurring | Level 2 | Foreign currency contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency contracts	0	0	0	(202,000)
Carrying Amount Asset (Liability) | Recurring | Level 2 | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward freight agreements	(483,000)	(483,000)	(483,000)	(86,000)
Carrying Amount Asset (Liability) | Non-recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
At cost, less accumulated depreciation	46,750,000	46,750,000	46,750,000	0
Vessels related to finance leases, at cost, less accumulated amortization	34,000,000	34,000,000	34,000,000	0
Vessels held for sale	0	0	0	37,240,000
Operating lease right-of-use assets	6,148,000	6,148,000	6,148,000	0
Carrying Amount Asset (Liability) | Non-recurring | Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Operating lease right-of-use assets	31,469,000	31,469,000	31,469,000	0
Fair Value Asset (Liability) | Level 1 | Public
Other (2)
Long-term Debt, Fair Value	577,776,000	577,776,000	577,776,000	655,977,000
Fair Value Asset (Liability) | Level 2 | Non-public
Other (2)
Short-term Debt, Fair Value	19,994,000	19,994,000	19,994,000	50,000,000
Long-term debt				(2,180,440,000)
Long-term Debt, Fair Value	1,484,221,000	1,484,221,000	1,484,221,000
Obligations related to finance leases, including current portion (note 6)	1,936,576,000	1,936,576,000	1,936,576,000	1,877,558,000
Fair Value Asset (Liability) | Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	442,547,000	442,547,000	442,547,000	454,867,000
Fair Value Asset (Liability) | Recurring | Level 2 | Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements – assets	0	0	0	3,099,000
Interest rate swap agreements – liabilities	(79,747,000)	(79,747,000)	(79,747,000)	(52,453,000)
Fair Value Asset (Liability) | Recurring | Level 2 | Cross currency interest swap agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency interest swap agreements – liabilities	(44,773,000)	(44,773,000)	(44,773,000)	(42,104,000)
Fair Value Asset (Liability) | Recurring | Level 2 | Foreign currency contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency contracts	0	0	0	(202,000)
Fair Value Asset (Liability) | Recurring | Level 2 | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward freight agreements	(483,000)	(483,000)	(483,000)	(86,000)
Fair Value Asset (Liability) | Non-recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
At cost, less accumulated depreciation	46,750,000	46,750,000	46,750,000	0
Vessels related to finance leases, at cost, less accumulated amortization	34,000,000	34,000,000	34,000,000	0
Vessels held for sale	0	0	0	37,240,000
Operating lease right-of-use assets	6,148,000	6,148,000	6,148,000	0
Fair Value Asset (Liability) | Non-recurring | Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Operating lease right-of-use assets	31,469,000	31,469,000	31,469,000	0
Teekay Tankers
Other (2)
Short-term debt	$ 20,000,000	$ 20,000,000	$ 20,000,000	50,000,000
Aframax | Teekay Tankers
Other (2)
Number Of Vessels Impaired | vessel	5	5	5
Fso | Teekay Parent
Other (2)
Lessee, Operating Lease ROU Asset, Discount Rate	10.80%	10.80%	10.80%
FPSO | Teekay Parent
Other (2)
Number Of Vessels Impaired | vessel			2
Conventional Tankers [Member] | Teekay Tankers
Other (2)
Obligations related to finance leases, including current portion (note 6)	$ 396,072,000	$ 396,072,000	$ 396,072,000	$ 414,788,000
Conventional Tankers [Member] | Aframax | Teekay Tankers
Other (2)
Number Of Vessels Impaired | vessel		5	5
Property, Plant and Equipment [Member] | Aframax | Teekay Tankers
Other (2)
Number Of Vessels Impaired | vessel	3
Finance Lease Obligations [Member] | Aframax | Teekay Tankers
Other (2)
Number Of Vessels Impaired | vessel	2

