Teekay (TK) 6-K 10 Nov 21 2021 Q3 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2021
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	TEEKAY CORP
Entity Central Index Key	0000911971
Current Fiscal Year End Date	--12-31

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenues (note 3)	$ 320,353,000	$ 396,517,000	$ 1,004,914,000	$ 1,453,376,000
Voyage expenses	(85,556,000)	(61,736,000)	(239,909,000)	(250,196,000)
Vessel operating expenses	(122,357,000)	(153,764,000)	(381,361,000)	(454,853,000)
Time-charter hire expenses (note 5)	8,535,000	18,796,000	27,661,000	63,566,000
Depreciation and amortization	58,839,000	64,352,000	176,669,000	200,205,000
General and administrative expenses	(25,384,000)	(18,073,000)	(70,671,000)	(60,018,000)
(Write-down) and gain (loss) on sale of assets (note 13)	(697,000)	(66,273,000)	(88,098,000)	(171,548,000)
Asset retirement obligation extinguishment gain (note 7)	0	0	32,950,000	0
Gain on commencement of sales-type lease (note 3)	0	0	0	44,943,000
Restructuring charges (note 15)	0	2,139,000	303,000	9,149,000
Income from vessel operations	18,985,000	11,384,000	53,192,000	288,784,000
Interest expense	(47,268,000)	(53,175,000)	(144,901,000)	(174,940,000)
Interest income	1,355,000	1,754,000	4,736,000	6,871,000
Realized and unrealized (losses) gains on non-designated derivative instruments (note 10)	(181,000)	(1,471,000)	3,751,000	(32,404,000)
Equity income (note 14 and 6b)	38,365,000	24,392,000	103,633,000	62,048,000
Foreign exchange gain (loss) (notes 9 and 10)	534,000	(5,943,000)	2,844,000	(8,219,000)
Other loss (note 7)	(800,000)	(14,627,000)	(9,954,000)	(15,707,000)
Income (loss) before income taxes	10,990,000	(37,686,000)	13,301,000	126,433,000
Income tax (expense) recovery (note 12)	1,410,000	3,702,000	(179,000)	(9,681,000)
Net income (loss)	9,580,000	(41,388,000)	13,480,000	136,114,000
Net (income) loss attributable to non-controlling interests	(12,493,000)	5,981,000	11,714,000	(199,603,000)
Net Income (Loss) Attributable to Parent, Total	$ (2,913,000)	$ (35,407,000)	$ 25,194,000	$ (63,489,000)
•  Basic income (loss) attributable to shareholders of Teekay Corporation	$ (0.03)	$ (0.35)	$ 0.25	$ (0.63)
•  Diluted income (loss) attributable to shareholders of Teekay Corporation	$ (0.03)	$ (0.35)	$ 0.25	$ (0.63)
Weighted average number of common shares outstanding (note 18)
Weighted Average Number of Shares Outstanding, Basic	102,307,273	101,107,371	102,090,921	101,034,362
Weighted Average Number of Shares Outstanding, Diluted	102,307,273	101,107,371	102,648,974	101,034,362

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 9,580	$ (41,388)	$ 13,480	$ 136,114
Other comprehensive income (loss) before reclassifications
Effective Portion Recognized in AOCI	2,942	(959)	24,000	(69,593)
Pension adjustments, net of taxes	(120)	19	390	53
Amounts reclassified from accumulated other comprehensive income (loss) relating to:
Other comprehensive income (loss)	8,758	4,512	41,264	(57,591)
Comprehensive income (loss)	18,338	(36,876)	54,744	78,523
Comprehensive (income) loss attributable to non-controlling interests	(17,742)	3,293	(12,932)	(160,770)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	596	(33,583)	41,812	(82,247)
Interest Expense
Other comprehensive income (loss) before reclassifications
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax	840	835	2,480	1,469
Equity Income
Other comprehensive income (loss) before reclassifications
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax	$ 5,096	$ 4,655	$ 15,174	$ 10,586

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current
Cash and cash equivalents (notes 9 and 19)	$ 235,973	$ 348,785
Restricted cash – current (note 19)	11,323	11,144
Accounts receivable, including non-trade of $11,743 (2020 – $7,931)	84,363	150,997
Accrued revenue	39,239	50,952
Prepaid Expense	79,389	63,521
Current portion of net investments in direct financing and sales-type leases, net (notes 3 and 6b)	29,206	14,826
Assets held for sale (note 13)	13,756	32,974
Other Assets, Current	23,056	16,772
Total current assets	516,305	689,971
Restricted cash – non-current (note 19)	40,328	45,961
Vessels and equipment
Total vessels and equipment	2,267,704	2,325,097
Vessels related to finance leases, at cost, less accumulated amortization of $283,024 (2020 – $281,786) (note 5)	1,972,281	2,105,372
Operating lease right-of-use assets (note 5)	20,672	52,961
Property, Plant and Equipment, incld. Finance Lease and Operating Lease Right-Of Use Asset	4,260,657	4,483,430
Net investment in direct financing and sales-type leases, net – non-current (notes 3 and 6b)	484,507	513,815
Investment in and loans, net to equity-accounted investments (notes 6b, 11a and 14)	1,169,502	1,075,653
Intangible Assets, Net (Including Goodwill)	130,990	137,082
Total assets	6,602,289	6,945,912
Current
Accounts payable	75,741	124,066
Accrued liabilities and other (note 7)	232,519	332,086
Short-term debt (note 8)	20,000	10,000
Current portion of long-term debt (note 9)	384,771	261,366
Current obligations related to finance leases (note 5)	93,442	150,408
Current portion of operating lease liabilities (note 5)	16,735	25,108
Total current liabilities	823,208	903,034
Long-term debt (note 9)	1,728,408	1,793,741
Long-term obligations related to finance leases (note 5)	1,427,418	1,550,557
Long-term operating lease liabilities (note 5)	3,937	29,182
Other long-term liabilities (note 7)	159,292	198,107
Total liabilities	4,142,263	4,474,621
Equity
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 101,571,806 shares outstanding and issued (2020 – 101,108,886) (note 17)	1,053,059	1,057,319
Accumulated deficit	(501,822)	(527,028)
Non-controlling interest	1,941,036	1,989,883
Accumulated other comprehensive loss (note 16)	(32,247)	(48,883)
Total equity	2,460,026	2,471,291
Supplemental Balance Sheet Elements [Abstract]
Accounts receivable, non-trade	11,743	7,931
Accumulated depreciation on vessels and equipment	1,091,138	1,161,658
Vessels related to finance leases, accumulated amortization	$ 283,024	$ 281,786
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	725,000,000	725,000,000
Common stock, share outstanding (in shares)	101,571,806	101,108,886
Common stock, share issued (in shares)	101,571,806	101,108,886
Total liabilities and equity	$ 6,602,289	$ 6,945,912

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net income	$ 13,480	$ 136,114
Non-cash and non-operating items:
Depreciation and amortization	176,669	200,205
Unrealized (gain) loss on derivative instruments (note 10)	34,608	(22,373)
(Write-down) and gain (loss) on sale of assets (note 13)	(88,098)	(171,548)
Settlement of Asset Retirement Obligations Through Noncash Payments, Amount	(32,950)	0
Gain on commencement of sales-type lease (note 3)	0	(44,943)
Equity income, net of dividends received $39,089 (2020 - $32,297)	(64,544)	(29,751)
Foreign currency exchange loss and other	9,647	33,747
Receipts from direct financing and sales-type leases	11,108	337,363
Change in other operating assets and liabilities	(87,030)	92,310
Increase (Decrease) in Asset Retirement Obligations	(1,419)	(15,207)
Expenditures for dry docking	34,131	9,623
Net operating cash flow	44,320	894,136
Supplemental Cash Flow Elements [Abstract]
Proceeds from Dividends Received	39,089	32,297
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net of issuance costs	491,227	1,109,267
Early Repayment of Long-Term Debt	(251,543)	(1,639,223)
Scheduled repayments of long-term debt	(182,837)	(267,953)
Proceeds from short-term debt	35,000	235,000
Prepayment of short-term debt	(25,000)	(265,000)
Proceeds from Lease Payment, Sales-Type and Direct Financing Leases, Financing Activity	72,065	0
Prepayment of obligations related to finance leases	(185,514)	0
Repayments of obligations related to finance leases	66,661	71,135
Payments for Repurchase of Equity	0	15,635
Distributions paid from subsidiaries to non-controlling interests	(64,281)	(58,081)
Other financing activities	(1,041)	(798)
Net financing cash flow	(178,585)	(973,558)
INVESTING ACTIVITIES
Expenditures for vessels and equipment	(40,506)	(18,468)
Proceeds from sale of vessels and equipment (note 13)	44,675	60,915
Proceeds from the sale of assets, net of cash sold (note 13)	0	24,977
Repayment of Notes Receivable from Related Parties	11,830	4,650
Other investing activities	0	(6,430)
Net investing cash flow	15,999	65,644
(Decrease) in cash, cash equivalents, restricted cash and cash held for sale	(118,266)	(13,778)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance	405,890	456,325
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance	$ 287,624	$ 442,547

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	Non-controlling Interests
Accumulated other comprehensive loss (note 16)					$ (23,737)
Beginning Balance (in shares) at Dec. 31, 2019		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 Income (Loss) Attributable to Parent				(49,805)
Net Income (Loss) Attributable to Noncontrolling Interest						101,807
Net income	52,002
Other comprehensive income (loss)	(53,911)				(17,624)	(36,287)
Other dividends	16,353					16,353
Employee stock compensation and other, number of shares		324,000
Employee stock compensation and other	1,238		1,238
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		100,784,000
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 Income (Loss) Attributable to Parent	(63,489)
Net Income (Loss) Attributable to Noncontrolling Interest	199,603
Net income	136,114
Other comprehensive income (loss)	(57,591)
Ending Balance (in shares) at Sep. 30, 2020		101,109,000
Ending Balance at Sep. 30, 2020	2,529,930		1,056,113	(507,462)		2,033,112
Accumulated other comprehensive loss (note 16)					(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 Income (Loss) Attributable to Parent				21,723
Net Income (Loss) Attributable to Noncontrolling Interest						103,777
Net income	125,500
Other comprehensive income (loss)	(8,192)				(2,958)	(5,234)
Other dividends	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
Accumulated other comprehensive loss (note 16)					(53,670)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	(35,407)			(35,407)
Net Income (Loss) Attributable to Noncontrolling Interest	(5,981)					(5,981)
Net income	(41,388)
Other comprehensive income (loss)	4,512				1,824	2,688
Other dividends	22,562					22,562
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease)		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		101,109,000
Ending Balance at Sep. 30, 2020	2,529,930		1,056,113	(507,462)		2,033,112
Accumulated other comprehensive loss (note 16)					(51,833)
Accumulated other comprehensive loss (note 16)	(48,883)				(48,883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated deficit	$ (527,028)
Beginning Balance (in shares) at Dec. 31, 2020	101,108,886	101,109,000
Beginning Balance at Dec. 31, 2020	$ 2,471,291		1,057,319	(527,028)		1,989,883
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent				29,951
Net Income (Loss) Attributable to Noncontrolling Interest						31,553
Net income	61,504
Other comprehensive income (loss)	43,666				17,860	25,806
Other dividends	19,174					19,174
Employee stock compensation and other, number of shares		177,000
Employee stock compensation and other	939		939
Changes to non-controlling interest from equity contributions and other	677			(20)	4
Changes to non-controlling interest from equity contributions and other						693
Ending Balance (in shares) at Mar. 31, 2021		101,286,000
Ending Balance at Mar. 31, 2021	$ 2,552,569		1,051,924	(497,097)		2,028,761
Beginning Balance (in shares) at Dec. 31, 2020	101,108,886	101,109,000
Beginning Balance at Dec. 31, 2020	$ 2,471,291		1,057,319	(527,028)		1,989,883
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	25,194
Net Income (Loss) Attributable to Noncontrolling Interest	(11,714)
Net income	13,480
Other comprehensive income (loss)	$ 41,264
Ending Balance (in shares) at Sep. 30, 2021	101,571,806	101,572,000
Ending Balance at Sep. 30, 2021	$ 2,460,026		1,053,059	(501,822)		1,941,036
Accumulated other comprehensive loss (note 16)					(31,019)
Beginning Balance (in shares) at Mar. 31, 2021		101,286,000
Beginning Balance at Mar. 31, 2021	2,552,569		1,051,924	(497,097)		2,028,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent				(1,844)
Net Income (Loss) Attributable to Noncontrolling Interest						(55,760)
Net income	(57,604)
Other comprehensive income (loss)	(11,160)				(4,751)	(6,409)
Other dividends	23,759					23,759
Employee stock compensation and other, number of shares		144,000
Employee stock compensation and other	976		976
Changes to non-controlling interest from equity contributions and other	1,352			144	6
Changes to non-controlling interest from equity contributions and other						1,202
Ending Balance (in shares) at Jun. 30, 2021		101,430,000
Ending Balance at Jun. 30, 2021	2,462,374		1,052,900	(498,797)		1,944,035
Accumulated other comprehensive loss (note 16)					(35,764)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	(2,913)			(2,913)
Net Income (Loss) Attributable to Noncontrolling Interest	12,493					12,493
Net income	9,580
Other comprehensive income (loss)	8,758				3,509	5,249
Other dividends	21,348					21,348
Employee stock compensation and other, number of shares		142,000
Employee stock compensation and other	159		159
Changes to non-controlling interest from equity contributions and other	$ 503			(112)	8
Changes to non-controlling interest from equity contributions and other						607
Ending Balance (in shares) at Sep. 30, 2021	101,571,806	101,572,000
Ending Balance at Sep. 30, 2021	$ 2,460,026		$ 1,053,059	$ (501,822)		$ 1,941,036
Accumulated other comprehensive loss (note 16)	(32,247)				$ (32,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated deficit	$ (501,822)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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 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, 2020, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC ) on April 1, 2021. 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, 2021, 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 global 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 and the delivery of newbuilding vessels to the world tanker fleet. COVID-19 has also been a contributing factor to the decline in short-term tanker charter rates and the increase in certain crewing-related costs, which has had an impact on the Company's cash flows. COVID-19 was a contributing factor to the write-down of certain tankers of Teekay Tankers during the nine months ended September 30, 2021, and 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 )

Accounting Pronouncements

Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (or 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 adoption did not have an impact on the Company's consolidated financial statements and related disclosures. 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) (or ASU 2020-06). This update simplified 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 enhanced transparency and improved disclosures for convertible instruments and earnings per share guidance. This update is mandatory beginning January 1, 2022; however, the Company early adopted this update effective January 1, 2021 using the modified retrospective method of transition. The adoption of ASU 2020-06 has impacted the accounting for the Company’s Convertible Senior Notes due January 15, 2023 (or the Convertible Notes ) whereby the existing debt and equity components have been recombined into a single component accounted for as a single liability, at its amortized cost. On adoption, the Company increased the carrying value of long-term debt by $6.3 million and decreased common stock and additional paid-in capital by $6.3 million. Adoption of ASU 2020-06 also decreased the Company's interest expense by $0.8 million and $2.3 million for the three and nine months ended September 30, 2021. In addition, the adoption of ASU 2020-06 resulted in the Company having to change from the use of the treasury stock method to the if-converted method to determine the dilutive impact of the Convertible Notes when calculating diluted earnings per share attributable to shareholders of Teekay Corporation. For the three and nine months ended September 30, 2021, had the Convertible Notes been dilutive, the change to the if-converted method would have increased the Company's diluted income attributable to shareholders of Teekay Corporation by $1.6 million and $4.8 million, respectively, increased the denominator of the diluted earnings per share calculation by 9,588,378 shares for both periods, and increased the diluted earnings per share attributable to shareholders of Teekay Corporation by $0.02 and $0.05, respectively (see Note 18). In July 2021, the FASB issued ASU 2021-05 - Leases (Topic 842) Lessors—Certain Leases with Variable Lease Payments (or ASU 2021-05) . Pursuant to ASU 2021-05, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if, without reference to ASU 2012-05, the lease would have been classified as a sales-type lease or a direct financing lease and a day-one loss would have been recognized. The Company expects to adopt ASU 2021-05 on January 1, 2022, although earlier application is permitted. This ASU can be adopted either (1) retrospectively to leases that commenced or were modified on or after January 1, 2019 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. The Company is currently evaluating the effect of adopting this new guidance.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
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, 2020. Revenue Table The following tables contain the Company’s revenue for the three and nine months ended September 30, 2021 and 2020, by contract type, by segment and by business lines within segments. Three Months Ended September 30, 2021 Teekay LNG Liquefied Gas Carriers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ $ Time charters 134,450 6,097 — — 140,547 Voyage charters 9,739 107,079 — — 116,818 FPSO contracts — — 12,030 — 12,030 Management fees and other 2,388 2,714 — 45,856 50,958 146,577 115,890 12,030 45,856 320,353 Three Months Ended September 30, 2020 Teekay LNG Liquefied Gas Carriers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ $ Time charters 136,203 42,180 — 3,947 182,330 Voyage charters 9,982 125,819 — — 135,801 FPSO contracts — — 16,245 — 16,245 Management fees and other 2,750 2,241 — 57,150 62,141 148,935 170,240 16,245 61,097 396,517 Nine Months Ended September 30, 2021 Teekay LNG Liquefied Gas Carriers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ $ Time charters 411,682 41,447 — 2,255 455,384 Voyage charters 29,324 333,278 — — 362,602 FPSO contracts — — 35,137 — 35,137 Management fees and other 7,142 7,334 — 137,315 151,791 448,148 382,059 35,137 139,570 1,004,914 Nine Months Ended September 30, 2020 Teekay LNG Liquefied Gas Carriers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ $ Time charters 402,509 92,733 — 13,000 508,242 Voyage charters 27,682 651,223 — — 678,905 FPSO contracts — — 90,965 — 90,965 Management fees and other 6,836 14,676 — 153,752 175,264 437,027 758,632 90,965 166,752 1,453,376 The following table contains the Company's total revenue for the three and nine months ended September 30, 2021 and 2020, 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, 2021 2020 2021 2020 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 241,904 305,321 772,648 1,181,911 Interest income on lease receivables 12,348 12,952 37,170 38,495 Variable lease payments – cost reimbursements (1) 9,155 10,730 26,477 37,578 Variable lease payments – other (2) — — — 5,218 263,407 329,003 836,295 1,263,202 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 5,988 5,373 16,828 14,910 Management fees and other income 50,958 62,141 151,791 175,264 56,946 67,514 168,619 190,174 Total 320,353 396,517 1,004,914 1,453,376 (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, 2021, 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 $142.2 million (remainder of 2021), $432.4 million (2022), $309.9 million (2023), $252.9 million (2024) and $197.4 million (2025). 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, 2021, revenue from unexercised option periods of contracts that existed on September 30, 2021, revenue from vessels in the Company’s equity-accounted investments, or variable or contingent revenues accounted for under Accounting Standards Codification (or 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 fixed lump sum payment at the end of the contract period. The charter was classified and accounted for as a sales-type lease. Consequently, as at March 31, 2020, 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, 2021, the net investment in sales-type lease was $14.6 million, with the majority of the reduction from inception relating to the cash payment of $67 million received in April 2020. In April 2021, BP announced its decision to suspend production from the Foinaven oil fields and permanently remove the Petrojarl Foinaven FPSO unit from the site. The Company expects the FPSO unit to be redelivered to Teekay Parent in the third quarter of 2022, at which point the Company intends to green-recycle the FPSO unit. At the end of the contract, the Company will receive a fixed lump sum payment from BP which the Company expects will cover the cost of green-recycling the FPSO unit. As at September 30, 2021, 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, 2020. 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 amounts, deferred hire amounts and interest on deferred hire amounts, totaling $260.4 million relating to these two vessels. As at September 30, 2021, estimated minimum lease payments to be received related to direct financing and sales-type leases in each of the next five years were approximately $16.1 million (remainder of 2021), $64.2 million (2022), $64.0 million (2023), $64.3 million (2024), $64.2 million (2025) and an aggregate of $446.5 million thereafter. Two leases are expected to end in 2028 and the remaining lease is scheduled to end in 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, 2021 and December 31, 2020, there were contract liabilities of $17.3 million and $30.7 million, respectively. During the three and nine months ended September 30, 2021, the Company recognized revenues of $14.0 million and $30.7 million, respectively, (three and nine months ended September 30, 2020 - $36.0 million and $32.4 million, respectively) included in contract liability at the beginning of such periods.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
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, 2020. 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 ), 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 and Teekay Parent (the Legal Entity approach ) and its segments are presented accordingly on this basis. The Company 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, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Teekay LNG Liquefied Gas Carriers 146,577 148,935 448,148 437,027 Teekay Tankers Conventional Tankers 115,890 170,240 382,059 758,632 Teekay Parent Offshore Production 12,030 16,245 35,137 90,965 Other 45,856 61,097 139,570 166,752 57,886 77,342 174,707 257,717 320,353 396,517 1,004,914 1,453,376 The following table includes the Company’s (loss) income from vessel operations by segment for the three and nine months ended September 30, 2021 and 2020: Income from Vessel Operations (1) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Teekay LNG Liquefied Gas Carriers 57,644 69,597 192,991 160,924 Teekay Tankers Conventional Tankers (41,494) (29,193) (172,771) 183,919 Teekay Parent Offshore Production 2,572 (20,586) 35,087 (44,394) Other 263 (8,434) (2,115) (11,665) 2,835 (29,020) 32,972 (56,059) 18,985 11,384 53,192 288,784 (1) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). A reconciliation of total segment assets to consolidated total assets presented in the accompanying unaudited consolidated balance sheets is as follows: September 30, 2021 December 31, 2020 $ $ Teekay LNG – Liquefied Gas Carriers 4,704,364 4,647,242 Teekay Tankers – Conventional Tankers 1,588,969 1,743,013 Teekay Parent – Offshore Production 16,533 30,845 Teekay Parent – Other 15,304 60,002 Cash and cash equivalents 235,973 348,785 Other assets not allocated 64,474 132,425 Eliminations (23,328) (16,400) Consolidated total assets 6,602,289 6,945,912

