Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Period Focus | FY |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-12874 |
Entity Registrant Name | TEEKAY CORP |
Entity Address, Address Line One | 4th Floor |
Entity Address, Address Line Two | Belvedere Building |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 08 |
Entity Address, Country | BM |
Title of 12(b) Security | Common Stock, par value of $0.001 per share |
Trading Symbol | TK |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 101,571,141 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Entity Central Index Key | 0000911971 |
Current Fiscal Year End Date | --12-31 |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line Three | 69 Pitts Bay Road |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver BC, Canada |
Auditor Firm ID | 85 |
ICFR Auditor Attestation Flag | true |
Business Contact | |
Entity Address, Address Line One | 4th Floor |
Entity Address, Address Line Two | Belvedere Building |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 08 |
Entity Address, Country | BM |
City Area Code | 441 |
Local Phone Number | 298-2530 |
Contact Personnel Fax Number | 292-3931 |
Contact Personnel Name | N. Angelique Burgess |
Entity Address, Address Line Three | 69 Pitts Bay Road |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues (notes 2 and 13) | $ 682,508 | $ 1,146,255 | $ 1,275,045 |
Voyage expenses | (315,113) | (297,239) | (402,290) |
Vessel operating expenses (note 13) | (295,599) | (411,553) | (467,304) |
Time-charter hire expenses (note 13) | (15,440) | (56,719) | (98,767) |
Depreciation and amortization | (106,084) | (131,379) | (153,907) |
General and administrative expenses (note 13) | (74,387) | (64,153) | (69,730) |
(Write-down) and gain (loss) on sale of assets (note 18) | (92,368) | (149,238) | (183,874) |
Asset Retirement Obligation, Period Increase (Decrease) | 32,950 | 0 | 0 |
Gain on commencement of sales-type lease (note 2) | 0 | 44,943 | 0 |
Restructuring charges (note 20) | (1,820) | (10,720) | (8,350) |
(Loss) income from vessel operations | (185,353) | 70,197 | (109,177) |
Interest expense | (68,412) | (89,075) | (111,398) |
Interest income | 169 | 1,439 | 3,404 |
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | 467 | (2,523) | (358) |
Equity (loss) income (note 22) | (14,107) | 5,100 | (73,342) |
Foreign exchange loss (notes 8 and 15) | (2,414) | (2,345) | (3,523) |
Other loss (note 14) | (12,776) | (1,538) | (12,467) |
Loss from continuing operations before income taxes | (282,426) | (18,745) | (306,861) |
Income tax recovery (expense) (note 21) | 4,963 | (5,559) | (17,846) |
Loss from continuing operations | (277,463) | (24,304) | (324,707) |
Income from discontinued operations (note 23) | 274,095 | 115,286 | 175,721 |
Net (loss) income | (3,368) | 90,982 | (148,986) |
Net loss (income) attributable to non-controlling interests (note 1) | 11,174 | (173,915) | (161,591) |
Net income (loss) attributable to the shareholders of Teekay Corporation | 7,806 | (82,933) | (310,577) |
Net loss (income) attributable to non-controlling interests, continuing operations | 174,792 | (105,445) | (47,854) |
Net loss attributable to the shareholders of Teekay Corporation, continuing operations | (102,671) | (129,749) | (372,561) |
Net income attributable to non-controlling interests, discontinued operations | (163,618) | (68,470) | (113,737) |
Net income attributable to the shareholders of Teekay Corporation, discontinued operations | 110,477 | 46,816 | 61,984 |
Controlling Interest | $ 7,806 | $ (82,933) | $ (310,577) |
Amounts attributable to the shareholders of Teekay Corporation | |||
Income (Loss) from Continuing Operations, Per Diluted Share | $ (1.01) | $ (1.28) | $ (3.70) |
Income (Loss) from Continuing Operations, Per Basic Share | (1.01) | (1.28) | (3.70) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 1.08 | 0.46 | 0.62 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 1.08 | 0.46 | 0.62 |
Earnings Per Share, Diluted | 0.08 | (0.82) | (3.08) |
Earnings Per Share, Basic | 0.08 | (0.82) | (3.08) |
• Cash dividends declared | $ 0 | $ 0 | $ 0.055 |
Weighted average number of common shares outstanding (note 19) | |||
Common stock and common stock equivalents (shares) | 102,148,629 | 101,053,095 | 100,719,224 |
Basic and Diluted (shares) | 102,148,629 | 101,053,095 | 100,719,224 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net (loss) income | $ (3,368) | $ 90,982 | $ (148,986) |
Other comprehensive income (loss) before reclassifications | |||
Pension adjustments, net of taxes | 1,881 | (548) | (1,153) |
Amounts reclassified from accumulated other comprehensive loss | |||
Other comprehensive income (loss): | 54,732 | (49,616) | (58,607) |
Comprehensive income (loss) | 51,364 | 41,366 | (207,593) |
Comprehensive income attributable to non-controlling interests | (20,203) | (140,106) | (122,844) |
Comprehensive income (loss) attributable to shareholders of Teekay Corporation | 31,161 | (98,740) | (330,437) |
Discontinued Operations | |||
Other comprehensive income (loss) before reclassifications | |||
Unrealized gain (loss) on qualifying cash flow hedging instruments - discontinued operations | 29,292 | (66,958) | (57,615) |
Amounts reclassified from accumulated other comprehensive loss | |||
Realized loss on qualifying cash flow hedging instruments | $ 23,559 | $ 17,890 | $ 161 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||
Cash and cash equivalents (notes 8 and 17) | $ 108,977 | $ 128,743 |
Restricted cash – current (notes 10, 15 and 17) | 2,227 | 2,786 |
Accounts receivable, including non-trade of $1,385 (2020 – $2,407) | 59,951 | 142,812 |
Accrued revenue | 44,503 | 50,715 |
Prepaid expenses | 63,053 | 50,043 |
Current portion of net investment in sales-type lease, net (note 2) | 12,009 | 857 |
Assets held for sale (note 18) | 43,543 | 32,974 |
Current assets - discontinued operations (note 23) | 4,804,439 | 281,041 |
Total current assets | 5,138,702 | 689,971 |
Non-current | ||
Restricted cash – non-current | 3,135 | 3,135 |
Vessels and equipment (note 8) | ||
Property, Plant and Equipment, Net | 925,249 | 1,104,742 |
Vessels related to finance leases, at cost, less accumulated amortization of $281,786 (2019 - $253,553) (note 10) | 411,749 | 450,558 |
Operating lease right-of-use assets (notes 1 and 9) | 14,257 | 32,211 |
Total vessels and equipment | 1,351,255 | 1,587,511 |
Net investment in sales-type lease, net – non-current (note 2) | 0 | 13,714 |
Investment in and loans, net to equity-accounted investment (note 22) | 12,954 | 28,562 |
Goodwill, intangibles and other non-current assets (notes 5, 6 and 15) | 25,936 | 37,685 |
Non-current assets - discontinued operations (note 23) | 0 | 4,585,334 |
Total assets | 6,531,982 | 6,945,912 |
Current | ||
Accounts payable | 41,081 | 119,280 |
Accrued liabilities and other (notes 6) | 103,063 | 141,574 |
Short-term debt (note 7) | 25,000 | 10,000 |
Current portion of long-term debt (note 8) | 255,306 | 10,858 |
Current obligations related to finance leases (note 10) | 27,032 | 78,476 |
Current portion of operating lease liabilities (notes 1 and 9) | 9,389 | 11,105 |
Current liabilities - discontinued operations (note 23) | 2,877,629 | 531,741 |
Total current liabilities | 3,338,500 | 903,034 |
Long-term debt (note 8) | 416,174 | 572,036 |
Long-term obligations related to finance leases (note 10) | 267,449 | 281,567 |
Long-term operating lease liabilities (notes 1 and 9) | 4,868 | 22,435 |
Other long-term liabilities (notes 6) | 72,508 | 109,075 |
Non-current liabilities - discontinued operations (note 23) | 0 | 2,586,474 |
Total liabilities | 4,099,499 | 4,474,621 |
Equity | ||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 101,571,141 shares outstanding and issued (2020 – 101,108,886)) (note 12) | 1,053,802 | 1,057,319 |
Accumulated deficit | (513,242) | (527,028) |
Non-controlling interest | 1,917,433 | 1,989,883 |
Accumulated other comprehensive loss (note 1) | (25,510) | (48,883) |
Total equity | 2,432,483 | 2,471,291 |
Total liabilities and equity | 6,531,982 | 6,945,912 |
Supplemental Balance Sheet Elements [Abstract] | ||
Accounts receivable, non-trade | 1,385 | 2,407 |
Accumulated depreciation | 271,900 | 417,400 |
Sale Leaseback Transaction, Accumulated Depreciation | $ 112,900 | $ 124,400 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized (in shares) | 725,000,000 | 725,000,000 |
Common stock, share issued (in shares) | 101,571,141 | 101,108,886 |
Common Stock, Shares, Outstanding | 101,571,141 | 101,108,886 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ (3,368) | $ 90,982 | $ (148,986) |
Income from discontinued operations (note 23) | (274,095) | (115,286) | (175,721) |
Loss from continuing operations | (277,463) | (24,304) | (324,707) |
Non-cash and non-operating items: | |||
Depreciation, Depletion and Amortization | 106,084 | 131,379 | 153,907 |
Write-down and (gain) loss on sale of assets (note 18) | 92,368 | 149,238 | 183,874 |
Asset retirement obligation extinguishment gain (note 6) | (32,950) | 0 | 0 |
Gain on commencement of sales-type lease (note 2) | 0 | (44,943) | 0 |
Equity loss (income) | 14,107 | (5,100) | 73,342 |
Foreign Currency Transaction Gain (Loss), Unrealized and Other | 19,363 | 30,146 | 42,321 |
Change in operating assets and liabilities (note 17) | (63,414) | 118,500 | (56,291) |
Net operating cash flow - continuing operations | (141,905) | 354,916 | 72,446 |
Net operating cash flow - discontinued operations (note 23) | 220,021 | 629,101 | 310,860 |
Net operating cash flow | 78,116 | 984,017 | 383,306 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 221,167 | 574,872 | 292,048 |
Prepayments of long-term debt | (135,000) | (900,767) | (615,961) |
Scheduled repayments of long-term debt and settlement of related swaps (note 8) | (11,229) | (49,886) | (101,107) |
Proceeds from short-term debt | 50,000 | 235,000 | 200,000 |
Prepayments of short-term debt | (35,000) | (275,000) | (150,000) |
Proceeds from financing related to sale-leaseback of vessels, net of issuance costs | 140,226 | 0 | 63,720 |
Prepayments of obligations related to finance leases | (184,115) | (29,596) | 0 |
Scheduled repayments of obligations related to finance leases | (23,873) | (25,149) | (24,221) |
Purchase of Common Stock of Subsidiaries | (4,749) | 0 | 0 |
Cash dividends paid | 0 | 0 | (5,523) |
Other financing activities | (1,046) | (798) | (580) |
Net financing cash flow - continuing operations | 16,381 | (471,324) | (341,624) |
Net financing cash flow - discontinued operations (note 23) | (242,037) | (626,189) | (40,605) |
Net financing cash flow | (225,656) | (1,097,513) | (382,229) |
INVESTING ACTIVITIES | |||
Expenditures for vessels and equipment | (21,447) | (16,025) | (11,628) |
Proceeds from sale of vessels and equipment (note 18) | 58,090 | 60,915 | 20,008 |
Proceeds from sale of assets, net of cash sold (notes 13 and 18) | 0 | 24,977 | 100,000 |
Proceeds from repayments of advances to equity-accounted joint venture | 1,500 | 4,650 | 0 |
Other investing activities | 0 | (9,983) | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 38,143 | 64,534 | 108,380 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (30,973) | (1,473) | (158,771) |
Net investing cash flow | 7,170 | 63,061 | (50,391) |
Decrease in cash, cash equivalents, restricted cash and cash held for sale | (140,370) | (50,435) | (49,314) |
Cash, cash equivalents, restricted cash and cash held for sale, beginning of the year | 405,890 | 456,325 | 505,639 |
Cash, cash equivalents, restricted cash and cash held for sale, end of the year | $ 265,520 | $ 405,890 | $ 456,325 |
Consolidated Statement of Chang
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 Interest | Thousands of Shares of Common Stock Outstanding |
Beginning Balance (in shares) at Dec. 31, 2018 | 100,435,000 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 2,867,028 | $ 1,045,659 | $ (234,395) | $ (2,273) | $ 2,058,037 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) attributable to the shareholders of Teekay Corporation | (310,577) | (310,577) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (161,591) | 161,591 | |||||
Net (loss) income | (148,986) | ||||||
Other Comprehensive Income (Loss) | $ (58,607) | (19,860) | (38,747) | ||||
Dividends declared per share | $ 0.055 | ||||||
Dividends declared | $ (63,343) | (5,385) | (63,343) | $ (5,385) | |||
Reinvested dividends (in shares) | 1,000 | ||||||
Reinvested dividends | $ 2 | 2 | |||||
Employee stock compensation and other (in shares) (note 12) | 0 | 348,000 | |||||
Employee stock compensation and other (note 12) | $ 6,623 | 6,623 | |||||
Changes to non-controlling interest from equity contributions and other | (22,748) | (3,067) | 0 | ||||
Changes to non-controlling interest from equity contributions and other | (25,815) | ||||||
Ending Balance (in shares) at Dec. 31, 2019 | 100,784,000 | ||||||
Ending Balance at Dec. 31, 2019 | 2,571,593 | 1,052,284 | (546,684) | (23,737) | 2,089,730 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) attributable to the shareholders of Teekay Corporation | (82,933) | (82,933) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (173,915) | 173,915 | |||||
Net (loss) income | 90,982 | ||||||
Other Comprehensive Income (Loss) | $ (49,616) | (15,807) | (33,809) | ||||
Dividends declared per share | $ 0 | ||||||
Dividends declared | $ (79,803) | (79,803) | |||||
Employee stock compensation and other (in shares) (note 12) | 0 | 325,000 | |||||
Employee stock compensation and other (note 12) | $ 5,035 | 5,035 | |||||
Changes to non-controlling interest from equity contributions and other | $ (11,800) | (120,255) | 9,339 | ||||
Changes to non-controlling interest from equity contributions and other | (9,339) | (122,716) | |||||
Ending Balance (in shares) at Dec. 31, 2020 | 101,108,886 | 101,109,000 | |||||
Ending Balance at Dec. 31, 2020 | $ 2,471,291 | 1,057,319 | (527,028) | (48,883) | 1,989,883 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accumulated deficit | (527,028) | ||||||
Net income (loss) attributable to the shareholders of Teekay Corporation | 7,806 | 7,806 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 11,174 | (11,174) | |||||
Net (loss) income | (3,368) | ||||||
Other Comprehensive Income (Loss) | $ 54,732 | 23,355 | 31,377 | ||||
Dividends declared per share | $ 0 | ||||||
Dividends declared | $ (85,384) | (85,384) | |||||
Employee stock compensation and other (in shares) (note 12) | 0 | 462,000 | |||||
Employee stock compensation and other (note 12) | $ 2,817 | 2,817 | |||||
Changes to non-controlling interest from equity contributions and other | $ (1,271) | (5,980) | (18) | ||||
Changes to non-controlling interest from equity contributions and other | 18 | (7,269) | |||||
Ending Balance (in shares) at Dec. 31, 2021 | 101,571,141 | 101,571,000 | |||||
Ending Balance at Dec. 31, 2021 | $ 2,432,483 | $ 1,053,802 | $ (513,242) | $ (25,510) | $ 1,917,433 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accumulated deficit | $ (513,242) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of presentation These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). They include the accounts of Teekay Corporation (or Teekay ), which is incorporated under the laws of the Republic of the Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which Teekay is the primary beneficiary (collectively, the Company ). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. Certain of Teekay’s significant non-wholly-owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the following publicly traded subsidiaries: Teekay LNG Partners L.P. (or Teekay LNG Partners ) (now known as Seapeak LLC (or Seapeak )) and Teekay Tankers Ltd. (or Teekay Tankers ). As of December 31, 2021, Teekay owned a 42.4% interest in Seapeak (2020 – 42.4%), including common units and its general partner interest, and 29.8% of the capital stock of Teekay Tankers (2020 – 28.6%), including Teekay Tankers’ outstanding shares of Class B common stock, which entitle the holders to five votes per share, subject to a 49% aggregate Class B Common Stock voting power maximum. Teekay maintains control of Teekay Tankers through its ownership of a sufficient number of Class A common shares and Class B common shares, which provide increased voting rights, to maintain a majority voting interest in Teekay Tankers and thus consolidates this subsidiary. Prior to January 13, 2022 (see below), Teekay maintained control of Teekay LNG Partners by virtue of its 100% ownership interest in the general partner of Teekay LNG Partners, which was a publicly-traded partnership. Effective on February 25, 2022, Teekay LNG Partners L.P. converted from a limited partnership formed under the laws of the Republic of the Marshall Islands into a limited liability company formed under the laws of the Republic of the Marshall Islands, and changed its name from “Teekay LNG Partners L.P.” to “Seapeak LLC”. On October 4, 2021, Teekay LNG Partners (now known as Seapeak LLC) and Stonepeak, together with affiliates, entered into an agreement and plan of merger pursuant to which Stonepeak would acquire Teekay LNG Partners. In connection with the merger, the Company agreed to sell its general partner interest in Teekay LNG Partners, all of its common units in Teekay LNG Partners and certain subsidiaries which collectively contain the shore-based management operations of Teekay LNG Partners and certain of Teekay LNG Partners’ joint ventures (collectively the Teekay Gas Business ). The transactions closed on January 13, 2022 (see Note 24). The presentation of certain information in these consolidated financial statements reflects that the Teekay Gas Business is a discontinued operation of the Company. See Note 23 – Discontinued Operations for further information. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19 ) 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 to an increase in certain crewing-related costs, which has had an impact on the Company's cash flows. During the year ended December 31, 2021, excluding vessels held by the Teekay Gas Business (see Note 23), COVID-19 was a contributing factor to the write-down of certain tankers of Teekay Tankers (2020 - certain tankers of Teekay Tankers and one floating production storage and offloading (or FPSO ) unit of Teekay Parent), as described in Note 18 - (Write-down) and Gain (Loss) on Sale of Assets. COVID-19 was also a contributing factor to the reduction in certain tax accruals during the year ended December 31, 2020, as described in Note 21 - Income Tax Recovery (Expense). Where Teekay’s ownership interest in a consolidated subsidiary is less than 100%, the non-controlling interests’ share of these non-wholly-owned subsidiaries is reported in the Company’s consolidated balance sheets as a separate component of equity. The non-controlling interests’ share of the net income of these non-wholly-owned subsidiaries is reported in the Company’s consolidated statements of (loss) income as a deduction from the Company’s net (loss) income to arrive at net income (loss) attributable to the shareholders of Teekay. The basis for attributing net income or loss of each non-wholly-owned subsidiary to the controlling interest and the non-controlling interests (with the exception of Seapeak until May 11, 2020, when Teekay and Seapeak agreed to eliminate all of Seapeak's incentive distribution rights) is based on the relative ownership interests of the non-controlling interests compared to the controlling interest (Teekay), which is consistent with how dividends and distributions were paid or were payable for these non-wholly-owned subsidiaries. In periods when vessels are sold by Seapeak or Teekay Tankers that were previously purchased from wholly-owned subsidiaries of Teekay, the amount of the gain or loss from sale allocated to the controlling interest and non-controlling interest is adjusted to reflect the non-controlling interest’s share of the deferred gain or loss that was incurred when Teekay previously sold these vessels from its wholly-owned subsidiaries to its non-wholly-owned subsidiaries Seapeak or Teekay Tankers. As reflected in the table below, during 2019, such vessel sales by Seapeak resulted in a (decrease) increase in net income (loss) of Seapeak attributable to the non-controlling interest (controlling interest) by ($7.5) million. Also reflected in the table below, during 2019, 2020 and 2021, such vessel sales by Teekay Tankers resulted in increases (decreases) in net income (loss) of Teekay Tankers attributable to the non-controlling interest (controlling interest) by $18.4 million, $43.2 million and ($1.8) million, respectively. Prior to its conversion to a limited liability company in February 2022, Seapeak had limited partners and a general partner. Seapeak's general partner was wholly-owned by Teekay until January 13, 2022. Seapeak's limited partners held common units and preferred units. For each quarterly period, the method of attributing Seapeak’s net income (loss) of that period to the non-controlling interests of Seapeak begins by attributing net income (loss) of Seapeak to the non-controlling interests which hold 100% of the preferred units of Seapeak based on the amount of preferred unit distributions declared for the quarterly period. Until May 11, 2020, when Teekay and Seapeak agreed to eliminate all of Seapeak's incentive distribution rights, the remaining net income (loss) to be attributed to the controlling interest and the non-controlling interests of Seapeak was then divided into two components. The first component consisted of the cash distribution that Seapeak would declare and pay to limited and general partners for that quarterly period (or the Distributed Earnings ). The second component consisted of the difference between (a) the net income (loss) of Seapeak that was available to be allocated to the common unitholders and the general partner and (b) the amount of the first component cash distribution (or the Undistributed Earnings ). The portion of the Distributed Earnings that was allocated to the non-controlling interests was the amount of the cash distribution that Seapeak would declare and pay to the non-controlling interests for that quarterly period. The portion of the Undistributed Earnings that was allocated to the non-controlling interests was based on the relative ownership percentages of the non-controlling interests of Seapeak compared to the controlling interest. The controlling interests included both limited partner common units and the general partner interest. The total net income (loss) of Teekay’s consolidated partially-owned entities and the attribution of that net income (loss) to controlling and non-controlling interests is as follows: Net (loss) income attributable to non-controlling interests Controlling Interest Net income (loss) of consolidated partially-owned entities (1) Non-public partially-owned subsidiaries Preferred unit-holders Distri- buted Earnings Undistri- buted Earnings (Loss) Total Non-Controlling Interest Distri- buted Earnings Undistri- buted Earnings (Loss) Total Controlling Interest (Teekay) Seapeak (2) 12,900 25,702 — 125,016 163,618 — 91,930 91,930 255,548 Teekay Tankers — — — (174,787) (174,787) — (67,585) (67,585) (242,372) Other entities and eliminations — — — — (5) For the Year Ended December 31, 2021 12,900 25,702 — (49,771) (11,174) Seapeak (2) 9,955 25,702 — 32,816 68,473 — 28,839 28,839 97,312 Teekay Tankers — — — 105,455 105,455 — (18,138) (18,138) 87,317 Other entities and eliminations — — — — (13) For the Year End December 31, 2020 9,955 25,702 — 138,271 173,915 Seapeak (2) 11,814 25,702 40,138 36,007 113,661 20,368 30,575 50,943 164,604 Teekay Tankers — — — 47,887 47,887 — (6,525) (6,525) 41,362 Other entities and eliminations — — — — 43 For the Year Ended December 31, 2019 11,814 25,702 40,138 83,894 161,591 (1) Includes earnings attributable to common and preferred shares. (2) Seapeak forms part of discontinued operations as at December 31, 2021. When Teekay’s non-wholly-owned subsidiaries declare dividends or distributions to their owners or require all of their owners to contribute capital to the non-wholly-owned subsidiaries, such amounts are paid to, or received from, each of the owners of the non-wholly-owned subsidiaries based on the relative ownership interests in the non-wholly-owned subsidiary. As such, any dividends or distributions paid to, or capital contributions received from, the non-controlling interests are reflected as a reduction (dividends or distributions) or an increase (capital contributions) in non-controlling interest in the Company’s consolidated balance sheets. When Teekay’s non-wholly-owned subsidiaries issue additional equity interests to non-controlling interests, Teekay is effectively selling a portion of the non-wholly-owned subsidiaries. Consequently, the proceeds received by the subsidiaries from their issuance of additional equity interests are allocated between non-controlling interests and retained earnings in the Company’s consolidated balance sheets. The portion allocated to non-controlling interests on the Company’s consolidated balance sheets consists of the carrying value of the portion of the non-wholly-owned subsidiary that is effectively disposed of, with the remaining amount attributable to the controlling interests, which consists of the Company’s dilution gain or loss that is reflected in retained earnings. Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in foreign exchange loss in the accompanying consolidated statements of (loss) income. Revenues The Company's FPSO contracts, time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected not to separate the non-lease component from the lease component for all such charters where the lease component is classified as an operating lease and certain other required criteria are met, and to account for the combined component as an operating lease. Time-charter contracts accounted for as direct financing leases and sales type leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. FPSO contracts and time charters Revenues from FPSO contracts and time charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the contract. If collectability of the receipts from these contracts accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of an FPSO contract or time charter accounted for as a sales-type lease or direct financing lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, the lease element of time charter hire receipts is allocated to the lease receivable and revenues over the term of the lease using the effective interest rate method. The non-lease element of receipts is recognized by the Company on a straight-line basis daily over the term of the contract. Drydock cost reimbursements allocable to the non-lease element of a time-charter are recognized on a straight-line basis over the period between the previous scheduled dry dock and the next scheduled dry dock. In addition, if collectability of non-lease receipts of payments from a customer is not probable, any such receipts are recognized as a liability unless the receipts are non-refundable and either the contract has been terminated or the Company has no remaining performance obligations. The Company does not recognize revenues during days that the vessel is off-hire. When the FPSO contract or time charter contains a profit-sharing agreement, drydock cost reimbursements for time charters accounted for as operating leases, or other variable consideration, including performance-based metrics such as production tariffs and other operational performance measures, the Company recognizes this revenue in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. In addition, performance based revenue based on a multi-period performance-based metric that is allocable to non-lease services provided is estimated and to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved and recognize such estimate of revenue over the performance period. Where the charterer is responsible for the operation of the vessel, the Company offsets any vessel operating expenses it incurs against reimbursements from the charterer. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters subject to revenue sharing agreements (or RSA s) follow the same revenue recognition policy as voyage charters not subject to RSAs. The difference between the net revenue earned by a vessel of the Company performing voyage charters subject to RSAs and its allocated share of the aggregate net contribution is reflected within voyage expenses. The consolidated balance sheets reflect in accrued revenue the accrued portion of revenues for those voyages that commence prior to the balance sheet date and complete after the balance sheet date, and reflect in deferred revenues or other long-term liabilities the deferred portion of revenues which will be earned in subsequent periods. Management fees and other Revenues are also earned from the management of third-party vessels and an LNG terminal in Bahrain, in which Seapeak has a 30% interest. The Company recognizes fixed revenue on a straight-line basis over the duration of the management contract and variable revenue, such as monthly commissions, in the month they are earned. The Company presents the reimbursement of expenditures it incurs to provide the promised goods or services as revenue, if it controls such goods or services before they are transferred to the customer, and presents such reimbursement of expenditures as an offset against the expenditures, if the Company does not control the goods or services before they are transferred to the customer. Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters subject to an RSA and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter in which case the Company pays voyage expenses. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred, except when the Company incurs pre-operational costs related to the repositioning of a vessel that relates directly to a specific customer contract, that generates or enhances resources of the Company that will be used in satisfying performance obligations in the future, whereby such costs are expected to be recovered via the customer contract. In this case, such costs are deferred and amortized over the duration of the customer contract. Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted cash The Company maintains restricted cash deposits relating to certain term loans, collateral for derivatives, project tenders, leasing arrangements, amounts received from charterers to be used only for dry-docking expenditures and emergency repairs and other obligations. Accounts receivable and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The consolidated balance sheets reflect in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and, in accrued revenue, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. The Company’s advances to equity-accounted for investments and any other investments in loan receivables are recorded at cost. Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for tankers carrying crude oil and refined product, commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2021, 2020 and 2019 aggregated $78.5 million, $102.5 million and $124.8 million, respectively. Depreciation includes depreciation of all owned vessels and amortization of vessels accounted for as finance leases. Generally, the Company dry docks each oil tanker every two and a half years to five years. FPSO units are generally not dry docked and maintenance is performed on these units while at sea. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry-docking costs those costs incurred as part of the dry docking to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking, and for annual class survey costs on the Company’s FPSO units. The following table summarizes the change in the Company’s capitalized dry-docking costs from January 1, 2019 to December 31, 2021: Year Ended December 31, 2021 2020 2019 Balance at the beginning of the year 67,527 71,807 56,019 Costs incurred for dry dockings 23,042 28,546 45,371 Dry-dock amortization (27,123) (27,851) (26,682) Write-down / sales of vessels (532) (4,975) (2,901) Balance at the end of the year 62,914 67,527 71,807 Vessels and equipment that are intended to be held and used in the Company's business are assessed for impairment when events or circumstances indicate the carrying value of the asset may not be recoverable. If the asset’s net carrying value exceeds the estimated net undiscounted cash flows expected to be generated over its remaining useful life, and the fair value of the asset is less than its carrying value, the carrying value of the asset is reduced to its estimated fair value. The estimated fair value for the Company’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, or in certain other cases, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is based on second-hand sale and purchase data, and other information provided by third parties. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. Equity-accounted investments The Company’s investments in certain joint ventures and other partially-owned entities in which the Company does not control the entity but has the ability to exercise significant influence over the operating and financial policies of the entity are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted for investments for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted for investment experiences an other-than-temporary decline in value and if the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company's consolidated statements of (loss) income. Debt issuance costs Debt issuance costs related to a recognized debt liability, including fees, commissions and legal expenses, are deferred and presented as a direct reduction from the carrying amount of that debt liability and amortized on an effective interest rate method over the term of the relevant loan. Debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as non-current assets in the Company's consolidated balance sheets. Amortization of debt issuance costs is included in interest expense in the Company's consolidated statements of (loss) income. Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Other costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction from the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs associated with the old debt instrument are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other related costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. Credit losses The Company utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for net investments in direct financing and sales-type leases, loans to equity accounted joint ventures, guarantees of secured loan facilities of equity-accounted joint ventures, non-operating lease accounts receivable, contract assets and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. The Company discontinues accrual of interest on financial assets if collection of required payments is no longer probable, and in those situations, recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. The Company considers a financial asset to be past due when payment is not made with 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. Expected credit loss provisions are presented on the consolidated balance sheets as a reduction to the carrying value of the related financial asset and as an other long-term liability for expected credit loss provisions that relate to guarantees of secured loan facilities of equity-accounted joint ventures. Changes in expected credit loss provisions are presented within other loss within the consolidated statements of (loss) income. Prior to the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ) on January 1, 2020, the Company: • recognized an allowance for doubtful accounts consisting of the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determined the allowance based on historical write-off experience and customer economic data. The Company reviewed the allowance for doubtful accounts regularly and past due balances were reviewed for collectability. Account balances were charged off against the allowance when the Company believed that the receivable would not be recovered. • analyzed its loans for collectability during each reporting period. A loan loss provision was recognized when, based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considered in determining if a loan loss provision was required included, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available) any information provided by the debtor regarding its ability to repay the loan and the fair value of the underlying collateral. When a loan loss provision was recognized, the Company measured the amount of the loss provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognized the resulting loss in the consolidated statements of (loss) income. The carrying value of the loan was adjusted each subsequent reporting period to reflect any changes in the present value of expected future cash flows. For charter contracts being accou |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenues The Company’s primary source of revenue is chartering its vessels and offshore units to its customers. The Company utilizes three primary forms of contracts, consisting of time charter contracts, voyage charter contracts and contracts for FPSO units. The Company also generates revenue from the management and operation of vessels owned by third parties and by equity-accounted investments as well as providing corporate management services to such entities. Time Charters Pursuant to a time charter, the Company charters a vessel to a customer for a period of time, generally one year or more. The performance obligations within a time charter contract, which will include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time charter contracts, based on a fixed daily hire amount. However, certain sources of variability exist. Those include penalties, such as those that relate to periods the vessels are off-hire and where minimum speed and performance metrics are not met. In addition, certain time charters contracts contain provisions that allow the Company to be compensated for increases in the Company’s costs during the term of the charter. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or interest rates or in the form of cost reimbursements for vessel operating expenditures or dry-docking expenditures. Finally, in a small number of charters, the Company may earn profit share consideration, which occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. The Company does not engage in any specific tactics to minimize vessel residual value risk. Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate. The performance obligations within a voyage charter contract, which will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based upon the decision-making rights the charterer has under the contract. Consideration for such contracts is fixed or variable, depending on certain conditions. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months. As such, accrued revenue at the end of a period will be invoiced and paid in the subsequent period. The amount of accrued revenue at any point in time will depend on the percent completed of each voyage in progress as well as the freight rate agreed for those specific voyages. The Company does not engage in any specific tactics to minimize vessel residual value risk due to the short-term nature of the contracts. FPSO Contracts Pursuant to an FPSO contract, the Company charters an FPSO unit to a customer for a period of time, generally more than one year. The performance obligations within an FPSO contract, which include the lease of the FPSO unit to the charterer as well as the operation of the FPSO unit, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. Hire is typically invoiced monthly in arrears, based on a fixed daily hire amount. In certain FPSO contracts, the Company is entitled to a lump sum amount due upon commencement of the contract and may also be entitled to termination fees if the contract is canceled early. While the fixed daily hire amount may be the same over the term of the FPSO contract, in some FPSO contracts, the fixed daily hire amount may increase or decrease over the duration of the FPSO contract. As a result of the Company accounting for compensation from such charters on a straight-line basis over the duration of the charter, FPSO contracts where revenue is recognized before the Company is entitled to such amounts under the FPSO contracts will result in the Company recognizing a contract asset and FPSO contracts where revenue is recognized after the Company is entitled to such amounts under the FPSO contracts will result in the Company recognizing deferred revenue. Certain sources of consideration variability exist within FPSO contracts. Those include penalties, such as those that relate to periods where production on the FPSO unit is interrupted. In addition, certain FPSO contracts may contain provisions that allow the Company to be compensated for increases in the Company’s costs to operate the unit during the term of the contract. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or in the form of cost reimbursements for vessel operating expenditures incurred. Finally, the Company may earn additional compensation from monthly production tariffs, which are based on the volume of oil produced, the price of oil, as well as other monthly or annual operational performance measures. Variable consideration of the Company's contracts is typically recognized as incurred as either such revenue is allocated and accounted for under lease accounting requirements or alternatively such consideration is allocated to distinct periods under a contract during which such variable consideration was incurred. Since June 2020, the Company no longer earns variable or tariff revenues from its FPSO contracts. The Company does not engage in any specific tactics to minimize residual value risk. Given the uncertainty involved in oil field production estimates and the result impact on oil field life, FPSO contracts typically will include extension options or options to terminate early. Management Fees and Other The Company also generates revenue from the management and operation of vessels owned by third parties as well as providing corporate management services to certain entities. Such services may include the arrangement of third-party goods and services for the vessel’s owner. The performance obligations within these contracts will typically consist of crewing, technical management, insurance and potentially commercial management. The performance obligations are satisfied concurrently and consecutively rendered over the duration of the management contract, as measured using the time that has elapsed from commencement of performance. Consideration for such contracts will generally consist of a fixed monthly management fee, plus the reimbursement of crewing costs for vessels being managed. Management fees are typically invoiced monthly. Revenue Table The following tables contain the Company’s total revenue, excluding revenue of the Teekay Gas Business (see Note 23), for the years ended December 31, 2021, 2020 and 2019, by contract type, by segment and by business line within segments. Year Ended December 31, 2021 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 46,159 — 2,220 48,379 Voyage charters 485,896 — — 485,896 FPSO contracts — 47,895 — 47,895 Management fees and other 10,312 — 90,026 100,338 542,367 47,895 92,246 682,508 Year Ended December 31, 2020 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 127,598 — 17,152 144,750 Voyage charters 741,804 — — 741,804 FPSO contracts — 108,952 — 108,952 Management fees and other 17,032 — 133,717 150,749 886,434 108,952 150,869 1,146,255 Year Ended December 31, 2019 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 17,495 — 22,066 39,561 Voyage charters 881,603 — — 881,603 FPSO contracts — 210,816 — 210,816 Management fees and other 42,840 — 100,225 143,065 941,938 210,816 122,291 1,275,045 The following table contains the Company's total revenue, excluding revenue of the Teekay Gas Business (see Note 23), by those contracts or components of contracts accounted for as leases and by those contracts or components not accounted for as leases for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 $ $ $ Lease revenue Lease revenue from lease payments of operating leases 551,715 945,713 1,037,778 Interest income on lease receivables 293 874 — Variable lease payments – cost reimbursements (1) 30,162 43,701 45,389 Variable lease payments – other (2) — 5,218 48,813 582,170 995,506 1,131,980 Non-lease revenue Management fees and other income 100,338 150,749 143,065 Total 682,508 1,146,255 1,275,045 (1) Reimbursement for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer. (2) Compensation from time charter contracts based on spot market rates in excess of a base daily hire amount, production tariffs based on the volume of oil produced, the price of oil, and other monthly or annual operational performance measures. Operating Leases As at December 31, 2021, the minimum scheduled future rentals to be received by the Company in the next year for the lease and non-lease elements related to time charters that were accounted for as operating leases, excluding revenue of the Teekay Gas Business (see Note 23), were approximately $24.0 million (2022). Minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2021, revenue from unexercised option periods of contracts that existed on December 31, 2021, revenue from vessels in the Company’s equity-accounted investments, or variable or contingent revenues. In addition, minimum scheduled future operating lease revenues presented in this paragraph have been reduced by estimated off-hire time for any periodic maintenance and do not reflect the impact of revenue sharing agreements whereby time-charter revenues are shared with other revenue sharing agreement participants. The amounts may vary given unscheduled future events such as vessel maintenance. The net carrying amount of the vessels employed on time charter contracts and FPSO contracts that have been accounted for as operating leases, excluding such amounts of the Teekay Gas Business (see Note 23), at December 31, 2021, was $61.7 million (2020 – $344.4 million, 2019 – $269.8 million). At December 31, 2021, the cost and accumulated depreciation of such vessels were $74.3 million (2020 – $464.8 million, 2019 – $320.3 million) and $12.6 million (2020 – $120.4 million, 2019 – $50.5 million), respectively. Net Investment in Sales-Type Lease 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, which is reflected in gain on commencement of sales-type leases on the Company's consolidated statements of (loss) income for the year ended December 31, 2020. As at December 31, 2021, the net investment in sales-type lease was $12.0 million, with the majority of the reduction 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. Upon redelivery of the FPSO unit, the Company will receive a fixed lump sum payment of $11.6 million from BP which the Company expects will cover the majority of the cost of green-recycling the FPSO unit. The following table lists the components of the net investment in the Company's sales-type lease: December 31, 2021 December 31, 2020 $ $ Total minimum lease payments to be received 11,824 13,158 Estimated unguaranteed residual value of leased property 2,385 8,000 Less unearned revenue — (5,686) Total net investment in sales-type lease 14,209 15,472 Less credit loss provision (2,200) (901) Total net investment in sales-type lease, net 12,009 14,571 Less current portion (12,009) (857) Net investment in sales-type lease, net - non-current — 13,714 Contract Liabilities The Company enters into certain customer contracts that result in situations where the customer will pay consideration upfront for performance to be provided in the following month or months. These receipts are contract liabilities and are presented as deferred revenue until performance is provided. As at December 31, 2021 and December 31, 2020, there were contract liabilities of $0.9 million and $4.2 million, respectively, excluding such amounts of the Teekay Gas Business (see Note 23). During the years ended December 31, 2021 and December 31, 2020, the Company recognized $4.2 million and $7.5 million, respectively, of revenue that was included in the contract liability balance at the beginning of the respective periods, excluding such amounts of the Teekay Gas Business (see Note 23). |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 3. Segment Reporting On October 4, 2021, Teekay LNG Partners (now known as Seapeak LLC) and Stonepeak, together with affiliates, entered into an agreement and plan of merger pursuant to which Stonepeak would acquire Teekay LNG Partners. In connection with the merger, the Company agreed to sell to Stonepeak the Teekay Gas Business, which included the Company’s general partner interest in Teekay LNG Partners, all of its common units in Teekay LNG Partners, and certain subsidiaries which collectively contain the shore-based management operations of Teekay LNG Partners and certain of Teekay LNG Partners' joint ventures. The transactions closed on January 13, 2022 (see Note 24). The Company’s interests in Teekay LNG Partners constituted the Company’s Teekay LNG segment. The Company’s shore-based management operations included in the transactions were included in the Company’s Teekay Parent – Other segment. The segment information below excludes the results of these operations that the Company had agreed to sell as at December 31, 2021. See Note 23 for information on the historical results of these operations and other information about this transaction. The Company allocates capital and assesses performance from the separate perspectives of its publicly-traded subsidiary, Teekay Tankers, and from 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 Teekay Tankers and Teekay Parent (the Legal Entity approach ), and its segments are presented accordingly on this basis. The Company has two primary lines of business: (1) offshore production (FPSO units) and (2) conventional tankers. The Company manages these businesses for the benefit of all stakeholders. Subsequent to September 25, 2017 and prior to May 8, 2019, Teekay owned a 13.8% interest in the common units of Altera Infrastructure L.P. (formerly Teekay Offshore Partners L.P.) (or Altera ) and a 49% interest in the general partner of Altera, and accounted for its interest in Altera using the equity method and presented such interest as a separate segment. On May 8, 2019, Teekay sold to Brookfield Business Partners L.P. (or Brookfield ) all of the Company's remaining interests in Altera, which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Altera (or the 2019 Brookfield Transaction ). The following table includes the Company’s revenues and (loss) income from vessel operations by segment, excluding such amounts of the Company’s discontinued operations (see Note 23), for the periods presented in these financial statements: Revenues (Loss) Income from Vessel Operations (1) Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 $ $ $ $ $ $ Teekay Tankers Conventional Tankers 542,367 886,434 941,938 (194,095) 141,572 123,883 Teekay Parent Offshore Production 47,895 108,952 210,816 35,546 (38,054) (208,167) Other 92,246 150,869 122,291 (26,804) (33,321) (24,893) 140,141 259,821 333,107 8,742 (71,375) (233,060) 682,508 1,146,255 1,275,045 (185,353) 70,197 (109,177) (1) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues, excluding such amounts of the Company’s discontinued operations (see Note 23), during the periods presented. Year Ended December 31, (U.S. dollars in millions) 2021 2020 2019 BP Plc (1) (2) (2) $160 or 13% (1) Teekay Tankers Segment — Conventional Tankers, and Teekay Parent Segment — Offshore Production. (2) Less than 10%. The following table includes other income statement items by segment, excluding such amounts of the Company’s discontinued operations (see Note 23). Depreciation and Amortization (Write-down) and gain (loss) on sale of assets Equity (Loss) income Year Ended Year Ended Year Ended 2021 2020 2019 2021 2020 2019 2021 2020 2019 $ $ $ $ $ $ $ $ $ Teekay Tankers Conventional Tankers (106,084) (117,213) (124,002) (92,368) (69,446) (5,544) (14,107) 5,100 2,345 Teekay Parent Offshore Production — (14,166) (29,710) — (70,692) (178,330) — — — Other — — (195) — (9,100) — — — 127 — (14,166) (29,905) — (79,792) (178,330) — — 127 Altera (1) — — — — — — — — (75,814) (106,084) (131,379) (153,907) (92,368) (149,238) (183,874) (14,107) 5,100 (73,342) (1) Prior to its sale in May 2019, the Company accounted for its investment in Altera's general partner and common units using the equity method, and recognized an equity loss of $75.8 million for the year ended December 31, 2019. During the year ended December 31, 2019, the Company wrote-down the investment in Altera by $64.9 million (included in equity loss for the year ended December 31, 2019 in the table above) and recognized a loss on sale of $8.9 million. A reconciliation of total segment assets to total assets, presented in the accompanying consolidated balance sheets is as follows: December 31, 2021 December 31, 2020 Teekay Tankers – Conventional Tankers 1,568,177 1,743,013 Teekay Parent – Offshore Production 18,886 30,845 Teekay Parent – Other 2,806 56,611 Cash and cash equivalents 108,977 128,743 Other assets not allocated 32,914 125,557 Eliminations (4,217) (5,232) Consolidated total assets - continuing operations 1,727,543 2,079,537 Total assets - discontinued operations 4,804,439 4,866,375 Consolidated total assets 6,531,982 6,945,912 The following table includes capital expenditures by segment, excluding such amounts of the Company’s discontinued operations (see Note 23), for the periods presented in these financial statements. December 31, 2021 December 31, 2020 Teekay Tankers – Conventional Tankers 21,447 16,025 |
Equity Financing Transactions o
Equity Financing Transactions of the Daughter Companies | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity Financing Transactions of the Daughter Companies | 4. Equity Financing Transactions In December 2021, Teekay Parent purchased 0.4 million Teekay Tankers’ Class A common shares through open market purchases for $4.7 million at an average price of $11.27 per share. As a result of the purchases, the Company recorded a dilution gain of $5.7 million which was included in accumulated deficit for the year ended December 31, 2021. Subsequent to December 31, 2021, Teekay Parent purchased an additional 0.5 million Teekay Tankers' Class A common shares through open market purchases for $5.3 million at an average price of $10.82 per share. On May 11, 2020, Teekay Parent and Seapeak agreed to eliminate all of Seapeak’s incentive distribution rights in exchange for the issuance to a subsidiary of Teekay Corporation of 10.75 million newly-issued Seapeak common units. Following the completion of this transaction on May 11, 2020, Teekay Parent owned approximately 36.0 common units of Seapeak and remained the sole owner of its general partner, which together represented an economic interest of approximately 42% in Seapeak. On January 13, 2022, the 36.0 million common units owned by Teekay were sold for $17.00 per common unit in cash (see Note 24). On November 25, 2019, Teekay Tankers effected a one-for-eight reverse stock split of Teekay Tankers' Class A and Class B common shares, which reduced the number of issued and outstanding Class A and B common shares of Teekay Tankers as at December 31, 2019 from approximately 232.0 million and 37.0 million to approximately 29.0 million and 4.6 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets The Company's goodwill and intangible assets relates to Teekay Tankers' 2015 acquisition of a ship-to-ship transfer business (previously referred to as SPT and now known as Teekay Marine Solutions or TMS ) from a company jointly owned by Teekay Corporation and a Norway-based marine transportation company, I.M. Skaugen SE. Goodwill The carrying amount of goodwill for the years ended December 31, 2021 and 2020, excluding such amounts of the Teekay Gas Business (see Note 23), was $2.4 million. Intangible Assets As at December 31, 2021, the Company’s intangible assets, excluding such amounts of the Teekay Gas Business (see Note 23), consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 5,706 (4,212) 1,494 Other intangible assets 537 (537) — 6,243 (4,749) 1,494 As at December 31, 2020, the Company’s intangible assets, excluding such amounts of the Teekay Gas Business (see Note 23), consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 5,706 (3,717) 1,989 Other intangible assets 537 (523) 14 6,243 (4,240) 2,003 |
Accrued Liabilities and Other a