Financial Instruments Financing

Financial Instruments Financing Receivables (Detail) $ in Thousands	Sep. 30, 2020USD ($)leaseSecurityLoanvessel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 15,453
Financing Receivable, Originated Two Years before Latest Fiscal Year	212,312
Financing Receivable, Originated Four Years before Latest Fiscal Year	73,375
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	387,602
Financing Receivable, before Allowance for Credit Loss	688,742
Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Net Investment in Lease, Originated in Current Fiscal Year	15,453
Net Investment in Lease, Originated Two Years before Latest Fiscal Year	0
Net Investment in Lease, Originated Four Years before Latest Fiscal Year	0
Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year	0
Net Investment in Lease, Total	$ 15,453
Teekay Parent
Financing Receivable, Credit Quality Indicator [Line Items]
Number of direct financing and sales-type leases | lease	1
Teekay LNG
Financing Receivable, Credit Quality Indicator [Line Items]
Number of direct financing and sales-type leases | lease	3
Number of loans to equity-accounted joint ventures | SecurityLoan	2
Sales-Type or Direct Financing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Net Investment in Lease, Originated in Current Fiscal Year	$ 0
Net Investment in Lease, Originated Two Years before Latest Fiscal Year	212,312
Net Investment in Lease, Originated Four Years before Latest Fiscal Year	0
Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year	335,336
Net Investment in Lease, Total	547,648
Sales-Type or Direct Financing [Member] | Teekay Tangguh Joint Venture [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Net Investment in Lease, Originated in Current Fiscal Year	0
Net Investment in Lease, Originated Two Years before Latest Fiscal Year	0
Net Investment in Lease, Originated Four Years before Latest Fiscal Year	0
Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year	335,336
Net Investment in Lease, Total	335,336
Sales-Type or Direct Financing [Member] | Bahrain LNG Joint Venture [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Net Investment in Lease, Originated in Current Fiscal Year	0
Net Investment in Lease, Originated Two Years before Latest Fiscal Year	212,312
Net Investment in Lease, Originated Four Years before Latest Fiscal Year	0
Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year	0
Net Investment in Lease, Total	212,312
Loans Receivable [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	73,375
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	52,266
Financing Receivable, before Allowance for Credit Loss	125,641
Exmar Lpg Bvba [Member] | Loans Receivable [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	52,266
Financing Receivable, before Allowance for Credit Loss	52,266
Bahrain LNG Joint Venture [Member] | Loans Receivable [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	73,375
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0
Financing Receivable, before Allowance for Credit Loss	$ 73,375
LNG Carriers [Member] | Teekay LNG
Financing Receivable, Credit Quality Indicator [Line Items]
Number Of Vessels | vessel	3
FSU [Member] | Teekay LNG
Financing Receivable, Credit Quality Indicator [Line Items]
Number Of Vessels | lease	1
Sales-Type or Direct Financing [Member] | LNG Carriers [Member] | Teekay LNG
Financing Receivable, Credit Quality Indicator [Line Items]
Number Of Vessels | lease	18

Financial Instruments Allowance

Financial Instruments Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Investment in Lease, Allowance for Credit Loss	$ 25,959	$ 11,520	$ 11,055	$ 25,959	$ 11,155
Net Investment in Lease, Credit Loss Expense (Reversal)	14,439	465	(100)
Financing Receivable, Credit Loss, Expense (Reversal)	22,130	(163)	8,880
Financing Receivable, Allowance for Credit Loss	84,147	62,017	62,180	84,147	53,300
Loans Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts and Financing Receivable, Allowance for Credit Loss	4,674	3,797	3,714	4,674	3,714
Financing Receivable, Credit Loss, Expense (Reversal)	877	83	0
Financial Guarantee [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Off-Balance Sheet, Credit Loss, Liability	1,566	1,851	2,139	1,566	2,139
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal)	(285)	(288)	0
Equity Method Investments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Investment in Lease, Allowance for Credit Loss	51,948	44,849	45,272	51,948	$ 36,292
Net Investment in Lease, Credit Loss Expense (Reversal)	7,099	$ (423)	$ 8,980
Teekay LNG
Financing Receivable, Allowance for Credit Loss [Line Items]
Total credit loss expense (reversal)	13,800			14,200
Teekay LNG | Sales-Type or Direct Financing [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Total credit loss expense (reversal)	$ 7,100			$ 15,700
Bahrain LNG Joint Venture [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Lessor, Direct Financing Lease, Term of Contract	20 years			20 years