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lessee, Finance Leases	Obligations Related to Finance Leases September 30, 2021 December 31, 2020 $ $ Teekay LNG LNG Carriers 1,287,044 1,340,922 Teekay Tankers Conventional Tankers 233,816 360,043 Total obligations related to finance leases 1,520,860 1,700,965 Less current portion (93,442) (150,408) Long-term obligations related to finance leases 1,427,418 1,550,557 Teekay LNG As at September 30, 2021 and December 31, 2020, Teekay LNG was a party to finance leases on nine LNG carriers. These nine LNG carriers were sold by Teekay LNG to third parties (or Lessors ) and leased back under 7.5- to 15-year bareboat charter contracts ending in 2026 through 2034. At inception of these leases, the weighted-average interest rate implicit in these leases was 5.1%. The bareboat charter contracts are presented as obligations related to finance leases on the Company's unaudited consolidated balance sheets and have purchase obligations at the end of the lease terms. The obligations of Teekay LNG under the bareboat charter contracts for the nine LNG carriers are guaranteed by Teekay LNG. The guarantee agreements require Teekay LNG to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. As at September 30, 2021, Teekay LNG was in compliance with all covenants in respect of the obligations related to its finance leases. As at September 30, 2021, 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 $1.6 billion, including imputed interest of $350.2 million, repayable for the remainder of 2021 through 2034, as indicated below: Commitments At September 30, 2021 Year $ Remainder of 2021 34,420 2022 136,959 2023 135,459 2024 132,011 2025 129,725 Thereafter 1,068,641 Teekay Tankers As at September 30, 2021, the Company had sale-leaseback financing transactions with financial institutions relating to 10 of Teekay Tankers' vessels, including four vessels, which sale-leaseback financing transactions were completed in September 2021. In November 2021, Teekay Tankers completed sale-leaseback financing transactions with a financial institution relating to four additional vessels (see Note 20). Under the sale-leaseback arrangements completed as of September 30, 2021, Teekay Tankers transferred the vessels to subsidiaries of the financial institutions (collectively, the Lessors) and leased the vessels back from the Lessors on bareboat charters ranging from eight to 12-year terms ending between 2028 and 2030. Teekay Tankers has the option to purchase each of the 10 vessels, four of which can be purchased between now and the end of their respective lease terms, two of which can be purchased starting in November 2021 until the end of their respective lease terms, and the remaining four of which can be purchased starting in September 2023 until the end of their respective lease terms. The bareboat charters related to all 10 of these vessels require that Teekay Tankers maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of the greater of $35.0 million and at least 5.0% of Teekay Tankers' consolidated debt and obligations related to finance leases. Each of the bareboat charters requires Teekay Tankers to maintain, for each vessel, a minimum hull coverage ratio of 100% of the total outstanding principal balance. As at September 30, 2021, these ratios range from 104% to 130% (December 31, 2020 – ranged from 121% to 156%). For six of the bareboat charters, should any of these ratios drop below the required amount, the lessor may request that Teekay Tankers prepay additional charter hire. For the remaining four bareboat charters, should any of these ratios drop below the required amount, the lessor may request that Teekay Tankers either prepay additional charter hire in the amount of the shortfall or, in certain circumstances, make a payment to reduce the outstanding principal balance or provide additional collateral satisfactory to the relevant lessor in the amount of the shortfall, in each case to restore compliance with the relevant ratio. The requirements of the bareboat charters are assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As at September 30, 2021, Teekay Tankers was in compliance with all covenants in respect of its obligations related to finance leases. During 2021, Teekay Tankers completed the repurchase of eight vessels from one lessor. The weighted average interest rate on Teekay Tankers’ obligations related to finance leases as at September 30, 2021 was 5.3% (December 31, 2020 – 7.8%). As at September 30, 2021, the total remaining commitments related to the financial liabilities of these vessels were approximately $297.4 million (December 31, 2020, $480.9 million), including imputed interest of $62.8 million (December 31, 2020 $120.9 million), repayable from 2021 through 2030, as indicated below: Commitments At September 30, 2021 Year $ Remainder of 2021 8,172 2022 31,937 2023 31,695 2024 31,517 2025 31,209 Thereafter 162,852
Lessee, Operating Leases	Operating Lease Liabilities The Company charters-in vessels from other vessel owners on time-charter-in and bareboat charter contracts, whereby the vessel owner provides use of the vessel to the Company, and, in the case of time-charter-in contracts, also operates the vessel for the Company. A time-charter-in contract is typically for a fixed period of time, although in certain cases the Company may have the option to extend the charter. The Company typically pays the owner a daily hire rate that is fixed over the duration of the charter. The Company is generally not required to pay the daily hire rate for time charters during periods the vessel is not able to operate. In March 2021, the charter contracts relating to the Suksan Salamander FSO unit were novated to Altera Infrastructure L.P. (or Altera ), and the in-charter contract relating to the unit was terminated at the same time. This contract termination resulted in the Company derecognizing the associated right-of use asset and liability of $29.7 million and $29.5 million, respectively.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2021
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 11" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2020. 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, 2021 December 31, 2020 Fair Carrying Fair Carrying Fair Recurring Cash, cash equivalents and restricted cash ( note 19 ) Level 1 287,624 287,624 405,890 405,890 Derivative instruments (note 10) Interest rate swap agreements – assets (1) Level 2 816 816 — — Interest rate swap agreements – liabilities (1) Level 2 (34,516) (34,516) (77,873) (77,873) Cross currency interest swap agreements – assets (1) Level 2 3,891 3,891 4,505 4,505 Cross currency interest swap agreements – liabilities (1) Level 2 (20,533) (20,533) (20,022) (20,022) Foreign currency contracts Level 2 (56) (56) — — Forward freight agreements Level 2 (270) (270) — — Non-recurring Vessels and equipment Level 2 — — 99,967 99,967 Assets held for sale (2) Level 2 12,740 12,740 31,680 31,680 Operating lease right-of-use assets ( note 13 ) Level 2 — — 1,799 1,799 Other Loans to equity-accounted investees – current (3) 22,588 (3) 16,772 (3) Advances to equity-accounted investees and joint venture partners – long-term (3) 106,420 (3) 111,338 (3) Short-term debt ( note 8 ) Level 2 (20,000) (20,000) (10,000) (10,000) Long-term debt – public (note 9) Level 1 (585,013) (607,893) (587,913) (597,281) Long-term debt – non-public (note 9) Level 2 (1,528,166) (1,555,742) (1,467,194) (1,481,093) Obligations related to finance leases, including current portion ( note 5 ) Level 2 (1,520,860) (1,610,745) (1,700,965) (1,868,667) (1) The fair value of the Company's interest rate swap and cross currency swap agreements at September 30, 2021 includes $3.0 million (December 31, 2020 – $6.1 million) of accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheet. (2) In September 2021, the carrying value of one Aframax tanker was written down to its estimated sales price, less selling costs. See Note 13. (3) 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. b) Credit Losses For a description of the Company's exposure to potential credit losses under ASC 326, see "Item 18 – Financial Statements: Note 11b" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2020. 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 and prior Total As at September 30, 2021 $ $ $ $ Sales-type lease – Teekay Parent Petrojarl Foinaven FPSO Performing 14,574 — — 14,574 Direct financing leases – Teekay LNG Tangguh Hiri and Tangguh Sago Performing — — 322,949 322,949 Bahrain Spirit Performing — 210,190 — 210,190 — 210,190 322,949 533,139 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 32,266 32,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 660 — — 660 660 — 105,641 106,301 15,234 210,190 428,590 654,014 As at December 31, 2020 Sales-type lease – Teekay Parent Petrojarl Foinaven FPSO Performing 15,472 — — 15,472 Direct financing leases – Teekay LNG Tangguh Hiri and Tangguh Sago Performing — — 332,308 332,308 Bahrain Spirit Performing — 211,939 — 211,939 — 211,939 332,308 544,247 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 42,266 42,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 991 — — 991 991 — 115,641 116,632 16,463 211,939 447,949 676,351 (1) For a description of how the Company's credit quality grades are determined see "Item 18 – Financial Statements: Note 11b" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2020. As at September 30, 2021, all direct financing and sales-type leases held by the Company 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, 2021 are as follows: Direct Financing and Sales-Type Leases (1)(2) $ Direct Financing and Sales-Type Leases and Other within Equity-Accounted Joint Ventures (1)(2) $ Loans to Equity-Accounted Joint Ventures (1)(2) $ Guarantees of Debt (1)(2) $ Total $ Three and Nine Months Ended September 30, 2021 As at December 31, 2020 31,078 54,937 4,726 2,080 92,821 Provision for (reversal of) potential credit losses 4,726 6,677 (981) 218 10,640 As at March 31, 2021 35,804 61,614 3,745 2,298 103,461 (Reversal of) provision for potential credit losses (404) 722 255 (298) 275 As at June 30, 2021 35,400 62,336 4,000 2,000 103,736 (Reversal of) provision for potential credit losses (1,400) (1,736) 300 (200) (3,036) As at September 30, 2021 34,000 60,600 4,300 1,800 100,700 Three and Nine Months Ended September 30, 2020 As at January 1, 2020 11,155 36,292 3,714 2,139 53,300 (Reversal of) 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 (reversal of) 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 (reversal of) potential credit losses 13,805 7,099 877 (285) 21,496 As at September 30, 2020 25,325 51,948 4,674 1,566 83,513 (1) For a description of how the credit loss provision for direct financing leases, direct financing and sales-type leases and other within equity-accounted joint ventures, loans to equity-accounted joint ventures and guarantees of debt was determined for the three and nine months ended September 30, 2021 and 2020, see "Item 18 – Financial Statements: Note 11b" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2020. (2) The changes in credit loss provision of ($1.4) million and $2.9 million for the three and nine months ended September 30, 2021, respectively ($13.8 million and $14.2 million for the three and nine months ended September 30, 2020, respectively), relating to the Company's consolidated vessels, are included in other expense on the unaudited consolidated statements of income. The change in the credit loss provision for the nine months ended September 30, 2021 primarily reflects a decline in the estimated charter-free valuations for certain types of Teekay LNG's LNG carriers at the end of their time-charter contract, which are accounted for as direct financing leases. These estimated future charter-free values are subject to change based on the underlying LNG shipping market fundamentals and it is possible that these estimates could vary by material amounts in future periods. The changes in credit loss provision of ($1.7) million and $5.7 million for the three and nine months ended September 30, 2021, respectively ($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. The change in credit loss provision for the nine months ended September 30, 2021 primarily 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.

Accrued Liabilities and Other a

Accrued Liabilities and Other and Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilities and Other September 30, 2021 December 31, 2020 $ $ Accrued liabilities Voyage and vessel expenses 95,996 140,029 Interest and distributions 31,552 31,765 Payroll and related liabilities 44,561 37,349 Deferred revenues – current 21,076 34,461 Current portion of derivative liabilities ( note 10 ) 27,651 58,186 Office lease liability – current 2,446 1,607 Loans from equity-accounted investments 6,057 16,689 Asset retirement obligation – current 3,180 12,000 232,519 332,086 Other Long-Term Liabilities September 30, 2021 December 31, 2020 $ $ Deferred revenues 21,966 23,732 Guarantee liabilities 10,279 11,818 Asset retirement obligation 7,590 37,996 Pension liabilities 10,365 9,172 Derivative liabilities ( note 10 ) 25,911 33,566 Unrecognized tax benefits ( note 12 ) 71,198 70,738 Office lease liability – long-term 10,512 9,396 Other 1,471 1,689 159,292 198,107 Asset Retirement Obligations In the first quarter of 2020, CNR International (U.K.) Limited (or CNRI ) provided formal notice to Teekay of its intention to cease production in June 2020 and to decommission the Banff field shortly thereafter. As such, in the third quarter of 2020, the Company removed the Petrojarl Banff FPSO from the Banff field and redelivered the Apollo Spirit FSO to its owners. The Company is currently in the process of recycling the FPSO unit at an EU-approved shipyard and is also required to recycle the subsea equipment following removal from the field (or Phase 2 ). During the first half of 2020, the asset retirement obligation (or ARO ) relating to the Petrojarl Banff FPSO unit and Phase 2 was increased based on changes to cost estimates and the carrying value of the unit was fully written down. In April 2021, Teekay and CNRI, on behalf of the Banff joint venture, entered into a Decommissioning Services Agreement (or DSA ), whereby Teekay engaged CNRI to assume full responsibility for Teekay’s remaining Phase 2 obligations. The DSA was subject to certain conditions precedent that needed to be satisfied by June 1, 2021 (or any agreed extension thereto), failing which the DSA could have been terminated by either party. On May 27, 2021, all conditions precedent of the DSA that needed to be satisfied by June 1, 2021 were met. As such, Teekay was deemed to have fulfilled all of its prior decommissioning obligations associated with the Banff field and the Company derecognized the ARO and its associated receivable, resulting in a $33.0 million gain that has been included in asset retirement obligation extinguishment gain in the consolidated statements of income (loss) for the nine months ended September 30, 2021. 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 fixed 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 Regulation. However, the extent to which this lump sum payment covers the costs of recycling the FPSO unit will depend on a number of factors when the recycling is completed, including the nature and extent of prevailing EU Ship Recycling Regulation, the condition of the FPSO unit, and the availability of recycling facilities, among other factors. In April 2021, the charterer of the Petrojarl Foinaven FPSO unit announced its decision to suspend production from the Foinaven oil fields and permanently remove the Petrojarl Foinaven FPSO unit from the site. The Company currently expects the FPSO unit will be redelivered to Teekay Parent in the third quarter of 2022, at which point the Company expects to receive the fixed lump sum payment from the charterer and intends to green-recycle the FPSO unit. Although the Company has not changed its cost estimate to recycle the Petrojarl Foinaven FPSO unit during the nine months ended September 30, 2021, the Company increased the present value of its estimated ARO liability relating to the FPSO unit by $2.7 million as a result of the earlier than expected redelivery of the FPSO unit, which has been included in other loss in the consolidated statements of income (loss). As of September 30, 2021, the carrying value of the related lease asset was $14.6 million, which is comprised of the expected fixed lump sum payment, the expected residual value of the asset and the day rate to be received over the remaining life of the contract. As of September 30, 2021, the present value of the Petrojarl Foinaven