Accrued Liabilities and Other and Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities and Other and Other Long-Term Liabilities | 6. Accrued Liabilities and Other and Other Long-Term Liabilities The following tables reflect the components of accrued liabilities and other and other long-term liabilities, excluding the Teekay Gas Business (see Note 23), as at the dates indicated: Accrued Liabilities and Other December 31, 2021 December 31, 2020 Accrued liabilities 93,728 122,511 Deferred revenues - current 852 4,208 Current portion of derivative liabilities ( note 15 ) 180 1,260 Office lease liability – current ( note 1 ) 2,142 1,595 Asset retirement obligation - current 6,161 12,000 103,063 141,574 Other Long-Term Liabilities December 31, 2021 December 31, 2020 Unrecognized tax benefits ( note 21 ) 46,956 51,562 Asset retirement obligation 8,792 37,996 Office lease liability – long-term ( note 1 ) 8,666 9,396 Pension liabilities 7,416 9,172 Derivative liabilities ( note 15 ) — 597 Other 678 352 72,508 109,075 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 related Apollo Spirit FSO to its owners. The Company is currently in the process of recycling the FPSO unit at an EU-approved shipyard and was also required to recycle the subsea equipment following removal from the field (or Phase 2 ). During the first half of 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. 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 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 (loss) income for the year ended December 31, 2021. As at December 31, 2021, as a result of the aforementioned extinguishment, the ARO and associated receivable, which was recorded in goodwill, intangibles, and other non-current assets, were $nil and $nil, respectively (2020 – $42.4 million and $9.3 million, respectively). 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 upon redelivery, which is expected to cover the majority of the costs of recycling the FPSO unit in accordance with the EU Ship Recycling Regulation. The total costs of recycling the FPSO unit will depend on a number of factors, including, among others, the nature and extent of prevailing EU Ship Recycling Regulation, the condition of the FPSO unit, and the availability of recycling facilities. 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 August 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. During the year ended December 31, 2021, the Company increased the ARO liability relating to the Petrojarl Foinaven FPSO unit by $6.6 million, which consisted of a $2.7 million increase in the present value of the liability as a result of the earlier than expected redelivery of the FPSO unit and a $3.9 million increase in the cost estimate to recycle the unit, which has been included in other loss in the consolidated statements of (loss) income. As of December 31, 2021, the carrying value of the related lease asset was $12.0 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, partially offset by a credit loss provision. As of December 31, 2021, the present value of the Petrojarl Foinaven FPSO unit's estimated asset retirement obligation relating to recycling costs was $14.8 million. |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | 7. Short-Term Debt In November 2018, Teekay Tankers Chartering Pte. Ltd. (or TTCL ), a wholly-owned subsidiary of Teekay Tankers, entered into a working capital revolving loan facility (or the Working Capital Loan ), which initially provided available aggregate borrowings of up to $40.0 million for TTCL, and had an initial maturity date in May 2019, subject to extension as described below. The maximum available aggregate borrowings were subsequently increased to $80.0 million, effective December 2019. The amount available for drawdown is limited to a percentage of certain receivables and accrued revenue, which is assessed weekly. The next maturity date of the Working Capital Loan is in May 2022. The Working Capital Loan maturity date is continually extended for further periods o f 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 on drawdowns up to and including December 31, 2021 were based on LIBOR plus a margin of 3.5%. In January 2022, the interest reference rate LIBOR was replaced by the Secured Overnight Financing Rate (or SOFR ), with other terms on the Working Capital Loan remaining unchanged. The Working Capital Loan is collateralized by the assets of TTCL. The Working Capital Loan requires Teekay Tankers to maintain its paid-in capital contribution under the RSAs and the retained distributions of the RSA counterparties in an amount equal to the greater of (a) an amount equal to the minimum average capital contributed by the RSA counterparties per vessel in respect of the RSA (including cash, bunkers or other working capital contributions and amounts accrued to the RSA counterparties but unpaid) and (b) a minimum capital contribution ranging from $20.0 million to $30.0 million based on the amount borrowed. As at December 31, 2021, $25.0 million (December 31, 2020 – $10.0 million) was owing under this facility, the aggregate available borrowings were $45.4 million (December 31, 2020 - $32.0 million) and the interest rate on the facility was 3.6% (December 31, 2020 – 3.6%). As at December 31, 2021, Teekay Tankers was in compliance with all covenants in respect of this facility. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 8. Long-Term Debt The following table and subsequent information includes the Company’s long-term debt, excluding such amounts of the Teekay Gas Business (see Note 23), as at the dates indicated: December 31, 2021 December 31, 2020 Revolving Credit Facilities due through December 2024 271,167 185,000 Senior Notes (9.25%) due November 2022 243,395 243,395 Convertible Senior Notes (5%) due January 2023 112,184 112,184 U.S. Dollar-denominated Term Loan due through August 2023 53,339 64,568 Total principal 680,085 605,147 Less: unamortized discount and debt issuance costs (8,605) (22,253) Total debt 671,480 582,894 Less: current portion (255,306) (10,858) Long-term portion 416,174 572,036 As of December 31, 2021, the Company had one revolving credit facility (or the 2020 Revolver ). The 2020 Revolver, as at such date, provided for aggregate borrowings of up to $344.9 million (December 31, 2020 - $438.4 million), of which $73.8 million was undrawn (December 31, 2020 - $253.4 million). Interest payments are based on LIBOR plus a margin, which was 2.40% as at December 31, 2021 and December 31, 2020. The aggregate amount available under the 2020 Revolver is scheduled to decrease by $78.4 million (2022), $65.3 million (2023) and $201.3 million (2024). The 2020 Revolver is collateralized by first-priority mortgages granted on 29 of the Company’s vessels, together with other related security, and includes a guarantee from Teekay's subsidiaries for the credit facility's outstanding amount. 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, which the Company redeemed in January 2022, were guaranteed on a senior secured basis by certain of the Company's subsidiaries and were secured by first-priority liens on one of Teekay Parent's FPSO units, a pledge of the equity interests in Teekay's subsidiary that owned all of Teekay's common units of Seapeak 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 was entitled to 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. Subsequent to December 31, 2021, the Company redeemed the 2022 Notes in full (see Note 24). 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. During 2020, Teekay Parent repurchased $12.8 million of the principal of the Convertible Notes for total consideration of $10.5 million. As of December 31, 2021 and as of January 1, 2021, upon adoption of ASU 2020-06 (see Note 1), the outstanding principal value of the Convertible Notes was $112.2 million. As of December 31, 2021 and January 1, 2021, the net carrying amount of the Convertible Notes was $111.4 million and $110.6 million, respectively, which reflected unamortized debt issuance costs of $0.8 million and $1.6 million, respectively. The estimated fair value (Level 2) of the Convertible Notes was $111.4 million and $101.6 million, as of December 31, 2021 and January 1, 2021, respectively. For the year ended December 31, 2021, total interest expense for the Convertible Notes was $6.4 million, with coupon interest expense of $5.6 million and amortization of debt issuance costs of $0.8 million. Subsequent to December 31, 2021, the Company announced that it had commenced a cash tender offer to purchase any and all of the Convertible Notes (see Note 24). The cash tender was completed in February 2022, with $85.0 million aggregate principal amount of the Convertible Notes, representing approximately 75.8% of the total outstanding as of December 31, 2021, validly tendered. In March 2022, Teekay repurchased an additional $3.8 million of the principal of the Convertible Notes. After the settlement in February 2022 and the repurchases in March 2022, approximately $23.4 million aggregate principal amount of the Convertible Notes remained outstanding. As of December 31, 2021, the Company had one U.S. Dollar-denominated term loan outstanding, which totaled $53.3 million in aggregate principal amount (December 31, 2020 – $64.6 million). Interest payments are based on LIBOR plus a margin, which was 2.25% at December 31, 2021 and December 31, 2020. The term loan reduces in quarterly payments and has a balloon repayment due at maturity in 2023. The term loan is collateralized by first-priority mortgages on four (December 31, 2020 – four) of the Company’s vessels, together with certain other security. The weighted-average interest rate on the Company’s aggregate long-term debt as at December 31, 2021 was 5.3% (December 31, 2020 – 5.7%). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 15). The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to December 31, 2021 are $259.2 million (2022), $219.6 million (2023) and $201.3 million (2024). These repayments exclude the effect of the redemptions and repurchases made subsequent to December 31, 2021 of the 2022 Notes and the Convertible Notes. The Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and two loan agreements require the Company to maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance and 125% of the total outstanding principal balance, respectively, for the facility periods. Such requirements are assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should the ratios drop below the required amounts, the lender may request that the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As at December 31, 2021, the hull coverage ratios were 249% and 186% for the two loan agreements, respectively. A decline in the tanker market could negatively affect these ratios. 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 December 31, 2021, the Company was in compliance with all covenants under its credit facilities and other long-term debt. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases | 9. Operating Leases The Company charters-in vessels from other vessel owners on time-charter-in 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, 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. On March 27, 2020, concurrently with the Petrojarl Foinaven FPSO transaction with BP described in Note 2, the Company sold its subsidiary Golar-Nor (UK) Limited (or Golar-Nor ) to Altera for a nominal amount plus outstanding working capital. Golar-Nor was in-chartering the Petroatlantic and Petronordic shuttle tankers. This transaction resulted in the Company derecognizing right-of-use assets and lease liabilities totaling $50.7 million and $50.7 million, respectively. For the year ended December 31, 2021, the Company incurred $12.9 million of time-charter expenses related to time-charter-in contracts with an original term of more than one year, of which $5.5 million was allocable to the lease component and $7.4 million was allocable to the non-lease component. The amounts allocable to the lease component approximate the cash paid for the amounts included in lease liabilities and are reflected as a reduction in operating cash flows for the year ended December 31, 2021. Five of Teekay Tankers' time-charter-in contracts each have an option to extend the charter for an additional one-year term. Since it is not reasonably certain that Teekay Tankers will exercise the options, the lease components of the options are not recognized as part of the right-of-use assets and lease liabilities. As at December 31, 2021, the weighted-average remaining lease term and weighted-average discount rate for these time-charter-in contracts were 1.5 years and 4.3%, respectively. For the year ended December 31, 2021, the Company incurred $2.5 million of time-charter hire expenses related to time-charter-in contracts with an original term of one year or less. During the year ended December 31, 2021, Teekay Tankers chartered-in two Aframax vessels, one LR2 vessel and one lightering support vessel for a period of 24 months, which resulted in the Company recognizing right-of-use assets and lease liabilities totaling $16.4 million and $16.4 million, respectively, during 2021. During the year ended December 31, 2020, Teekay Tankers chartered-in one lightering support vessel for a period of 24 months, which resulted in the Company recognizing right-of-use assets and lease liabilities totaling $0.8 million and $0.8 million, respectively. In December 2020, Teekay Tankers entered into a time charter-in contract for one Aframax tanker newbuilding for a period of seven years, with three additional one A maturity analysis of the Company’s operating lease liabilities, excluding such amounts related to discontinued operations (see Note 23), from time-charter-in contracts (excluding short-term leases) at December 31, 2021 is as follows: Lease Commitment Non-Lease Commitment Total Commitment $ $ $ Payments 2022 9,825 13,303 23,128 2023 4,947 6,404 11,351 Total payments 14,772 19,707 34,479 Less: imputed interest (515) Carrying value of operating lease liabilities 14,257 Less: current portion (9,389) Carrying value of long-term operating lease liabilities 4,868 As at December 31, 2021, the total minimum commitments to be incurred by the Company under time-charter-in contracts were approximately $24.8 million (2022), $18.2 million (2023), $6.8 million (2024), $6.8 million (2025) and $17.8 million (thereafter), including one Aframax tanker newbuilding expected to be delivered to the Company in the fourth quarter of 2022 to commence a seven |
Obligations Related to Finance
Obligations Related to Finance Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Finance Leases [Text Block] | 10. Obligations Related to Finance Leases December 31, 2021 December 31, 2020 Obligations related to finance leases 295,828 360,043 Less: unamortized discount and debt issuance costs (1,347) — Total obligations related to finance leases 294,481 360,043 Less current portion (27,032) (78,476) Long-term obligations related to finance leases 267,449 281,567 As at December 31, 2021, Teekay Tankers had sale-leaseback financing transactions with financial institutions relating to 14 of Teekay Tankers' vessels, including four vessels, for which the sale-leaseback financing transactions were completed in September 2021, and four vessels for which the sale-leaseback transactions were completed in November 2021. In March 2022, Teekay Tankers completed sale-leaseback financing transactions with a financial institution relating to eight additional vessels (see Note 24). Under the sale-leaseback arrangements completed as of December 31, 2021, Teekay Tankers transferred the vessels to subsidiaries of the financial institutions (or collectively, the Lessors ) and leased the vessels back from the Lessors on bareboat charters ranging from seven to 12-year terms ending between 2028 and 2030. Teekay Tankers is obligated to purchase four of the vessels upon maturity of their respective bareboat charters. Teekay Tankers also has the option to purchase each of the 14 vessels, 10 of which can be purchased between now and the end of their respective lease terms, and four of which can be purchased starting in September 2023 until the end of their respective lease terms. As at December 31, 2021, Teekay Tankers consolidates six of the 14 Lessors for financial reporting purposes as VIEs. Teekay Tankers understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay Tankers operates the vessels during the lease terms, and as a result, is considered to be the Lessors' primary beneficiary. The liabilities of the six Lessors are loans and are non-recourse to Teekay Tankers. The amounts funded to the six Lessors in order to purchase the vessels materially match the funding to be paid by Teekay Tankers' subsidiaries under these lease-back transactions. As a result, the amounts due by Teekay Tankers' subsidiaries to the six Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. The eight sale-leaseback transactions completed in 2021 have been accounted for as failed sales and Teekay Tankers has not derecognized the assets and continues to depreciate the assets as if it was the legal owner. Proceeds received from the sales have been set up as an obligation related to finance lease and bareboat charter hire payments made by Teekay Tankers to the Lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. The bareboat charters related to all 14 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. Ten of the bareboat charters require Teekay Tankers to maintain, for each vessel, a minimum hull coverage ratio of 100% of the total outstanding principal balance. As at December 31, 2021, these ratios ranged f rom 106% to 134% (2020 - ranged from 121% to 156%). T he remaining four of the bareboat charters require Teekay Tankers to maintain, for each vessel, a minimum hull coverage ratio of 105% of the total outstanding principal balance. As at December 31, 2021, these ratios ranged from 132% to 140%. For 10 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 December 31, 2021, Teekay Tankers was in compliance with all covenants in respect of its obligations related to finance leases. The weighted average interest rate on Teekay Tankers’ obligations related to finance leases as at December 31, 2021 was 4.8% (December 31, 2020 – 7.8%). As at December 31, 2021, Teekay Tankers' total remaining commitments related to financial liabilities of these vessels were approximately $364.6 million (December 31, 2020 – $480.9 million), including imputed interest of $68.8 million (December 31, 2020 – $120.9 million), repayable from 2022 through 2030, as indicated below: Commitments December 31, 2021 Year $ 2022 40,882 2023 40,422 2024 40,031 2025 39,502 2026 39,042 Thereafter 164,766 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements and Financial Instruments a) Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other non-financial assets. Cash and cash equivalents and restricted cash – The fair value of the Company’s cash and cash equivalents and restricted cash approximates their carrying amounts reported in the accompanying consolidated balance sheets. Vessels and equipment and assets held for sale – The estimated fair value of the Company’s vessels and equipment and assets held for sale was determined based on discounted cash flows, appraised values and contractual sales prices. In cases where an active second-hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company. Other assets held for sale include working capital balances and the fair value of such amounts generally approximate their carrying value. Investment in equity-accounted joint venture - The estimated fair value of the Company’s investment in its equity-accounted joint venture includes an estimate of the fair value of the joint venture's VLCC (see Note 22), which is determined based on appraised values. In cases where an active second-hand sale and purchase market exists, an appraised value is generally the amount the joint venture would expect to receive if it were to sell the vessel. The appraised values are provided by third parties where available or prepared by the Company based on second-hand sale and purchase market data. The joint venture also has long-term debt, which fair value is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the joint venture. Other assets and liabilities included in the joint venture's balance sheet include working capital balances and the fair value of such amounts generally approximate their carrying value. Long-term debt – The fair value of the Company’s fixed-rate and variable-rate long-term debt is either based on quoted market prices or estimated by the Company using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Alternatively, if the fixed-rate and variable-rate long-term debt is held for sale the fair value is based on the estimated sales price. Long-term obligation related to finance leases – The fair value of the Company's long-term obligation related to finance leases is estimated by the Company using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Derivative instruments – The fair value of the Company’s derivative instruments is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, foreign exchange rates, and the current credit worthiness of both the Company and the derivative counterparties. The estimated amount is the present value of future cash flows. The Company transacts all of its derivative instruments through investment-grade rated financial institutions at the time of the transaction and requires no collateral from these institutions. Given the volatility in the credit markets, it is reasonably possible that the amounts recorded as derivative assets and liabilities could vary by material amounts in the near term. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis. All amounts exclude all assets and liabilities of the Teekay Gas Business (see Note 23). December 31, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair Recurring Cash, cash equivalents and restricted cash Level 1 114,339 114,339 134,664 134,664 Derivative instruments ( note 15 ) Interest rate swap agreements – assets (1) Level 2 550 550 — — Interest rate swap agreements – liabilities (1) Level 2 — — (2,405) (2,405) Foreign currency contracts Level 2 (58) (58) — — Freight forward agreements Level 2 (4) (4) — — Non-recurring Vessels and equipment (note 18) Level 2 — — 59,250 59,250 Assets held for sale (note 18) Level 2 40,854 40,854 31,680 31,680 Operating lease right-of-use assets (note 18) Level 2 — — 1,799 1,799 Investment in equity-accounted investment ( note 22 ) Level 2 9,174 9,174 — — Other Advances to equity-accounted joint venture – long-term (2) 3,780 (2) 5,280 (2) Short-term debt ( note 7 ) Level 2 (25,000) (25,000) (10,000) (10,000) Long-term debt, including current portion – public (note 8) Level 1 (239,807) (240,963) (235,653) (237,700) Long-term debt, including current portion – non-public (note 8) Level 2 (431,673) (436,892) (347,241) (344,043) Obligations related to finance leases, including current portion (note 10) Level 2 (294,481) (306,386) (360,043) (411,740) (1) The fair value of the Company’s interest rate swap agreements at December 31, 2021 includes $nil (December 31, 2020 – $0.5 million) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets. (2) In the consolidated financial statements, the Company’s advances 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 advances to its equity-accounted joint venture was not determinable. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | 12. Capital Stock The authorized capital stock of Teekay at December 31, 2021, 2020, and 2019, was 25 million shares of Preferred Stock, with a par value of $1 per share, and 725 million shares of Common Stock, with a par value of $0.001 per share. As at December 31, 2021, 101,571,141 shares of Common Stock (2020 – 101,108,886) were issued and outstanding and 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 the date of this Annual Report, no shares of common stock have been issued under this COP. Dividends may be declared and paid out of surplus, but if there is no surplus, dividends may be declared or paid out of the net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year. Surplus is the excess of the net assets of the Company over the aggregated par value of the issued shares of Teekay. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of common stock are entitled to share equally in any dividends that the Board of Directors may declare from time to time out of funds legally available for dividends. Stock-based compensation In March 2013, the Company adopted the 2013 Equity Incentive Plan (or the 2013 Plan ) and suspended the 1995 Stock Option Plan and the 2003 Equity Incentive Plan (collectively referred to as the Plans ). As at December 31, 2021, the Company had reserved 5,158,441 (2020 – 5,581,663) shares of Common Stock pursuant to the 2013 Plan, for issuance upon the exercise of options or equity awards granted or to be granted. No stock options were granted by the Company during the years ended 2021 and 2020. During the year ended December 31, 2019, the Company granted options under the 2013 Plan to acquire up to 2,620,582 shares of Common Stock, to certain eligible officers, employees and directors of the Company. The options under the Plans have ten A summary of the Company’s stock option activity and related information for the years ended December 31, 2021, 2020, and 2019, are as follows: December 31, 2021 December 31, 2020 December 31, 2019 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding – beginning of year 5,584 10.02 6,075 10.77 3,754 15.54 Granted — — — — 2,629 3.98 Exercised — — — — — — Forfeited / expired (135) 14.22 (491) 19.35 (308) 11.07 Outstanding – end of year 5,449 9.90 5,584 10.02 6,075 10.77 Exercisable – end of year 4,690 10.86 3,490 13.17 2,565 18.25 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2021, 2020 and 2019, are as follows: December 31, 2021 December 31, 2020 December 31, 2019 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding non-vested stock options – beginning of year 2,094 1.97 3,510 2.26 1,800 4.25 Granted — — — — 2,629 1.53 Vested (1,309) 2.22 (1,384) 2.64 (807) 4.18 Forfeited (26) 1.73 (32) 4.71 (112) 3.33 Outstanding non-vested stock options – end of year 759 1.53 2,094 1.97 3,510 2.26 The weighted average grant date fair value for non-vested options forfeited in 2021 was nominal (2020 – $0.2 million, 2019 – $0.4 million). As of December 31, 2021, there was $0.2 million of total unrecognized compensation cost related to non-vested stock options granted under the Plans, which amount is expected to be recognized during 2022. During the years ended December 31, 2021, 2020, and 2019, the Company recognized $1.0 million, $1.9 million and $3.0 million, respectively, of compensation cost relating to stock options granted under the Plans. No options were exercised during the years ended December 31, 2021, 2020 and 2019. As at December 31, 2021, the intrinsic value of outstanding and exercisable stock options was $nil (2020 – $nil). As at December 31, 2021, the weighted-average remaining life of options vested and expected to vest was 5.7 years (2020 – 6.7 years). Further details regarding the Company’s outstanding and exercisable stock options at December 31, 2021 are as follows: Outstanding Options Exercisable Options Range of Exercise Prices Options Weighted- Average Weighted- Options Weighted- Average Weighted- $0.00 – $4.99 2,527 7.2 3.98 1,768 7.2 3.98 $5.00 – $9.99 1,681 5.4 8.97 1,681 5.4 8.97 $10.00 – $19.99 589 5.2 10.18 589 5.2 10.18 $20.00 – $59.99 652 1.4 35.02 652 1.4 35.02 5,449 5.7 9.90 4,690 5.5 10.86 The weighted-average grant-date fair value of options granted during 2019 was $1.53. The fair value of each option granted was estimated on the date of the grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the options granted: expected volatility of 65.2% in 2019; expected life of 5.5 years in 2019; dividend yield of 5.9% in 2019; risk-free interest rate of 2.5% in 2019; and estimated forfeiture rate of 6.0% in 2019. The expected life of the options granted was estimated using the historical exercise behavior of employees. The expected volatility was generally based on historical volatility as calculated using historical data during the five years prior to the grant date. The Company grants restricted stock units and, in 2021 granted, performance share units to certain eligible officers and employees of the Company. Each restricted stock unit, performance share unit and restricted stock award is equal in value to one share of the Company’s common stock (or with respect to the performance share units, one common unit of Seapeak), plus reinvested dividends or distributions from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. The performance share units vest one-third in the month of June of 2022, 2023 and 2024 or in full immediately following closing of the sale of the Teekay Gas Business, which occurred in January 2022. Upon vesting, the value of the restricted stock units and restricted stock awards are paid to each grantee in the form of shares and the value of the performance share units is paid to each grantee in the form of cash. During 2021, the Company granted 355,944 restricted stock units with a fair value of $1.4 million and 489,443 performance share units with a fair value of $5.7 million, to certain of the Company’s officers and employees. During 2021, a total of 880,320 restricted stock units with a market value of $4.7 million vested and that amount, net of withholding taxes, was paid to grantees by issuing 222,590 shares of common stock, with the issuance of a remaining 481,341 shares deferred. During 2020, the Company granted 986,314 restricted stock units with a fair value of $3.1 million, to certain of the Company’s employees. During 2020, a total of 480,498 restricted stock units with a market value of $3.0 million vested and that amount, net of withholding taxes, was paid to grantees by issuing 256,780 shares of common stock. During 2019, the Company granted 831,118 restricted stock units with a fair value of $3.3 million, to certain of the Company’s employees. During 2019, a total of 317,283 restricted stock units with a market value of $3.0 million vested and that amount, net of withholding taxes, was paid to grantees by issuing 182,653 shares of common stock. For the year ended December 31, 2021, the Company recorded an expense of $2.3 million (2020 – $3.1 million, 2019 – $3.3 million) related to the restricted stock units. During 2021, the Company also granted 149,366 (2020 – 203,468 and 2019 – 111,808) shares as restricted stock awards with a fair value of $0.6 million (2020 – $0.6 million and 2019 – $0.4 million), based on the quoted market price, to certain of the Company’s directors. The shares of restricted stock are issued when granted. Share-based Compensation of Subsidiaries During the years ended December 31, 2021, 2020 and 2019, 26,985, 29,595 and 35,419 common units of Seapeak, respectively, and 16,772, 13,125 and 19,918 shares of Class A common stock of Teekay Tankers, respectively, with aggregate values of $0.7 million, $0.6 million, and $0.7 million, respectively, were granted and issued to the non-management directors of the general partner of Seapeak and the non-management directors of Teekay Tankers as part of their annual compensation for 2021, 2020 and 2019. Seapeak and Teekay Tankers grant equity-based compensation awards as incentive-based compensation to certain employees of Teekay’s subsidiaries that provide services to Seapeak and Teekay Tankers. During 2021, 2020 and 2019, Seapeak granted restricted unit awards and Teekay Tankers granted restricted stock-based compensation awards with respect to 67,102, 243,940 and 80,100 units of Seapeak and 109,953, 182,120 and 99,064 Class A common shares of Teekay Tankers, respectively, with aggregate grant date fair values of $2.8 million, $6.2 million and $2.0 million, respectively, based on Seapeak and Teekay Tankers’ closing unit or stock prices on the grant dates. Each restricted unit or restricted stock unit is equal in value to one of Seapeak’s or Teekay Tankers’ common units or common shares plus reinvested distributions or dividends from the grant date to the vesting date. The awards vest equally over three years from the grant date. Any portion of an award that is not vested on the date of a recipient’s termination of service is canceled, unless their termination arises as a result of the recipient’s retirement, in which case the award will continue to vest in accordance with the vesting schedule. Upon vesting, the awards are paid to a substantial majority of the grantees in the form of common units or common shares, net of withholding tax. No stock options were granted by Seapeak or Teekay Tankers during the years ended December 31, 2021 and 2020. During March 2019, Teekay Tankers granted 218,223 stock options, with an exercise price of $8.00 per share that have a ten ten |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions Until the sale of the Teekay Gas Business in January 2022, the Company provided ship management and corporate services to certain of its equity-accounted joint ventures that own and operate LNG carriers on long-term charters, all of which form part of discontinued operations as at December 31, 2021. In addition, the Company was reimbursed for costs incurred by the Company for its seafarers operating these LNG carriers. During the years ended December 31, 2021, 2020 and 2019, the Company earned $82.8 million, $78.3 million and $68.8 million, respectively, of fees pursuant to these management agreements and reimbursement of costs. Such amounts are reflected in discontinued operations (see Note 23) in the consolidated statements of (loss) income. On October 4, 2021, the Company entered into an agreement to, among other things, sell certain subsidiaries which collectively contain the shore-based management operations for certain of Teekay LNG Partners’ joint ventures (see Note 23). This sale closed on January 13, 2022 (see Note 24). Following this sale, the Company no longer provides ship management services to Teekay LNG Partners but does continue to provide certain corporate services to Seapeak for a period of months following the closing of the sale. In September 2018, Seapeak 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 expense for the year ended December 31, 2021 was $23.5 million (December 31, 2020 – $23.6 million, December 31, 2019 - $20.0 million) and such amounts are reflected in discontinued operations (see Note 23) in the consolidated statements of (loss) income. On May 11, 2020, Teekay and Seapeak agreed to eliminate all of Seapeak's incentive distribution rights, which were held by Teekay GP LLC, in exchange for the issuance to a subsidiary of Teekay Corporation of 10.75 million newly-issued common units of Seapeak. The common units were valued at $122.6 million, based on the prevailing unit price at the time of issuance. As a result of the share issuance of Seapeak, the Company recorded a decrease to accumulated deficit of $116.6 million and an increase to accumulated other comprehensive loss of $9.0 million with a corresponding decrease in non-controlling interests of $107.6 million. The $116.6 million represents Teekay’s dilution gain from the issuance of new common units by Seapeak and is credited directly to equity, and the $9.0 million represents the change in Teekay's interest in Seapeak's accumulated other comprehensive loss. On January 13, 2022, in connection with the Seapeak merger and the closing of the sale of the Teekay Gas Business, all Seapeak common units owned by Teekay were sold for cash in an amount of $17.00 per common unit (see Note 24). On May 8, 2019, Teekay sold to Brookfield Business Partners L.P. (or Brookfield ) all of the Company’s remaining interests in Altera Infrastructure L.P. (or Altera ) (previously known as Teekay Offshore Partners (or Teekay Offshore )), which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Altera (described below), for total cash proceeds of $100 million (or the 2019 Brookfield Transaction ). Subsequent to the deconsolidation of Altera in September 2017 and prior to the 2019 Brookfield Transaction, the Company accounted for its investment in Altera's general partner and common units under the equity method of accounting. Based on the 2019 Brookfield Transaction, the Company remeasured its investment in Altera to fair value at March 31, 2019 based on the Altera publicly-traded unit price at that date, resulting in a write-down of $64.9 million reflected in equity loss on the Company's consolidated statements of loss for the year December 31, 2019. The Company recognized a loss on sale of $8.9 million upon completion of the 2019 Brookfield Transaction in May 2019, reflected in equity loss on the Company's consolidated statements of loss for the year December 31, 2019. Revenues recognized by the Company for services provided to Altera during the periods that Altera was a related party to the Company during the year ended December 31, 2019 were $7.6 million, which were recorded in revenues on the Company's consolidated statements of (loss) income. Fees paid by the Company to Altera for services provided by Altera to the Company during the period that Altera was a related party to the Company during the year ended December 31, 2019 were $9.6 million and were recorded in vessel operating expenses and general and administrative expenses on the Company's consolidated statements of (loss) income. |