Restructuring Reversals (Char_2

Restructuring Reversals (Charges) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 2,139	$ 414	$ 9,149	$ 10,404
Restructuring liability	$ 7,800		$ 7,800		$ 800

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (51,833)			$ (23,737)
Unrealized loss on qualifying cash flow hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	(47,457)			(19,408)
Pension adjustments, net of tax recoveries
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	(4,376)			(4,329)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (51,833)	$ (53,670)	$ (41,682)	$ (23,737)	$ (27,878)	$ (21,143)	$ (11,124)	$ (2,273)

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) - Cross Currency Interest Rate Contract [Member] kr in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020NOK (kr)
Derivative [Line Items]
Fair Value / Carrying Amount of Asset / (Liability)	$ (44,773)
NIBOR | Six Point Zero Margin [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 146,500	kr 1,200,000
Receivable Margin	6.00%	6.00%
Derivative, Fixed Interest Rate	7.72%	7.72%
Fair Value / Carrying Amount of Asset / (Liability)	$ (20,638)
Remaining Term (years)	1 year 1 month 6 days
NIBOR | Five Point One Five Margin
Derivative [Line Items]
Derivative, Notional Amount	$ 112,000	kr 1,000,000
Receivable Margin	5.15%	5.15%
Derivative, Fixed Interest Rate	5.74%	5.74%
Fair Value / Carrying Amount of Asset / (Liability)	$ (5,529)
Remaining Term (years)	4 years 10 months 24 days
NIBOR | 4.60%
Derivative [Line Items]
Derivative, Notional Amount	$ 102,000	kr 850,000
Receivable Margin	4.60%	4.60%
Derivative, Fixed Interest Rate	7.89%	7.89%
Fair Value / Carrying Amount of Asset / (Liability)	$ (18,606)
Remaining Term (years)	2 years 10 months 24 days

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) - Interest rate swap agreements $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)interest_rate_swaps
Derivative [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (79,747)
Derivative, Number of Instruments Held | interest_rate_swaps	3
LIBOR
Derivative [Line Items]
Derivative, Notional Amount	$ 821,196
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (73,352)
Weighted-Average Remaining Term (Years)	4 years
Derivative, Fixed Interest Rate	3.00%
EURIBOR
Derivative [Line Items]
Derivative, Notional Amount	$ 70,577
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (6,395)
Weighted-Average Remaining Term (Years)	2 years 10 months 24 days
Derivative, Fixed Interest Rate	3.90%
Minimum [Member]
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.30%
Maximum
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.95%

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities Stock Purchase Warrants (Details) - Teekay Offshore [Member]	May 08, 2019shares
Series D Warrant
Derivative [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,755,000
Brookfield Business Partners L.P. [Member] | Warrant [Member]
Derivative [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	15,500,000

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	$ 74,464	$ 86,338
Other Long-Term Liabilities	(82,708)	(51,914)
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0
Derivative liability, fair value, gross liability	100,500
Derivatives not designated as a cash flow hedge | Forward freight agreements
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)		(86)
Other Long-Term Liabilities		0
Derivative
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	0	932
Other Non-Current Assets	0	1,916
Accrued Liabilities and Other (1)	4,593	3,417
Accrued Liabilities and Other (2)	(37,702)	(39,263)
Other Long-Term Liabilities	(82,708)	(51,914)
Derivative | Derivatives designated as a cash flow hedge | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	0	0
Other Non-Current Assets	0	0
Accrued Liabilities and Other (1)	65	13
Accrued Liabilities and Other (2)	(3,132)	(836)
Other Long-Term Liabilities	(10,790)	(3,475)
Derivative | Derivatives not designated as a cash flow hedge | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	0	932
Other Non-Current Assets	0	1,916
Accrued Liabilities and Other (1)	3,572	2,948
Accrued Liabilities and Other (2)	(27,821)	(15,478)
Other Long-Term Liabilities	(34,367)	(29,452)
Derivative | Derivatives not designated as a cash flow hedge | Foreign Exchange Forward [Member]
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)	956	456
Accrued Liabilities and Other (2)	(6,266)	(22,661)
Other Long-Term Liabilities	(37,551)	$ (18,987)
Derivative | Derivatives not designated as a cash flow hedge | Forward freight agreements
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)	(483)
Other Long-Term Liabilities	0
Swap
Derivatives, Fair Value [Line Items]
Restricted Cash and Cash Equivalents	$ 8,900