Short-Term Debt

Short-Term Debt	9 Months Ended
	Sep. 30, 2021
Short-term Debt [Line Items]
Short-term Debt [Text Block]	8. Short-Term Debt In November 2018, Teekay Tankers Chartering Pte. Ltd. (or TTCL ), a wholly-owned subsidiary of Teekay Tankers, entered into a working capital 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. As at September 30, 2021, the next maturity date of the Working Capital Loan was in November 2021, and has subsequently been extended to May 2022. 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 the 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, 2021, $20.0 million (December 31, 2020 – $10.0 million) was owing under this facility, the aggregate available borrowings were $34.3 million (December 31, 2020 - $32.0 million) and the interest rate on the facility was 3.6% (December 31, 2020 – 3.6%). As at September 30, 2021, Teekay Tankers was in compliance with all covenants in respect of this facility.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Long-Term Debt September 30, 2021 December 31, 2020 $ $ Revolving Credit Facilities due through 2024 431,167 285,000 Senior Notes (9.25%) due November 15, 2022 243,395 243,395 Convertible Senior Notes (5%) due January 17, 2023 112,184 112,184 Norwegian Krone-denominated Bonds due through September 2025 348,630 355,514 U.S. Dollar-denominated Term Loans due through 2030 868,450 938,280 Euro-denominated Term Loans due through 2024 128,439 152,710 Total principal 2,132,265 2,087,083 Less unamortized discount and debt issuance costs (19,086) (31,976) Total debt 2,113,179 2,055,107 Less current portion (384,771) (261,366) Long-term portion 1,728,408 1,793,741 As at September 30, 2021, the Company had four revolving credit facilities (collectively, the Revolvers ) available . The Revolvers, as at such date, provided for aggregate borrowings of up to $871.6 million, of which $440.4 million was undrawn. Interest payments are based on LIBOR plus a margin. At September 30, 2021 and December 31, 2020, the margins ranged between 1.40% and 4.25%. As at September 30, 2021, the aggregate amount available under the Revolvers was scheduled to decrease by $44.2 million (remainder of 2021), $560.8 million (2022), $65.3 million (2023) and $201.3 million (2024). The Revolvers are collateralized by first-priority mortgages granted on 32 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 36.0 million common units in Teekay LNG and 5.0 million Class A common shares in Teekay Tankers to secure a $150 million credit facility. 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 Teekay's subsidiaries and are secured by a first-priority lien on one of Teekay Parent's FPSO units, a pledge of the equity interests in Teekay's subsidiary that owns all of Teekay's common units of Teekay LNG and all of Teekay’s Class A common shares of Teekay Tankers, and a pledge of the equity interests in Teekay's subsidiaries that own or previously owned Teekay Parent’s FPSO units. 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. During 2020, Teekay Parent repurchased $6.6 million of the principal of the 2022 Notes in the open market for total consideration of $6.2 million. 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 (or the Convertible Notes ). At the election of the holder, 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 was being accreted to its par value over its five three and nine months ended September 30, 2021, total interest expense for the Convertible Notes was $1.6 million and $4.8 million, respectively, with coupon interest expense of $1.4 million and $4.2 million, respectively, and amortization of debt issuance costs of $0.2 million and $0.6 million, respectively. As at September 30, 2021, 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, 2020 – NOK 3.1 billion). As at September 30, 2021, the total carrying amount of the senior unsecured bonds was $348.6 million (December 31, 2020 – $355.5 million). The bonds are listed 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, 2021 (December 31, 2020 - 4.60% to 6.00%). The Company entered into cross currency rate swaps to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging from 5.74% to 7.89% (December 31, 2020 - 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 10). On October 28, 2021, Teekay LNG repaid NOK 1.2 billion of senior unsecured bonds that trade in the Norwegian bond market upon maturity, as well as certain related cross currency swaps (see Note 10). As at September 30, 2021, the Company had seven U.S. Dollar-denominated term loans outstanding, which totaled $868.5 million in aggregate principal amount (December 31, 2020 – $938.3 million). Interest payments on the term loans are based on LIBOR plus a margin, of which two of the term loans have additional tranches with fixed rates of 4.11% and 4.41% At September 30, 2021 and at December 31, 2020, the margins ranged between 1.85% and 3.25%. The term loans require payments in quarterly installments commencing three months after drawdown, and six 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, 2020 – 20) of the Company’s vessels, together with certain other security. Teekay LNG has two Euro-denominated term loans outstanding, which, as at September 30, 2021, totaled 110.9 million Euros ($128.4 million) (December 31, 2020 – 125.0 million Euros ($152.7 million)). 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. As at September 30, 2021 and December 31, 2020, 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 gain of $0.5 million (2020 – loss of $5.9 million) and a gain of $2.8 million (2020 - loss of $8.2 million) during the three and nine months ended September 30, 2021 and 2020, respectively. The weighted-average interest rate on the Company’s aggregate long-term debt as at September 30, 2021 was 3.9% (December 31, 2020 – 3.8%). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 10). The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to September 30, 2021, are $171.9 million (remainder of 2021), $526.5 million (2022), $452.9 million (2023), $325.6 million (2024), $185.5 million (2025) and $469.8 million (thereafter). The Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and seven loan agreements require the maintenance of vessel market value to loan ratios. As at September 30, 2021, these ratios were 227%, 212%, 177%, 149%, 163%, 686% and 142% compared to their minimum required ratios of 135%, 125%, 125%, 120%, 120%, 115% and 110%, 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 the greater of $35.0 million and at least 5.0% of Teekay Tankers' total consolidated debt and obligations related to finance leases. As at September 30, 2021, the Company was in compliance with all covenants under its credit facilities and other long-term debt.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2021
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, 2021, the Company was committed to the following foreign currency forward contracts: Fair Value / Carrying Contract Amount in Expected Maturity Foreign Currency Average Forward Rate (1) 2021 2022 GBP 4,000 0.73413 (56) 2,737 2,712 (1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. The Company enters into cross currency swaps, and pursuant to these swaps the Company receives the principal amount in NOK on the maturity 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, 2021, 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% (9,932) 0.1 850,000 102,000 NIBOR 4.60% 7.89% (10,601) 1.9 1,000,000 112,000 NIBOR 5.15% 5.74% 3,891 3.9 (16,642) 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, 2021, 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 805,565 (29,799) 3.5 2.1 EURIBOR-Based Debt: Euro-denominated interest rate swaps (3) EURIBOR 58,613 (3,901) 1.9 3.9 (33,700) (1) Excludes the margins the Company pays on its variable-rate debt which, as of September 30, 2021, ranged fro m 0.6% to 4.25%. (2) Includes interest rate swaps with the notional amount reducing quarterly. Two interest rate swaps are subject to mandatory early termination in 2024, at which time the swaps will be settled based on their fair value. (3) Principal amount reduces monthly. 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 Goodwill, Intangibles and Other Non-Current Assets Accrued Liabilities and Other (1) Accrued Liabilities and Other (2) Other Long-Term Liabilities $ $ $ $ $ As at September 30, 2021 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (62) (3,037) (4,674) Derivatives not designated as a cash flow hedge: Foreign currency contract — — — (56) — Interest rate swap agreements — 2,004 (2,203) (12,380) (13,348) Cross currency swap agreements 465 3,430 (740) (11,908) (7,889) Forward freight agreements — — — (270) — 465 5,434 (3,005) (27,651) (25,911) Prepaid Expenses and Other Goodwill, Intangibles and Other Non-Current Assets Accrued Liabilities and Other (1) Accrued Liabilities and Other (2) Other Long-Term Liabilities $ $ $ $ $ As at December 31, 2020 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (70) (3,162) (9,631) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — — (5,372) (43,590) (16,048) Cross currency swap agreements — 4,505 (701) (11,434) (7,887) — 4,505 (6,143) (58,186) (33,566) (1) Represents accrued interest related to derivative instruments presented in accrued liabilities and other on the consolidated balance sheets (see Note 7). (2) Represents the current portion of derivative liabilities presented in accrued liabilities and other on the consolidated balance sheets (see Note 7). As at September 30, 2021, 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, 2021, these derivatives had an aggregate fair value asset amount of $4.7 million and an aggregate fair value liability amount of $55.0 million. For the periods indicated, the following tables present the (losses) gains on interest rate swap agreements designated and qualifying as cash flow hedges and their impact on other comprehensive income (loss) (or OCI ) (excluding such agreements in equity-accounted investments): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Amount of gain (loss) recognized in OCI 1,040 616 5,080 (9,610) Amount of loss reclassified from accumulated OCI to interest expense (840) (835) (2,480) (1,469) 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 income (loss) as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Realized (losses) gains relating to: Interest rate swap agreements (4,238) (5,349) (13,509) (11,905) Interest rate swap agreement termination — — (18,012) — Foreign currency forward contracts — 379 — 138 Forward freight agreements (359) (183) (420) (433) (4,597) (5,153) (31,941) (12,200) Unrealized gains (losses) relating to: Interest rate swap agreements 4,336 3,956 35,915 (20,107) Foreign currency forward contracts (56) (53) (56) 202 Forward freight agreements 136 (221) (167) (299) 4,416 3,682 35,692 (20,204) Total realized and unrealized (losses) gains on derivative instruments (181) (1,471) 3,751 (32,404) Realized and unrealized (losses) gains from cross currency swaps are recognized in earnings and reported in foreign exchange gain (loss) in the unaudited consolidated statements of income (loss) as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Realized losses on maturity and termination of cross currency swaps — — — (33,844) Realized losses (1,595) (1,669) (4,233) (4,915) Unrealized (losses) gains (3,953) 1,489 (1,084) (2,169) Total realized and unrealized losses on cross currency swaps (5,548) (180) (5,317) (40,928) 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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, 2021 are as follows: Total Remainder of 2022 Certain consolidated LNG carriers (i) 20,557 5,843 14,714 Bahrain LNG Joint Venture (ii) 11,339 — 11,339 31,896 5,843 26,053 (i) In June 2019, Teekay LNG entered into an agreement with a contractor to supply reliquefication equipment on certain of Teekay LNG's LNG carriers in 2021 and 2022, for an estimated installed cost of $53.5 million. As at September 30, 2021, the estimated remaining cost of this installation is $20.6 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, 2021, 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 undrawn debt financing of $23.5 million, which is undrawn, of which $7.1 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 consolidated net income of $13.5 million and consolidated cash flows from operating activities of $44.3 million during the nine months ended September 30, 2021 and had a working capital deficit of $306.9 million as at September 30, 2021. This working capital deficit included approximately $384.8 million related to scheduled maturities and repayments of debt in the next 12 months. Based on Teekay Tankers' liquidity as at the date these unaudited consolidated financial statements were issued, including the liquidity generated from the completion of the sale-leaseback of four vessels in November 2021 (see Note 20), Teekay Tankers' working capital loan that is expected to be renewed in May 2022 and from the expected cash flows from operations over the following year, Teekay Tankers estimates that it will have sufficient liquidity to meet its minimum liquidity requirements under financial covenants and to continue as a going concern for at least a one-year period following the issuance of these unaudited consolidated financial statements. Teekay LNG had a working capital deficit of $378.5 million as at September 30, 2021, which includes $350.4 million related to scheduled maturities and repayments of long-term debt during the one-year period following the issuance of these unaudited consolidated financial statements. Teekay LNG 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, based on its liquidity at the date these unaudited consolidated financial statements were issued, the liquidity it expects to generate from operations over the following year, the cash distributions it expects to receive from its equity-accounted joint ventures, and two expected debt refinancings which Teekay LNG considers probable based on its history of refinancing similar debt. Based on the Company’s liquidity at the date these unaudited consolidated financial statements were issued, and the liquidity the Company expects to generate from operations over the following year, 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. For information about recent legal proceedings, please read “Item 18 – Financial Statements: Note 16c – Legal Proceedings and Claims” in the Company's Annual Report on Form 20-F for the year ended December 31, 2020. 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, 2021 was $1.3 billion. As at September 30, 2021, with the exception of debt service coverage ratio breaches for three of the vessels in Teekay LNG's 33%-owned joint venture with NYK and Mitsui & Co. Ltd. (or the Angola Joint Venture ), all of Teekay LNG's equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that Teekay LNG guarantees. In October 2021, the Angola Joint Venture obtained a waiver from its lenders for the covenant requirement that was not met, with such waiver being valid until the next covenant test at December 31, 2021.

Income Tax Expense (Recovery)

Income Tax Expense (Recovery)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 $ $ $ $ Current (380) (3,592) (960) 9,030 Deferred (1,030) (110) 1,139 651 Income tax (expense) recovery (1,410) (3,702) 179 9,681 Included in the Company's current income tax (expense) recovery are provisions for uncertain tax positions relating to freight taxes. Positions relating to freight taxes can vary each period depending on the trading patterns of the Company's vessels. 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, 2021 2020 $ $ Balance of unrecognized tax benefits as at January 1 70,738 62,958 Increases for positions related to the current year 4,540 4,476 Increases for positions related to prior years 7,142 5,656 Decreases for positions related to prior years — (16,441) Settlements with tax authority — (9,372) Decrease related to statute of limitations (11,314) (1,681) Foreign exchange gain (loss) 92 (338) Balance of unrecognized tax benefits as at September 30 71,198 45,258 During the nine months ended September 30, 2020, the Company secured an agreement with a tax authority, which was based in part on an initiative of the tax authority in response to the COVID-19 global pandemic and included the waiver of interest and penalties on unpaid taxes. As a result, the Company reduced its freight tax liabilities for this jurisdiction by $16.4 million to $9.8 million, of which $8.5 million was paid in August 2020 and $1.1 million was paid in June 2021 with respect to open tax years up to and including 2020.

(Write-down) and Gain (Loss) on

(Write-down) and Gain (Loss) on Sales of Vessels	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Write-down and Loss on Sales of Vessels	(Write-down) and Gain (Loss) on Sale of Assets The Company's write-downs and vessel sales generally relate to vessels approaching the end of their useful lives as well as other vessels it strategically sells, or is attempting to sell, to reduce exposure to a certain vessel class. The following table contains the (write-downs) and gains (losses) on sales of assets for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Segment Asset Type Completion of Sale Date 2021 2020 $ $ Teekay Parent Segment – Offshore Production (1) 1 FPSO unit N/A — (12,200) Teekay Parent Segment – Other (2) Operating lease right-of-use asset N/A — (9,100) Teekay Tankers Segment – Conventional Tankers (3) 1 Aframax Sep-2021 216 — Teekay Tankers Segment – Conventional Tankers (4) 5 Aframaxes N/A (913) (43,526) Teekay Tankers Segment - Conventional Tankers Operating lease right-of-use asset N/A — (1,447) Total (697) (66,273) Nine Months Ended September 30, Segment Asset Type Completion of Sale Date 2021 2020 $ $ Teekay Parent Segment – Offshore Production (1) 2 FPSO unit N/A — (72,285) Teekay Parent Segment – Other (2) Operating lease right-of-use asset N/A — (9,100) Teekay LNG Segment – Liquefied Gas Carriers (5) 6 Multi-gas Carriers N/A — (45,000) Teekay Tankers Segment – Conventional Tankers (3) 3 Suezmaxes N/A (62,937) — Teekay Tankers Segment – Conventional Tankers (3) 3 LR2 Tankers N/A (18,381) — Teekay Tankers Segment – Conventional Tankers (3) 2 Aframaxes Sep-2021 (5,152) — Teekay Tankers Segment - Conventional Tankers (4) 5 Aframaxes N/A (913) (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 right-of-use asset N/A (715) (2,091) Total (88,098) (171,548) (1) During the nine months ended September 30, 2020, Teekay Parent recognized an impairment charge of $72.3 million, in respect of two of its FPSO units. In the first quarter of 2020, CNRI provided formal notice to Teekay of its intention to cease production in June 2020 and decommission the Banff field shortly thereafter. As such, in the third quarter of 2020, the Company removed the Petrojarl Banff FPSO from the Banff field and redelivered the Apollo Spirit FSO to its owner. During 2020, the ARO relating to the Petrojarl Banff FPSO unit and Phase 2 was increased based on changes to cost estimates and the carrying value of the unit was fully written down. 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, which resulted in a full write-down of its carrying value. (2) During the three months ended September 30, 2020, the Company updated its expected cash flows from the Suksan Salamander FSO unit, which it in-chartered from Altera under an operating lease, to take into account recent progress at the time relating to the early termination of the in-charter and the novation of the charter contracts with the customer to Altera. The right-of-use (or ROU ) asset was written down to its estimated fair value using a discounted cash flow approach. (3) During the nine months ended September 30, 2021, Teekay Tankers wrote down the carrying values of three Suezmax tankers, three LR2 tankers and one Aframax tanker to their estimated fair values using appraised values provided by third parties, primarily due to a weaker near-term tanker market outlook and a reduction in charter rates as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. As at June 30, 2021, Teekay Tankers classified one Aframax tanker, including its related bunkers and lube oil inventory, as held for sale. The vessel cost was written down to its estimated sales price, less estimated selling costs. During the three months ended September 30, 2021, the vessel was delivered to its new owners and Teekay Tankers recognized a gain on sale of $0.2 million. (4) 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. During the three months ended September 30, 2021, Teekay Tankers classified one of these previously written down Aframax tankers, including its related bunkers and lube oil inventory, as held for sale. The vessel cost was written down to its estimated sales price less estimated selling costs. (5) During the three months ended March 31, 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 economic impact of the COVID-19 global pandemic), as well as Teekay LNG receiving notification that its then-existing commercial management agreement with a third-party commercial manager would dissolve and be replaced by a new commercial management agreement in September 2020.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	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, 2021, the Company earned $21.3 million and $62.1 million (three and nine months ended September 30, 2020 – $21.1 million and $58.5 million) 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 , which charter had an original term of two years and was further extended by 21 months to June 2022. Time-charter hire expenses for the three and nine months ended September 30, 2021 were $5.7 million and $17.4 million, respectively (three and nine months ended September 30, 2020 – $6.0 million and $17.3 million, respectively).