Other Loss
Other Loss | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Loss | 14. Other Loss Year Ended Year Ended Year Ended ARO liability increase (1) (6,602) — — Repurchase of sale-leaseback vessels (2) (2,131) — — Gain on bond repurchases (3) (4) — 1,470 (10,601) Credit loss provision (5) (2,490) (901) — ARO accretion (6) (1,792) (3,260) (1,556) Miscellaneous income (loss) 239 1,153 (310) Other loss (12,776) (1,538) (12,467) (1) During the year ended December 31, 2021, the Company increased the present value of its estimated ARO liability relating to the Petrojarl Foinaven FPSO unit by $2.7 million as a result of the earlier than expected redelivery of the FPSO unit (see Note 6) and increased the ARO liability by a further $3.9 million due to an increase in the estimated costs to recycle the unit. (2) Premiums paid by Teekay Tankers in relation to the repurchase of eight vessels previously under sale-leaseback arrangements during 2021 (see Note 10). (3) During 2020, the Company repurchased some of its Convertible Notes and 2022 Notes in the open market. The Company acquired $12.8 million of the principal of the Convertible Notes for total consideration of $10.5 million and $6.6 million principal of the 2022 Notes for total consideration of $6.2 million. The Company recognized a gain of $1.5 million in 2020 related to these repurchases (see Note 8). (4) In May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of its 8.5% senior notes due in January 2020 (or the 2020 Notes ) and issued $250.0 million in aggregate principal amount of its 2022 Notes. The Company recognized a loss of $10.6 million on the purchase of the 2020 Notes for the year ended December 31, 2019. (5) Unrealized credit loss provision related to the Petrojarl Foinaven FPSO unit sales-type lease. (6) Net ARO expense reflecting the accretion of the present value of ARO liabilities relating to Petrojarl Foinaven FPSO and Petrojarl Banff |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 15. Derivative Instruments and Hedging Activities The Company uses derivatives to manage certain risks in accordance with its overall risk management policies. Foreign Exchange Risk From time to time the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at December 31, 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) 2022 GBP 4,000 0.73945 (58) 5,409 (1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. Forward Freight Agreements The Company uses forward freight agreements (or FFAs ) in non-hedge-related transactions to increase or decrease its exposure to spot market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized gains (losses) on derivative instruments in the Company's consolidated statements of (loss) income. 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. Excluding the interest rate swaps held by Teekay Gas Business, the Company does not designate any of its interest rate swap agreements as cash flow hedges for accounting purposes. As at December 31, 2021, the Company was committed to the following interest rate swap agreement, excluding those held by the Teekay Gas Business (see Note 23), related to its LIBOR-based debts, whereby certain of the Company’s floating-rate debt obligations were swapped with fixed-rate obligations: Interest Principal Fair Value / Remaining Fixed (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap agreement (1) LIBOR 50,000 550 3.0 0.76 (1) Excludes the margins the Company pays on its variable-rate long-term debts, which, as of December 31, 2021, ranged from 2.25% to 2.40%. Stock Purchase Warrants Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million Brookfield Transaction Warrants and 1,755,000 Series D Warrants of Altera (see Note 13). As part of the 2019 Brookfield Transaction, Teekay sold to Brookfield all of the Company’s remaining interests in Teekay Offshore, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants. Tabular Disclosure The following table presents the location and fair value amounts of derivative instruments, excluding those held by the Teekay Gas Business (see Note 23), segregated by type of contract, on the Company’s consolidated balance sheets. 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, 2021 Derivatives not designated as a cash flow hedge: Foreign currency contracts — — (58) — Interest rate swap agreement 668 — (118) — Forward freight agreements — — (4) — 668 — (180) — 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 not designated as a cash flow hedge: Interest rate swap agreements — (548) (1,260) (597) (1) Represents accrued interest related to derivative instruments recorded in accrued liabilities and other on the consolidated balance sheets (see Note 6). (2) Represents the current portion of derivative liabilities recorded in accrued liabilities and other on the consolidated balance sheets (see Note 6). 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 derivative instruments, excluding those held by the Teekay Gas Business (see Note 23), in the consolidated statements of (loss) income as follows: Year Ended Year Ended Year Ended Realized (losses) gains relating to: Interest rate swap agreements (1,275) (857) 1,788 Foreign currency forward contracts (31) 379 — Stock purchase warrants — — (25,559) Forward freight agreements (572) (1,242) 1,490 (1,878) (1,720) (22,281) Unrealized gains (losses) relating to: Interest rate swap agreements 2,407 (889) (4,988) Foreign currency forward contracts (58) — — Stock purchase warrants — — 26,900 Time-charter swap agreement — — 40 Forward freight agreements (4) 86 (29) 2,345 (803) 21,923 Total realized and unrealized gains (losses) on derivative instruments 467 (2,523) (358) The Company is exposed to credit loss to the extent the fair value represents an asset in the event of non-performance by the counterparty to the interest rate swap agreement; however, the Company does not anticipate non-performance by the counterparty. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies a) Liquidity Management is required to assess if the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its financial statements. The Company had consolidated net loss from continuing operations of $277.5 million and ($141.9) million of consolidated cash flows from operating activities related to continuing operations during the year ended December 31, 2021. The Company ended the year with a working capital deficit, relating to continuing operations, of $126.6 million. This working capital deficit included approximately $255.3 million related to scheduled maturities and repayments of debt in the next 12 months. Based on Teekay Tankers' liquidity as at the date these consolidated financial statements were issued, including the liquidity generated from the sale of one tanker in February 2022, the completion of the sale-leaseback of eight vessels in March 2022 and the expected sale of two additional tankers during the second quarter of 2022 (see Note 24), as well as from the expected cash flows from the Company's 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 consolidated financial statements. Based on the Company’s liquidity at the date these consolidated financial statements were issued, the cash proceeds from the sale of the Teekay Gas Business (less amount paid to redeem the 2022 Notes and to repurchase in the tender offer the Convertible Notes) 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 consolidated financial statements. b) 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. During 2021, Teekay Tankers completed the repurchase of eight vessels from one Lessor. In April 2021, Teekay Tankers was served with a claim from the counterparty of the bareboat charters relating to these vessels, for reimbursement of breakage costs in respect of interest rate swaps that were entered into by the counterparty at the time of the original transaction in connection with the counterparty's then-underlying financing. Teekay Tankers filed a defense to this claim in June 2021, rejecting the claim that Teekay Tankers is responsible for paying these breakage cost reimbursements under the terms of the bareboat charters. As of December 31, 2021, the amount of breakage costs being claimed was $7.3 million. No loss provision in respect of this claim has been made by Teekay Tankers based on its assessment of the merits of the claim. c) Other The Company enters into indemnification agreements with certain officers and directors. In addition, the Company enters into other indemnification agreements in the ordinary course of business. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains what it believes is appropriate liability insurance that reduces its exposure and enables the Company to recover future amounts paid up to the maximum amount of the insurance coverage, less any deductible amounts pursuant to the terms of the respective policies, the amounts of which are not considered material. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 17. Supplemental Cash Flow Information a) Total cash, cash equivalents, restricted cash, and cash and restricted cash held for sale are as follows: December 31, 2021 December 31, 2020 December 31, 2019 $ $ $ Cash and cash equivalents 108,977 128,743 176,067 Restricted cash – current 2,227 2,786 3,088 Restricted cash – non-current 3,135 3,135 5,466 Current assets - discontinued operations - cash 101,190 220,042 177,174 Current assets - discontinued operations - restricted cash 11,888 8,358 53,689 Non-current assets - discontinued operations - restricted cash 38,103 42,826 39,383 Assets held for sale - cash — — 1,121 Assets held for sale - restricted cash — — 337 265,520 405,890 456,325 Excluding the Teekay Gas Business, the Company maintains or maintained, restricted cash deposits relating to certain freight forward agreements (see Note 15), for certain contracts related to the ship-to-ship transfer business and for the LNG terminal management business, prior to its sale in April 2020 (see Note 18). Attached to the LNG terminal management contracts were certain performance guarantees which were required to be issued by the Company and have now been terminated. The Company also maintains restricted cash deposits as required by the Company's obligations related to finance leases (see Note 10). b) The changes in operating assets and liabilities, excluding changes related to the Teekay Gas Business (see Note 23), for the years ended December 31, 2021, 2020 and 2019, are as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Accounts receivable 83,460 32,760 (44,995) Prepaid expenses and other 4,016 68,052 (107,060) Accounts payable (77,972) (6,365) 103,315 Accrued liabilities and other (44,525) (203) 40,699 Receipts from direct financing and sales-type leases (1) — 66,369 — Asset retirement obligation expenditures (1,419) (17,458) — Expenditures for drydocking (26,974) (24,655) (48,250) (63,414) 118,500 (56,291) (1) Included in the balance for the year ended December 31, 2020 is a payment received by the Company in April 2020 as part of the bareboat charter with BP for the Petrojarl Foinaven FPSO. See Note 2. c) Cash interest paid, including realized interest rate swap settlements, during the years ended December 31, 2021, 2020 and 2019, totaled $64.5 million, $82.9 million and $122.4 million, respectively. d) On May 11, 2020, Teekay Parent and Seapeak eliminated all of the Seapeak's incentive distribution rights, which were held by Seapeak's general partner, in exchange for the issuance to a subsidiary of Teekay Corporation of newly-issued common units of Seapeak. This transaction was treated as a non-cash transaction in the Company's consolidated statements of cash flows. e) On March 27, 2020, Teekay Parent sold Golar-Nor to Altera (see Note 9). Among the assets and liabilities of Golar-Nor that were deconsolidated concurrently with the sale were Golar-Nor's operating lease right-of-use assets and operating lease liabilities relating to the Petroatlantic and Petronordic shuttle tankers totaling $50.7 million and $50.7 million, respectively. f) During the years ended December 31, 2021, December 31, 2020 and December 31, 2019, the Company entered into new or extended operating leases, primarily for in-chartered vessels, which resulted in the recognition of additional operating lease right-of-use assets and operating lease liabilities of $16.4 million, $0.8 million and $47.7 million, respectively. g) The associated sale of the Toledo Spirit Suezmax tanker by its owner during the year ended December 31, 2019, resulted in the vessel being returned to its owner with the obligations related to finance lease being concurrently extinguished. As a result, the sale of the vessel and the concurrent extinguishment of the corresponding obligation related to finance lease of $23.6 million for the year ended December 31, 2019, was treated as a non-cash transaction in the Company's consolidated statements of cash flows and is included in net operating cash flows related to discontinued operations. h) As at December 31, 2018, Seapeak had advanced $79.1 million to the Bahrain LNG Joint Venture and these advances were repayable on November 14, 2019. On the repayment date, Seapeak agreed to convert $7.9 million of advances into equity and agreed to convert the remaining advances of $71.2 million into a subordinated loan at an interest rate of 6% with no fixed repayment terms. Both of these transactions were treated as non-cash transactions in the Company's consolidated statements of cash flows for the year ended December 31, 2019 and are included in net operating cash flows related to discontinued operations. |
Write-down and loss on sale of
Write-down and loss on sale of vessels | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Asset Impairment Charges | 18. (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 shows the (write-downs) and gains (losses) on sale of assets for the years ended December 31, 2021, 2020, and 2019: (Write-down) and Gain (Loss) on Sale of Assets Year Ended December 31, Segment Asset Type Completion of Sale Date 2021 2020 2019 Teekay Parent Segment – Offshore Production (1) 2 FPSO units N/A — (70,693) (175,000) Teekay Parent Segment - Offshore Production (2) 1 FPSO unit N/A — — (3,330) Teekay Parent Segment - Other (3) Operating lease right-of-use asset N/A — (9,100) — Teekay Tankers Segment - Conventional Tankers (4)(5) 4 Suezmaxes N/A (66,916) — — Teekay Tankers Segment - Conventional Tankers (4) 3 LR2 Tankers N/A (18,381) — — Teekay Tankers Segment - Conventional Tankers (4) (6) 2 Aframaxes N/A (4,314) (4,936) — Teekay Tankers Segment – Conventional Tankers (6) 4 Aframaxes N/A — (25,869) — Teekay Tankers Segment – Conventional Tankers (6)(7) 2 Aframaxes Feb-2021 — (22,579) — Teekay Tankers Segment - Conventional Tankers (6)(8) 2 Aframaxes Sep/Nov-2021 (2,042) (13,634) — Teekay Tankers Segment – Conventional Tankers (9) (9) Apr-2020 — 3,081 — Teekay Tankers Segment – Conventional Tankers 3 Suezmaxes Feb/Mar-2020 — (2,627) — Teekay Tankers Segment – Conventional Tankers 3 Suezmaxes Dec-2019/Feb-2020 — — (5,544) Teekay Tankers Segment – Conventional Tankers Operating lease right-of-use assets N/A (715) (2,881) — Total (92,368) (149,238) (183,874) (1) During the years ended December 31, 2020 and December 31, 2019, Teekay Parent recognized impairment charges 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 unit 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) On March 27, 2020, the Company entered into a bareboat charter agreement for the Petrojarl Foinaven FPSO unit, which was accounted for as a sales-type lease and resulted in the recognition of a gain of $44.9 million during the year ended December 31, 2020. See Note 2. (3) During the year ended December 31, 2020, the Company made changes to its expected cash flows from the Suksan Salamander FSO unit, which it in-chartered from Altera under an operating lease, to take into account progress relating to the early termination of the in-charter and the novation of the charter contracts with the customer to Altera. The novation of the charter contracts was completed in the first quarter of 2021 and the in-charter terminated at the same time. The ROU asset was written down to its estimated fair value, using a discounted cash flow approach. (4) During the year ended December 31, 2021, Teekay Tankers wrote down the carrying values of three Suezmax tankers, three LR2 tankers and one Aframax tanker by $85.0 million 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. In March 2022, Teekay Tankers agreed to the sale of one Aframax tanker for a sales price of $15.0 million (see Note 24). The vessel is expected to be delivered to its new owner in April 2022 and therefore, the vessel and its bunker and lube oil inventory are classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021. During the year ended December 31, 2021, the vessel was written down to its estimated sales price less estimated selling costs. (5) In January 2022, Teekay Tankers agreed to the sale of one Suezmax tanker for a sales price of $15.5 million (see Note 24). The vessel was delivered to its new owner in February 2022 and therefore, the vessel and its bunker and lube oil inventory are classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021. During the year ended December 31, 2021, the vessel was written down to its agreed sales price less selling costs. (6) During the year ended December 31, 2020, Teekay Tankers wrote down the carrying values of nine Aframax tankers 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 of charter rates as a result of the current economic environment, which had been impacted by the COVID-19 global pandemic. Teekay Tankers recorded a write-down of $65.4 million related to these vessels. In January 2022, Teekay Tankers agreed to the sale of one of the previously written-down Aframax vessels for a price of $13.1 million (see Note 24). The vessel is expected to be delivered to its new owner in April 2022 and therefore, the vessel and its bunker and lube oil inventory are classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021. (7) During the year ended December 31, 2021, Teekay Tankers agreed to the sale of two Aframax tankers for an aggregate sales price of $32.0 million. The vessels were delivered to their new owners in March 2021 and both vessels and their related bunkers and lube oil inventory were classified as held for sale on the Company's consolidated balance sheet as at December 31, 2020. The vessels were written down to their agreed sales price less selling costs. (8) During the year ended December 31, 2021, Teekay Tankers sold two Aframax tankers recognizing a gain on sale of $0.5 million. These vessels were delivered to their new owners in September and November 2021. During the year ended December 31, 2021, the two tankers were written down to their estimated sales price less estimated selling costs. (9) On April 30, 2020, Teekay Tankers completed the sale of the non-US portion of its ship-to-ship support services business as well as its LNG terminal management business for proceeds of $27.1 million, including an adjustment of $1.1 million for the final amounts of cash and other working capital present on the closing date. See Note 3 – Segment Reporting for the (write-downs) and gains (losses) on sale of assets, by segment for 2021, 2020 and 2019. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 19. Net Income (Loss) Per Share Year Ended December 31, 2021 2020 2019 Net income (loss) attributable to the shareholders of Teekay: - Continuing operations - basic and diluted (102,671) (129,749) (372,561) - Discontinued operations - basic and diluted 110,477 46,816 61,984 7,806 (82,933) (310,577) Weighted average number of common shares (1) 102,148,629 101,053,095 100,719,224 Common stock and common stock equivalents 102,148,629 101,053,095 100,719,224 Net income (loss) per common share - Continuing operations - basic and diluted (1.01) (1.28) (3.70) - Discontinued operations - basic and diluted 1.08 0.46 0.62 - Basic and diluted 0.08 (0.82) (3.08) (1) 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 8) 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 1). 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. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 20. Restructuring Charges During 2021, the Company recorded restructuring charges of $1.8 million (2020 – $10.7 million, 2019 – $8.4 million). The restructuring charges in 2021 primarily related to costs associated with the expected termination of contract for the Sevan Hummingbird FPSO. The restructuring charges in 2020 primarily related to the cessation of production of the Petrojarl Banff FPSO unit in June 2020, and the restructuring of the Company's tanker services and operations. In addition, the restructuring charges for the year ended December 31, 2020 also related to severance costs resulting from the termination of the management contract for a FSO unit based in Australia (the severance costs were partially recoverable from the customer and the recovery was presented in revenue), and severance costs resulting from the reorganization and realignment of resources of the Company's shared service function of which a portion of the costs were recovered from the customer, Altera (see Note 13), and the recovery was presented in revenue. The restructuring charges in 2019 primarily related to severance costs resulting from the termination of certain management contracts in Teekay Parent of which these costs were fully recovered from the customer, and the recovery is presented in revenue and severance costs resulting from the reorganization and realignment of resources of the Company's shared service function. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 21. Income Tax Recovery (Expense) Teekay and a majority of its subsidiaries are not subject to income tax in the jurisdictions in which they are incorporated because they do not conduct business or operate in those jurisdictions. However, among others, the Company’s Australian, U.K. and Norwegian subsidiaries are subject to income taxes. The significant components of the Company’s deferred tax assets and liabilities from continuing operations are as follows: December 31, December 31, Deferred tax assets: Vessels and equipment 15,653 17,707 Tax losses carried forward and disallowed finance costs (1) 96,008 108,869 Other 4,084 13,779 Total deferred tax assets 115,745 140,355 Deferred tax liabilities: Other 6,054 18,596 Total deferred tax liabilities 6,054 18,596 Net deferred tax assets 109,691 121,759 Valuation allowance (106,949) (118,861) Net deferred tax assets 2,742 2,898 (1) Substantially all of the Company's estimated net operating loss carryforwards of $470.5 million relate primarily to its U.K. and Norwegian subsidiaries and, to a lesser extent, to its Australian subsidiaries. The Company had estimated disallowed finance costs in Norway of approximately $15.0 million at December 31, 2021, which are available 10 years from the year the costs are incurred for offset against future taxable income in Norway. Deferred tax balances are presented in other non-current assets in the accompanying consolidated balance sheets. The components of the provision for income tax recovery (expense) are as follows: Year Ended Year Ended Year Ended Current 4,082 (6,756) (18,581) Deferred 881 1,197 735 Income tax recovery (expense) 4,963 (5,559) (17,846) The Company operates in countries that have differing tax laws and rates. Consequently, a consolidated weighted average tax rate will vary from year-to-year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended Year Ended Year Ended Net loss before taxes (282,426) (18,745) (306,861) Net loss not subject to taxes (336,040) (9,912) (269,677) Net income (loss) subject to taxes 53,614 (8,833) (37,184) At applicable statutory tax rates 12,476 (1,411) (6,547) Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions (13,870) 4,947 24,368 Other (3,569) 2,023 25 Tax (recovery) expense related to the year (4,963) 5,559 17,846 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 consolidated balance sheets: Year Ended Year Ended Year Ended Balance of unrecognized tax benefits as at January 1 51,562 53,665 36,816 Increases for positions related to the current year 3,749 14,264 3,893 Increases for positions related to prior years 4,801 10,704 16,627 Decreases for positions related to prior years — (15,941) (588) Settlements with tax authority — (8,714) — Decreases related to statute of limitations (12,753) (2,910) (2,546) Foreign exchange (gain) loss (403) 494 (537) Balance of unrecognized tax benefits as at December 31 46,956 51,562 53,665 Included in the Company's current income tax recovery (expense) are provisions for uncertain tax positions relating to freight taxes. Freight taxes recognized for positions related to the current year will vary between years based upon changes in the trading patterns of the Company's vessels. Interest and penalties related to freight taxes during the years ended December 31, 2021, 2020 and 2019 are included in the table above, and were approximately $6.2 million, $13.4 million and $8.6 million, respectively. As at December 31, 2021, 2020, and 2019, total interest and penalties recognized were $26.7 million, $29.2 million and $26.1 million respectively. In 2020, the Company obtained further advice regarding freight taxes in a certain jurisdiction due to the uncertainty surrounding a recent tax law change and the limited transparency into the actions of the tax authority in this jurisdiction. Based on this new information and other considerations related to the future application of the tax law to past periods, the Company increased its uncertain tax liabilities for this jurisdiction for periods prior to 2020 by $7.6 million. In addition, in 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 $15.4 million to $8.6 million, of which $7.9 million was paid in August 2020 and $0.9 million was paid in June 2021, with respect to open tax years up to and including 2020. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions in which vessel trading activity occurs. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include legal advice as to applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. |
Equity-accounted Investments