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Unrealized loss on qualifying cash flow hedging instruments	$ (959)	$ (19,576)	$ (69,593)	$ (71,828)
Interest Expense
Derivative [Line Items]
Effective Portion Recognized in AOCI	616		(9,610)
Effective Portion Reclassified from AOCI	$ (835)		$ (1,469)
Unrealized loss on qualifying cash flow hedging instruments		(2,244)		(9,646)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		$ 22		$ (430)

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	$ (5,153)	$ (1,812)	$ (12,200)	$ (30,886)
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	3,682	(112)	(20,204)	12,575
Realized and unrealized gains (losses) on derivative instruments	(1,471)	(1,924)	(32,404)	(18,311)
Interest rate swap agreements
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	(5,349)	(2,247)	(11,905)	(5,720)
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	3,956	(623)	(20,107)	(14,839)
Foreign currency forward contracts
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	379	0	138	0
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	(53)	(435)	202	(536)
Stock purchase warrants
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	0	0	0	(25,559)
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	0	0	0	26,900
Forward freight agreements
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	(183)	435	(433)	393
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	$ (221)	$ 946	$ (299)	$ 1,050

Derivative Instruments and He_9

Derivative Instruments and Hedging Activities - Effect of Gains (Losses) on Cross Currency Swaps (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses) on derivative instruments	$ (1,471)	$ (1,924)	$ (32,404)	$ (18,311)
Cross Currency Interest Rate Contract Maturity And Partial Termination
Derivative Instruments, Gain (Loss) [Line Items]
Realized losses	0	0	(33,844)	0
Cross Currency Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized losses	(1,669)	(1,431)	(4,915)	(3,952)
Unrealized gains (losses)	1,489	(23,759)	(2,169)	(25,819)
Realized and unrealized gains (losses) on derivative instruments	$ (180)	$ (25,190)	$ (40,928)	$ (29,771)

Income Tax Expense (Recovery) -

Income Tax Expense (Recovery) - Components of Provision for Income Tax (Expense) Recovery (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Current	$ (3,592)	$ (2,911)	$ 9,030	$ (10,983)
Deferred	(110)	(180)	651	(548)
Income tax (expense) recovery	$ 3,702	$ 3,091	$ (9,681)	$ 11,531

Income Tax Expense (Recovery)_2

Income Tax Expense (Recovery) - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Beginning balance	$ 62,958	$ 40,556
Increases for positions related to the current year	8,608	2,106
Increase for positions taken in prior periods		4,121
Decrease for positions taken in prior periods	14,564
Freight tax liability, Decrease Resulting from Settlements with Taxing Authorities	(9,372)	0
Decrease related to statute limitations	2,372	0
Ending balance	$ 45,258	$ 46,783

Income Tax Expense (Recovery)_3

Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Income Tax Contingency [Line Items]
Freight tax liability, Decrease Resulting from Settlements with Taxing Authorities		$ 9,372	$ 0
Decrease in Unrecognized Tax Benefits is Reasonably Possible				$ 24,400
Settlement with Taxing Authority [Member]
Income Tax Contingency [Line Items]
Payments for Other Taxes	$ 8,500

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net loss attributable to the shareholders of Teekay Corporation – basic and diluted	$ (35,407)	$ (198,178)	$ (63,489)	$ (321,920)
Common stock and common stock equivalents (in shares)	101,107,371	100,784,683	101,034,362	100,697,251