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During the three and nine months ended September 30, 2021, the Company recorded restructuring charges of nil and $0.3 million, respectively. The restructuring charges primarily related to severance costs resulting from the reorganization and realignment of resources of the Company's shared service function. 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 severance costs resulting from the expected termination of the management contract for an FSO unit based in Australia; the severance costs were partially recovered from the customer and the recovery is included in revenues. Restructuring costs also included 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, and the recovery is presented in revenue. The 2020 restructuring charges also related to the termination of the contract for the Petrojarl Banff FPSO unit. As at September 30, 2021 and December 31, 2020, $1.1 million and $2.4 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, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss As at September 30, 2021 and December 31, 2020, the Company’s accumulated other comprehensive loss consisted of the following components: September 30, December 31, 2021 2020 $ $ Unrealized loss on qualifying cash flow hedging instruments (26,980) (44,006) Pension adjustments, net of tax recoveries (5,267) (4,877) (32,247) (48,883)

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Capital Stock	Capital Stock The authorized capital stock of Teekay as at September 30, 2021 and December 31, 2020 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, 2021, Teekay had no shares of preferred stock issued. In December 2020, Teekay filed a continuous offering program (or COP ) under which Teekay may issue shares of its common stock at market prices up to a maximum aggregate amount of $65.0 million. As of September 30, 2021, no shares of common stock have been issued under this COP.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Net (Loss) Income Per Share Three Months Ended Nine Months Ended 2021 2020 2021 2020 $ $ $ $ Net (loss) income attributable to the shareholders of Teekay Corporation - basic (2,913) (35,407) 25,194 (63,489) Increase in net earnings for interest expense recognized during the period relating to Convertible Notes — — — — Reduction in net earnings due to dilutive impact of stock- based awards in Teekay LNG and Teekay Tankers — — — — Net (loss) income attributable to the shareholders of Teekay Corporation - diluted (2,913) (35,407) 25,194 (63,489) Weighted average number of common shares (1) 102,307,273 101,107,371 102,090,921 101,034,362 Dilutive effect of Convertible Notes — — — — Dilutive effect of stock-based awards — — 558,053 — Common stock and common stock equivalents 102,307,273 101,107,371 102,648,974 101,034,362 Income (loss) per common share - Basic (0.03) (0.35) 0.25 (0.63) - Diluted (0.03) (0.35) 0.25 (0.63) (i) Includes common stock related to non-forfeitable stock-based awards. Prior to January 1, 2021, the Company used the treasury stock method to determine the dilutive impact of the Convertible Notes (see Note 9) when calculating diluted earnings per share. Upon adoption of ASU 2020-06 on January 1, 2021, the Company changed to the if-converted method to determine any potential dilutive impact of the Convertible Notes on diluted earnings per share (see Note 2). The dilutive impact of the conversion feature on the Convertible Notes is determined using an assumed conversion date equal to the beginning of the reporting period. Stock-based awards and the conversion feature on the Convertible Notes that have an anti-dilutive effect on the calculation of diluted income (loss) per common share are excluded from this calculation. For both the three and nine months ended September 30, 2021, 15.4 million shares of Common Stock from stock-based awards and the conversion feature on the Convertible Notes (three and nine months ended September 30, 2020 - 6.0 million) were excluded from the computation of diluted earnings per common share for these periods, as including them would have had an anti-dilutive impact.

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 September 30, 2020 December 31, 2019 $ $ $ $ Cash and cash equivalents 235,973 348,785 376,563 353,241 Restricted cash – current 11,323 11,144 15,916 56,777 Restricted cash – non-current 40,328 45,961 50,068 44,849 Assets held for sale – cash — — — 1,121 Assets held for sale – restricted cash — — — 337,000 287,624,000 405,890,000 442,547,000 456,325,000 The Company maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 10), performance bond collateral, leasing arrangements, project tenders and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events a) On October 4, 2021, Teekay LNG, Teekay LNG's general partner, Teekay GP L.L.C. (or Teekay GP ), an investment vehicle (or Acquiror ) managed by Stonepeak Partners L.P., and a wholly-owned subsidiary of Acquiror (or Merger Sub ) entered into an agreement and plan of merger (or the Merger Agreement ). At the effective time of the merger (or the Merger ) under the Merger Agreement, (a) each issued and outstanding common unit of Teekay LNG, including approximately 36.0 million common units owned by Teekay, (but excluding any common units owned by Teekay LNG, Acquiror or their respective wholly-owned subsidiaries), will be converted into the right to receive cash in an amount of $17.00 per common unit and (b) Merger Sub will be merged with and into Teekay LNG, whereupon Teekay LNG will continue as the surviving entity. In addition, Teekay concurrently entered into an agreement with Acquiror whereby Teekay agreed to sell its limited liability company interest in Teekay GP for $26.4 million, which consists of $17.00 for each of the approximately 1.6 million common unit equivalents of Teekay LNG represented by the economic interest of Teekay GP’s general partner interest in Teekay LNG. Teekay, Teekay LNG and Acquiror also concurrently entered into an agreement whereby Teekay LNG will acquire certain restructured subsidiaries of Teekay that provide, through existing services agreements, comprehensive managerial, operational and administrative services to Teekay LNG and Teekay LNG’s subsidiaries and joint ventures for a purchase price of $3.34 million, subject to certain adjustments at closing. The Merger and related transactions have been unanimously approved by the respective Board of Directors of Teekay GP and Teekay, as applicable, including the unanimous approval of the Conflicts Committee of Teekay GP. The Merger is expected to close on or soon after December 31, 2021, with the Merger Agreement providing that the Merger will not close prior to December 31, 2021. This Merger remains subject to approval by the holders of a majority of Teekay LNG’s outstanding common units and the satisfaction or waiver of certain other customary closing conditions. There is no assurance that the conditions to closing will be satisfied or waived, or that the Merger and related transactions will be completed. Teekay, which currently owns approximately 41% of Teekay LNG’s outstanding common units, has entered into a voting and support agreement by which it has agreed, among other things and subject to certain conditions, to vote in favor of the Merger. Teekay’s ownership of approximately 36.0 million common units in Teekay LNG, its 100% ownership of Teekay G.P. and the subsidiaries of Teekay that provide, through existing services agreements, various services to Teekay LNG and Teekay LNG’s subsidiaries and joint ventures represent Teekay’s entire investment in its gas business. Following the Merger, the common units of Teekay LNG will be delisted from the New York Stock Exchange. The Series A and B preferred units of the Teekay LNG will remain outstanding and continue to trade on the New York Stock Exchange following the Merger. b) On November 3, 2021, Teekay Tankers completed a $68.9 million sale-leaseback financing transaction related to four Aframax vessels. Pursuant to this arrangement, Teekay Tankers transferred the vessels to subsidiaries of a financial institution and leased the vessels back on seven-year bareboat charters. Teekay Tankers is required to repurchase the vessels upon maturity of the bareboat charters and has the option to repurchase any of the vessels at any earlier date. These bareboat charters require that Teekay Tankers maintains a minimum liquidity consistent with Teekay Tankers' other vessels financed on similar arrangements (see Note 5) and, for each vessel, a minimum hull coverage ratio of 105% of the total outstanding principal balance.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
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 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, 2020, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC ) on April 1, 2021. 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, 2021, 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 global 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 and the delivery of newbuilding vessels to the world tanker fleet. COVID-19 has also been a contributing factor to the decline in short-term tanker charter rates and the increase in certain crewing-related costs, which has had an impact on the Company's cash flows. COVID-19 was a contributing factor to the write-down of certain tankers of Teekay Tankers during the nine months ended September 30, 2021, and 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 )

Accounting Pronouncements Accou

Accounting Pronouncements Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (or 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 adoption did not have an impact on the Company's consolidated financial statements and related disclosures. 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) (or ASU 2020-06). This update simplified 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 enhanced transparency and improved disclosures for convertible instruments and earnings per share guidance. This update is mandatory beginning January 1, 2022; however, the Company early adopted this update effective January 1, 2021 using the modified retrospective method of transition. The adoption of ASU 2020-06 has impacted the accounting for the Company’s Convertible Senior Notes due January 15, 2023 (or the Convertible Notes ) whereby the existing debt and equity components have been recombined into a single component accounted for as a single liability, at its amortized cost. On adoption, the Company increased the carrying value of long-term debt by $6.3 million and decreased common stock and additional paid-in capital by $6.3 million. Adoption of ASU 2020-06 also decreased the Company's interest expense by $0.8 million and $2.3 million for the three and nine months ended September 30, 2021. In addition, the adoption of ASU 2020-06 resulted in the Company having to change from the use of the treasury stock method to the if-converted method to determine the dilutive impact of the Convertible Notes when calculating diluted earnings per share attributable to shareholders of Teekay Corporation. For the three and nine months ended September 30, 2021, had the Convertible Notes been dilutive, the change to the if-converted method would have increased the Company's diluted income attributable to shareholders of Teekay Corporation by $1.6 million and $4.8 million, respectively, increased the denominator of the diluted earnings per share calculation by 9,588,378 shares for both periods, and increased the diluted earnings per share attributable to shareholders of Teekay Corporation by $0.02 and $0.05, respectively (see Note 18). In July 2021, the FASB issued ASU 2021-05 - Leases (Topic 842) Lessors—Certain Leases with Variable Lease Payments (or ASU 2021-05) . Pursuant to ASU 2021-05, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if, without reference to ASU 2012-05, the lease would have been classified as a sales-type lease or a direct financing lease and a day-one loss would have been recognized. The Company expects to adopt ASU 2021-05 on January 1, 2022, although earlier application is permitted. This ASU can be adopted either (1) retrospectively to leases that commenced or were modified on or after January 1, 2019 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. The Company is currently evaluating the effect of adopting this new guidance.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020, by contract type, by segment and by business lines within segments. Three Months Ended September 30, 2021 Teekay LNG Liquefied Gas Carriers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ $ Time charters 134,450 6,097 — — 140,547 Voyage charters 9,739 107,079 — — 116,818 FPSO contracts — — 12,030 — 12,030 Management fees and other 2,388 2,714 — 45,856 50,958 146,577 115,890 12,030 45,856 320,353 Three Months Ended September 30, 2020 Teekay LNG Liquefied Gas Carriers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ $ Time charters 136,203 42,180 — 3,947 182,330 Voyage charters 9,982 125,819 — — 135,801 FPSO contracts — — 16,245 — 16,245 Management fees and other 2,750 2,241 — 57,150 62,141 148,935 170,240 16,245 61,097 396,517 Nine Months Ended September 30, 2021 Teekay LNG Liquefied Gas Carriers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ $ Time charters 411,682 41,447 — 2,255 455,384 Voyage charters 29,324 333,278 — — 362,602 FPSO contracts — — 35,137 — 35,137 Management fees and other 7,142 7,334 — 137,315 151,791 448,148 382,059 35,137 139,570 1,004,914 Nine Months Ended September 30, 2020 Teekay LNG Liquefied Gas Carriers Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ $ Time charters 402,509 92,733 — 13,000 508,242 Voyage charters 27,682 651,223 — — 678,905 FPSO contracts — — 90,965 — 90,965 Management fees and other 6,836 14,676 — 153,752 175,264 437,027 758,632 90,965 166,752 1,453,376
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, 2021 and 2020, 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, 2021 2020 2021 2020 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 241,904 305,321 772,648 1,181,911 Interest income on lease receivables 12,348 12,952 37,170 38,495 Variable lease payments – cost reimbursements (1) 9,155 10,730 26,477 37,578 Variable lease payments – other (2) — — — 5,218 263,407 329,003 836,295 1,263,202 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 5,988 5,373 16,828 14,910 Management fees and other income 50,958 62,141 151,791 175,264 56,946 67,514 168,619 190,174 Total 320,353 396,517 1,004,914 1,453,376 (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, 2021
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, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Teekay LNG Liquefied Gas Carriers 146,577 148,935 448,148 437,027 Teekay Tankers Conventional Tankers 115,890 170,240 382,059 758,632 Teekay Parent Offshore Production 12,030 16,245 35,137 90,965 Other 45,856 61,097 139,570 166,752 57,886 77,342 174,707 257,717 320,353 396,517 1,004,914 1,453,376
Income (loss) from Vessel Operations by Segment	The following table includes the Company’s (loss) income from vessel operations by segment for the three and nine months ended September 30, 2021 and 2020: Income from Vessel Operations (1) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Teekay LNG Liquefied Gas Carriers 57,644 69,597 192,991 160,924 Teekay Tankers Conventional Tankers (41,494) (29,193) (172,771) 183,919 Teekay Parent Offshore Production 2,572 (20,586) 35,087 (44,394) Other 263 (8,434) (2,115) (11,665) 2,835 (29,020) 32,972 (56,059) 18,985 11,384 53,192 288,784
Reconciliation of Total Segment Assets	A reconciliation of total segment assets to consolidated total assets presented in the accompanying unaudited consolidated balance sheets is as follows: September 30, 2021 December 31, 2020 $ $ Teekay LNG – Liquefied Gas Carriers 4,704,364 4,647,242 Teekay Tankers – Conventional Tankers 1,588,969 1,743,013 Teekay Parent – Offshore Production 16,533 30,845 Teekay Parent – Other 15,304 60,002 Cash and cash equivalents 235,973 348,785 Other assets not allocated 64,474 132,425 Eliminations (23,328) (16,400) Consolidated total assets 6,602,289 6,945,912

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Lease, Cost [Table Text Block]	Obligations Related to Finance Leases September 30, 2021 December 31, 2020 $ $ Teekay LNG LNG Carriers 1,287,044 1,340,922 Teekay Tankers Conventional Tankers 233,816 360,043 Total obligations related to finance leases 1,520,860 1,700,965 Less current portion (93,442) (150,408) Long-term obligations related to finance leases 1,427,418 1,550,557
Finance Lease, Liability, Maturity [Table Text Block]	As at September 30, 2021, 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 $1.6 billion, including imputed interest of $350.2 million, repayable for the remainder of 2021 through 2034, as indicated below: Commitments At September 30, 2021 Year $ Remainder of 2021 34,420 2022 136,959 2023 135,459 2024 132,011 2025 129,725 Thereafter 1,068,641 As at September 30, 2021, the total remaining commitments related to the financial liabilities of these vessels were approximately $297.4 million (December 31, 2020, $480.9 million), including imputed interest of $62.8 million (December 31, 2020 $120.9 million), repayable from 2021 through 2030, as indicated below: Commitments At September 30, 2021 Year $ Remainder of 2021 8,172 2022 31,937 2023 31,695 2024 31,517 2025 31,209 Thereafter 162,852

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Fair Carrying Fair Carrying Fair Recurring Cash, cash equivalents and restricted cash ( note 19 ) Level 1 287,624 287,624 405,890 405,890 Derivative instruments (note 10) Interest rate swap agreements – assets (1) Level 2 816 816 — — Interest rate swap agreements – liabilities (1) Level 2 (34,516) (34,516) (77,873) (77,873) Cross currency interest swap agreements – assets (1) Level 2 3,891 3,891 4,505 4,505 Cross currency interest swap agreements – liabilities (1) Level 2 (20,533) (20,533) (20,022) (20,022) Foreign currency contracts Level 2 (56) (56) — — Forward freight agreements Level 2 (270) (270) — — Non-recurring Vessels and equipment Level 2 — — 99,967 99,967 Assets held for sale (2) Level 2 12,740 12,740 31,680 31,680 Operating lease right-of-use assets ( note 13 ) Level 2 — — 1,799 1,799 Other Loans to equity-accounted investees – current (3) 22,588 (3) 16,772 (3) Advances to equity-accounted investees and joint venture partners – long-term (3) 106,420 (3) 111,338 (3) Short-term debt ( note 8 ) Level 2 (20,000) (20,000) (10,000) (10,000) Long-term debt – public (note 9) Level 1 (585,013) (607,893) (587,913) (597,281) Long-term debt – non-public (note 9) Level 2 (1,528,166) (1,555,742) (1,467,194) (1,481,093) Obligations related to finance leases, including current portion ( note 5 ) Level 2 (1,520,860) (1,610,745) (1,700,965) (1,868,667) (1) The fair value of the Company's interest rate swap and cross currency swap agreements at September 30, 2021 includes $3.0 million (December 31, 2020 – $6.1 million) of accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheet. (2) In September 2021, the carrying value of one Aframax tanker was written down to its estimated sales price, less selling costs. See Note 13.
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 and prior Total As at September 30, 2021 $ $ $ $ Sales-type lease – Teekay Parent Petrojarl Foinaven FPSO Performing 14,574 — — 14,574 Direct financing leases – Teekay LNG Tangguh Hiri and Tangguh Sago Performing — — 322,949 322,949 Bahrain Spirit Performing — 210,190 — 210,190 — 210,190 322,949 533,139 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 32,266 32,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 660 — — 660 660 — 105,641 106,301 15,234 210,190 428,590 654,014 As at December 31, 2020 Sales-type lease – Teekay Parent Petrojarl Foinaven FPSO Performing 15,472 — — 15,472 Direct financing leases – Teekay LNG Tangguh Hiri and Tangguh Sago Performing — — 332,308 332,308 Bahrain Spirit Performing — 211,939 — 211,939 — 211,939 332,308 544,247 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 42,266 42,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 991 — — 991 991 — 115,641 116,632 16,463 211,939 447,949 676,351 (1) For a description of how the Company's credit quality grades are determined see "Item 18 – Financial Statements: Note 11b" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2020. As at September 30, 2021, all direct financing and sales-type leases held by the Company 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, 2021 are as follows: Direct Financing and Sales-Type Leases (1)(2) $ Direct Financing and Sales-Type Leases and Other within Equity-Accounted Joint Ventures (1)(2) $ Loans to Equity-Accounted Joint Ventures (1)(2) $ Guarantees of Debt (1)(2) $ Total $ Three and Nine Months Ended September 30, 2021 As at December 31, 2020 31,078 54,937 4,726 2,080 92,821 Provision for (reversal of) potential credit losses 4,726 6,677 (981) 218 10,640 As at March 31, 2021 35,804 61,614 3,745 2,298 103,461 (Reversal of) provision for potential credit losses (404) 722 255 (298) 275 As at June 30, 2021 35,400 62,336 4,000 2,000 103,736 (Reversal of) provision for potential credit losses (1,400) (1,736) 300 (200) (3,036) As at September 30, 2021 34,000 60,600 4,300 1,800 100,700 Three and Nine Months Ended September 30, 2020 As at January 1, 2020 11,155 36,292 3,714 2,139 53,300 (Reversal of) 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 (reversal of) 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 (reversal of) potential credit losses 13,805 7,099 877 (285) 21,496 As at September 30, 2020 25,325 51,948 4,674 1,566 83,513 (1) For a description of how the credit loss provision for direct financing leases, direct financing and sales-type leases and other within equity-accounted joint ventures, loans to equity-accounted joint ventures and guarantees of debt was determined for the three and nine months ended September 30, 2021 and 2020, see "Item 18 – Financial Statements: Note 11b" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2020. (2) The changes in credit loss provision of ($1.4) million and $2.9 million for the three and nine months ended September 30, 2021, respectively ($13.8 million and $14.2 million for the three and nine months ended September 30, 2020, respectively), relating to the Company's consolidated vessels, are included in other expense on the unaudited consolidated statements of income. The change in the credit loss provision for the nine months ended September 30, 2021 primarily reflects a decline in the estimated charter-free valuations for certain types of Teekay LNG's LNG carriers at the end of their time-charter contract, which are accounted for as direct financing leases. These estimated future charter-free values are subject to change based on the underlying LNG shipping market fundamentals and it is possible that these estimates could vary by material amounts in future periods. The changes in credit loss provision of ($1.7) million and $5.7 million for the three and nine months ended September 30, 2021, respectively ($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. The change in credit loss provision for the nine months ended September 30, 2021 primarily 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.