Equity-accounted Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity-accounted Investments | 22. Equity-accounted Investments Teekay Tankers has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong ), whereby Teekay Tankers has a 50% economic interest in the High-Q joint venture, which is jointly controlled by Teekay Tankers and Wah Kwong. The High-Q joint venture owns one 2013-built VLCC, which trades on spot voyage charters in a pool managed by a third party. As at December 31, 2021, the High-Q joint venture had a loan outstanding with a financial institution with a balance of $28.1 million (2020 - $25.7 million). The loan is secured by a first-priority mortgage on the VLCC owned by the High-Q joint venture and 50% of the outstanding loan balance is guaranteed by Teekay Tankers. During the year ended December 31, 2021, Teekay Tankers recognized an other-than-temporary decline in the carrying value of its investment in the High-Q joint venture, primarily due to a decline in the value of the VLCC as a result of the current tanker market to which the COVID-19 global pandemic has been a contributing factor resulting in low oil demand. The investment was written-down by $11.6 million to its estimated fair value, which has been recognized in equity (loss) income in the consolidated statements of (loss) income for the year ended December 31, 2021. For the year ended December 31, 2021, Teekay Tankers recorded equity (loss) income of ($14.1) million (2020 - $5.1 million and 2019 – $2.3 million), which comprises its share of net (loss) income from the High-Q joint venture, as well as the impairment recognized in 2021. As at December 31, 2021 and 2020, Teekay Tankers had a total investment in and advance to its equity-accounted joint venture of $13.0 million and $28.6 million, respectively (see Note 11). On May 8, 2019, Teekay sold to Brookfield all of the Company's remaining interests in Altera, which included the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Altera for total cash proceeds of $100 million. Prior to the sale in May 2019, Teekay included the results of Altera as an equity-accounted investment in its financial results. The Company wrote-down the investment in Altera by $64.9 million and recognized a loss on sale of $8.9 million which are included in equity loss on the consolidated statements of (loss) income for the year ended December 31, 2019. |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | 23. Discontinued Operations On October 4, 2021, the Company entered into agreements to sell its general partner interest in Teekay LNG Partners (now known as Seapeak LLC), all of its common units in Teekay LNG Partners and certain subsidiaries which collectively contain the shore-based management operations of the Teekay Gas Business. These transactions closed on January 13, 2022 (see Note 24). All revenues and expenses of the Teekay Gas Business prior to the sale and for the periods covered by the consolidated statements of (loss) income in these consolidated financial statements have been aggregated and separately presented as a single component of net income (loss) called "income from discontinued operations". Revenues and expenses of the Teekay Gas Business have been determined as follows: • Revenues and expenses of the Teekay Gas Business consist of all direct revenue and expenses that are clearly identifiable as solely for the benefit of the Teekay Gas Business and will not be recognized on an ongoing basis by the Company following completion of the sale of the Teekay Gas Business. As such, costs previously incurred by the Company for the benefit of both the Teekay Gas Business and the continuing operations of the Company (or Shared Costs ) remain in the Company’s continuing operations, including the Teekay Gas Business’s proportionate share of such costs. The Company’s Shared Costs primarily relate to costs incurred to provide certain corporate services and ship management services for the benefit of both the Teekay Gas Business and the continuing operations of the Company. Prior to or shortly after the closing of the sale of the Teekay Gas Business, the Company will undergo an internal reorganization which will result in two existing subsidiaries and two new subsidiaries of the Company collectively containing all the shore-based management operations for Seapeak and certain of Seapeak’s joint ventures. A substantial majority of the Company’s corporate Shared Costs are reflected in general and administrative expenses. As a result of the Company’s historical practice of using a shared service operation for its different businesses and the allocation method explained above for such costs, general and administrative expenses presented within continuing operations and general and administrative expenses presented within discontinued operations will not represent what these costs would have been had the Company operated the Teekay Gas Business on a standalone basis and will not represent an existing cost run-rate, as adjusted for the completion of this transaction. • Interest expense of the Teekay Gas Business consists of interest expense and amortization of discounts, premiums, and debt issuance costs related to long-term debt and obligations related to finance leases of Seapeak that will be assumed by the acquiror thereof as well as Teekay Parent’s revolving credit facility that was required to be terminated as a result of the proposed sale of the Teekay Gas Business. The consolidated balance sheets as at December 31, 2021 and December 31, 2020 reflect the aggregation and separate presentation of all current assets, non-current assets, current liabilities and non-current liabilities of the Teekay Gas Business. The assets and liabilities of the Teekay Gas Business and the Company’s continuing operations exclude any intercorporate amounts owing in order to reflect the discontinuance of services between the Company and the Teekay Gas Business following a transition period. The following table contains the major components of income from discontinued operations of the Teekay Gas Business for the periods presented: Year Ended December 31, 2021 2020 2019 Revenues 680,589 669,417 670,346 Voyage expenses (28,190) (17,394) (21,387) Vessel operating expenses (200,917) (188,251) (177,141) Time-charter hire expenses (23,487) (23,564) (19,994) Depreciation and amortization (130,810) (129,752) (136,765) General and administrative expenses (24,196) (15,075) (11,714) (Write-down) and gain on sale of vessels — (51,000) 13,564 Restructuring charges (3,223) — (3,690) Income from vessel operations 269,766 244,381 313,219 Interest expense (122,561) (136,572) (167,661) Interest income 5,945 6,903 4,400 Realized and unrealized gains (losses) on non-designated derivative instruments 8,524 (33,334) (13,361) Equity income 115,399 72,233 58,819 Foreign exchange gain (loss) 7,344 (18,373) (10,051) Other loss (3,566) (16,523) (2,008) Income from discontinued operations before income taxes 280,851 118,715 183,357 Income tax expense (6,756) (3,429) (7,636) Income from discontinued operations 274,095 115,286 175,721 As at December 31, 2021 and December 31, 2020, the major classes of the Teekay Gas Business’s assets and liabilities that are components of current assets – discontinued operations, non-current assets – discontinued operations, current liabilities – discontinued operations and non-current liabilities – discontinued operations, were as follows: As at December 31, 2021 2020 ASSETS Cash and cash equivalents 101,190 220,042 Other current assets 264,537 60,999 Vessels and equipment 2,831,530 — Net investment in direct financing and sales-type leases, net 480,508 — Investment in and loans, net to equity-accounted investments 1,126,674 — Current assets – discontinued operations 4,804,439 281,041 Vessels and equipment — 2,895,919 Net investment in direct financing and sales-type leases, net – non-current — 500,101 Investment in and loans, net to equity-accounted investments — 1,047,091 Other non-current assets — 142,223 Non-current assets – discontinued operations — 4,585,334 Total assets – discontinued operations 4,804,439 4,866,375 LIABILITIES Current portion of long-term debt 1,379,642 250,508 Current obligations related to finance leases 1,268,990 71,932 Other current liabilities 228,997 209,301 Current liabilities – discontinued operations 2,877,629 531,741 Long-term debt — 1,221,705 Long-term obligations related to finance leases — 1,268,990 Other long-term liabilities — 95,779 Non-current liabilities – discontinued operations — 2,586,474 Total liabilities – discontinued operations 2,877,629 3,118,215 A condensed summary of the financial information for certain equity-accounted investments (20% to 52%-owned) shown on a 100% basis (excluding the impact from purchase price adjustments arising from the acquisition of joint ventures), included in discontinued operations, are as follows: As at December 31, 2021 2020 Cash and restricted cash 460,342 400,816 Other assets – current 208,029 180,673 Vessels and equipment, including vessels related to finance leases and advances on newbuilding contracts 1,825,562 1,912,776 Net investment in direct financing leases 5,103,376 5,237,791 Other assets – non-current 255,270 216,331 Current portion of long-term debt and obligations related to finance leases 611,180 582,767 Other liabilities – current 250,753 232,466 Long-term debt and obligations related to finance leases 4,551,612 4,853,791 Other liabilities – non-current 220,454 350,057 Year Ended December 31, 2021 2020 2019 Revenues 990,703 1,008,112 766,618 Income from vessel operations 572,985 584,685 400,326 Realized and unrealized gain (loss) on non-designated derivative instruments 26,743 (94,760) (40,915) Net income 342,068 152,144 130,314 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events a) On October 4, 2021, Teekay LNG Partners (now known as Seapeak LLC), Teekay LNG Partners' 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 ), which closed on January 13, 2022. As part of the Merger and related transactions, Teekay sold all of its ownership interest in Teekay LNG Partners, including approximately 36.0 million Teekay LNG Partners common units, and Teekay GP (equivalent to approximately 1.6 million Teekay LNG Partners common units), for $17.00 per common unit or common unit equivalent in cash. As consideration, Teekay received total gross cash proceeds of approximately $641 million. Furthermore, on January 13, 2022, Teekay transferred certain management services companies to Teekay LNG Partners that provide, through existing services agreements, comprehensive managerial, operational and administrative services to Teekay LNG Partners, its subsidiaries and certain of its joint ventures. Due to negative working capital in these subsidiaries on the date of purchase, Teekay paid Teekay LNG Partners $4.9 million to assume ownership of them. Concurrent with the closing of these transactions, the Company and Teekay LNG Partners entered into a transition services agreement whereby each party will provide certain services, consisting primarily of corporate services that were previously shared by the entire organization, to the other party for a period of months following closing to allow for the orderly separation of these functions into two standalone operations. b) In mid-December 2021, Teekay elected to redeem all of the 2022 Notes under the related indenture at 102.313% of the principal amount. As of January 12, 2022, Teekay had $243.4 million total aggregate principal amount of the 2022 Notes outstanding. The redemption was completed on January 14, 2022. In addition, on January 10, 2022, Teekay announced a cash tender offer for any and all of its outstanding Convertible Notes at 102.0% percent of the principal amount. As of January 12, 2022, Teekay had $112.2 million total aggregate principal amount of the Convertible Notes outstanding. The cash tender was completed in February 2022, with $85.0 million aggregate principal amount of the Convertible Notes, representing approximately 75.8% of the total outstanding as of December 31, 2021, validly tendered. In March 2022, Teekay repurchased an additional $3.8 million of the principal of the Convertible Notes. After the settlement in February 2022 and the repurchases in March 2022, approximately $23.4 million aggregate principal amount of the Convertible Notes remain outstanding. c) During the first quarter of 2022, Teekay Tankers entered into agreements to sell one Suezmax tanker and two Aframax tankers for a total price of $43.6 million. The vessels and related bunkers and lube oil inventory were classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021 (see Note 18). The Suezmax tanker was written down to its agreed sales price less selling costs, and one of the Aframax tankers was written down to its estimated sales price less estimated selling costs. The Suezmax tanker was delivered to its new owner in February 2022, and the Aframax tankers are expected to be delivered to their new owners in April 2022. d) In March 2022, Teekay Tankers completed a $177.3 million sale-leaseback financing transaction related to eight Suezmax tankers. Pursuant to this arrangement, Teekay Tankers transferred the vessels to subsidiaries of a financial institution and leased the vessels back on bareboat charters ranging from six to nine-year terms. Teekay Tankers has the option to repurchase any of the vessels, commencing at the end of the second year. These bareboat charters require that Teekay Tankers maintain a minimum liquidity consistent with Teekay Tankers' other vessels financed on similar arrangements (see Note 10) and, for each vessel, a minimum hull coverage ratio of 100% of the total outstanding principal balance. |
Schedule I Condensed Non-Consol
Schedule I Condensed Non-Consolidated Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I Condensed Non-Consolidated Financial Information of Registrant | SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS (NOTE 1) (in thousands of U.S. dollars) As at As at ASSETS Current Cash and cash equivalents 31,001 9,604 Accounts receivable 126 309 Prepaid expenses and other 192 57 Due from affiliates 90,803 166,219 Total current assets 122,122 176,189 Investments in and advances to subsidiaries (note 1) 724,016 635,060 Other assets — 9 Total assets 846,138 811,258 LIABILITIES AND EQUITY Current Accounts payable 2,149 16,170 Accrued liabilities 15,171 7,269 Due to affiliates 222,638 247,425 Current portion of long-term debt 239,807 — Other current liabilities 58 971 Total current liabilities 479,823 271,835 Long-term debt (note 2) 111,383 339,933 Other long-term liabilities 7,884 8,183 Total liabilities 599,090 619,951 Equity Common stock and additional paid-in capital 1,053,804 1,057,321 Accumulated deficit (806,756) (866,014) Total equity 247,048 191,307 Total liabilities and equity 846,138 811,258 The accompanying notes are an integral part of the condensed non-consolidated financial information. TEEKAY CORPORATION SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF INCOME (LOSS) (NOTE 1) (in thousands of U.S. dollars) Year Ended Year Ended Year Ended Operating expenses — — (412) General and administrative expenses (18,085) (16,659) (19,463) Loss from operations (18,085) (16,659) (19,875) Interest expense (33,320) (37,674) (46,243) Interest income 35 267 1,561 Impairments of investments and advances (note 1) — (123,753) (103,420) Dividend income (note 1) 121,253 58,563 62,100 Other (11,737) 20,572 (5,662) Net income (loss) before income taxes 58,146 (98,684) (111,539) Income tax recovery 1,112 790 7 Net income (loss) 59,258 (97,894) (111,532) The accompanying notes are an integral part of the condensed non-consolidated financial information. TEEKAY CORPORATION SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS (in thousands of U.S. dollars) Year Ended Year Ended Year Ended Cash and cash equivalents provided by (used for) OPERATING ACTIVITIES Net income (loss) 59,258 (97,894) (111,532) Non-cash and non-operating items: Unrealized gain on derivative instruments (913) (656) (270) Impairments of investments and advances — 123,753 103,420 Stock-based compensation 3,276 5,165 7,400 Dividends-in-kind (75,298) (31,763) (10,000) Other 4,610 7,925 19,153 Change in operating assets and liabilities 35,672 8,508 (15,314) Net operating cash flow 26,605 15,038 (7,143) FINANCING ACTIVITIES Proceeds from issuance of long-term debt, net of issuance costs — — 250,000 Prepayments of long-term debt — (18,249) — Scheduled repayments of long-term debt — (36,712) (480,851) Debt issuance costs — — (15,029) Advances from affiliates — — 227,157 Cash dividends paid — — (5,523) Other financing activities (459) (128) (637) Net financing cash flow (459) (55,089) (24,883) INVESTING ACTIVITIES Purchase of Teekay Tankers common shares (4,749) — — Net investing cash flow (4,749) — — Increase (decrease) in cash and cash equivalents 21,397 (40,051) (32,026) Cash and cash equivalents, beginning of the year 9,604 49,655 81,681 Cash and cash equivalents, end of the year 31,001 9,604 49,655 Supplemental cash flow information ( note 3 ) The accompanying notes are an integral part of the condensed non-consolidated financial information. 1. Summary of Significant Accounting Policies Basis of presentation The accompanying condensed non-consolidated financial information is required by SEC Regulation S-X 5-04 for Teekay Corporation (or Teekay ), which requires the inclusion of financial information for Teekay on a stand-alone basis if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. The restricted net assets of consolidated subsidiaries was $271.0 million, or 53% of total consolidated net assets, as at December 31, 2021. Teekay’s investments in subsidiaries are presented in this financial information under the cost method of accounting, whereby Teekay’s investment in subsidiaries is measured initially at cost. Under the cost method of accounting for investments in common stock, dividends are the basis for recognition of earnings from an investment. Under this method, an investor recognizes as income dividends received that are distributed from net accumulated earnings of the investee since the date of acquisition by the investor. The net accumulated earnings of an investee subsequent to the date of investment are recognized by the investor only to the extent distributed by the investee as dividends. Dividends received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions of cost of the investment. Teekay received dividends from its subsidiaries of $121.3 million (2021), $58.6 million (2020) and $62.1 million (2019). Teekay recognizes an impairment loss on its investments in its subsidiaries when the fair value of its investments is lower than the carrying value. The fair value of Teekay's investments in its subsidiaries is primarily influenced by the publicly-traded unit price of Seapeak's common units (prior to Teekay's sale of all its interests in Seapeak on January 13, 2022), and the share price of Teekay Tankers' common shares, as of the respective balance sheet dates. A substantial amount of Teekay’s operating, investing and financing activities are conducted by its affiliates and not reflected in this financial information. The condensed non-consolidated financial information should be read in conjunction with Teekay’s consolidated financial statements. 2. Long-term debt December 31, 2021 December 31, 2020 Senior Notes (9.25%) due November 2022 243,395 243,395 Convertible Senior Notes (5%) due January 2023 112,184 112,184 Total principal 355,579 355,579 Less unamortized discount and debt issuance costs (4,389) (15,646) Total debt 351,190 339,933 Less current portion (239,807) — Long-term portion 111,383 339,933 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 the Company's subsidiaries and are secured by first-priority liens on one of Teekay's FPSO units, a pledge of the equity interests in Teekay's subsidiary that owned all of Teekay's common units of Seapeak 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'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, the Company repurchased $6.6 million of the principal of the 2022 Notes in the open market for total consideration of $6.2 million. Subsequent to December 31, 2021, the Company redeemed the 2022 Notes in full. On January 26, 2018, the Company 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 ). 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. During 2020, the Company repurchased $12.8 million of the principal of the Convertible Notes for total consideration of $10.5 million. As of December 31, 2021 and as of January 1, 2021, upon adoption of 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) (see "Item 18 – Financial Statements: Note 1 – Summary of Significant Accounting Policies"), the outstanding principal value of the Convertible Notes was $112.2 million. As of December 31, 2021, and January 1, 2021, the net carrying amount of the Convertible Notes was $111.4 million and $110.6 million, respectively, which reflected unamortized debt issuance costs of $0.8 million and $1.6 million, respectively. The estimated fair value of the Convertible Notes was $111.4 million and $101.6 million, as of December 31, 2021, and January 1, 2021, respectively. For the year ended December 31, 2021, total interest expense for the Convertible Notes was $6.4 million, with coupon interest expense of $5.6 million and amortization of debt issuance costs of $0.8 million. Subsequent to December 31, 2021, the Company announced that it had commenced a cash tender offer to purchase any and all of the Convertible Notes. The cash tender was completed in February 2022, with $85.0 million aggregate principal amount of the Convertible Notes, representing approximately 75.8% of the total outstanding as of December 31, 2021, validly tendered. In March 2022, Teekay repurchased an additional $3.8 million of the principal of the Convertible Notes. After the settlement in February 2022 and the repurchases in March 2022, $23.4 million aggregate principal amount of the Convertible Notes remained outstanding. 3. Supplemental Cash Flow Information |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). They include the accounts of Teekay Corporation (or Teekay ), which is incorporated under the laws of the Republic of the Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which Teekay is the primary beneficiary (collectively, the Company ). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. Certain of Teekay’s significant non-wholly-owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the following publicly traded subsidiaries: Teekay LNG Partners L.P. (or Teekay LNG Partners ) (now known as Seapeak LLC (or Seapeak )) and Teekay Tankers Ltd. (or Teekay Tankers ). As of December 31, 2021, Teekay owned a 42.4% interest in Seapeak (2020 – 42.4%), including common units and its general partner interest, and 29.8% of the capital stock of Teekay Tankers (2020 – 28.6%), including Teekay Tankers’ outstanding shares of Class B common stock, which entitle the holders to five votes per share, subject to a 49% aggregate Class B Common Stock voting power maximum. Teekay maintains control of Teekay Tankers through its ownership of a sufficient number of Class A common shares and Class B common shares, which provide increased voting rights, to maintain a majority voting interest in Teekay Tankers and thus consolidates this subsidiary. Prior to January 13, 2022 (see below), Teekay maintained control of Teekay LNG Partners by virtue of its 100% ownership interest in the general partner of Teekay LNG Partners, which was a publicly-traded partnership. Effective on February 25, 2022, Teekay LNG Partners L.P. converted from a limited partnership formed under the laws of the Republic of the Marshall Islands into a limited liability company formed under the laws of the Republic of the Marshall Islands, and changed its name from “Teekay LNG Partners L.P.” to “Seapeak LLC”. On October 4, 2021, Teekay LNG Partners (now known as Seapeak LLC) and Stonepeak, together with affiliates, entered into an agreement and plan of merger pursuant to which Stonepeak would acquire Teekay LNG Partners. In connection with the merger, the Company agreed to sell its general partner interest in Teekay LNG Partners, all of its common units in Teekay LNG Partners and certain subsidiaries which collectively contain the shore-based management operations of Teekay LNG Partners and certain of Teekay LNG Partners’ joint ventures (collectively the Teekay Gas Business ). The transactions closed on January 13, 2022 (see Note 24). The presentation of certain information in these consolidated financial statements reflects that the Teekay Gas Business is a discontinued operation of the Company. See Note 23 – Discontinued Operations for further information. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19 ) 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 to an increase in certain crewing-related costs, which has had an impact on the Company's cash flows. During the year ended December 31, 2021, excluding vessels held by the Teekay Gas Business (see Note 23), COVID-19 was a contributing factor to the write-down of certain tankers of Teekay Tankers (2020 - certain tankers of Teekay Tankers and one floating production storage and offloading (or FPSO ) unit of Teekay Parent), as described in Note 18 - (Write-down) and Gain (Loss) on Sale of Assets. COVID-19 was also a contributing factor to the reduction in certain tax accruals during the year ended December 31, 2020, as described in Note 21 - Income Tax Recovery (Expense). |
Non-Controlling Interests | Where Teekay’s ownership interest in a consolidated subsidiary is less than 100%, the non-controlling interests’ share of these non-wholly-owned subsidiaries is reported in the Company’s consolidated balance sheets as a separate component of equity. The non-controlling interests’ share of the net income of these non-wholly-owned subsidiaries is reported in the Company’s consolidated statements of (loss) income as a deduction from the Company’s net (loss) income to arrive at net income (loss) attributable to the shareholders of Teekay. The basis for attributing net income or loss of each non-wholly-owned subsidiary to the controlling interest and the non-controlling interests (with the exception of Seapeak until May 11, 2020, when Teekay and Seapeak agreed to eliminate all of Seapeak's incentive distribution rights) is based on the relative ownership interests of the non-controlling interests compared to the controlling interest (Teekay), which is consistent with how dividends and distributions were paid or were payable for these non-wholly-owned subsidiaries. In periods when vessels are sold by Seapeak or Teekay Tankers that were previously purchased from wholly-owned subsidiaries of Teekay, the amount of the gain or loss from sale allocated to the controlling interest and non-controlling interest is adjusted to reflect the non-controlling interest’s share of the deferred gain or loss that was incurred when Teekay previously sold these vessels from its wholly-owned subsidiaries to its non-wholly-owned subsidiaries Seapeak or Teekay Tankers. As reflected in the table below, during 2019, such vessel sales by Seapeak resulted in a (decrease) increase in net income (loss) of Seapeak attributable to the non-controlling interest (controlling interest) by ($7.5) million. Also reflected in the table below, during 2019, 2020 and 2021, such vessel sales by Teekay Tankers resulted in increases (decreases) in net income (loss) of Teekay Tankers attributable to the non-controlling interest (controlling interest) by $18.4 million, $43.2 million and ($1.8) million, respectively. Prior to its conversion to a limited liability company in February 2022, Seapeak had limited partners and a general partner. Seapeak's general partner was wholly-owned by Teekay until January 13, 2022. Seapeak's limited partners held common units and preferred units. For each quarterly period, the method of attributing Seapeak’s net income (loss) of that period to the non-controlling interests of Seapeak begins by attributing net income (loss) of Seapeak to the non-controlling interests which hold 100% of the preferred units of Seapeak based on the amount of preferred unit distributions declared for the quarterly period. Until May 11, 2020, when Teekay and Seapeak agreed to eliminate all of Seapeak's incentive distribution rights, the remaining net income (loss) to be attributed to the controlling interest and the non-controlling interests of Seapeak was then divided into two components. The first component consisted of the cash distribution that Seapeak would declare and pay to limited and general partners for that quarterly period (or the Distributed Earnings ). The second component consisted of the difference between (a) the net income (loss) of Seapeak that was available to be allocated to the common unitholders and the general partner and (b) the amount of the first component cash distribution (or the Undistributed Earnings ). The portion of the Distributed Earnings that was allocated to the non-controlling interests was the amount of the cash distribution that Seapeak would declare and pay to the non-controlling interests for that quarterly period. The portion of the Undistributed Earnings that was allocated to the non-controlling interests was based on the relative ownership percentages of the non-controlling interests of Seapeak compared to the controlling interest. The controlling interests included both limited partner common units and the general partner interest. The total net income (loss) of Teekay’s consolidated partially-owned entities and the attribution of that net income (loss) to controlling and non-controlling interests is as follows: Net (loss) income attributable to non-controlling interests Controlling Interest Net income (loss) of consolidated partially-owned entities (1) Non-public partially-owned subsidiaries Preferred unit-holders Distri- buted Earnings Undistri- buted Earnings (Loss) Total Non-Controlling Interest Distri- buted Earnings Undistri- buted Earnings (Loss) Total Controlling Interest (Teekay) Seapeak (2) 12,900 25,702 — 125,016 163,618 — 91,930 91,930 255,548 Teekay Tankers — — — (174,787) (174,787) — (67,585) (67,585) (242,372) Other entities and eliminations — — — — (5) For the Year Ended December 31, 2021 12,900 25,702 — (49,771) (11,174) Seapeak (2) 9,955 25,702 — 32,816 68,473 — 28,839 28,839 97,312 Teekay Tankers — — — 105,455 105,455 — (18,138) (18,138) 87,317 Other entities and eliminations — — — — (13) For the Year End December 31, 2020 9,955 25,702 — 138,271 173,915 Seapeak (2) 11,814 25,702 40,138 36,007 113,661 20,368 30,575 50,943 164,604 Teekay Tankers — — — 47,887 47,887 — (6,525) (6,525) 41,362 Other entities and eliminations — — — — 43 For the Year Ended December 31, 2019 11,814 25,702 40,138 83,894 161,591 (1) Includes earnings attributable to common and preferred shares. (2) Seapeak forms part of discontinued operations as at December 31, 2021. When Teekay’s non-wholly-owned subsidiaries declare dividends or distributions to their owners or require all of their owners to contribute capital to the non-wholly-owned subsidiaries, such amounts are paid to, or received from, each of the owners of the non-wholly-owned subsidiaries based on the relative ownership interests in the non-wholly-owned subsidiary. As such, any dividends or distributions paid to, or capital contributions received from, the non-controlling interests are reflected as a reduction (dividends or distributions) or an increase (capital contributions) in non-controlling interest in the Company’s consolidated balance sheets. When Teekay’s non-wholly-owned subsidiaries issue additional equity interests to non-controlling interests, Teekay is effectively selling a portion of the non-wholly-owned subsidiaries. Consequently, the proceeds received by the subsidiaries from their issuance of additional equity interests are allocated between non-controlling interests and retained earnings in the Company’s consolidated balance sheets. The portion allocated to non-controlling interests on the Company’s consolidated balance sheets consists of the carrying value of the portion of the non-wholly-owned subsidiary that is effectively disposed of, with the remaining amount attributable to the controlling interests, which consists of the Company’s dilution gain or loss that is reflected in retained earnings. |