Net Income (Loss) Per Share N_2

Net Income (Loss) Per Share Net Income (Loss) Per Share - Additional Information (Detail) - shares shares in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive effect on calculation of diluted loss per common share attributable to outstanding stock-based awards (in shares)	6	6.1

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information Supplemental Cashflow Information - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 376,563	$ 353,241	$ 293,361	$ 424,169
Restricted cash – current	15,916	56,777	60,463	40,493
Restricted cash – non-current	50,068	44,849	38,932	40,977
Cash, cash equivalents, restricted cash and restricted cash equivalents	442,547	456,325	392,756	505,639
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	0	1,121	0	0
Restricted Cash [Member]
Cash and Cash Equivalents [Line Items]
Restricted Cash and Cash Equivalents	$ 0	$ 337	$ 0	$ 0

Supplementary Cash Flow Infor_4

Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Extinguishment of Debt [Line Items]
Operating lease right-of-use assets		$ 61,796	$ 159,638
Vessels [Member]
Extinguishment of Debt [Line Items]
Operating lease right-of-use assets		50,700
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability		$ 50,700
Teekay LNG | Toledo Spirit [Member] | Obligations [Member]
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	$ 23,600

Subsequent Events (Details)

Subsequent Events (Details) shares in Thousands	Oct. 22, 2020USD ($)vessel	Oct. 31, 2020USD ($)	Nov. 24, 2020USD ($)	Nov. 13, 2020USD ($)vessel	Oct. 01, 2020vessel	Oct. 01, 2020USD ($)	Oct. 01, 2020shares	Sep. 30, 2020USD ($)vessel	Dec. 31, 2019USD ($)
Subsequent Event [Line Items]
Long-term Debt								$ 2,054,872,000	$ 2,827,152,000
Revolving Credit Facilities
Subsequent Event [Line Items]
Debt Instrument, Collateral, Number of Vessels | vessel								33
Credit facility, maximum borrowing capacity								$ 928,200,000
Subsequent Event | Revolving Credit Facilities
Subsequent Event [Line Items]
Credit facility, maximum borrowing capacity						$ 957,600,000
Subsequent Event | Revolving Credit Facilities | Parent [Member]
Subsequent Event [Line Items]
Credit facility, maximum borrowing capacity						$ 150,000,000
Secured Debt [Member] | Revolving Credit Facilities
Subsequent Event [Line Items]
Credit facility, maximum borrowing capacity								150,000,000
Senior Notes (8.5%) due January 15, 2020 | Subsequent Event | Parent Company [Member] | Senior Notes due 2022 [Member]
Subsequent Event [Line Items]
Debt Instrument, Repurchased Face Amount			$ 6,600,000
Debt Instrument, Repurchase Amount			6,200,000
Convertible Debt [Member] | Parent Company [Member] | Convertible Senior Notes due 2023 [Member]
Subsequent Event [Line Items]
Debt Instrument, Repurchased Face Amount								10,800,000
Debt Instrument, Repurchase Amount								$ 8,800,000
Convertible Debt [Member] | Subsequent Event | Parent Company [Member] | Convertible Senior Notes due 2023 [Member]
Subsequent Event [Line Items]
Debt Instrument, Repurchased Face Amount			2,000,000
Debt Instrument, Repurchase Amount			$ 1,700,000
Teekay LNG | Subsequent Event | Revolving Credit Facilities | Thousands of Shares of Common Stock Outstanding
Subsequent Event [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units					10,750,000		10,750
Teekay Tankers | Subsequent Event
Subsequent Event [Line Items]
Payments to Acquire Equipment on Lease	$ 29,600,000	$ 29,600,000
Lessee, Sales-type lease, Purchase option price				$ 56,700,000
Teekay Tankers | Subsequent Event | Aframax Tanker [Member]
Subsequent Event [Line Items]
Number of vessels under sales-type lease repurchased | vessel	2
Teekay Tankers | Subsequent Event | Suezmax Tankers [Member]
Subsequent Event [Line Items]
Number of purchase options exercised for sales-type leases | vessel				2