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, 2021
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, 2021 December 31, 2020 $ $ Accrued liabilities Voyage and vessel expenses 95,996 140,029 Interest and distributions 31,552 31,765 Payroll and related liabilities 44,561 37,349 Deferred revenues – current 21,076 34,461 Current portion of derivative liabilities ( note 10 ) 27,651 58,186 Office lease liability – current 2,446 1,607 Loans from equity-accounted investments 6,057 16,689 Asset retirement obligation – current 3,180 12,000 232,519 332,086
Other Noncurrent Liabilities [Table Text Block]	Other Long-Term Liabilities September 30, 2021 December 31, 2020 $ $ Deferred revenues 21,966 23,732 Guarantee liabilities 10,279 11,818 Asset retirement obligation 7,590 37,996 Pension liabilities 10,365 9,172 Derivative liabilities ( note 10 ) 25,911 33,566 Unrecognized tax benefits ( note 12 ) 71,198 70,738 Office lease liability – long-term 10,512 9,396 Other 1,471 1,689 159,292 198,107

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of Long-Term Debt	September 30, 2021 December 31, 2020 $ $ Revolving Credit Facilities due through 2024 431,167 285,000 Senior Notes (9.25%) due November 15, 2022 243,395 243,395 Convertible Senior Notes (5%) due January 17, 2023 112,184 112,184 Norwegian Krone-denominated Bonds due through September 2025 348,630 355,514 U.S. Dollar-denominated Term Loans due through 2030 868,450 938,280 Euro-denominated Term Loans due through 2024 128,439 152,710 Total principal 2,132,265 2,087,083 Less unamortized discount and debt issuance costs (19,086) (31,976) Total debt 2,113,179 2,055,107 Less current portion (384,771) (261,366) Long-term portion 1,728,408 1,793,741

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative [Line Items]
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]	As at September 30, 2021, the Company was committed to the following foreign currency forward contracts: Fair Value / Carrying Contract Amount in Expected Maturity Foreign Currency Average Forward Rate (1) 2021 2022 GBP 4,000 0.73413 (56) 2,737 2,712 (1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. The Company enters into cross currency swaps, and pursuant to these swaps the Company receives the principal amount in NOK on the maturity 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, 2021, 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% (9,932) 0.1 850,000 102,000 NIBOR 4.60% 7.89% (10,601) 1.9 1,000,000 112,000 NIBOR 5.15% 5.74% 3,891 3.9 (16,642)
Schedule of Interest Rate Derivatives [Table Text Block]	As at September 30, 2021, 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 805,565 (29,799) 3.5 2.1 EURIBOR-Based Debt: Euro-denominated interest rate swaps (3) EURIBOR 58,613 (3,901) 1.9 3.9 (33,700) (1) Excludes the margins the Company pays on its variable-rate debt which, as of September 30, 2021, ranged fro m 0.6% to 4.25%. (2) Includes interest rate swaps with the notional amount reducing quarterly. Two interest rate swaps are subject to mandatory early termination in 2024, at which time the swaps will be settled based on their fair value. (3) Principal amount reduces monthly.
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 Goodwill, Intangibles and Other Non-Current Assets Accrued Liabilities and Other (1) Accrued Liabilities and Other (2) Other Long-Term Liabilities $ $ $ $ $ As at September 30, 2021 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (62) (3,037) (4,674) Derivatives not designated as a cash flow hedge: Foreign currency contract — — — (56) — Interest rate swap agreements — 2,004 (2,203) (12,380) (13,348) Cross currency swap agreements 465 3,430 (740) (11,908) (7,889) Forward freight agreements — — — (270) — 465 5,434 (3,005) (27,651) (25,911) Prepaid Expenses and Other Goodwill, Intangibles and Other Non-Current Assets Accrued Liabilities and Other (1) Accrued Liabilities and Other (2) Other Long-Term Liabilities $ $ $ $ $ As at December 31, 2020 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (70) (3,162) (9,631) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — — (5,372) (43,590) (16,048) Cross currency swap agreements — 4,505 (701) (11,434) (7,887) — 4,505 (6,143) (58,186) (33,566) (1) Represents accrued interest related to derivative instruments presented in accrued liabilities and other on the consolidated balance sheets (see Note 7). (2) Represents the current portion of derivative liabilities presented in accrued liabilities and other on the consolidated balance sheets (see Note 7).
Schedule of Cash Flow Hedges	For the periods indicated, the following tables present the (losses) gains on interest rate swap agreements designated and qualifying as cash flow hedges and their impact on other comprehensive income (loss) (or OCI ) (excluding such agreements in equity-accounted investments): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Amount of gain (loss) recognized in OCI 1,040 616 5,080 (9,610) Amount of loss reclassified from accumulated OCI to interest expense (840) (835) (2,480) (1,469)
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 income (loss) as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Realized (losses) gains relating to: Interest rate swap agreements (4,238) (5,349) (13,509) (11,905) Interest rate swap agreement termination — — (18,012) — Foreign currency forward contracts — 379 — 138 Forward freight agreements (359) (183) (420) (433) (4,597) (5,153) (31,941) (12,200) Unrealized gains (losses) relating to: Interest rate swap agreements 4,336 3,956 35,915 (20,107) Foreign currency forward contracts (56) (53) (56) 202 Forward freight agreements 136 (221) (167) (299) 4,416 3,682 35,692 (20,204) Total realized and unrealized (losses) gains on derivative instruments (181) (1,471) 3,751 (32,404)
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 gain (loss) in the unaudited consolidated statements of income (loss) as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Realized losses on maturity and termination of cross currency swaps — — — (33,844) Realized losses (1,595) (1,669) (4,233) (4,915) Unrealized (losses) gains (3,953) 1,489 (1,084) (2,169) Total realized and unrealized losses on cross currency swaps (5,548) (180) (5,317) (40,928)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 are as follows: Total Remainder of 2022 Certain consolidated LNG carriers (i) 20,557 5,843 14,714 Bahrain LNG Joint Venture (ii) 11,339 — 11,339 31,896 5,843 26,053 (i) In June 2019, Teekay LNG entered into an agreement with a contractor to supply reliquefication equipment on certain of Teekay LNG's LNG carriers in 2021 and 2022, for an estimated installed cost of $53.5 million. As at September 30, 2021, the estimated remaining cost of this installation is $20.6 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, 2021, 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 undrawn debt financing of $23.5 million, which is undrawn, of which $7.1 million relates to Teekay LNG's proportionate share of the construction commitments included in the table above.

Income Tax Expense (Recovery) (

Income Tax Expense (Recovery) (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 $ $ $ $ Current (380) (3,592) (960) 9,030 Deferred (1,030) (110) 1,139 651 Income tax (expense) recovery (1,410) (3,702) 179 9,681
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, 2021 2020 $ $ Balance of unrecognized tax benefits as at January 1 70,738 62,958 Increases for positions related to the current year 4,540 4,476 Increases for positions related to prior years 7,142 5,656 Decreases for positions related to prior years — (16,441) Settlements with tax authority — (9,372) Decrease related to statute of limitations (11,314) (1,681) Foreign exchange gain (loss) 92 (338) Balance of unrecognized tax benefits as at September 30 71,198 45,258

Write-down and Loss on Sales of

Write-down and Loss on Sales of Vessels (Tables)	9 Months Ended
	Sep. 30, 2021
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) and gains (losses) on sales of assets for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Segment Asset Type Completion of Sale Date 2021 2020 $ $ Teekay Parent Segment – Offshore Production (1) 1 FPSO unit N/A — (12,200) Teekay Parent Segment – Other (2) Operating lease right-of-use asset N/A — (9,100) Teekay Tankers Segment – Conventional Tankers (3) 1 Aframax Sep-2021 216 — Teekay Tankers Segment – Conventional Tankers (4) 5 Aframaxes N/A (913) (43,526) Teekay Tankers Segment - Conventional Tankers Operating lease right-of-use asset N/A — (1,447) Total (697) (66,273) Nine Months Ended September 30, Segment Asset Type Completion of Sale Date 2021 2020 $ $ Teekay Parent Segment – Offshore Production (1) 2 FPSO unit N/A — (72,285) Teekay Parent Segment – Other (2) Operating lease right-of-use asset N/A — (9,100) Teekay LNG Segment – Liquefied Gas Carriers (5) 6 Multi-gas Carriers N/A — (45,000) Teekay Tankers Segment – Conventional Tankers (3) 3 Suezmaxes N/A (62,937) — Teekay Tankers Segment – Conventional Tankers (3) 3 LR2 Tankers N/A (18,381) — Teekay Tankers Segment – Conventional Tankers (3) 2 Aframaxes Sep-2021 (5,152) — Teekay Tankers Segment - Conventional Tankers (4) 5 Aframaxes N/A (913) (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 right-of-use asset N/A (715) (2,091) Total (88,098) (171,548) (1) During the nine months ended September 30, 2020, Teekay Parent recognized an impairment charge of $72.3 million, in respect of two of its FPSO units. In the first quarter of 2020, CNRI provided formal notice to Teekay of its intention to cease production in June 2020 and decommission the Banff field shortly thereafter. As such, in the third quarter of 2020, the Company removed the Petrojarl Banff FPSO from the Banff field and redelivered the Apollo Spirit FSO to its owner. During 2020, the ARO relating to the Petrojarl Banff FPSO unit and Phase 2 was increased based on changes to cost estimates and the carrying value of the unit was fully written down. 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, which resulted in a full write-down of its carrying value. (2) During the three months ended September 30, 2020, the Company updated its expected cash flows from the Suksan Salamander FSO unit, which it in-chartered from Altera under an operating lease, to take into account recent progress at the time relating to the early termination of the in-charter and the novation of the charter contracts with the customer to Altera. The right-of-use (or ROU ) asset was written down to its estimated fair value using a discounted cash flow approach. (3) During the nine months ended September 30, 2021, Teekay Tankers wrote down the carrying values of three Suezmax tankers, three LR2 tankers and one Aframax tanker to their estimated fair values using appraised values provided by third parties, primarily due to a weaker near-term tanker market outlook and a reduction in charter rates as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. As at June 30, 2021, Teekay Tankers classified one Aframax tanker, including its related bunkers and lube oil inventory, as held for sale. The vessel cost was written down to its estimated sales price, less estimated selling costs. During the three months ended September 30, 2021, the vessel was delivered to its new owners and Teekay Tankers recognized a gain on sale of $0.2 million. (4) 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. During the three months ended September 30, 2021, Teekay Tankers classified one of these previously written down Aframax tankers, including its related bunkers and lube oil inventory, as held for sale. The vessel cost was written down to its estimated sales price less estimated selling costs. (5) During the three months ended March 31, 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 economic impact of the COVID-19 global pandemic), as well as Teekay LNG receiving notification that its then-existing commercial management agreement with a third-party commercial manager would dissolve and be replaced by a new commercial management agreement in September 2020.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	As at September 30, 2021 and December 31, 2020, the Company’s accumulated other comprehensive loss consisted of the following components: September 30, December 31, 2021 2020 $ $ Unrealized loss on qualifying cash flow hedging instruments (26,980) (44,006) Pension adjustments, net of tax recoveries (5,267) (4,877) (32,247) (48,883)

Net Income (Loss) Per Share Net

Net Income (Loss) Per Share Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Net (Loss) Income Per Share	Net (Loss) Income Per Share Three Months Ended Nine Months Ended 2021 2020 2021 2020 $ $ $ $ Net (loss) income attributable to the shareholders of Teekay Corporation - basic (2,913) (35,407) 25,194 (63,489) Increase in net earnings for interest expense recognized during the period relating to Convertible Notes — — — — Reduction in net earnings due to dilutive impact of stock- based awards in Teekay LNG and Teekay Tankers — — — — Net (loss) income attributable to the shareholders of Teekay Corporation - diluted (2,913) (35,407) 25,194 (63,489) Weighted average number of common shares (1) 102,307,273 101,107,371 102,090,921 101,034,362 Dilutive effect of Convertible Notes — — — — Dilutive effect of stock-based awards — — 558,053 — Common stock and common stock equivalents 102,307,273 101,107,371 102,648,974 101,034,362 Income (loss) per common share - Basic (0.03) (0.35) 0.25 (0.63) - Diluted (0.03) (0.35) 0.25 (0.63)

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 September 30, 2020 December 31, 2019 $ $ $ $ Cash and cash equivalents 235,973 348,785 376,563 353,241 Restricted cash – current 11,323 11,144 15,916 56,777 Restricted cash – non-current 40,328 45,961 50,068 44,849 Assets held for sale – cash — — — 1,121 Assets held for sale – restricted cash — — — 337,000 287,624,000 405,890,000 442,547,000 456,325,000

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)vessel	Sep. 30, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues (note 3)	$ 320,353,000	$ 396,517,000	$ 1,004,914,000	$ 1,453,376,000
Voyage expenses	85,556,000	61,736,000	239,909,000	250,196,000
Teekay Parent
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues (note 3)	57,886,000	77,342,000	174,707,000	257,717,000
Voyage charters
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues (note 3)	$ 116,818,000	$ 135,801,000	$ 362,602,000	$ 678,905,000
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 | Effect of COVID-19 pandemic [Member]
Unusual Risk or Uncertainty [Line Items]
Number Of Vessels Impaired | vessel			1

Accounting Pronouncements (Deta

Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 01, 2021	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in and loans, net to equity-accounted investments (notes 6b, 11a and 14)	$ 1,169,502		$ 1,169,502			$ 1,075,653
Non-controlling interest	1,941,036		1,941,036			1,989,883
Accumulated deficit	(501,822)		(501,822)			(527,028)
Other long-term liabilities (note 7)	159,292		159,292			198,107
Long-term Debt	2,113,179		2,113,179			$ 2,055,107
Interest Expense	47,268	$ 53,175	144,901	$ 174,940
Net Income (Loss) Attributable to Parent, Diluted	$ (2,913)	$ (35,407)	$ 25,194	$ (63,489)
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	0	0	0
•  Diluted income (loss) attributable to shareholders of Teekay Corporation	$ (0.03)	$ (0.35)	$ 0.25	$ (0.63)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Dividends, Common Stock, Stock					$ (6,334)
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit							$ (53,300)
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term Debt					6,300
Dividends, Common Stock, Stock					$ 6,300
Interest Expense	$ 800		$ 2,300
Net Income (Loss) Attributable to Parent, Diluted	$ 1,600		$ 4,800
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	9,588,378		9,588,378
•  Diluted income (loss) attributable to shareholders of Teekay Corporation	$ 0.02		$ 0.05

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues (note 3)	$ 320,353,000	$ 396,517,000	$ 1,004,914,000	$ 1,453,376,000
Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	57,886,000	77,342,000	174,707,000	257,717,000
Time charters
Disaggregation of Revenue [Line Items]
Revenues (note 3)	140,547,000	182,330,000	455,384,000	508,242,000
Voyage charters
Disaggregation of Revenue [Line Items]
Revenues (note 3)	116,818,000	135,801,000	362,602,000	678,905,000
FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues (note 3)	12,030,000	16,245,000	35,137,000	90,965,000
Management fees and other
Disaggregation of Revenue [Line Items]
Revenues (note 3)	50,958,000	62,141,000	151,791,000	175,264,000
Lease revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues (note 3)	263,407,000	329,003,000	836,295,000	1,263,202,000
Operating Leases, Income Statement, Lease Revenue	241,904,000	305,321,000	772,648,000	1,181,911,000
Sales-type and Direct Financing Leases, Interest Income	12,348,000	12,952,000	37,170,000	38,495,000
Operating Lease, Variable Lease Income	9,155,000	10,730,000	26,477,000	37,578,000
Variable Lease, Payment	0	0	0	5,218,000
Non-lease
Disaggregation of Revenue [Line Items]
Revenues (note 3)	5,988,000	5,373,000	16,828,000	14,910,000
Non-lease revenue and management fee revenue
Disaggregation of Revenue [Line Items]
Revenues (note 3)	56,946,000	67,514,000	168,619,000	190,174,000
Operating Segments | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues (note 3)	146,577,000	148,935,000	448,148,000	437,027,000
Operating Segments | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues (note 3)	115,890,000	170,240,000	382,059,000	758,632,000
Operating Segments | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	12,030,000	16,245,000	35,137,000	90,965,000
Operating Segments | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	45,856,000	61,097,000	139,570,000	166,752,000
Operating Segments | Time charters | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues (note 3)	134,450,000	136,203,000	411,682,000	402,509,000
Operating Segments | Time charters | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues (note 3)	6,097,000	42,180,000	41,447,000	92,733,000
Operating Segments | Time charters | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	0	0	0	0
Operating Segments | Time charters | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	0	3,947,000	2,255,000	13,000,000
Operating Segments | Voyage charters | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues (note 3)	9,739,000	9,982,000	29,324,000	27,682,000
Operating Segments | Voyage charters | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues (note 3)	107,079,000	125,819,000	333,278,000	651,223,000
Operating Segments | Voyage charters | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	0	0	0	0
Operating Segments | Voyage charters | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	0	0	0	0
Operating Segments | FPSO contracts | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues (note 3)	0	0	0	0
Operating Segments | FPSO contracts | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues (note 3)	0	0	0	0
Operating Segments | FPSO contracts | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	12,030,000	16,245,000	35,137,000	90,965,000
Operating Segments | FPSO contracts | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	0	0	0	0
Operating Segments | Management fees and other | Liquefied Gas Carriers | Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues (note 3)	2,388,000	2,750,000	7,142,000	6,836,000
Operating Segments | Management fees and other | Conventional Tankers | Teekay Tankers
Disaggregation of Revenue [Line Items]
Revenues (note 3)	2,714,000	2,241,000	7,334,000	14,676,000
Operating Segments | Management fees and other | Offshore Production | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	0	0	0	0
Operating Segments | Management fees and other | Other Segments | Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues (note 3)	$ 45,856,000	$ 57,150,000	$ 137,315,000	$ 153,752,000

Revenue Operating Leases (Detai

Revenue Operating Leases (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues (note 3)	$ 320,353,000	$ 396,517,000	$ 1,004,914,000	$ 1,453,376,000
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year	142,200,000		142,200,000
Lessor, Operating Lease, Payments to be Received, Two Years	309,900,000		309,900,000
Lessor, Operating Lease, Payments to be Received, Three Years	252,900,000		252,900,000
Lessor, Operating Lease, Payments to be Received, Four Years	197,400,000		197,400,000
Lessor, Operating Lease, Payment to be Received, Year One	$ 432,400,000		$ 432,400,000