Foreign currency | Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in foreign exchange loss in the accompanying consolidated statements of (loss) income. |
Revenues | Revenues The Company's FPSO contracts, time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected not to separate the non-lease component from the lease component for all such charters where the lease component is classified as an operating lease and certain other required criteria are met, and to account for the combined component as an operating lease. Time-charter contracts accounted for as direct financing leases and sales type leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. FPSO contracts and time charters Revenues from FPSO contracts and time charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the contract. If collectability of the receipts from these contracts accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of an FPSO contract or time charter accounted for as a sales-type lease or direct financing lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, the lease element of time charter hire receipts is allocated to the lease receivable and revenues over the term of the lease using the effective interest rate method. The non-lease element of receipts is recognized by the Company on a straight-line basis daily over the term of the contract. Drydock cost reimbursements allocable to the non-lease element of a time-charter are recognized on a straight-line basis over the period between the previous scheduled dry dock and the next scheduled dry dock. In addition, if collectability of non-lease receipts of payments from a customer is not probable, any such receipts are recognized as a liability unless the receipts are non-refundable and either the contract has been terminated or the Company has no remaining performance obligations. The Company does not recognize revenues during days that the vessel is off-hire. When the FPSO contract or time charter contains a profit-sharing agreement, drydock cost reimbursements for time charters accounted for as operating leases, or other variable consideration, including performance-based metrics such as production tariffs and other operational performance measures, the Company recognizes this revenue in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. In addition, performance based revenue based on a multi-period performance-based metric that is allocable to non-lease services provided is estimated and to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved and recognize such estimate of revenue over the performance period. Where the charterer is responsible for the operation of the vessel, the Company offsets any vessel operating expenses it incurs against reimbursements from the charterer. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters subject to revenue sharing agreements (or RSA s) follow the same revenue recognition policy as voyage charters not subject to RSAs. The difference between the net revenue earned by a vessel of the Company performing voyage charters subject to RSAs and its allocated share of the aggregate net contribution is reflected within voyage expenses. The consolidated balance sheets reflect in accrued revenue the accrued portion of revenues for those voyages that commence prior to the balance sheet date and complete after the balance sheet date, and reflect in deferred revenues or other long-term liabilities the deferred portion of revenues which will be earned in subsequent periods. Management fees and other |
Operating expenses | Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters subject to an RSA and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter in which case the Company pays voyage expenses. |
Cash and cash equivalents | Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. |
Restricted cash | Restricted cash The Company maintains restricted cash deposits relating to certain term loans, collateral for derivatives, project tenders, leasing arrangements, amounts received from charterers to be used only for dry-docking expenditures and emergency repairs and other obligations. |
Accounts receivable and other loan receivables | Accounts receivable and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The consolidated balance sheets reflect in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and, in accrued revenue, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. |
Vessels and equipment | Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for tankers carrying crude oil and refined product, commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2021, 2020 and 2019 aggregated $78.5 million, $102.5 million and $124.8 million, respectively. Depreciation includes depreciation of all owned vessels and amortization of vessels accounted for as finance leases. Generally, the Company dry docks each oil tanker every two and a half years to five years. FPSO units are generally not dry docked and maintenance is performed on these units while at sea. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry-docking costs those costs incurred as part of the dry docking to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking, and for annual class survey costs on the Company’s FPSO units. The following table summarizes the change in the Company’s capitalized dry-docking costs from January 1, 2019 to December 31, 2021: Year Ended December 31, 2021 2020 2019 Balance at the beginning of the year 67,527 71,807 56,019 Costs incurred for dry dockings 23,042 28,546 45,371 Dry-dock amortization (27,123) (27,851) (26,682) Write-down / sales of vessels (532) (4,975) (2,901) Balance at the end of the year 62,914 67,527 71,807 Vessels and equipment that are intended to be held and used in the Company's business are assessed for impairment when events or circumstances indicate the carrying value of the asset may not be recoverable. If the asset’s net carrying value exceeds the estimated net undiscounted cash flows expected to be generated over its remaining useful life, and the fair value of the asset is less than its carrying value, the carrying value of the asset is reduced to its estimated fair value. The estimated fair value for the Company’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, or in certain other cases, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is based on second-hand sale and purchase data, and other information provided by third parties. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. |
Equity-accounted investments | Equity-accounted investments The Company’s investments in certain joint ventures and other partially-owned entities in which the Company does not control the entity but has the ability to exercise significant influence over the operating and financial policies of the entity are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted for investments for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted for investment experiences an other-than-temporary decline in value and if the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company's consolidated statements of (loss) income. |
Debt issuance costs | Debt issuance costs Debt issuance costs related to a recognized debt liability, including fees, commissions and legal expenses, are deferred and presented as a direct reduction from the carrying amount of that debt liability and amortized on an effective interest rate method over the term of the relevant loan. Debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as non-current assets in the Company's consolidated balance sheets. Amortization of debt issuance costs is included in interest expense in the Company's consolidated statements of (loss) income. Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Other costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction from the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs associated with the old debt instrument are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other related costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. |
Credit losses | Credit losses The Company utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for net investments in direct financing and sales-type leases, loans to equity accounted joint ventures, guarantees of secured loan facilities of equity-accounted joint ventures, non-operating lease accounts receivable, contract assets and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. The Company discontinues accrual of interest on financial assets if collection of required payments is no longer probable, and in those situations, recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. The Company considers a financial asset to be past due when payment is not made with 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. Expected credit loss provisions are presented on the consolidated balance sheets as a reduction to the carrying value of the related financial asset and as an other long-term liability for expected credit loss provisions that relate to guarantees of secured loan facilities of equity-accounted joint ventures. Changes in expected credit loss provisions are presented within other loss within the consolidated statements of (loss) income. Prior to the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ) on January 1, 2020, the Company: • recognized an allowance for doubtful accounts consisting of the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determined the allowance based on historical write-off experience and customer economic data. The Company reviewed the allowance for doubtful accounts regularly and past due balances were reviewed for collectability. Account balances were charged off against the allowance when the Company believed that the receivable would not be recovered. • analyzed its loans for collectability during each reporting period. A loan loss provision was recognized when, based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considered in determining if a loan loss provision was required included, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available) any information provided by the debtor regarding its ability to repay the loan and the fair value of the underlying collateral. When a loan loss provision was recognized, the Company measured the amount of the loss provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognized the resulting loss in the consolidated statements of (loss) |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, except for certain types of interest rate swaps designated as cash flow hedges, which are included in discontinued operations. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness are recognized immediately in earnings. The Company does not apply hedge accounting if it is determined that the hedge is not effective or will no longer be effective, the derivative is sold or exercised, or the hedged item is sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive loss in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item (e.g. interest expense) in the Company's consolidated statements of (loss) income. If a cash flow hedge is terminated or de-designated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Company's consolidated statements of (loss) income. If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the corresponding earnings line item in the Company's consolidated statements of (loss) income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) Accounting Standards Codification (or ASC ) 815, Derivatives and Hedging , changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated interest rate swaps related to long-term debt, non-designated bunker fuel swap contracts and forward freight agreements, and non-designated foreign currency forward contracts are recorded in realized and unrealized gains (losses) on non-designated derivative instruments in the Company's consolidated statements of (loss) income. Gains and losses from the Company’s non-designated cross currency swaps are recorded in income from discontinued operations in the Company's consolidated statements of (loss) income. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company will measure the amount by which a reporting unit's carrying value exceeds its fair value, with the maximum impairment not to exceed the carrying value of goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units unless there is a readily determinable fair market value. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. |
Lease obligations and right-of-use assets | Lease obligations and right-of-use assets For its chartered-in vessels and office leases, as of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The discount rate used to determine the present value of the lease payments is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Company's chartered-in vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company's consolidated statements of (loss) income. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Company's consolidated statements of (loss) income. Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period when achievement of the target is considered probable. The Company recognizes the expense from short-term leases and any non-lease components of vessels time chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time charter hire expense for vessel charters and general and administrative expenses for office leases. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired right-of-use assets from in-chartered vessels is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. The Company has determined that all of its time-charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The bareboat charter contracts contain only a lease component. |
Asset retirement obligation | Asset retirement obligation The Company has an asset retirement obligation (or ARO ) relating to the recycling of the Petrojarl Foinaven FPSO unit in accordance with EU ship recycling regulations on completion of its current contract, and the Company had an ARO relating to the subsea production facility associated with the Petrojarl Banff FPSO unit which operated in the North Sea. The obligation relating to the Petrojarl Banff FPSO unit, which was fully discharged in May 2021, generally involved the costs associated with the restoration of the environment surrounding the facility and removal and disposal of all production equipment. The ARO related to the Petrojarl Foinaven FPSO unit will be covered in part by a contractual payment to be received from the FPSO contract counterparty. |
Share-based compensation | Share-based compensation The Company grants stock options, restricted stock units, performance share units and restricted stock awards as incentive-based compensation to certain employees and directors. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period, which generally equals the vesting period. The fair value is remeasured at the end of each reporting period for those awards that are required to be settled in cash. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. |
Income taxes | Income taxes The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the consolidated financial statement basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is determined that it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits of uncertain tax positions only if it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax recovery (expense) in the Company's consolidated statements of (loss) income. The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or Bermuda, and that distributions by its subsidiaries to the Company will not be subject to any income taxes under the laws of such countries. The Company qualifies for the Section 883 exemption under U.S. federal income tax purposes, with the exception of Seapeak. |
Accumulated other comprehensive loss | Accumulated other comprehensive loss The following table contains the changes in the balances of each component of accumulated other comprehensive loss attributable to shareholders of Teekay for the periods presented. Pension Adjustments Relating to Continuing Operations Qualifying Cash Flow Hedging Instruments Related to Discontinued Operations Total Balance as of December 31, 2018 (3,176) 903 (2,273) Other comprehensive loss and other (1,153) (20,311) (21,464) Balance as of December 31, 2019 (4,329) (19,408) (23,737) Other comprehensive loss and other (548) (15,259) (15,807) Changes to non-controlling interest in AOCI from equity contributions — (9,339) (9,339) Balance as of December 31, 2020 (4,877) (44,006) (48,883) Other comprehensive income and other 1,881 21,474 23,355 Changes to non-controlling interest in AOCI from equity contributions — 18 18 Balance as of December 31, 2021 (2,996) (22,514) (25,510) |
Employee pension plans | Employee pension plans The Company has defined contribution pension plans covering the majority of its employees. Pension costs associated with the Company’s required contributions under its defined contribution pension plans are based on a percentage of employees’ salaries and are charged to earnings in the year incurred. With the exception of certain of the Company’s employees in Australia, the Company’s employees are generally eligible to participate in defined contribution plans. These plans allow for the employees to contribute a certain percentage of their base salaries into the plans. The Company matches all or a portion of the employees’ contributions, depending on how much each employee contributes. During the years ended December 31, 2021, 2020 and 2019, the amount of cost recognized for the Company’s defined contribution pension plans was $6.2 million, $7.6 million and $7.5 million, respectively. The Company also has defined benefit pension plans (or the Benefit Plans ) covering certain of its employees in Australia. The Company accrues the costs and related obligations associated with its defined benefit pension plans based on actuarial computations using the projected benefits obligation method and management’s best estimates of expected plan investment performance, salary escalation, and other relevant factors. For the purpose of calculating the expected return on plan assets, those assets are valued at fair value. The overfunded or underfunded status of the defined benefit pension plans is recognized as assets or liabilities in the consolidated balance sheets. The Company recognizes as a component of other comprehensive loss, the gains or losses that arise during a period but that are not recognized as part of net periodic benefit costs. The Company's funded status was a deficit of $0.1 million at December 31, 2021 and a deficit of $2.8 million at December 31, 2020. |
Earnings (loss) per common share | Earnings (loss) per common share The computation of basic earnings (loss) per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock awards using the treasury stock method. The computation of diluted loss per share does not assume such exercises. In periods with discontinued operations where potential common shares are antidilutive to earnings per share from continuing operations, such potential common shares are excluded from the calculation of diluted earnings per share - discontinued operations. Prior to January 1, 2021, the Company used the treasury stock method to determine the dilutive impact of the Company's Convertible Senior Notes (see Note 8) when calculating diluted earnings per share. Upon adoption of 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 ) on January 1, 2021, the Company changed to the if-converted method to determine any potential dilutive impact of the Convertible Senior Notes when calculating diluted earnings per share (see Note 19). |
Accounting pronouncements | Accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ). ASU 2016-13 introduced a new credit loss methodology, which requires earlier recognition of potential credit losses, while also providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaced multiple existing impairment methods under previous GAAP for these types of assets, which generally required that a loss be incurred before it was recognized. The Company adopted this update on January 1, 2020 with a modified-retrospective approach, whereby a cumulative-effect adjustment was made to reduce equity on January 1, 2020 without any retroactive application to prior periods. The Company's net investments in direct financing and sales-type leases, advances to equity-accounted joint ventures, guarantees of indebtedness of equity-accounted joint ventures and receivables related to non-operating lease revenue arrangements are subject to ASU 2016-13. On adoption, the Company decreased the carrying value of non-current assets - discontinued operations by $53.7 million and non-controlling interest by $37.4 million, and increased accumulated deficit by $17.7 million and non-current liabilities - discontinued operations by $1.4 million. The cumulative adjustment recorded on initial adoption of this update does not reflect an increase in credit risk exposure to the Company compared to previous periods presented. In December 2019, the FASB issued 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 intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years 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. 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 $3.0 million for the year ended December 31, 2021, and therefore increased income from continuing operations and net income by the same amounts for this period. 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 year ended December 31, 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 $6.4 million, increased the denominator of the diluted earnings per share calculation by 9,588,378 shares, and increased the diluted earnings per share attributable to shareholders of Teekay Corporation by $0.08 (see Note 19). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Net Income of Consolidated Partially-Owned Entities and Attribution of Net Income to Controlling and Non-controlling Interests | The total net income (loss) of Teekay’s consolidated partially-owned entities and the attribution of that net income (loss) to controlling and non-controlling interests is as follows: Net (loss) income attributable to non-controlling interests Controlling Interest Net income (loss) of consolidated partially-owned entities (1) Non-public partially-owned subsidiaries Preferred unit-holders Distri- buted Earnings Undistri- buted Earnings (Loss) Total Non-Controlling Interest Distri- buted Earnings Undistri- buted Earnings (Loss) Total Controlling Interest (Teekay) Seapeak (2) 12,900 25,702 — 125,016 163,618 — 91,930 91,930 255,548 Teekay Tankers — — — (174,787) (174,787) — (67,585) (67,585) (242,372) Other entities and eliminations — — — — (5) For the Year Ended December 31, 2021 12,900 25,702 — (49,771) (11,174) Seapeak (2) 9,955 25,702 — 32,816 68,473 — 28,839 28,839 97,312 Teekay Tankers — — — 105,455 105,455 — (18,138) (18,138) 87,317 Other entities and eliminations — — — — (13) For the Year End December 31, 2020 9,955 25,702 — 138,271 173,915 Seapeak (2) 11,814 25,702 40,138 36,007 113,661 20,368 30,575 50,943 164,604 Teekay Tankers — — — 47,887 47,887 — (6,525) (6,525) 41,362 Other entities and eliminations — — — — 43 For the Year Ended December 31, 2019 11,814 25,702 40,138 83,894 161,591 (1) Includes earnings attributable to common and preferred shares. |
Summary of Capitalized Dry Docking Costs | The following table summarizes the change in the Company’s capitalized dry-docking costs from January 1, 2019 to December 31, 2021: Year Ended December 31, 2021 2020 2019 Balance at the beginning of the year 67,527 71,807 56,019 Costs incurred for dry dockings 23,042 28,546 45,371 Dry-dock amortization (27,123) (27,851) (26,682) Write-down / sales of vessels (532) (4,975) (2,901) Balance at the end of the year 62,914 67,527 71,807 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table contains the changes in the balances of each component of accumulated other comprehensive loss attributable to shareholders of Teekay for the periods presented. Pension Adjustments Relating to Continuing Operations Qualifying Cash Flow Hedging Instruments Related to Discontinued Operations Total Balance as of December 31, 2018 (3,176) 903 (2,273) Other comprehensive loss and other (1,153) (20,311) (21,464) Balance as of December 31, 2019 (4,329) (19,408) (23,737) Other comprehensive loss and other (548) (15,259) (15,807) Changes to non-controlling interest in AOCI from equity contributions — (9,339) (9,339) Balance as of December 31, 2020 (4,877) (44,006) (48,883) Other comprehensive income and other 1,881 21,474 23,355 Changes to non-controlling interest in AOCI from equity contributions — 18 18 Balance as of December 31, 2021 (2,996) (22,514) (25,510) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue Table The following tables contain the Company’s total revenue, excluding revenue of the Teekay Gas Business (see Note 23), for the years ended December 31, 2021, 2020 and 2019, by contract type, by segment and by business line within segments. Year Ended December 31, 2021 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 46,159 — 2,220 48,379 Voyage charters 485,896 — — 485,896 FPSO contracts — 47,895 — 47,895 Management fees and other 10,312 — 90,026 100,338 542,367 47,895 92,246 682,508 Year Ended December 31, 2020 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 127,598 — 17,152 144,750 Voyage charters 741,804 — — 741,804 FPSO contracts — 108,952 — 108,952 Management fees and other 17,032 — 133,717 150,749 886,434 108,952 150,869 1,146,255 Year Ended December 31, 2019 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 17,495 — 22,066 39,561 Voyage charters 881,603 — — 881,603 FPSO contracts — 210,816 — 210,816 Management fees and other 42,840 — 100,225 143,065 941,938 210,816 122,291 1,275,045 |
Direct Financing Lease, Lease Income | The following table lists the components of the net investment in the Company's sales-type lease: December 31, 2021 December 31, 2020 $ $ Total minimum lease payments to be received 11,824 13,158 Estimated unguaranteed residual value of leased property 2,385 8,000 Less unearned revenue — (5,686) Total net investment in sales-type lease 14,209 15,472 Less credit loss provision (2,200) (901) Total net investment in sales-type lease, net 12,009 14,571 Less current portion (12,009) (857) Net investment in sales-type lease, net - non-current — 13,714 |
Breakdown of lease revenue and non-lease revenue | The following table contains the Company's total revenue, excluding revenue of the Teekay Gas Business (see Note 23), by those contracts or components of contracts accounted for as leases and by those contracts or components not accounted for as leases for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 $ $ $ Lease revenue Lease revenue from lease payments of operating leases 551,715 945,713 1,037,778 Interest income on lease receivables 293 874 — Variable lease payments – cost reimbursements (1) 30,162 43,701 45,389 Variable lease payments – other (2) — 5,218 48,813 582,170 995,506 1,131,980 Non-lease revenue Management fees and other income 100,338 150,749 143,065 Total 682,508 1,146,255 1,275,045 (1) Reimbursement for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer. (2) Compensation from time charter contracts based on spot market rates in excess of a base daily hire amount, production tariffs based on the volume of oil produced, the price of oil, and other monthly or annual operational performance measures. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenue and Income from Vessel Operations by Segment | The following table includes the Company’s revenues and (loss) income from vessel operations by segment, excluding such amounts of the Company’s discontinued operations (see Note 23), for the periods presented in these financial statements: Revenues (Loss) Income from Vessel Operations (1) Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 $ $ $ $ $ $ Teekay Tankers Conventional Tankers 542,367 886,434 941,938 (194,095) 141,572 123,883 Teekay Parent Offshore Production 47,895 108,952 210,816 35,546 (38,054) (208,167) Other 92,246 150,869 122,291 (26,804) (33,321) (24,893) 140,141 259,821 333,107 8,742 (71,375) (233,060) 682,508 1,146,255 1,275,045 (185,353) 70,197 (109,177) |
Revenues and Percentage of Consolidated Revenues | The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues, excluding such amounts of the Company’s discontinued operations (see Note 23), during the periods presented. Year Ended December 31, (U.S. dollars in millions) 2021 2020 2019 BP Plc (1) (2) (2) $160 or 13% (1) Teekay Tankers Segment — Conventional Tankers, and Teekay Parent Segment — Offshore Production. (2) Less than 10%. |
Other Income Statement Items by Segment | The following table includes other income statement items by segment, excluding such amounts of the Company’s discontinued operations (see Note 23). Depreciation and Amortization (Write-down) and gain (loss) on sale of assets Equity (Loss) income Year Ended Year Ended Year Ended 2021 2020 2019 2021 2020 2019 2021 2020 2019 $ $ $ $ $ $ $ $ $ Teekay Tankers Conventional Tankers (106,084) (117,213) (124,002) (92,368) (69,446) (5,544) (14,107) 5,100 2,345 Teekay Parent Offshore Production — (14,166) (29,710) — (70,692) (178,330) — — — Other — — (195) — (9,100) — — — 127 — (14,166) (29,905) — (79,792) (178,330) — — 127 Altera (1) — — — — — — — — (75,814) (106,084) (131,379) (153,907) (92,368) (149,238) (183,874) (14,107) 5,100 (73,342) (1) Prior to its sale in May 2019, the Company accounted for its investment in Altera's general partner and common units using the equity method, and recognized an equity loss of $75.8 million for the year ended December 31, 2019. During the year ended December 31, 2019, the Company wrote-down the investment in Altera by $64.9 million (included in equity loss for the year ended December 31, 2019 in the table above) and recognized a loss on sale of $8.9 million. The following table includes capital expenditures by segment, excluding such amounts of the Company’s discontinued operations (see Note 23), for the periods presented in these financial statements. December 31, 2021 December 31, 2020 Teekay Tankers – Conventional Tankers 21,447 16,025 |