Revenue Direct Financing Leases

Revenue Direct Financing Leases (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2020USD ($)	Sep. 30, 2021USD ($)vessel	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)vessel	Sep. 30, 2020USD ($)	Dec. 31, 2020vessel	Mar. 27, 2020USD ($)	Jan. 07, 2020USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Gain on commencement of sales-type lease (note 3)		$ 0		$ 0	$ 0	$ 44,943
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		16,100			16,100
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years		64,000			64,000
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years		64,300			64,300
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years		64,200			64,200
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One		64,200			64,200
Sales-Type and Direct Financing Lease, Lease Receivable, to be Received, after Year Four		446,500			446,500
FPSO
Property Subject to or Available for Operating Lease [Line Items]
Proceeds from Lease Payments	$ 67,000
Sales-type Lease, Net Investment in Lease								$ 81,900
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss		$ 14,600			$ 14,600
Asset Retirement Obligation								$ 6,100
Gain on commencement of sales-type lease (note 3)			$ 44,900
LNG Carriers [Member] | Teekay LNG
Property Subject to or Available for Operating Lease [Line Items]
Number Of Vessels Accounted for as Direct Financing Lease | vessel		3			3
WilPride And WilForce LNG Carriers [Member] | Teekay LNG
Property Subject to or Available for Operating Lease [Line Items]
Number Of Vessels Accounted for as Sales-type Lease | vessel							2
Purchase Obligation And Deferred Hire Amounts									$ 260,400

Revenue Contract costs, assets

Revenue Contract costs, assets and liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract with Customer, Liability	$ 17.3		$ 17.3		$ 30.7
Contract with customer, liability, revenue recognized	$ 14	$ 36	$ 30.7	$ 32.4

Segment Reporting - Narrative (

Segment Reporting - Narrative (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)subsidiary	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segmentsubsidiary	Sep. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Equity income (note 14 and 6b) | $	$ 38,365	$ 24,392	$ 103,633	$ 62,048
Publicly traded 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues (note 3)	$ 320,353,000	$ 396,517,000	$ 1,004,914,000	$ 1,453,376,000
Teekay LNG | Liquefied Gas Carriers | Operating Segments
Segment Reporting Information [Line Items]
Revenues (note 3)	146,577,000	148,935,000	448,148,000	437,027,000
Teekay Tankers | Conventional Tankers | Operating Segments
Segment Reporting Information [Line Items]
Revenues (note 3)	115,890,000	170,240,000	382,059,000	758,632,000
Teekay Parent
Segment Reporting Information [Line Items]
Revenues (note 3)	57,886,000	77,342,000	174,707,000	257,717,000
Teekay Parent | Offshore Production | Operating Segments
Segment Reporting Information [Line Items]
Revenues (note 3)	12,030,000	16,245,000	35,137,000	90,965,000
Teekay Parent | Corporate and Other [Member] | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenues (note 3)	$ 45,856,000	$ 61,097,000	$ 139,570,000	$ 166,752,000

Segment Reporting - Operating I

Segment Reporting - Operating Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Equity income (note 14 and 6b)	$ 38,365	$ 24,392	$ 103,633	$ 62,048
Operating Income (Loss)	18,985	11,384	53,192	288,784
Teekay LNG | Liquefied Gas Carriers | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	57,644	69,597	192,991	160,924
Teekay Tankers | Conventional Tankers | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	(41,494)	(29,193)	(172,771)	183,919
Teekay Parent
Segment Reporting Information [Line Items]
Operating Income (Loss)	2,835	(29,020)	32,972	(56,059)
Teekay Parent | Offshore Production | Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	2,572	(20,586)	35,087	(44,394)
Teekay Parent | Other Segments | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 263	$ (8,434)	$ (2,115)	$ (11,665)

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 6,602,289	$ 6,945,912
Segment Reconciling Items | Cash and cash equivalents
Segment Reporting Information [Line Items]
Total assets	235,973	348,785
Segment Reconciling Items | Other assets not allocated
Segment Reporting Information [Line Items]
Total assets	64,474	132,425
Eliminations
Segment Reporting Information [Line Items]
Total assets	(23,328)	(16,400)
Teekay LNG | Liquefied Gas Carriers | Operating Segments
Segment Reporting Information [Line Items]
Total assets	4,704,364	4,647,242
Teekay Tankers | Conventional Tankers | Operating Segments
Segment Reporting Information [Line Items]
Total assets	1,588,969	1,743,013
Teekay Parent | Offshore Production | Operating Segments
Segment Reporting Information [Line Items]
Total assets	16,533	30,845
Teekay Parent | Other | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total assets	$ 15,304	$ 60,002

Leases Obligations relating to

Leases Obligations relating to Finance Leases (Details) $ in Thousands	Nov. 03, 2021vessel	Sep. 30, 2021USD ($)vessellease	Sep. 30, 2020USD ($)	Jan. 31, 2019	Dec. 31, 2020USD ($)
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability		$ 1,520,860			$ 1,700,965
Payments to Acquire Property, Plant, and Equipment		40,506	$ 18,468
Current obligations related to finance leases (note 5)		(93,442)			(150,408)
Long-term obligations related to finance leases (note 5)		$ 1,427,418			$ 1,550,557
Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Finance Lease, Weighted Average Discount Rate, Percent		5.30%			7.80%
Finance Lease, Liability, Payments, Due Next Twelve Months		$ 8,172
Finance Lease, Liability, to be Paid, Year One		31,937
Finance Lease, Liability, Payments, Due Year Two		31,695
Finance Lease, Liability, Payments, Due Year Three		31,517
Finance Lease, Liability, Payments, Due Year Four		31,209
Finance Lease, Liability to be Paid, after Year Four		$ 162,852
Number of vessels under sales-type lease repurchased | vessel		8
Number of Lessors | vessel		1
Teekay Tankers | Subsequent Event
Obligations relating to Finance Leases [Line Items]
Sale Leaseback Transaction, Lease Terms	seven
Debt Covenant Minimum Hull Coverage Ratio, Thereafter	105.00%
July 2017 Sale Leaseback [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Debt Covenant Minimum Hull Coverage Ratio, Thereafter		100.00%
July 2017, November 2018 and September 2021 Sale Leaseback | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number Of Vessels | vessel		4
Minimum [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Sale Leaseback Transaction, Lease Terms		eight
Actual Hull Coverage Ratio		104.00%			121.00%
Maximum | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Sale Leaseback Transaction, Lease Terms		12
Actual Hull Coverage Ratio		130.00%			156.00%
Suezmax, Aframax and LR2 Vessels [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number of Vessels with Purchase Option | vessel		10
Finance Lease, Liability, Payment, Due		$ 297,400			$ 480,900
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		$ 62,800			120,900
Suezmax, Aframax and LR2 Vessels [Member] | July 2017, November 2018 and September 2021 Sale Leaseback | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number Of Vessels | vessel		10
Suezmax Tankers [Member] | July 2017 Sale Leaseback [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number of Vessels with Purchase Option | vessel		4
Suezmax Tankers [Member] | September 2021 Sale Leaseback | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number of Vessels with Purchase Option | vessel		4
Suezmax and LR2 Tankers | November 2018 Sale-leaseback Transaction [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Number of Vessels with Purchase Option | vessel		2
Aframax | September 2021 Sale Leaseback | Teekay Tankers | Subsequent Event
Obligations relating to Finance Leases [Line Items]
Number Of Vessels | vessel	4
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
Sales-type lease [Member] | LNG Carriers [Member] | Teekay LNG
Obligations relating to Finance Leases [Line Items]
Number Of Vessels | lease		9
Finance Lease, Liability, Payment, Due		$ 1,600,000
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		350,200
Finance Lease, Liability, Payments, Due Next Twelve Months		34,420
Finance Lease, Liability, to be Paid, Year One		136,959
Finance Lease, Liability, Payments, Due Year Two		135,459
Finance Lease, Liability, Payments, Due Year Three		132,011
Finance Lease, Liability, Payments, Due Year Four		129,725
Finance Lease, Liability to be Paid, after Year Four		1,068,641
LNG Carriers [Member] | Teekay LNG
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability		1,287,044			1,340,922
Conventional Tankers | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Finance Lease, Liability		$ 233,816			$ 360,043
Finance Lease Obligations [Member] | Minimum [Member] | Teekay Tankers
Obligations relating to Finance Leases [Line Items]
Long-term Debt, Term		6 months
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	9 Months Ended
	Sep. 30, 2021USD ($)vessellease	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Operating Leased Assets [Line Items]
Current portion of operating lease liabilities	$ (16,735)		$ (25,108)
Operating lease right-of-use assets (note 5)	20,672		52,961
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	11,200
Lessee, Operating Lease, Liability, Payments, Due Year Two	18,200
Lessee, Operating Lease, Liability, Payments, Due Year Three	6,800
Lessee, Operating Lease, Liability, Payments, Due Year Four	6,800
Long-term operating lease liabilities (note 5)	3,937		$ 29,182
Lessee, Operating Lease, Liability, to be Paid, Year One	35,900
Lessee, Operating Lease, Liability, to be Paid, after Year Four	$ 24,500
Fso
Operating Leased Assets [Line Items]
Operating lease right-of-use assets (note 5)		$ 29,700
Operating Lease, Liability		$ 29,500
Aframax Tanker [Member] | Teekay Tankers
Operating Leased Assets [Line Items]
Lessee, Future Operating Lease, Term of Contract | vessel	7
Number Of Vessels to be Chartered In | vessel	1
Sales-type lease [Member] | LNG Carriers [Member] | Teekay LNG
Operating Leased Assets [Line Items]
Number Of Vessels | lease	9

Financial Instruments Fair Valu

Financial Instruments Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 287,624,000		$ 405,890,000	$ 442,547,000	$ 456,325,000
Forward freight agreements	27,651,000		58,186,000
Total vessels and equipment	2,267,704,000		2,325,097,000
Vessels held for sale	13,756,000		32,974,000
Operating lease right-of-use assets (note 5)	20,672,000		52,961,000
Other
Short-term debt (note 8)	20,000,000		10,000,000
Long-term debt	(2,113,179,000)		(2,055,107,000)
Obligations related to finance leases, including current portion (note 5)	1,520,860,000		1,700,965,000
Swap | Accrued Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements – liabilities	(3,000,000)		6,100,000
Carrying Amount Asset (Liability)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from Joint Ventures, Current	22,588,000		16,772,000
Due from Joint Ventures, Noncurrent	106,420,000		111,338,000
Carrying Amount Asset (Liability) | Level 1 | Public
Other
Long-term debt	(585,013,000)		(587,913,000)
Carrying Amount Asset (Liability) | Level 2 | Non-public
Other
Short-term debt (note 8)	20,000,000		10,000,000
Long-term debt	(1,528,166,000)		(1,467,194,000)
Obligations related to finance leases, including current portion (note 5)	1,520,860,000		1,700,965,000
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	287,624,000		405,890,000
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	816,000		0
Interest rate swap agreements – liabilities	(34,516,000)		(77,873,000)
Carrying Amount Asset (Liability) | Recurring | Level 2 | Cross currency interest swap agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	3,891,000		4,505,000
Cross currency interest swap agreements – liabilities	(20,533,000)		(20,022,000)
Carrying Amount Asset (Liability) | Recurring | Level 2 | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward freight agreements	(270,000)		0
Carrying Amount Asset (Liability) | Recurring | Level 2 | Foreign currency contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency contracts	(56,000)		0
Carrying Amount Asset (Liability) | Non-recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total vessels and equipment	0		99,967,000
Vessels held for sale	12,740,000		31,680,000
Operating lease right-of-use assets (note 5)	0		1,799,000
Fair Value Asset (Liability) | Level 1 | Public
Other
Long-term Debt, Fair Value	607,893,000		597,281,000
Fair Value Asset (Liability) | Level 2 | Non-public
Other
Short-term Debt, Fair Value	20,000,000		10,000,000
Long-term debt			(1,481,093,000)
Long-term Debt, Fair Value	1,555,742,000
Obligations related to finance leases, including current portion (note 5)	1,610,745,000		1,868,667,000
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	287,624,000		405,890,000
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	816,000		0
Interest rate swap agreements – liabilities	(34,516,000)		(77,873,000)
Fair Value Asset (Liability) | Recurring | Level 2 | Cross currency interest swap agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	3,891,000		4,505,000
Cross currency interest swap agreements – liabilities	(20,533,000)		(20,022,000)
Fair Value Asset (Liability) | Recurring | Level 2 | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward freight agreements	(270,000)		0
Fair Value Asset (Liability) | Recurring | Level 2 | Foreign currency contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency contracts	(56,000)		0
Fair Value Asset (Liability) | Non-recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total vessels and equipment	0		99,967,000
Vessels held for sale	12,740,000		31,680,000
Operating lease right-of-use assets (note 5)	0		1,799,000
Teekay Tankers
Other
Short-term debt (note 8)	20,000,000		10,000,000
Fso
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Operating lease right-of-use assets (note 5)		$ 29,700,000
Conventional Tankers | Teekay Tankers
Other
Obligations related to finance leases, including current portion (note 5)	$ 233,816,000		$ 360,043,000

Financial Instruments Financing

Financial Instruments Financing Receivables (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year		$ 16,463
Financing Receivable, Originated Two Years before Latest Fiscal Year		211,939
Financing Receivable, Originated Four Years before Latest Fiscal Year		447,949
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	$ 428,590
Financing Receivable, before Allowance for Credit Loss	654,014	676,351
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	210,190
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	15,234
Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss	533,139	544,247
Direct Financing Lease, Net Investment in Lease, Originated, More than Five Years before Current Fiscal Year	322,949
Direct Financing Lease, Net Investment in Lease, Year Three, Originated, Two Years before Current Fiscal Year	210,190
Direct Financing Lease, Net Investment in Lease, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Direct Financing Lease, Net Investment in Lease, Year One, Originated, Current Fiscal Year		0
Direct Financing Lease, Net Investment in Lease, Year Three, Originated, Two Years before Current Fiscal Year		211,939
Direct Financing Lease, Net Investment in Lease, Year Five, Originated, Four Years before Current Fiscal Year		332,308
Teekay Parent | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Sales-type Lease, Net Investment in Lease, Year Five, Originated, Four Years before Current Fiscal Year		0
Sales-type Lease, Net Investment in Lease, Year Three, Originated, Two Years before Current Fiscal Year		0
Sales-type Lease, Net Investment in Lease, Year One, Originated, Current Fiscal Year		15,472
Sales-type Lease, Net Investment in Lease, Year Two, Originated, Fiscal Year before Current Fiscal Year	14,574
Sales-type Lease, Net Investment in Lease, Year Four, Originated, Three Years before Current Fiscal Year	0
Sales-type Lease, Net Investment in Lease, Originated, More than Five Years before Current Fiscal Year	0
Sales-type Lease, Net Investment in Lease	14,574	15,472
Teekay Tangguh Joint Venture [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss	322,949	332,308
Direct Financing Lease, Net Investment in Lease, Originated, More than Five Years before Current Fiscal Year	322,949
Direct Financing Lease, Net Investment in Lease, Year Three, Originated, Two Years before Current Fiscal Year	0
Direct Financing Lease, Net Investment in Lease, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Direct Financing Lease, Net Investment in Lease, Year One, Originated, Current Fiscal Year		0
Direct Financing Lease, Net Investment in Lease, Year Three, Originated, Two Years before Current Fiscal Year		0
Direct Financing Lease, Net Investment in Lease, Year Five, Originated, Four Years before Current Fiscal Year		332,308
Bahrain LNG Joint Venture [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss	210,190	211,939
Direct Financing Lease, Net Investment in Lease, Originated, More than Five Years before Current Fiscal Year	0
Direct Financing Lease, Net Investment in Lease, Year Three, Originated, Two Years before Current Fiscal Year	210,190
Direct Financing Lease, Net Investment in Lease, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Direct Financing Lease, Net Investment in Lease, Year One, Originated, Current Fiscal Year		0
Direct Financing Lease, Net Investment in Lease, Year Three, Originated, Two Years before Current Fiscal Year		211,939
Direct Financing Lease, Net Investment in Lease, Year Five, Originated, Four Years before Current Fiscal Year		0
Loans Receivable [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year		991
Financing Receivable, Originated Two Years before Latest Fiscal Year		0
Financing Receivable, Originated Four Years before Latest Fiscal Year		115,641
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	105,641
Financing Receivable, before Allowance for Credit Loss	106,301	116,632
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	660
Loans Receivable [Member] | Teekay LNG | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Originated in Current Fiscal Year		991
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	0
Financing Receivable, before Allowance for Credit Loss	660	991
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	660
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		42,266
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	32,266
Financing Receivable, before Allowance for Credit Loss	32,266	42,266
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
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	73,375
Financing Receivable, before Allowance for Credit Loss	73,375	$ 73,375
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	$ 0

Financial Instruments Allowance

Financial Instruments Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Investment in Lease, Allowance for Credit Loss	$ 34,000	$ 35,400	$ 35,804	$ 25,325	$ 11,520	$ 11,055	$ 34,000	$ 25,325	$ 31,078	$ 11,155
Financing Receivable, Credit Loss, Expense (Reversal)	(3,036)	275	10,640	21,496	(163)	8,880
Financing Receivable, Allowance for Credit Loss	100,700	103,736	103,461	83,513	62,017	62,180	100,700	83,513	92,821	53,300
Sales-Type or Direct Financing [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Investment in Lease, Credit Loss Expense (Reversal)	(1,400)	(404)	4,726	13,805	465	(100)	2,900	14,200
Loans Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts and Financing Receivable, Allowance for Credit Loss	4,300	4,000	3,745	4,674	3,797	3,714	4,300	4,674	4,726	3,714
Financing Receivable, Credit Loss, Expense (Reversal)	300	255	(981)	877	83	0
Financial Guarantee [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Off-Balance Sheet, Credit Loss, Liability	1,800	2,000	2,298	1,566	1,851	2,139	1,800	1,566	2,080	2,139
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal)	(200)	(298)	218	(285)	(288)	0
Equity Method Investments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Net Investment in Lease, Allowance for Credit Loss	60,600	62,336	61,614	51,948	44,849	45,272	60,600	51,948	$ 54,937	$ 36,292
Net Investment in Lease, Credit Loss Expense (Reversal)	$ (1,736)	$ 722	$ 6,677	$ 7,099	$ (423)	$ 8,980	$ 5,700	$ 15,700