Reconciliation of Total Segment Assets | A reconciliation of total segment assets to total assets, presented in the accompanying consolidated balance sheets is as follows: December 31, 2021 December 31, 2020 Teekay Tankers – Conventional Tankers 1,568,177 1,743,013 Teekay Parent – Offshore Production 18,886 30,845 Teekay Parent – Other 2,806 56,611 Cash and cash equivalents 108,977 128,743 Other assets not allocated 32,914 125,557 Eliminations (4,217) (5,232) Consolidated total assets - continuing operations 1,727,543 2,079,537 Total assets - discontinued operations 4,804,439 4,866,375 Consolidated total assets 6,531,982 6,945,912 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | As at December 31, 2021, the Company’s intangible assets, excluding such amounts of the Teekay Gas Business (see Note 23), consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 5,706 (4,212) 1,494 Other intangible assets 537 (537) — 6,243 (4,749) 1,494 As at December 31, 2020, the Company’s intangible assets, excluding such amounts of the Teekay Gas Business (see Note 23), consisted of: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 5,706 (3,717) 1,989 Other intangible assets 537 (523) 14 6,243 (4,240) 2,003 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued Liabilities and Other December 31, 2021 December 31, 2020 Accrued liabilities 93,728 122,511 Deferred revenues - current 852 4,208 Current portion of derivative liabilities ( note 15 ) 180 1,260 Office lease liability – current ( note 1 ) 2,142 1,595 Asset retirement obligation - current 6,161 12,000 103,063 141,574 |
Schedule of Other Long-Term Liabilities | Other Long-Term Liabilities December 31, 2021 December 31, 2020 Unrecognized tax benefits ( note 21 ) 46,956 51,562 Asset retirement obligation 8,792 37,996 Office lease liability – long-term ( note 1 ) 8,666 9,396 Pension liabilities 7,416 9,172 Derivative liabilities ( note 15 ) — 597 Other 678 352 72,508 109,075 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | December 31, 2021 December 31, 2020 Revolving Credit Facilities due through December 2024 271,167 185,000 Senior Notes (9.25%) due November 2022 243,395 243,395 Convertible Senior Notes (5%) due January 2023 112,184 112,184 U.S. Dollar-denominated Term Loan due through August 2023 53,339 64,568 Total principal 680,085 605,147 Less: unamortized discount and debt issuance costs (8,605) (22,253) Total debt 671,480 582,894 Less: current portion (255,306) (10,858) Long-term portion 416,174 572,036 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Lease Commitment Non-Lease Commitment Total Commitment $ $ $ Payments 2022 9,825 13,303 23,128 2023 4,947 6,404 11,351 Total payments 14,772 19,707 34,479 Less: imputed interest (515) Carrying value of operating lease liabilities 14,257 Less: current portion (9,389) Carrying value of long-term operating lease liabilities 4,868 |
Obligations Related to Financ_2
Obligations Related to Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Sale Leaseback Transactions [Table Text Block] | December 31, 2021 December 31, 2020 Obligations related to finance leases 295,828 360,043 Less: unamortized discount and debt issuance costs (1,347) — Total obligations related to finance leases 294,481 360,043 Less current portion (27,032) (78,476) Long-term obligations related to finance leases 267,449 281,567 |
Finance Lease, Liability, Maturity [Table Text Block] | As at December 31, 2021, Teekay Tankers' total remaining commitments related to financial liabilities of these vessels were approximately $364.6 million (December 31, 2020 – $480.9 million), including imputed interest of $68.8 million (December 31, 2020 – $120.9 million), repayable from 2022 through 2030, as indicated below: Commitments December 31, 2021 Year $ 2022 40,882 2023 40,422 2024 40,031 2025 39,502 2026 39,042 Thereafter 164,766 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis. All amounts exclude all assets and liabilities of the Teekay Gas Business (see Note 23). December 31, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair Recurring Cash, cash equivalents and restricted cash Level 1 114,339 114,339 134,664 134,664 Derivative instruments ( note 15 ) Interest rate swap agreements – assets (1) Level 2 550 550 — — Interest rate swap agreements – liabilities (1) Level 2 — — (2,405) (2,405) Foreign currency contracts Level 2 (58) (58) — — Freight forward agreements Level 2 (4) (4) — — Non-recurring Vessels and equipment (note 18) Level 2 — — 59,250 59,250 Assets held for sale (note 18) Level 2 40,854 40,854 31,680 31,680 Operating lease right-of-use assets (note 18) Level 2 — — 1,799 1,799 Investment in equity-accounted investment ( note 22 ) Level 2 9,174 9,174 — — Other Advances to equity-accounted joint venture – long-term (2) 3,780 (2) 5,280 (2) Short-term debt ( note 7 ) Level 2 (25,000) (25,000) (10,000) (10,000) Long-term debt, including current portion – public (note 8) Level 1 (239,807) (240,963) (235,653) (237,700) Long-term debt, including current portion – non-public (note 8) Level 2 (431,673) (436,892) (347,241) (344,043) Obligations related to finance leases, including current portion (note 10) Level 2 (294,481) (306,386) (360,043) (411,740) (1) The fair value of the Company’s interest rate swap agreements at December 31, 2021 includes $nil (December 31, 2020 – $0.5 million) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets. (2) In the consolidated financial statements, the Company’s advances 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 advances to its equity-accounted joint venture was not determinable. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information for the years ended December 31, 2021, 2020, and 2019, are as follows: December 31, 2021 December 31, 2020 December 31, 2019 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding – beginning of year 5,584 10.02 6,075 10.77 3,754 15.54 Granted — — — — 2,629 3.98 Exercised — — — — — — Forfeited / expired (135) 14.22 (491) 19.35 (308) 11.07 Outstanding – end of year 5,449 9.90 5,584 10.02 6,075 10.77 Exercisable – end of year 4,690 10.86 3,490 13.17 2,565 18.25 |
Non-Vested Stock Option Activity and Related Information | A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2021, 2020 and 2019, are as follows: December 31, 2021 December 31, 2020 December 31, 2019 Options Weighted-Average Options Weighted-Average Options Weighted-Average Outstanding non-vested stock options – beginning of year 2,094 1.97 3,510 2.26 1,800 4.25 Granted — — — — 2,629 1.53 Vested (1,309) 2.22 (1,384) 2.64 (807) 4.18 Forfeited (26) 1.73 (32) 4.71 (112) 3.33 Outstanding non-vested stock options – end of year 759 1.53 2,094 1.97 3,510 2.26 |
Details Regarding Outstanding and Exercisable Stock Options | Further details regarding the Company’s outstanding and exercisable stock options at December 31, 2021 are as follows: Outstanding Options Exercisable Options Range of Exercise Prices Options Weighted- Average Weighted- Options Weighted- Average Weighted- $0.00 – $4.99 2,527 7.2 3.98 1,768 7.2 3.98 $5.00 – $9.99 1,681 5.4 8.97 1,681 5.4 8.97 $10.00 – $19.99 589 5.2 10.18 589 5.2 10.18 $20.00 – $59.99 652 1.4 35.02 652 1.4 35.02 5,449 5.7 9.90 4,690 5.5 10.86 |
Other (Loss) Income (Tables)
Other (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Summary of Other Loss | Year Ended Year Ended Year Ended ARO liability increase (1) (6,602) — — Repurchase of sale-leaseback vessels (2) (2,131) — — Gain on bond repurchases (3) (4) — 1,470 (10,601) Credit loss provision (5) (2,490) (901) — ARO accretion (6) (1,792) (3,260) (1,556) Miscellaneous income (loss) 239 1,153 (310) Other loss (12,776) (1,538) (12,467) (1) During the year ended December 31, 2021, the Company increased the present value of its estimated ARO liability relating to the Petrojarl Foinaven FPSO unit by $2.7 million as a result of the earlier than expected redelivery of the FPSO unit (see Note 6) and increased the ARO liability by a further $3.9 million due to an increase in the estimated costs to recycle the unit. (2) Premiums paid by Teekay Tankers in relation to the repurchase of eight vessels previously under sale-leaseback arrangements during 2021 (see Note 10). (3) During 2020, the Company repurchased some of its Convertible Notes and 2022 Notes in the open market. The Company acquired $12.8 million of the principal of the Convertible Notes for total consideration of $10.5 million and $6.6 million principal of the 2022 Notes for total consideration of $6.2 million. The Company recognized a gain of $1.5 million in 2020 related to these repurchases (see Note 8). (4) In May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of its 8.5% senior notes due in January 2020 (or the 2020 Notes ) and issued $250.0 million in aggregate principal amount of its 2022 Notes. The Company recognized a loss of $10.6 million on the purchase of the 2020 Notes for the year ended December 31, 2019. (5) Unrealized credit loss provision related to the Petrojarl Foinaven FPSO unit sales-type lease. (6) Net ARO expense reflecting the accretion of the present value of ARO liabilities relating to Petrojarl Foinaven FPSO and Petrojarl Banff |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap Agreements | As at December 31, 2021, the Company was committed to the following interest rate swap agreement, excluding those held by the Teekay Gas Business (see Note 23), related to its LIBOR-based debts, whereby certain of the Company’s floating-rate debt obligations were swapped with fixed-rate obligations: Interest Principal Fair Value / Remaining Fixed (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap agreement (1) LIBOR 50,000 550 3.0 0.76 (1) Excludes the margins the Company pays on its variable-rate long-term debts, which, as of December 31, 2021, ranged from 2.25% to 2.40%. |
Location and Fair Value Amounts of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, excluding those held by the Teekay Gas Business (see Note 23), segregated by type of contract, on the Company’s consolidated balance sheets. 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, 2021 Derivatives not designated as a cash flow hedge: Foreign currency contracts — — (58) — Interest rate swap agreement 668 — (118) — Forward freight agreements — — (4) — 668 — (180) — 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 not designated as a cash flow hedge: Interest rate swap agreements — (548) (1,260) (597) |
Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | 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 derivative instruments, excluding those held by the Teekay Gas Business (see Note 23), in the consolidated statements of (loss) income as follows: Year Ended Year Ended Year Ended Realized (losses) gains relating to: Interest rate swap agreements (1,275) (857) 1,788 Foreign currency forward contracts (31) 379 — Stock purchase warrants — — (25,559) Forward freight agreements (572) (1,242) 1,490 (1,878) (1,720) (22,281) Unrealized gains (losses) relating to: Interest rate swap agreements 2,407 (889) (4,988) Foreign currency forward contracts (58) — — Stock purchase warrants — — 26,900 Time-charter swap agreement — — 40 Forward freight agreements (4) 86 (29) 2,345 (803) 21,923 Total realized and unrealized gains (losses) on derivative instruments 467 (2,523) (358) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | As at December 31, 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) 2022 GBP 4,000 0.73945 (58) 5,409 (1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. Forward Freight Agreements The Company uses forward freight agreements (or FFAs ) in non-hedge-related transactions to increase or decrease its exposure to spot market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized gains (losses) on derivative instruments in the Company's consolidated statements of (loss) income. 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. Excluding the interest rate swaps held by Teekay Gas Business, the Company does not designate any of its interest rate swap agreements as cash flow hedges for accounting purposes. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Total cash, cash equivalents, restricted cash, and cash and restricted cash held for sale are as follows: December 31, 2021 December 31, 2020 December 31, 2019 $ $ $ Cash and cash equivalents 108,977 128,743 176,067 Restricted cash – current 2,227 2,786 3,088 Restricted cash – non-current 3,135 3,135 5,466 Current assets - discontinued operations - cash 101,190 220,042 177,174 Current assets - discontinued operations - restricted cash 11,888 8,358 53,689 Non-current assets - discontinued operations - restricted cash 38,103 42,826 39,383 Assets held for sale - cash — — 1,121 Assets held for sale - restricted cash — — 337 265,520 405,890 456,325 |
Changes in Operating Assets and Liabilities | The changes in operating assets and liabilities, excluding changes related to the Teekay Gas Business (see Note 23), for the years ended December 31, 2021, 2020 and 2019, are as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Accounts receivable 83,460 32,760 (44,995) Prepaid expenses and other 4,016 68,052 (107,060) Accounts payable (77,972) (6,365) 103,315 Accrued liabilities and other (44,525) (203) 40,699 Receipts from direct financing and sales-type leases (1) — 66,369 — Asset retirement obligation expenditures (1,419) (17,458) — Expenditures for drydocking (26,974) (24,655) (48,250) (63,414) 118,500 (56,291) (1) Included in the balance for the year ended December 31, 2020 is a payment received by the Company in April 2020 as part of the bareboat charter with BP for the Petrojarl Foinaven FPSO. See Note 2. |
Write-down and loss on sale o_2
Write-down and loss on sale of vessels (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | The following table shows the (write-downs) and gains (losses) on sale of assets for the years ended December 31, 2021, 2020, and 2019: (Write-down) and Gain (Loss) on Sale of Assets Year Ended December 31, Segment Asset Type Completion of Sale Date 2021 2020 2019 Teekay Parent Segment – Offshore Production (1) 2 FPSO units N/A — (70,693) (175,000) Teekay Parent Segment - Offshore Production (2) 1 FPSO unit N/A — — (3,330) Teekay Parent Segment - Other (3) Operating lease right-of-use asset N/A — (9,100) — Teekay Tankers Segment - Conventional Tankers (4)(5) 4 Suezmaxes N/A (66,916) — — Teekay Tankers Segment - Conventional Tankers (4) 3 LR2 Tankers N/A (18,381) — — Teekay Tankers Segment - Conventional Tankers (4) (6) 2 Aframaxes N/A (4,314) (4,936) — Teekay Tankers Segment – Conventional Tankers (6) 4 Aframaxes N/A — (25,869) — Teekay Tankers Segment – Conventional Tankers (6)(7) 2 Aframaxes Feb-2021 — (22,579) — Teekay Tankers Segment - Conventional Tankers (6)(8) 2 Aframaxes Sep/Nov-2021 (2,042) (13,634) — Teekay Tankers Segment – Conventional Tankers (9) (9) Apr-2020 — 3,081 — Teekay Tankers Segment – Conventional Tankers 3 Suezmaxes Feb/Mar-2020 — (2,627) — Teekay Tankers Segment – Conventional Tankers 3 Suezmaxes Dec-2019/Feb-2020 — — (5,544) Teekay Tankers Segment – Conventional Tankers Operating lease right-of-use assets N/A (715) (2,881) — Total (92,368) (149,238) (183,874) (1) During the years ended December 31, 2020 and December 31, 2019, Teekay Parent recognized impairment charges 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 unit 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) On March 27, 2020, the Company entered into a bareboat charter agreement for the Petrojarl Foinaven FPSO unit, which was accounted for as a sales-type lease and resulted in the recognition of a gain of $44.9 million during the year ended December 31, 2020. See Note 2. (3) During the year ended December 31, 2020, the Company made changes to its expected cash flows from the Suksan Salamander FSO unit, which it in-chartered from Altera under an operating lease, to take into account progress relating to the early termination of the in-charter and the novation of the charter contracts with the customer to Altera. The novation of the charter contracts was completed in the first quarter of 2021 and the in-charter terminated at the same time. The ROU asset was written down to its estimated fair value, using a discounted cash flow approach. (4) During the year ended December 31, 2021, Teekay Tankers wrote down the carrying values of three Suezmax tankers, three LR2 tankers and one Aframax tanker by $85.0 million 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. In March 2022, Teekay Tankers agreed to the sale of one Aframax tanker for a sales price of $15.0 million (see Note 24). The vessel is expected to be delivered to its new owner in April 2022 and therefore, the vessel and its bunker and lube oil inventory are classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021. During the year ended December 31, 2021, the vessel was written down to its estimated sales price less estimated selling costs. (5) In January 2022, Teekay Tankers agreed to the sale of one Suezmax tanker for a sales price of $15.5 million (see Note 24). The vessel was delivered to its new owner in February 2022 and therefore, the vessel and its bunker and lube oil inventory are classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021. During the year ended December 31, 2021, the vessel was written down to its agreed sales price less selling costs. (6) During the year ended December 31, 2020, Teekay Tankers wrote down the carrying values of nine Aframax tankers 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 of charter rates as a result of the current economic environment, which had been impacted by the COVID-19 global pandemic. Teekay Tankers recorded a write-down of $65.4 million related to these vessels. In January 2022, Teekay Tankers agreed to the sale of one of the previously written-down Aframax vessels for a price of $13.1 million (see Note 24). The vessel is expected to be delivered to its new owner in April 2022 and therefore, the vessel and its bunker and lube oil inventory are classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021. (7) During the year ended December 31, 2021, Teekay Tankers agreed to the sale of two Aframax tankers for an aggregate sales price of $32.0 million. The vessels were delivered to their new owners in March 2021 and both vessels and their related bunkers and lube oil inventory were classified as held for sale on the Company's consolidated balance sheet as at December 31, 2020. The vessels were written down to their agreed sales price less selling costs. (8) During the year ended December 31, 2021, Teekay Tankers sold two Aframax tankers recognizing a gain on sale of $0.5 million. These vessels were delivered to their new owners in September and November 2021. During the year ended December 31, 2021, the two tankers were written down to their estimated sales price less estimated selling costs. (9) On April 30, 2020, Teekay Tankers completed the sale of the non-US portion of its ship-to-ship support services business as well as its LNG terminal management business for proceeds of $27.1 million, including an adjustment of $1.1 million for the final amounts of cash and other working capital present on the closing date. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Income (Loss) Per Share | Year Ended December 31, 2021 2020 2019 Net income (loss) attributable to the shareholders of Teekay: - Continuing operations - basic and diluted (102,671) (129,749) (372,561) - Discontinued operations - basic and diluted 110,477 46,816 61,984 7,806 (82,933) (310,577) Weighted average number of common shares (1) 102,148,629 101,053,095 100,719,224 Common stock and common stock equivalents 102,148,629 101,053,095 100,719,224 Net income (loss) per common share - Continuing operations - basic and diluted (1.01) (1.28) (3.70) - Discontinued operations - basic and diluted 1.08 0.46 0.62 - Basic and diluted 0.08 (0.82) (3.08) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Company's Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities from continuing operations are as follows: December 31, December 31, Deferred tax assets: Vessels and equipment 15,653 17,707 Tax losses carried forward and disallowed finance costs (1) 96,008 108,869 Other 4,084 13,779 Total deferred tax assets 115,745 140,355 Deferred tax liabilities: Other 6,054 18,596 Total deferred tax liabilities 6,054 18,596 Net deferred tax assets 109,691 121,759 Valuation allowance (106,949) (118,861) Net deferred tax assets 2,742 2,898 |
Components of Provision for Income Taxes | The components of the provision for income tax recovery (expense) are as follows: Year Ended Year Ended Year Ended Current 4,082 (6,756) (18,581) Deferred 881 1,197 735 Income tax recovery (expense) 4,963 (5,559) (17,846) |
Reconciliations of Income Tax Rates and Actual Tax Charge | Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended Year Ended Year Ended Net loss before taxes (282,426) (18,745) (306,861) Net loss not subject to taxes (336,040) (9,912) (269,677) Net income (loss) subject to taxes 53,614 (8,833) (37,184) At applicable statutory tax rates 12,476 (1,411) (6,547) Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions (13,870) 4,947 24,368 Other (3,569) 2,023 25 Tax (recovery) expense related to the year (4,963) 5,559 17,846 |
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 consolidated balance sheets: Year Ended Year Ended Year Ended Balance of unrecognized tax benefits as at January 1 51,562 53,665 36,816 Increases for positions related to the current year 3,749 14,264 3,893 Increases for positions related to prior years 4,801 10,704 16,627 Decreases for positions related to prior years — (15,941) (588) Settlements with tax authority — (8,714) — Decreases related to statute of limitations (12,753) (2,910) (2,546) Foreign exchange (gain) loss (403) 494 (537) Balance of unrecognized tax benefits as at December 31 46,956 51,562 53,665 |
Discontinued Operations and D_2
Discontinued Operations and Disposal Groups (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table contains the major components of income from discontinued operations of the Teekay Gas Business for the periods presented: Year Ended December 31, 2021 2020 2019 Revenues 680,589 669,417 670,346 Voyage expenses (28,190) (17,394) (21,387) Vessel operating expenses (200,917) (188,251) (177,141) Time-charter hire expenses (23,487) (23,564) (19,994) Depreciation and amortization (130,810) (129,752) (136,765) General and administrative expenses (24,196) (15,075) (11,714) (Write-down) and gain on sale of vessels — (51,000) 13,564 Restructuring charges (3,223) — (3,690) Income from vessel operations 269,766 244,381 313,219 Interest expense (122,561) (136,572) (167,661) Interest income 5,945 6,903 4,400 Realized and unrealized gains (losses) on non-designated derivative instruments 8,524 (33,334) (13,361) Equity income 115,399 72,233 58,819 Foreign exchange gain (loss) 7,344 (18,373) (10,051) Other loss (3,566) (16,523) (2,008) Income from discontinued operations before income taxes 280,851 118,715 183,357 Income tax expense (6,756) (3,429) (7,636) Income from discontinued operations 274,095 115,286 175,721 As at December 31, 2021 and December 31, 2020, the major classes of the Teekay Gas Business’s assets and liabilities that are components of current assets – discontinued operations, non-current assets – discontinued operations, current liabilities – discontinued operations and non-current liabilities – discontinued operations, were as follows: As at December 31, 2021 2020 ASSETS Cash and cash equivalents 101,190 220,042 Other current assets 264,537 60,999 Vessels and equipment 2,831,530 — Net investment in direct financing and sales-type leases, net 480,508 — Investment in and loans, net to equity-accounted investments 1,126,674 — Current assets – discontinued operations 4,804,439 281,041 Vessels and equipment — 2,895,919 Net investment in direct financing and sales-type leases, net – non-current — 500,101 Investment in and loans, net to equity-accounted investments — 1,047,091 Other non-current assets — 142,223 Non-current assets – discontinued operations — 4,585,334 Total assets – discontinued operations 4,804,439 4,866,375 LIABILITIES Current portion of long-term debt 1,379,642 250,508 Current obligations related to finance leases 1,268,990 71,932 Other current liabilities 228,997 209,301 Current liabilities – discontinued operations 2,877,629 531,741 Long-term debt — 1,221,705 Long-term obligations related to finance leases — 1,268,990 Other long-term liabilities — 95,779 Non-current liabilities – discontinued operations — 2,586,474 Total liabilities – discontinued operations 2,877,629 3,118,215 A condensed summary of the financial information for certain equity-accounted investments (20% to 52%-owned) shown on a 100% basis (excluding the impact from purchase price adjustments arising from the acquisition of joint ventures), included in discontinued operations, are as follows: As at December 31, 2021 2020 Cash and restricted cash 460,342 400,816 Other assets – current 208,029 180,673 Vessels and equipment, including vessels related to finance leases and advances on newbuilding contracts 1,825,562 1,912,776 Net investment in direct financing leases 5,103,376 5,237,791 Other assets – non-current 255,270 216,331 Current portion of long-term debt and obligations related to finance leases 611,180 582,767 Other liabilities – current 250,753 232,466 Long-term debt and obligations related to finance leases 4,551,612 4,853,791 Other liabilities – non-current 220,454 350,057 Year Ended December 31, 2021 2020 2019 Revenues 990,703 1,008,112 766,618 Income from vessel operations 572,985 584,685 400,326 Realized and unrealized gain (loss) on non-designated derivative instruments 26,743 (94,760) (40,915) Net income 342,068 152,144 130,314 |
Schedule I Condensed Non-Cons_2
Schedule I Condensed Non-Consolidated Financial Information of Registrant Schedule I Condensed Non-Consolidated Financial Information of Registrant (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Balance Sheet [Table Text Block] | TEEKAY CORPORATION SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS (NOTE 1) (in thousands of U.S. dollars) As at As at ASSETS Current Cash and cash equivalents 31,001 9,604 Accounts receivable 126 309 Prepaid expenses and other 192 57 Due from affiliates 90,803 166,219 Total current assets 122,122 176,189 Investments in and advances to subsidiaries (note 1) 724,016 635,060 Other assets — 9 Total assets 846,138 811,258 LIABILITIES AND EQUITY Current Accounts payable 2,149 16,170 Accrued liabilities 15,171 7,269 Due to affiliates 222,638 247,425 Current portion of long-term debt 239,807 — Other current liabilities 58 971 Total current liabilities 479,823 271,835 Long-term debt (note 2) 111,383 339,933 Other long-term liabilities 7,884 8,183 Total liabilities 599,090 619,951 Equity Common stock and additional paid-in capital 1,053,804 1,057,321 Accumulated deficit (806,756) (866,014) Total equity 247,048 191,307 Total liabilities and equity 846,138 811,258 The accompanying notes are an integral part of the condensed non-consolidated financial information. |
Condensed Income Statement [Table Text Block] | TEEKAY CORPORATION SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF INCOME (LOSS) (NOTE 1) (in thousands of U.S. dollars) Year Ended Year Ended Year Ended Operating expenses — — (412) General and administrative expenses (18,085) (16,659) (19,463) Loss from operations (18,085) (16,659) (19,875) Interest expense (33,320) (37,674) (46,243) Interest income 35 267 1,561 Impairments of investments and advances (note 1) — (123,753) (103,420) Dividend income (note 1) 121,253 58,563 62,100 Other (11,737) 20,572 (5,662) Net income (loss) before income taxes 58,146 (98,684) (111,539) Income tax recovery 1,112 790 7 Net income (loss) 59,258 (97,894) (111,532) The accompanying notes are an integral part of the condensed non-consolidated financial information. |
Condensed Cash Flow Statement [Table Text Block] | e condensed non-consolidated financial information. TEEKAY CORPORATION SCHEDULE I CONDENSED NON-CONSOLIDATED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS (in thousands of U.S. dollars) Year Ended Year Ended Year Ended Cash and cash equivalents provided by (used for) OPERATING ACTIVITIES Net income (loss) 59,258 (97,894) (111,532) Non-cash and non-operating items: Unrealized gain on derivative instruments (913) (656) (270) Impairments of investments and advances — 123,753 103,420 Stock-based compensation 3,276 5,165 7,400 Dividends-in-kind (75,298) (31,763) (10,000) Other 4,610 7,925 19,153 Change in operating assets and liabilities 35,672 8,508 (15,314) Net operating cash flow 26,605 15,038 (7,143) FINANCING ACTIVITIES Proceeds from issuance of long-term debt, net of issuance costs — — 250,000 Prepayments of long-term debt — (18,249) — Scheduled repayments of long-term debt — (36,712) (480,851) Debt issuance costs — — (15,029) Advances from affiliates — — 227,157 Cash dividends paid — — (5,523) Other financing activities (459) (128) (637) Net financing cash flow (459) (55,089) (24,883) INVESTING ACTIVITIES Purchase of Teekay Tankers common shares (4,749) — — Net investing cash flow (4,749) — — Increase (decrease) in cash and cash equivalents 21,397 (40,051) (32,026) Cash and cash equivalents, beginning of the year 9,604 49,655 81,681 Cash and cash equivalents, end of the year 31,001 9,604 49,655 Supplemental cash flow information ( note 3 ) The accompanying notes are an integral part of the condensed non-consolidated financial information. |
Summary of Long-Term Debt | December 31, 2021 December 31, 2020 Revolving Credit Facilities due through December 2024 271,167 185,000 Senior Notes (9.25%) due November 2022 243,395 243,395 Convertible Senior Notes (5%) due January 2023 112,184 112,184 U.S. Dollar-denominated Term Loan due through August 2023 53,339 64,568 Total principal 680,085 605,147 Less: unamortized discount and debt issuance costs (8,605) (22,253) Total debt 671,480 582,894 Less: current portion (255,306) (10,858) Long-term portion 416,174 572,036 |
Teekay Corporation | |
Summary of Long-Term Debt | December 31, 2021 December 31, 2020 Senior Notes (9.25%) due November 2022 243,395 243,395 Convertible Senior Notes (5%) due January 2023 112,184 112,184 Total principal 355,579 355,579 Less unamortized discount and debt issuance costs (4,389) (15,646) Total debt 351,190 339,933 Less current portion (239,807) — Long-term portion 111,383 339,933 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Basis of Presentation (Details) | 12 Months Ended | |||