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, 2021	Dec. 31, 2020
Voyage And Vessel Accrued Liabilities Current	$ 95,996	$ 140,029
Interest and Dividends Payable, Current	31,552	31,765
Employee-related Liabilities, Current	44,561	37,349
Contract with Customer, Liability, Current	21,076	34,461
Derivative Liability, Current	27,651	58,186
Current portion of operating lease liabilities (note 5)	16,735	25,108
Due to Affiliate, Current	6,057	16,689
Asset Retirement Obligation, Current	3,180	12,000
Accrued liabilities and other	232,519	332,086
Office Building [Member]
Current portion of operating lease liabilities (note 5)	$ 2,446	$ 1,607

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, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Contract with Customer, Liability, Noncurrent	$ 21,966	$ 23,732
Asset Retirement Obligations, Noncurrent	7,590	37,996
Liability, Defined Benefit Pension Plan, Noncurrent	10,365	9,172
Derivative Liability, Noncurrent	25,911	33,566
Unrecognized Tax Benefits	71,198	70,738	$ 45,258	$ 62,958
Long-term operating lease liabilities (note 5)	3,937	29,182
Other Sundry Liabilities, Noncurrent	1,471	1,689
Other long-term liabilities	159,292	198,107
Other Long-term Liabilities
Guarantee Liability Non Current	10,279	11,818
Unrecognized Tax Benefits	71,198	70,738
Office Building [Member]
Long-term operating lease liabilities (note 5)	$ 10,512	$ 9,396

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	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Vessels related to finance leases, at cost, less accumulated amortization		$ 1,972,281		$ 1,972,281		$ 2,105,372
Asset retirement obligation extinguishment gain (note 7)		0	$ 0	32,950	$ 0
Petrojarl Foinaven FPSO [Member]
Asset Retirement Obligation		10,600		10,600
Proceeds from Lease Payments	$ 67,000
Asset Retirement Obligation, Revision of Estimate		2,700
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss		$ 14,600		$ 14,600

Short-Term Debt (Details)

Short-Term Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Nov. 30, 2018
Short-term Debt [Line Items]
Short-term debt (note 8)	$ 20,000,000	$ 10,000,000
Teekay Tankers
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	34,300,000	32,000,000
Short-term debt (note 8)	$ 20,000,000	$ 10,000,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	3.60%	3.60%
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 | Minimum [Member]
Short-term Debt [Line Items]
Capital	$ 20,000,000
Teekay Tankers | Maximum
Short-term Debt [Line Items]
Capital	$ 30,000,000
Teekay Tankers | London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Short Term Debt, Interest Rate, Stated Percentage	3.50%

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) $ / shares in Units, € in Millions, shares in Millions, kr in Millions	Jan. 31, 2018USD ($)	Mar. 31, 2021	Sep. 30, 2021USD ($)term_loanvesselSecurityLoansubsidiaryshares	Sep. 30, 2021NOK (kr)term_loanvesselSecurityLoansubsidiaryshares	Sep. 30, 2021EUR (€)term_loanvesselSecurityLoansubsidiaryshares	Jan. 01, 2021USD ($)	Dec. 31, 2020USD ($)vessel	Dec. 31, 2020NOK (kr)vessel	Dec. 31, 2020EUR (€)vessel	May 31, 2019USD ($)	Jan. 26, 2018USD ($)$ / shares
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate, at Point in Time			3.90%	3.90%	3.90%		3.80%	3.80%	3.80%
Total principal			$ 2,132,265,000				$ 2,087,083,000
Less unamortized discount and debt issuance costs			(19,086,000)				(31,976,000)
Total debt			2,113,179,000				2,055,107,000
Less current portion			(384,771,000)				(261,366,000)
Long-term debt (note 9)			1,728,408,000				1,793,741,000
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year			171,900,000
Long-term Debt, Maturities, Repayments of Principal in Year Two			452,900,000
Long-term Debt, Maturities, Repayments of Principal in Year Three			325,600,000
Long-term Debt, Maturities, Repayments of Principal in Year Four			$ 185,500,000
Number Of Loan Agreements | SecurityLoan			7	7	7
Secured Debt [Member]
Debt Instrument [Line Items]
Total principal			$ 868,500,000				$ 938,300,000
Number Of Debt Instruments | term_loan			7
Number Of Debt Instruments With Balloon Or Bullet Payments | term_loan			6	6	6
Number Of Vessels Held As Collateral | vessel			20	20	20		20	20	20
Senior Notes [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			$ 243,395,000				$ 243,395,000
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%
Norwegian Krone-denominated Bonds due through September 2025
Debt Instrument [Line Items]
Total principal			$ 348,630,000				$ 355,514,000
U.S. Dollar-denominated Term Loans due through 2030
Debt Instrument [Line Items]
Total principal			868,450,000				938,280,000
Euro-denominated Term Loans due through 2024
Debt Instrument [Line Items]
Total principal			128,439,000				152,710,000
Convertible Debt [Member]
Debt Instrument [Line Items]
Total principal			112,184,000				112,184,000
Revolving Credit Facilities due through 2024
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			871,600,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 440,400,000
Number Of Credit Facilities | term_loan			4	4	4
Total principal			$ 431,167,000				285,000,000
Line Of Credit Reduction Of Available Borrowing Capacity Remainder Of Fiscal Year			44,200,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two			65,300,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three			$ 201,300,000
Debt Instrument, Collateral, Number of Vessels | vessel			32	32	32
Revolving Credit Facilities due through 2024 | Secured Debt [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 150,000,000
Minimum [Member]
Debt Instrument [Line Items]
Undrawn Revolving Credit Facilities Time To Maturity			6 months
Minimum [Member] | Revolving Credit Facilities due through 2024
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.40%	1.40%
Minimum [Member] | Remaining Term Loans [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.11%	4.11%	4.11%
Maximum | Revolving Credit Facilities due through 2024
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		4.25%	4.25%
Maximum | Remaining Term Loans [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.41%	4.41%	4.41%
Teekay LNG
Debt Instrument [Line Items]
Less current portion			$ (350,400,000)
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			$ 128,400,000		€ 110.9		152,700,000		€ 125
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 | 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]
Credit facility, maximum borrowing capacity			$ 34,300,000				32,000,000
Minimum Level Of Free Cash Maintained Per Loan Agreements			$ 35,000,000
Teekay Tankers | Common Class A [Member] | Revolving Credit Facilities due through 2024
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units | shares			5	5	5
Parent Company [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Proceeds from Convertible Debt	$ 104,600,000
Total principal			$ 112,200,000			$ 112,200,000
Debt instrument, principal amount											$ 125,000,000
Debt Instrument, Interest Rate, Stated Percentage											5.00%
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
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				kr 3,100
Senior Notes			348,600,000				$ 355,500,000
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%	4.60%
Derivative, Fixed Interest Rate			5.74%	5.74%	5.74%		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%	6.00%
Derivative, Fixed Interest Rate			7.89%	7.89%	7.89%		7.89%	7.89%	7.89%
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			1.85%
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 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			104.625%
Debt Instrument, Redemption, Period Two [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			102.313%
Debt Instrument, Redemption, Period Three [Member] | Senior Notes [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			227.00%	227.00%	227.00%
Vessel Market Value to Loan Required Ratio			135.00%	135.00%	135.00%
Transportation Equipment [Member] | Long Term Debt2 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			212.00%	212.00%	212.00%
Vessel Market Value to Loan Required Ratio			125.00%	125.00%	125.00%
Transportation Equipment [Member] | Long Term Debt3 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			177.00%	177.00%	177.00%
Vessel Market Value to Loan Required Ratio			125.00%	125.00%	125.00%
Transportation Equipment [Member] | Long Term Debt4 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			149.00%	149.00%	149.00%
Vessel Market Value to Loan Required Ratio			120.00%	120.00%	120.00%

Long-Term Debt Long-Term Debt N

Long-Term Debt Long-Term Debt Narrative (Details) $ / shares in Units, € in Millions, shares in Millions, kr in Millions	Oct. 28, 2021NOK (kr)	Jan. 31, 2018USD ($)	Sep. 30, 2021USD ($)term_loanvesselSecurityLoansharessubsidiary	Mar. 31, 2021	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)term_loanvesselSecurityLoansharessubsidiary	Sep. 30, 2020USD ($)	Sep. 30, 2021NOK (kr)term_loanvesselSecurityLoansharessubsidiary	Sep. 30, 2021EUR (€)term_loanvesselSecurityLoansharessubsidiary	Jan. 01, 2021USD ($)	Dec. 31, 2020USD ($)vessel	Dec. 31, 2020NOK (kr)vessel	Dec. 31, 2020EUR (€)vessel	May 31, 2019USD ($)	Jan. 26, 2018USD ($)$ / shares
Debt Instrument [Line Items]
Long-term debt, gross			$ 2,132,265,000			$ 2,132,265,000					$ 2,087,083,000
Long-term Debt			2,113,179,000			2,113,179,000					$ 2,055,107,000
Foreign exchange gain (loss) (notes 9 and 10)			$ 534,000		$ (5,943,000)	$ 2,844,000	$ (8,219,000)
Long-term Debt, Weighted Average Interest Rate, at Point in Time			3.90%			3.90%		3.90%	3.90%		3.80%	3.80%	3.80%
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year			$ 171,900,000			$ 171,900,000
Long-term Debt, Maturities, Repayments of Principal in Year Two			452,900,000			452,900,000
Long-term Debt, Maturities, Repayments of Principal in Year Three			325,600,000			325,600,000
Long-term Debt, Maturities, Repayments of Principal in Year Four			$ 185,500,000			$ 185,500,000
Number Of Loan Agreements | SecurityLoan			7			7		7	7
Interest Expense			$ 47,268,000		$ 53,175,000	$ 144,901,000	$ 174,940,000
Long-Term Debt, Maturity, Year One			526,500,000			526,500,000
Long-Term Debt, Maturity, after Year Four			$ 469,800,000			$ 469,800,000
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						7
Long-term debt, gross			$ 868,500,000			$ 868,500,000					$ 938,300,000
Number Of Debt Instruments With Balloon Or Bullet Payments | term_loan			6			6		6	6
Number Of Vessels Held As Collateral | vessel			20			20		20	20		20	20	20
Secured Debt [Member] | Remaining Term Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.11%			4.11%		4.11%	4.11%
Secured Debt [Member] | Remaining Term Loans [Member] | Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.41%			4.41%		4.41%	4.41%
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						1.85%
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%
Convertible Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 112,184,000			$ 112,184,000					$ 112,184,000
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%	5.00%
Senior Notes [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			$ 243,395,000			$ 243,395,000					$ 243,395,000
Debt Instrument, Repurchased Face Amount											6,600,000
Debt Instrument, Repurchase Amount											6,200,000
Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage						104.625%
Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage						102.313%
Senior Notes [Member] | Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage						100.00%
Revolving Credit Facilities due through 2024
Debt Instrument [Line Items]
Number Of Credit Facilities | term_loan			4			4		4	4
Credit facility, maximum borrowing capacity			$ 871,600,000			$ 871,600,000
Line of Credit Facility, Remaining Borrowing Capacity			440,400,000			440,400,000
Line Of Credit Reduction Of Available Borrowing Capacity Remainder Of Fiscal Year			44,200,000			44,200,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two			65,300,000			65,300,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three			$ 201,300,000			$ 201,300,000
Debt Instrument, Collateral, Number of Vessels | vessel			32			32		32	32
Long-term debt, gross			$ 431,167,000			$ 431,167,000					285,000,000
Number of unguaranteed debt | vessel			1			1		1	1
Line Of Credit Reduction Of Available Borrowing Capacity in Year One			$ 560,800,000			$ 560,800,000
Revolving Credit Facilities due through 2024 | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.40%		1.40%
Revolving Credit Facilities due through 2024 | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				4.25%		4.25%
Revolving Credit Facilities due through 2024 | 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				kr 3,100
Senior Notes			$ 348,600,000			$ 348,600,000					$ 355,500,000
Teekay LNG | Norwegian Kroner Denominated Bonds Due Through October Two Thousand Twenty One [Member] [Member] | Nibor Loan [Member] | Subsequent Event
Debt Instrument [Line Items]
Repayments of Unsecured Debt | kr	kr 1,200
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%		4.60%
Derivative, Fixed Interest Rate			5.74%			5.74%		5.74%	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%		6.00%
Derivative, Fixed Interest Rate			7.89%			7.89%		7.89%	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			$ 128,400,000			$ 128,400,000			€ 110.9		$ 152,700,000		€ 125
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 LNG | Revolving Credit Facilities due through 2024 | Common Class A [Member]
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units | shares			36			36		36	36
Teekay Tankers
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 34,300,000			$ 34,300,000					32,000,000
Minimum Level Of Free Cash Maintained Per Loan Agreements			35,000,000			35,000,000
Parent Company [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount															$ 125,000,000
Debt Instrument, Interest Rate, Stated Percentage															5.00%
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
Proceeds from Convertible Debt		$ 104,600,000
Debt Instrument, Convertible, Carrying Amount of Equity Component															$ 16,100,000
Long-term debt, gross			112,200,000			112,200,000				$ 112,200,000
Debt Instrument, Repurchased Face Amount											12,800,000
Debt Instrument, Repurchase Amount											$ 10,500,000
Unamortized Debt Issuance Expense			1,000,000			1,000,000				1,600,000
Interest Expense			1,600,000			4,800,000
Interest Expense, Debt			1,400,000			4,200,000
Amortization of Debt Issuance Costs			200,000			600,000
Convertible Debt			111,200,000			111,200,000				110,600,000
Parent Company [Member] | Convertible Debt [Member] | Level 2 | Fair Value Asset (Liability)
Debt Instrument [Line Items]
Long-term Debt			$ 112,200,000			$ 112,200,000				$ 101,600,000
Teekay Parent | Convertible Debt [Member] | Convertible Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Term		5 years
Common Class A [Member] | Teekay Tankers | Revolving Credit Facilities due through 2024
Debt Instrument [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units | shares			5			5		5	5
FPSO | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral, Number of Vessels | vessel			1			1		1	1
Transportation Equipment [Member] | Long Term Debt1 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			227.00%			227.00%		227.00%	227.00%
Vessel Market Value to Loan Required Ratio			135.00%			135.00%		135.00%	135.00%
Transportation Equipment [Member] | Long Term Debt2 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			212.00%			212.00%		212.00%	212.00%
Vessel Market Value to Loan Required Ratio			125.00%			125.00%		125.00%	125.00%
Transportation Equipment [Member] | Long Term Debt3 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			177.00%			177.00%		177.00%	177.00%
Vessel Market Value to Loan Required Ratio			125.00%			125.00%		125.00%	125.00%
Transportation Equipment [Member] | Long Term Debt4 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			149.00%			149.00%		149.00%	149.00%
Vessel Market Value to Loan Required Ratio			120.00%			120.00%		120.00%	120.00%
Transportation Equipment [Member] | Long Term Debt5 [Member]
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			163.00%			163.00%		163.00%	163.00%
Vessel Market Value to Loan Required Ratio			120.00%			120.00%		120.00%	120.00%
Transportation Equipment [Member] | Long Term Debt6
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			686.00%			686.00%		686.00%	686.00%
Vessel Market Value to Loan Required Ratio			115.00%			115.00%		115.00%	115.00%
Transportation Equipment [Member] | Long Term Debt7
Debt Instrument [Line Items]
Vessel Market Value To Loan Ratio			142.00%			142.00%		142.00%	142.00%
Vessel Market Value to Loan Required Ratio			110.00%			110.00%		110.00%	110.00%

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - FX Forwards (Details) - Foreign currency contract $ in Thousands	Sep. 30, 2021USD ($)
Derivative [Line Items]
Investment Owned, Foreign Currency Contract, Current Value	$ 4,000
Derivative, Average Forward Exchange Rate	0.73413
Foreign currency contracts	$ (56)
Expected Maturity Amount Of Foreign Currency Derivatives Year One	2,737
Expected Maturity Amount Of Foreign Currency Derivatives Year Two	$ 2,712

Derivative Instruments and He_4

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, 2021USD ($)	Sep. 30, 2021NOK (kr)
Derivative [Line Items]
Fair Value / Carrying Amount of Asset / (Liability)	$ (16,642)
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)	$ (9,932)
Remaining Term (years)	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)	$ 3,891
Remaining Term (years)	3 years 10 months 24 days
NIBOR | Four Point Six Margin
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)	$ (10,601)
Remaining Term (years)	1 year 10 months 24 days

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) - Interest rate swap agreements $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)interest_rate_swaps
Derivative [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (33,700)
Number of Derivatives Subject to Mandatory Early Termination | interest_rate_swaps	2
LIBOR
Derivative [Line Items]
Derivative, Notional Amount	$ 805,565
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (29,799)
Weighted-Average Remaining Term (Years)	3 years 6 months
Derivative, Fixed Interest Rate	2.10%
EURIBOR
Derivative [Line Items]
Derivative, Notional Amount	$ 58,613
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (3,901)
Weighted-Average Remaining Term (Years)	1 year 10 months 24 days
Derivative, Fixed Interest Rate	3.90%
Minimum [Member]
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.60%
Maximum
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.25%

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative instruments not designated as hedging instruments realized (loss) gain net	$ (4,597)	$ (5,153)	$ (31,941)	$ (12,200)
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	465		465		$ 0
Goodwill, Intangibles and Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	5,434		5,434		4,505
Accrued Liabilities and Other
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	27,651		27,651		58,186
Accrued Liabilities and Other | Derivative
Derivatives, Fair Value [Line Items]
Interest Payable	3,005		3,005		6,143
Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	25,911		25,911		33,566
Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivative instruments not designated as hedging instruments realized (loss) gain net	(4,238)	(5,349)	(13,509)	(11,905)
Interest rate swap agreements | Gain (Loss) on Derivative Instruments
Derivatives, Fair Value [Line Items]
Derivative instruments not designated as hedging instruments realized (loss) gain net	0	0	(18,012)	0
Foreign currency contract
Derivatives, Fair Value [Line Items]
Derivative instruments not designated as hedging instruments realized (loss) gain net	0	379	0	138
Forward freight agreements
Derivatives, Fair Value [Line Items]
Derivative instruments not designated as hedging instruments realized (loss) gain net	(359)	$ (183)	(420)	$ (433)
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	4,700		4,700
Derivative liability, fair value, gross liability	(55,000)		(55,000)
Designated as Hedging Instrument [Member] | Interest rate swap agreements | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0		0		0
Designated as Hedging Instrument [Member] | Interest rate swap agreements | Goodwill, Intangibles and Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0		0		0
Designated as Hedging Instrument [Member] | Interest rate swap agreements | Accrued Liabilities and Other
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	3,037		3,037		3,162
Designated as Hedging Instrument [Member] | Interest rate swap agreements | Accrued Liabilities and Other | Derivative
Derivatives, Fair Value [Line Items]
Interest Payable	62		62		70
Designated as Hedging Instrument [Member] | Interest rate swap agreements | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	4,674		4,674		9,631
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0		0		0
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements | Goodwill, Intangibles and Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	2,004		2,004		0
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements | Accrued Liabilities and Other
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	12,380		12,380		43,590
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements | Accrued Liabilities and Other | Derivative
Derivatives, Fair Value [Line Items]
Interest Payable	2,203		2,203		5,372
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	13,348		13,348		16,048
Not Designated as Hedging Instrument [Member] | Foreign currency contract | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0		0
Not Designated as Hedging Instrument [Member] | Foreign currency contract | Goodwill, Intangibles and Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0		0
Not Designated as Hedging Instrument [Member] | Foreign currency contract | Accrued Liabilities and Other
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	56		56
Not Designated as Hedging Instrument [Member] | Foreign currency contract | Accrued Liabilities and Other | Derivative
Derivatives, Fair Value [Line Items]
Interest Payable	0		0
Not Designated as Hedging Instrument [Member] | Foreign currency contract | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	0		0
Not Designated as Hedging Instrument [Member] | Cross currency swap agreements | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	465		465		0
Not Designated as Hedging Instrument [Member] | Cross currency swap agreements | Goodwill, Intangibles and Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	3,430		3,430		4,505
Not Designated as Hedging Instrument [Member] | Cross currency swap agreements | Accrued Liabilities and Other
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	11,908		11,908		11,434
Not Designated as Hedging Instrument [Member] | Cross currency swap agreements | Accrued Liabilities and Other | Derivative
Derivatives, Fair Value [Line Items]
Interest Payable	740		740		701
Not Designated as Hedging Instrument [Member] | Cross currency swap agreements | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	7,889		7,889		$ 7,887
Not Designated as Hedging Instrument [Member] | Forward freight agreements | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0		0
Not Designated as Hedging Instrument [Member] | Forward freight agreements | Goodwill, Intangibles and Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0		0
Not Designated as Hedging Instrument [Member] | Forward freight agreements | Accrued Liabilities and Other
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	270		270
Not Designated as Hedging Instrument [Member] | Forward freight agreements | Accrued Liabilities and Other | Derivative
Derivatives, Fair Value [Line Items]
Interest Payable	0		0
Not Designated as Hedging Instrument [Member] | Forward freight agreements | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	$ 0		$ 0

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Effective Portion Recognized in AOCI	$ 2,942	$ (959)	$ 24,000	$ (69,593)
Other Comprehensive Income (Loss)
Derivative [Line Items]
Effective Portion Recognized in AOCI	1,040	616	5,080	(9,610)
Interest Expense
Derivative [Line Items]
Effective Portion Reclassified from AOCI	$ (840)	$ (835)	$ (2,480)	$ (1,469)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	$ (4,597)	$ (5,153)	$ (31,941)	$ (12,200)
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	4,416	3,682	35,692	(20,204)
Realized and unrealized gains (losses) on derivative instruments	(181)	(1,471)	3,751	(32,404)
Interest rate swap agreements
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	(4,238)	(5,349)	(13,509)	(11,905)
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	4,336	3,956	35,915	(20,107)
Foreign currency forward contracts
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	0	379	0	138
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	(56)	(53)	(56)	202
Forward freight agreements
Realized (losses) gains relating to
Derivative instruments not designated as hedging instruments realized (loss) gain net	(359)	(183)	(420)	(433)
Unrealized gains (losses) relating to
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	$ 136	$ (221)	$ (167)	$ (299)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized (losses) gains on non-designated derivative instruments (note 10)	$ (181)	$ (1,471)	$ 3,751	$ (32,404)
Cross Currency Interest Rate Contract Maturity And Partial Termination
Derivative Instruments, Gain (Loss) [Line Items]
Realized losses	0	0	0	(33,844)
Cross Currency Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized losses	(1,595)	(1,669)	(4,233)	(4,915)
Unrealized (losses) gains	(3,953)	1,489	(1,084)	(2,169)
Realized and unrealized (losses) gains on non-designated derivative instruments (note 10)	$ (5,548)	$ (180)	$ (5,317)	$ (40,928)

Vessels Under Construction (Det

Vessels Under Construction (Detail) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2019	Sep. 30, 2021
Teekay LNG
Long-term Purchase Commitment [Line Items]
Estimated remaining payments required to be made under newbuilding contract remainder of 2021		$ 5,843
Estimated remaining payments required to be made under newbuilding contract in 2022		26,053
Total		31,896
Equipment [Member] | Teekay LNG
Long-term Purchase Commitment [Line Items]
Expected cost of project	$ 53,500
Estimated remaining payments required to be made under newbuilding contract remainder of 2021		5,843
Estimated remaining payments required to be made under newbuilding contract in 2022		14,714
Total		$ 20,557
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		$ 23,500
Bahrain LNG Joint Venture [Member] | Equity Method Investments [Member] | Teekay LNG | Lng Receiving and Regasification Terminal [Member]
Long-term Purchase Commitment [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		7,100
Bahrain LNG Joint Venture [Member] | Equity Method Investments [Member] | Construction [Member]
Long-term Purchase Commitment [Line Items]
Total		11,300
Bahrain LNG Joint Venture [Member] | Equity Method Investments [Member] | Construction [Member] | Teekay LNG
Long-term Purchase Commitment [Line Items]
Estimated remaining payments required to be made under newbuilding contract remainder of 2021		0
Estimated remaining payments required to be made under newbuilding contract in 2022		11,339
Total		$ 11,339

Liquidity (Details)

Liquidity (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Nov. 03, 2021vessel	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Net income (loss)	$ 9,580	$ (57,604)	$ 61,504	$ (41,388)	$ 125,500	$ 52,002	$ 13,480	$ 136,114
Net Cash Provided by (Used in) Operating Activities							44,320	$ 894,136
Working capital deficit	306,900						306,900
Current portion of long-term debt (note 9)	384,771						384,771			$ 261,366
Other Commitments [Line Items]
Working Capital Surplus (Deficit)	(306,900)						(306,900)
Current portion of long-term debt (note 9)	384,771						384,771			$ 261,366
Teekay LNG
Commitments and Contingencies Disclosure [Abstract]
Working capital deficit	(378,500)						(378,500)
Current portion of long-term debt (note 9)	350,400						350,400
Other Commitments [Line Items]
Working Capital Surplus (Deficit)	378,500						378,500
Current portion of long-term debt (note 9)	$ 350,400						$ 350,400
Teekay Tankers | Subsequent Event | Aframax Tankers
Other Commitments [Line Items]
Number Of Vessels | vessel									4

Commitments and Contingencies O

Commitments and Contingencies Other (Details) $ in Billions	Sep. 30, 2021USD ($)
Teekay LNG
Other Commitments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 1.3

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Current	$ (380)	$ (3,592)	$ (960)	$ 9,030
Deferred	(1,030)	(110)	1,139	651
Income tax (expense) recovery	$ 1,410	$ 3,702	$ (179)	$ (9,681)

Income Tax Expense (Recovery)_2

Income Tax Expense (Recovery) - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Beginning balance	$ 70,738	$ 62,958
Increases for positions related to the current year	4,540	4,476
Increase for positions taken in prior periods	7,142	5,656
Decrease for positions taken in prior periods	0	(16,441)
Freight tax liability, Decrease Resulting from Settlements with Taxing Authorities	0	(9,372)
Decrease related to statute limitations	(11,314)	(1,681)
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation	92	338
Ending balance	$ 71,198	$ 45,258

Income Tax Expense (Recovery)_3

Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jun. 30, 2021	Aug. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Contingency [Line Items]
Decrease for positions taken in prior periods			$ 0	$ 16,441
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority				9,800
Settlement with Taxing Authority [Member]
Income Tax Contingency [Line Items]
Payments for Other Taxes	$ 1,100	$ 8,500
Decrease for positions taken in prior periods				$ 16,400

Write-down and Loss on Sales _2

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	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)vessel	Sep. 30, 2020USD ($)vessel	Mar. 31, 2020vessel	Sep. 30, 2021USD ($)vessel	Sep. 30, 2020USD ($)vessel
Long Lived Assets Held-for-sale [Line Items]
(Write-down) and gain (loss) on sale of assets (note 13)	$ (697)	$ (66,273)		$ (88,098)	$ (171,548)
Teekay LNG | Liquefied Gas Segment | LNG Carriers [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges				0	$ (45,000)
Number Of Vessels Impaired | vessel			6		6
Number Of Vessels | vessel			7
Teekay Tankers | Conventional Tankers | Aframax Tanker [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges				$ (5,152)	$ 0
Number of Vessels Sold | vessel	1
Number Of Vessels Impaired | vessel	1	5		2	5
Gain (Loss) on Disposition of Assets	$ (216)	$ 0
Teekay Tankers | Conventional Tankers | Suezmax Tankers [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges				$ (62,937)	$ 0
Number Of Vessels Impaired | vessel				3	3
Gain (Loss) on Disposition of Assets				$ 0	$ (2,627)
Teekay Tankers | Conventional Tankers | LR2 Tanker
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges				$ (18,381)	0
Number Of Vessels Impaired | vessel				3
Teekay Tankers | Conventional Tankers | Aframax Tankers
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges	(913)	(43,526)		$ (913)	(43,526)
Teekay Parent | Offshore Production | FPSO
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges	0	$ (12,200)		0	$ (72,285)
Number Of Vessels Impaired | vessel		1			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				0	$ (3,081)
Operating Right Of Use Asset [Member] | Teekay Tankers | Conventional Tankers
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges	0	$ (1,447)		(715)	(2,091)
Operating Right Of Use Asset [Member] | Teekay Parent | Other Segments
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges	$ 0	$ (9,100)		$ 0	$ (9,100)

Write-down and Loss on Sales _3

Write-down and Loss on Sales of Vessels Vessel Impairment (Details) $ in Thousands	1 Months Ended		3 Months Ended				9 Months Ended
	Jul. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Sep. 30, 2021USD ($)vessel	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)vessel	Mar. 31, 2020vessel	Sep. 30, 2021USD ($)vessel	Sep. 30, 2020USD ($)vessel	Jun. 30, 2021vessel
Property, Plant and Equipment [Line Items]
Sales-type Lease, Selling Profit (Loss)			$ 0		$ 0		$ 0	$ 44,943
FPSO
Property, Plant and Equipment [Line Items]
Sales-type Lease, Selling Profit (Loss)				$ 44,900
Teekay Parent | Offshore Production | FPSO
Property, Plant and Equipment [Line Items]
Asset Impairment Charges			$ 0		$ (12,200)		0	$ (72,285)
Number Of Vessels Impaired | vessel					1			2
Teekay LNG | Liquefied Gas Segment | LNG Carriers [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges							0	$ (45,000)
Number Of Vessels Impaired | vessel						6		6
Number Of Vessels | vessel						7
Teekay Tankers | Conventional Tankers | Suezmax Tankers [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges							$ (62,937)	$ 0
Number Of Vessels Impaired | vessel							3	3
Gain (Loss) on Disposition of Assets							$ 0	$ (2,627)
Teekay Tankers | Conventional Tankers | LR2 Tanker
Property, Plant and Equipment [Line Items]
Asset Impairment Charges							$ (18,381)	0
Number Of Vessels Impaired | vessel							3
Teekay Tankers | Conventional Tankers | Aframax Tanker [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges							$ (5,152)	$ 0
Number Of Vessels Impaired | vessel			1		5		2	5
Gain (Loss) on Disposition of Assets			$ (216)		$ 0
Number of Vessels Held for Sale | vessel									1
Teekay Tankers | Conventional Tankers | Aframax
Property, Plant and Equipment [Line Items]
Number Of Vessels Impaired | vessel							1
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			$ 0		$ (1,447)		$ (715)	$ (2,091)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Time-Charter Hire Expense [Member] | Teekay Lng Marubeni Joint Venture [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 5.7	$ 6	$ 17.4	$ 17.3
LNG Carriers [Member] | Equity Method Investee [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 21.3	$ 21.1	$ 62.1	$ 58.5
Teekay Lng Marubeni Joint Venture [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	52.00%		52.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	27 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Sep. 30, 2021	May 11, 2020	Dec. 31, 2018
Teekay Lng Marubeni Joint Venture [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage			52.00%
Teekay LNG | Elimination of Teekay LNG's IDR in exchange for units issued [Domain]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Issued				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 | Elimination of Teekay LNG's IDR in exchange for units issued [Domain]
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 | Elimination of Teekay LNG's IDR in exchange for units issued [Domain]
Related Party Transaction [Line Items]
Changes to non-controlling interest from equity contributions and other	107,600
Teekay LNG | AOCI Attributable to Parent [Member] | Elimination of Teekay LNG's IDR in exchange for units issued [Domain]
Related Party Transaction [Line Items]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent	$ 9,000
Teekay LNG | Teekay Lng Marubeni Joint Venture [Member]
Related Party Transaction [Line Items]
Lessee, Operating Lease, Term of Contract					2 years
Lessee, Operating Lease, Extension of Term of Contract		21 months

Restructuring Reversals (Charge

Restructuring Reversals (Charges) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring charges (note 15)	$ 0	$ 2,139	$ 303	$ 9,149
Restructuring liability	$ 1,100		$ 1,100		$ 2,400

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension adjustments, net of tax recoveries	$ (5,267)	$ (4,877)
Accumulated other comprehensive loss	(32,247)	(48,883)
Unrealized loss on qualifying cash flow hedging instruments	(26,980)	(44,006)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (32,247)	$ (48,883)

Capital Stock - Capital Stock (

Capital Stock - Capital Stock (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
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	101,571,806
Continuous Offering Program [Member]
Class of Stock [Line Items]
Sale of Stock, Offering Amount	$ 65
Common Stock, Shares, Issued		0

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ (2,913)	$ (35,407)	$ 25,194	$ (63,489)
Interest on Convertible Debt, Net of Tax	0	0	0	0
Dilutive Impact of Stock-Based Awards	0	0	0	0
Net Income (Loss) Attributable to Parent, Diluted	$ (2,913)	$ (35,407)	$ 25,194	$ (63,489)
Weighted Average Number of Shares Outstanding, Basic	102,307,273	101,107,371	102,090,921	101,034,362
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	0	0	0
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	0	558,053	0
Weighted Average Number of Shares Outstanding, Diluted	102,307,273	101,107,371	102,648,974	101,034,362
Income (loss) per common share
•  Basic income (loss) attributable to shareholders of Teekay Corporation	$ (0.03)	$ (0.35)	$ 0.25	$ (0.63)
•  Diluted income (loss) attributable to shareholders of Teekay Corporation	$ (0.03)	$ (0.35)	$ 0.25	$ (0.63)

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, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive effect on calculation of diluted loss per common share attributable to outstanding stock-based awards (in shares)	15.4	6

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, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents (notes 9 and 19)	$ 235,973	$ 348,785	$ 376,563	$ 353,241
Restricted cash – current (note 19)	11,323	11,144	15,916	56,777
Restricted cash – non-current (note 19)	40,328	45,961	50,068	44,849
Cash, cash equivalents, restricted cash and restricted cash equivalents	287,624	405,890	442,547	456,325
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents (notes 9 and 19)	0	0	0	1,121
Restricted Cash [Member]
Cash and Cash Equivalents [Line Items]
Restricted Cash and Cash Equivalents	$ 0	$ 0	$ 0	$ 337

Supplementary Cash Flow Infor_4

Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Extinguishment of Debt [Line Items]
Operating lease right-of-use assets (note 5)	$ 20,672	$ 52,961

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands, shares in Millions	Dec. 31, 2021	Nov. 03, 2021USD ($)vessel	Oct. 04, 2021USD ($)shares$ / shares	Sep. 30, 2021USD ($)shares$ / shares	Sep. 30, 2020USD ($)	Dec. 31, 2020$ / shares
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares				$ 0.001		$ 0.001
Proceeds from Sale of Property, Plant, and Equipment				$ 44,675	$ 60,915
Subsequent Event | Gas management operations
Subsequent Event [Line Items]
Proceeds from Divestiture of Interest in Consolidated Subsidiaries			$ 3,340
Subsequent Event | Teekay LNG
Subsequent Event [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			41.00%
Subsequent Event | Teekay LNG | General Partner [Member]
Subsequent Event [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			100.00%
Proceeds from Sale of Interest in Partnership Unit			$ 26,400
Per share proceeds of sale of partnership per share | $ / shares			$ 17
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | shares			1.6
Subsequent Event | Teekay LNG
Subsequent Event [Line Items]
Disposal Date	Dec. 31, 2021
Subsequent Event | Teekay Tankers
Subsequent Event [Line Items]
Sale Leaseback Transaction Net Proceeds		$ 68,900
Sale Leaseback Transaction, Lease Terms		seven
Debt Covenant Minimum Hull Coverage Ratio, Thereafter		105.00%
Subsequent Event | Teekay Tankers | Suezmax and Aframax Tankers
Subsequent Event [Line Items]
Lessee, Sales-type lease, Number of vessels | vessel		4
Common Class A [Member] | Revolving Credit Facilities due through 2024 | Teekay LNG
Subsequent Event [Line Items]
Debt Collateral, Equity Interest in Subsidiaries, Number of Common Shares/Units | shares				36
Capital Unit, Class A | Subsequent Event | Teekay LNG
Subsequent Event [Line Items]
Per share proceeds of sale of partnership per share | $ / shares			$ 17
Partners' Capital Account, Number of Units Owned by Controlling Interest | shares			36

Uncategorized Items - tk-202109

Label	Element	Value
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]
Retained Earnings (Accumulated Deficit)	us-gaap_RetainedEarningsAccumulatedDeficit	$ (17,216,000)
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member]
Retained Earnings (Accumulated Deficit)	us-gaap_RetainedEarningsAccumulatedDeficit	(36,084,000)
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Including Additional Paid in Capital [Member]
Additional Paid in Capital	us-gaap_AdditionalPaidInCapital	$ (6,334,000)