Dec. 31, 2021$ / shares | Dec. 31, 2020vessel | Dec. 31, 2019vessel | May 11, 2020 | |
FPSO | Offshore Production | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number Of Vessels Impaired | 2 | 2 | ||
Teekay Tankers | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 29.80% | 28.60% | ||
Seapeak | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 42.40% | 42.40% | 42.00% | |
General Partner of Seapeak | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
Teekay Tankers | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Common Stock, Voting Rights, Votes Per Share Owned | $ / shares | $ 5 | |||
Teekay Parent [Member] | FPSO | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number Of Vessels Impaired | 1 | |||
Teekay Parent [Member] | FPSO | FPSO | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number Of Vessels Impaired | 2 | 2 | ||
Common Class B | Teekay Tankers | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Common Stock Maximum Voting Power | 49.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Non-controlling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 11, 2020 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | $ (11,174) | $ 173,915 | $ 161,591 | |
Controlling Interest | 7,806 | (82,933) | (310,577) | |
Net (loss) income | (3,368) | 90,982 | (148,986) | |
Undistributed Earnings | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | (49,771) | 138,271 | 83,894 | |
Distributed Earnings | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | 0 | 0 | 40,138 | |
Non-public partially-owned subsidiaries | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | 12,900 | 9,955 | 11,814 | |
Preferred Partner | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | 25,702 | 25,702 | 25,702 | |
Teekay Tankers | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | (174,787) | 105,455 | 47,887 | |
Controlling Interest | (67,585) | (18,138) | (6,525) | |
Net (loss) income | (242,372) | 87,317 | 41,362 | |
Increase in Net Income Loss Attributable To Controlling Interest, Realized Gain Loss on Sale of Vessels Previously Deferred | (1,800) | |||
Increase in Net Income Loss Attributable To Noncontrolling Interest | 43,200 | 18,400 | ||
Decrease in Net Income Loss Attributable to Controlling Interest | 43,200 | 18,400 | ||
Decrease in Net Income Loss Attributable To Noncontrolling Interest, , Realized Gain Loss on Sale of Vessels Previously Deferred | (1,800) | |||
Teekay Tankers | Undistributed Earnings | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | (174,787) | 105,455 | 47,887 | |
Controlling Interest | (67,585) | (18,138) | (6,525) | |
Other Entities and Eliminations | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | (5) | (13) | 43 | |
Seapeak | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | 163,618 | 68,473 | 113,661 | |
Controlling Interest | 91,930 | 28,839 | 50,943 | |
Net (loss) income | 255,548 | 97,312 | 164,604 | |
Increase in Net Income Loss Attributable To Controlling Interest, Realized Gain Loss on Sale of Vessels Previously Deferred | (7,500) | |||
Decrease in Net Income Loss Attributable to Noncontrolling Interest | (7,500) | |||
Seapeak | Undistributed Earnings | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | 125,016 | 32,816 | 36,007 | |
Controlling Interest | 91,930 | 28,839 | 30,575 | |
Seapeak | Distributed Earnings | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | 0 | 0 | 40,138 | |
Controlling Interest | 0 | 0 | 20,368 | |
Seapeak | Non-public partially-owned subsidiaries | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | 12,900 | 9,955 | 11,814 | |
Seapeak | Preferred Partner | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net (loss) income attributable to non-controlling interests | $ 25,702 | $ 25,702 | $ 25,702 | |
Seapeak | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 42.40% | 42.40% | 42.00% | |
Preferred Unitholders | Seapeak | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Vessels and equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Vessels and equipment | |||
Depreciation, Depletion and Amortization | $ 106,084 | $ 131,379 | $ 153,907 |
Asset retirement obligation | |||
Asset retirement obligation | $ 0 | 42,400 | |
Oil Tanker | |||
Vessels and equipment | |||
Property, plant and equipment, useful life | 25 years | ||
Excluding amortization of Drydocking expenditure | |||
Vessels and equipment | |||
Depreciation, Depletion and Amortization | $ 78,500 | $ 102,500 | $ 124,800 |
Dry-docking activity | |||
Vessels and equipment | |||
Property, Plant and Equipment, Estimated Useful Lives | two and a half years to five years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Capitalized Dry Docking Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | $ 1,104,742 | ||
Write-down / sales of vessels | 92,368 | $ 149,238 | $ 183,874 |
Balance at the end of the year | 925,249 | 1,104,742 | |
Dry-docking activity | |||
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | 67,527 | 71,807 | 56,019 |
Costs incurred for dry dockings | 23,042 | 28,546 | 45,371 |
Dry-dock amortization | (27,123) | (27,851) | (26,682) |
Write-down / sales of vessels | (532) | (4,975) | (2,901) |
Balance at the end of the year | $ 62,914 | $ 67,527 | $ 71,807 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Continuing Operations | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | $ (4,877) | $ (4,329) | $ (3,176) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,881 | (548) | (1,153) |
Ending Balance | (2,996) | (4,877) | (4,329) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Discontinued Operations | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (44,006) | (19,408) | 903 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 21,474 | (15,259) | (20,311) |
Changes to non-controlling interest from equity contributions and other | 18 | (9,339) | |
Ending Balance | (22,514) | (44,006) | (19,408) |
Accumulated Other Comprehensive Loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning Balance | (48,883) | (23,737) | (2,273) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 23,355 | (15,807) | (21,464) |
Changes to non-controlling interest from equity contributions and other | 18 | (9,339) | |
Ending Balance | $ (25,510) | $ (48,883) | $ (23,737) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Employee Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Pension Plans [Abstract] | |||
Defined Contribution Plan, Cost | $ 6.2 | $ 7.6 | $ 7.5 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 0.1 | $ 2.8 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | $ 14,257 | $ 32,211 | |||||
Foreign exchange loss (notes 8 and 15) | 2,414 | 2,345 | $ 3,523 | ||||
Investments in subsidiaries | 12,954 | 28,562 | |||||
Non-controlling interest | 1,917,433 | 1,989,883 | |||||
Accumulated deficit | (513,242) | (527,028) | |||||
Other long-term liabilities (notes 6) | 72,508 | 109,075 | |||||
Accumulated other comprehensive loss (note 1) | (25,510) | (48,883) | |||||
Goodwill, intangibles and other non-current assets (notes 5, 6 and 15) | 25,936 | 37,685 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (11,174) | 173,915 | 161,591 | ||||
Controlling Interest | 7,806 | (82,933) | (310,577) | ||||
Total equity | 2,432,483 | 2,471,291 | 2,571,593 | $ 2,867,028 | |||
Long-term Debt | 671,480 | 582,894 | |||||
Interest Expense | $ 68,412 | $ 89,075 | $ 111,398 | ||||
Earnings Per Share, Diluted | $ 0.08 | $ (0.82) | $ (3.08) | ||||
Non-current assets - discontinued operations (note 23) | $ 0 | $ 4,585,334 | |||||
Non-current liabilities - discontinued operations (note 23) | 0 | 2,586,474 | |||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accumulated deficit | $ (55,100) | $ (2,991) | |||||
Additional Paid in Capital | $ (6,334) | ||||||
Undistributed Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (49,771) | 138,271 | $ 83,894 | ||||
Distributed Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 40,138 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Non-controlling interest | 37,400 | ||||||
Accumulated deficit | 17,700 | ||||||
Non-current assets - discontinued operations (note 23) | 53,700 | ||||||
Non-current liabilities - discontinued operations (note 23) | $ 1,400 | ||||||
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 | ||||||
Additional Paid in Capital | $ 6,300 | ||||||
Interest Expense | 3,000 | ||||||
Net Income (Loss) Attributable to Parent, Diluted | $ 6,400 | ||||||
Earnings Per Share, Diluted | $ 0.08 | ||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 9,588,378 | ||||||
Teekay Tankers | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (174,787) | 105,455 | 47,887 | ||||
Controlling Interest | (67,585) | (18,138) | (6,525) | ||||
Teekay Tankers | Undistributed Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (174,787) | 105,455 | 47,887 | ||||
Controlling Interest | (67,585) | (18,138) | (6,525) | ||||
AOCI Atrributable to Parent [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total equity | $ (25,510) | $ (48,883) | $ (23,737) | $ (2,273) | |||
AOCI Atrributable to Parent [Member] | Accounting Standards Update 2017-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accumulated deficit | $ (1,604) |
Revenue - Revenue (Details)
Revenue - Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 682,508 | $ 1,146,255 | $ 1,275,045 |
Disaggregation of Revenue | Revenue Table The following tables contain the Company’s total revenue, excluding revenue of the Teekay Gas Business (see Note 23), for the years ended December 31, 2021, 2020 and 2019, by contract type, by segment and by business line within segments. Year Ended December 31, 2021 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 46,159 — 2,220 48,379 Voyage charters 485,896 — — 485,896 FPSO contracts — 47,895 — 47,895 Management fees and other 10,312 — 90,026 100,338 542,367 47,895 92,246 682,508 Year Ended December 31, 2020 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 127,598 — 17,152 144,750 Voyage charters 741,804 — — 741,804 FPSO contracts — 108,952 — 108,952 Management fees and other 17,032 — 133,717 150,749 886,434 108,952 150,869 1,146,255 Year Ended December 31, 2019 Teekay Tankers Conventional Tankers Teekay Parent Offshore Production Teekay Parent Other Total $ $ $ $ Time charters 17,495 — 22,066 39,561 Voyage charters 881,603 — — 881,603 FPSO contracts — 210,816 — 210,816 Management fees and other 42,840 — 100,225 143,065 941,938 210,816 122,291 1,275,045 | ||
Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 48,379 | 144,750 | 39,561 |
Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 485,896 | 741,804 | 881,603 |
FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 47,895 | 108,952 | 210,816 |
Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 100,338 | 150,749 | 143,065 |
Lease revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating Leases, Income Statement, Lease Revenue | 551,715 | 945,713 | 1,037,778 |
Sales-type and Direct Financing Leases, Interest Income | 293 | 874 | 0 |
Operating Lease, Variable Lease Income | 30,162 | 43,701 | 45,389 |
Operating Lease, Variable Lease Income, Other | 0 | 5,218 | 48,813 |
Lease income | 582,170 | 995,506 | 1,131,980 |
Operating Segments | Teekay Tankers | Tankers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 542,367 | 886,434 | 941,938 |
Operating Segments | Teekay Tankers | Tankers [Member] | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 46,159 | 127,598 | 17,495 |
Operating Segments | Teekay Tankers | Tankers [Member] | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 485,896 | 741,804 | 881,603 |
Operating Segments | Teekay Tankers | Tankers [Member] | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Tankers | Tankers [Member] | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 10,312 | 17,032 | 42,840 |
Operating Segments | Teekay Parent | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 140,141 | 259,821 | 333,107 |
Operating Segments | Teekay Parent | Offshore Production | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 47,895 | 108,952 | 210,816 |
Operating Segments | Teekay Parent | Offshore Production | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Offshore Production | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Offshore Production | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 47,895 | 108,952 | 210,816 |
Operating Segments | Teekay Parent | Offshore Production | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 92,246 | 150,869 | 122,291 |
Operating Segments | Teekay Parent | Other | Time charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,220 | 17,152 | 22,066 |
Operating Segments | Teekay Parent | Other | Voyage charters | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Other | FPSO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating Segments | Teekay Parent | Other | Management fees and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 90,026 | $ 133,717 | $ 100,225 |
Revenue - Operating Leases (Det
Revenue - Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property Subject to or Available for Operating Lease [Line Items] | |||
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 24,000 | ||
Property, Plant and Equipment, Net | 925,249 | $ 1,104,742 | |
Accumulated depreciation | 271,900 | 417,400 | |
Transportation Equipment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property, Plant and Equipment, Net | 61,700 | 344,400 | $ 269,800 |
Property, Plant and Equipment, Gross | 74,300 | 464,800 | 320,300 |
Accumulated depreciation | $ 12,600 | $ 120,400 | $ 50,500 |
Revenue - Direct Financing Leas
Revenue - Direct Financing Leases (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 27, 2020 | |
Lessor, Lease, Description [Line Items] | ||||||
Asset retirement obligation | $ 0 | $ 42,400 | ||||
Gain on commencement of sales-type lease (note 2) | 0 | 44,943 | $ 0 | |||
Net Investment in Lease, Nonaccrual, No Allowance | 14,209 | 15,472 | ||||
Net Investment in Lease, Allowance for Credit Loss | (2,200) | (901) | ||||
Net Investment in Lease | 12,009 | 14,571 | ||||
Net Investment in Lease, Current | (12,009) | (857) | ||||
Net investment in sales-type lease, net – non-current (note 2) | 0 | 13,714 | ||||
Sales Type Lease, Lease Receivable, Payments to be Received | 11,824 | 13,158 | ||||
Sales-type Lease, Unguaranteed Residual Asset | 2,385 | 8,000 | ||||
Sales Type Lease, Unearned Revenue | 0 | 5,686 | ||||
Petrojarl Foinaven FPSO | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Asset retirement obligation | 14,800 | $ 6,100 | ||||
Gain on commencement of sales-type lease (note 2) | $ 44,900 | $ 44,900 | ||||
Direct financing lease payments received | $ 67,000 | |||||
Sales-type Lease, Net Investment in Lease | 12,000 | $ 81,900 | ||||
Future Proceeds from Lease Payment, Operating Activity | $ 11,600 |
Revenue - Contract Costs, Asset
Revenue - Contract Costs, Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Liability, Revenue Recognized | $ 4.2 | $ 7.5 |
Contract liabilities | $ 0.9 | $ 4.2 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Millions | May 08, 2019USD ($) | Dec. 31, 2021segment | May 07, 2019 |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | segment | 2 | ||
Altera | |||
Segment Reporting Information [Line Items] | |||
Due from Affiliate, Noncurrent | $ | $ 25 | ||
Altera | General Partner | |||
Segment Reporting Information [Line Items] | |||
Interest of Company's general partner | 49.00% | ||
Altera | Thousands of Shares of Common Stock Outstanding | |||
Segment Reporting Information [Line Items] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 13.80% | ||
Teekay Corporation | General Partner | Altera | |||
Segment Reporting Information [Line Items] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 49.00% |
Segment Reporting - Revenue and
Segment Reporting - Revenue and Income from Vessel Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 682,508 | $ 1,146,255 | $ 1,275,045 |
Operating Income (Loss) | (185,353) | 70,197 | (109,177) |
Teekay Parent | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (18,085) | (16,659) | (19,875) |
Teekay Tankers | Tankers [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 542,367 | 886,434 | 941,938 |
Operating Income (Loss) | (194,095) | 141,572 | 123,883 |
Teekay Parent [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 140,141 | 259,821 | 333,107 |
Operating Income (Loss) | 8,742 | (71,375) | (233,060) |
Teekay Parent [Member] | Offshore Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 47,895 | 108,952 | 210,816 |
Operating Income (Loss) | 35,546 | (38,054) | (208,167) |
Teekay Parent [Member] | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 92,246 | 150,869 | 122,291 |
Operating Income (Loss) | $ (26,804) | $ (33,321) | $ (24,893) |
Segment Reporting - Revenue a_2
Segment Reporting - Revenue and Income from Vessel Operations by Segment - Intersegment revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ (682,508) | $ (1,146,255) | $ (1,275,045) |
Operating Income (Loss) | (185,353) | 70,197 | (109,177) |
Teekay Parent | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | $ (18,085) | $ (16,659) | $ (19,875) |
Segment Reporting - Revenues an
Segment Reporting - Revenues and Percentage of Consolidated Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Major Customer [Line Items] | |||
Revenues | $ 682,508 | $ 1,146,255 | $ 1,275,045 |
Customer Concentration Risk | Sales Revenue, Net | BP Exploration Operating Co. Ltd. | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 160,000 | ||
Percentage of consolidated revenues | 13.00% |
Segment Reporting - Other Incom
Segment Reporting - Other Income Statement Items by Segment (Detail) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | ||
May 08, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
(Write-down) and gain (loss) on sale of assets | $ (92,368) | $ (149,238) | $ (183,874) | |
Equity (Loss) income | (14,107) | 5,100 | (73,342) | |
Depreciation, Depletion and Amortization | 106,084 | 131,379 | 153,907 | |
Altera | ||||
Segment Reporting Information [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | 64,900 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900 | |||
Teekay Tankers | ||||
Segment Reporting Information [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | 11,600 | |||
Teekay Tankers | Tankers [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
(Write-down) and gain (loss) on sale of assets | (92,368) | (69,446) | (5,544) | |
Equity (Loss) income | (14,107) | 5,100 | 2,345 | |
Depreciation, Depletion and Amortization | 106,084 | 117,213 | 124,002 | |
Altera | ||||
Segment Reporting Information [Line Items] | ||||
Equity (Loss) income | $ (75,800) | 0 | 0 | (75,814) |
Equity Method Investment, Other than Temporary Impairment | 64,900 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900 | |||
Teekay Parent [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
(Write-down) and gain (loss) on sale of assets | 0 | (79,792) | (178,330) | |
Equity (Loss) income | 0 | 0 | 127 | |
Depreciation, Depletion and Amortization | 0 | 14,166 | 29,905 | |
Teekay Parent [Member] | Offshore Production | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
(Write-down) and gain (loss) on sale of assets | 0 | (70,692) | (178,330) | |
Equity (Loss) income | 0 | 0 | 0 | |
Depreciation, Depletion and Amortization | 0 | 14,166 | 29,710 | |
Teekay Parent [Member] | Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
(Write-down) and gain (loss) on sale of assets | 0 | (9,100) | 0 | |
Equity (Loss) income | 0 | 0 | 127 | |
Depreciation, Depletion and Amortization | $ 0 | $ 0 | $ 195 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total assets | $ (6,531,982) | $ (6,945,912) |
Assets - Continuing Operations | 1,727,543 | 2,079,537 |
Disposal Group, Including Discontinued Operation, Assets | 4,804,439 | 4,866,375 |
Segment Reconciling Items | Cash and cash equivalents | ||
Segment Reporting Information [Line Items] | ||
Total assets | (108,977) | (128,743) |
Segment Reconciling Items | Other assets not allocated | ||
Segment Reporting Information [Line Items] | ||
Total assets | (32,914) | (125,557) |
Consolidation, Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total assets | (4,217) | 5,232 |
Teekay Parent | ||
Segment Reporting Information [Line Items] | ||
Total assets | (846,138) | (811,258) |
Teekay Tankers | Tankers [Member] | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | (1,568,177) | (1,743,013) |
Teekay Parent [Member] | Offshore Production | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | (18,886) | (30,845) |
Teekay Parent [Member] | Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (2,806) | $ (56,611) |
Segment Reporting - Capital Exp
Segment Reporting - Capital Expenditures by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Teekay Tankers | Tankers [Member] | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Costs incurred for dry dockings | $ 21,447 | $ 16,025 |
Equity Financing Transactions_2
Equity Financing Transactions of the Daughter Companies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 25, 2019 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 13, 2022 | Dec. 31, 2020 | May 11, 2020 | Dec. 31, 2019 | Nov. 24, 2019 | Dec. 31, 2018 |
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Common Stock, Shares, Outstanding | 101,571,141 | 101,108,886 | |||||||
Dilution Gain from the Acquisition of Interest in Subsidiaries and Affiliates | $ 5.7 | ||||||||
Thousands of Shares of Common Stock Outstanding | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Common Stock, Shares, Outstanding | 101,571,000 | 101,109,000 | 100,784,000 | 100,435,000 | |||||
Teekay Tankers | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Stockholders' Equity, Reverse Stock Split | one-for-eight | ||||||||
Purchase of Teekay Tankers common shares (note 4) | $ 4.7 | ||||||||
Share Price | $ 11.27 | ||||||||
Teekay Tankers | Subsequent Events | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Purchase of Teekay Tankers common shares (note 4) | $ 5.3 | ||||||||
Share Price | $ 10.82 | ||||||||
Teekay Tankers | Common Class A | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Common Stock, Shares, Outstanding | 29,000,000 | 400,000 | 232,000,000 | ||||||
Teekay Tankers | Common Class A | Subsequent Events | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Common Stock, Shares, Outstanding | 500,000 | ||||||||
Teekay Tankers | Common Class B | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Common Stock, Shares, Outstanding | 4,600,000 | 37,000,000 | |||||||
Teekay Tankers | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 29.80% | 28.60% | |||||||
Seapeak | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 42.40% | 42.40% | 42.00% | ||||||
Seapeak | Subsequent Events | General Partner | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Per share proceeds from Sale of Interest in Partnership Unit | $ 17 | ||||||||
Seapeak | Common Class A | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Partners Capital Account, Number of Units Owned by Controlling Interest | 36,000,000 | ||||||||
Seapeak | Common Class A | Subsequent Events | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Partners Capital Account, Number of Units Owned by Controlling Interest | 36,000,000 | ||||||||
Seapeak | Thousands of Shares of Common Stock Outstanding | |||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||
Limited Partners' Capital Account, Units Issued | 10,750,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Carrying Amount of Goodwill for Company's Reportable Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 2,400 | $ 2,400 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,243 | $ 6,243 |
Accumulated Amortization | (4,749) | (4,240) |
Net Carrying Amount | 1,494 | 2,003 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,706 | 5,706 |
Accumulated Amortization | (4,212) | (3,717) |
Net Carrying Amount | 1,494 | 1,989 |
Other Intangible Assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 537 | 537 |
Accumulated Amortization | (537) | (523) |
Net Carrying Amount | $ 0 | $ 14 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 500 | $ 1,000 | $ 2,400 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $ 300 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other and Other Long-Term Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred revenues - current | $ 852 | $ 4,208 |
Current portion of derivative liabilities (note 15) | 180 | 1,260 |
Office lease liability – current (note 1) | 9,389 | 11,105 |
Asset Retirement Obligation, Current | 6,161 | 12,000 |
Accrued liabilities and other (notes 6) | 103,063 | 141,574 |
Accrued liabilities | 93,728 | 122,511 |
Office Building [Member] | ||
Office lease liability – current (note 1) | $ 2,142 | $ 1,595 |
Accrued Liabilities and Other_4
Accrued Liabilities and Other and Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Asset Retirement Obligations, Noncurrent | $ 8,792 | $ 37,996 | ||
Pension liabilities | 7,416 | 9,172 | ||
Derivative liabilities (note 15) | 0 | 597 | ||
Unrecognized tax benefits (note 21) | 46,956 | 51,562 | $ 53,665 | $ 36,816 |
Office lease liability – long-term (note 1) | 4,868 | 22,435 | ||
Other | 678 | 352 | ||
Other long-term liabilities (notes 6) | 72,508 | 109,075 | ||
Office Building [Member] | ||||
Office lease liability – long-term (note 1) | $ 8,666 | $ 9,396 |
Accrued Liabilities and Other_5
Accrued Liabilities and Other and Other Long-Term Liabilities - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 27, 2020 | |
Asset retirement obligation | $ 0 | $ 42,400 | |||
Asset Retirement Obligation, Current | 6,161 | 12,000 | |||
Asset Retirement Obligations, Noncurrent | 8,792 | 37,996 | |||
Finance Lease, Right-of-Use Asset | 411,749 | 450,558 | |||
Asset Retirement Obligation, Period Increase (Decrease) | 32,950 | 0 | $ 0 | ||
Asset retirement obligation | |||||
Other Assets, Noncurrent | 0 | $ 9,300 | |||
Petrojarl Banff FPSO | |||||
Asset Retirement Obligation, Period Increase (Decrease) | 33,000 | ||||
Petrojarl Foinaven FPSO | |||||
Asset retirement obligation | 14,800 | $ 6,100 | |||
Direct financing lease payments received | $ 67,000 | ||||
Finance Lease, Right-of-Use Asset | 12,000 | ||||
Asset Retirement Obligation, Revision of Estimate | 3,900 | ||||
Asset Retirement Obligation, Period Increase (Decrease) | 6,602 | ||||
Asset Retirement Obligation, Increase in Present value of Liability | $ 2,700 |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 28, 2019 | Nov. 30, 2018 | |
Short-term Debt [Line Items] | |||||
Short-term Debt | $ 25,000 | $ 10,000 | |||
Teekay Tankers | |||||
Short-term Debt [Line Items] | |||||
Short-term Debt | $ 25,000 | $ 10,000 | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.60% | 3.60% | |||
Undrawn amount of revolving credit facility | $ 45,400 | $ 32,000 | |||
Teekay Tankers | Short-term Debt [Member] | |||||
Short-term Debt [Line Items] | |||||
Debt Instrument, Term | 6 months | ||||
Credit facility, maximum borrowing capacity | $ 80,000 | $ 40,000 | |||
Teekay Tankers | Minimum | |||||
Short-term Debt [Line Items] | |||||
Debt Covenant, Required Capital Invested | 20,000 | ||||
Teekay Tankers | Maximum | |||||
Short-term Debt [Line Items] | |||||
Debt Covenant, Required Capital Invested | $ 30,000 | ||||
Teekay Tankers | LIBOR | |||||
Short-term Debt [Line Items] | |||||
Short-term Debt, Percentage Bearing Variable Interest Rate | 3.50% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | May 31, 2019 | Jan. 26, 2018 |
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 680,085,000 | $ 605,147,000 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 8,605,000 | 22,253,000 | |||
Long-term Debt | 671,480,000 | 582,894,000 | |||
Current portion of long-term debt (note 8) | 255,306,000 | 10,858,000 | |||
Long-term Debt, Excluding Current Maturities | 416,174,000 | 572,036,000 | |||
Teekay Parent | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 355,579,000 | 355,579,000 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4,389,000 | 15,646,000 | |||
Long-term Debt | 351,190,000 | 339,933,000 | |||
Current portion of long-term debt (note 8) | 239,807,000 | 0 | |||
Long-term Debt, Excluding Current Maturities | 111,383,000 | 339,933,000 | |||
Senior Notes (8.5%) due January 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 243,395,000 | $ 243,395,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | 9.25% | ||
Debt Instrument, Repurchase Amount | $ 6,200,000 | ||||
Senior Notes (8.5%) due January 15, 2020 | Teekay Parent | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 243,395,000 | $ 243,395,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | ||||
Senior Notes due 2022 [Member] | Teekay Parent | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | |||
Convertible Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 112,184,000 | $ 112,184,000 | |||
Convertible Debt [Member] | Teekay Parent | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 112,184,000 | $ 112,200,000 | $ 112,184,000 | ||
Debt interest rate | 5.00% | 5.00% | 5.00% | ||
Debt Instrument, Repurchase Amount | $ 10,500,000 | ||||
US Dollar Denominated Term Loans Due Through Two Thousand Twenty Three | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 53,339,000 | 64,568,000 | |||
Revolving Credit Facilities due through December 2024 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 271,167,000 | $ 185,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)credit_facilityvessel | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | $ 680,085 | $ 605,147 |
Teekay Tankers | ||
Debt Instrument [Line Items] | ||
Undrawn amount of revolving credit facility | $ 45,400 | 32,000 |
Revolving Credit Facilities due through December 2024 | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | credit_facility | 1 | |
Credit facility, maximum borrowing capacity | $ 344,900 | 438,400 |
Undrawn amount of revolving credit facility | $ 73,800 | $ 253,400 |
Debt instrument spread on variable rate | 2.40% | 2.40% |
Available capacity reduced under revolving credit facility in year 2 | $ 65,300 | |
Available capacity reduced under revolving credit facility in year 3 | $ 201,300 | |
Debt Instrument, Collateral, Number of Vessels | vessel | 29 | |
Carrying amount of long-term debt | $ 271,167 | $ 185,000 |
Line Of Credit Reduction Of Available Borrowing Capacity in Year One | $ 78,400 |
Long-Term Debt - Additional I_2
Long-Term Debt - Additional Information - Senior and Convertible Notes (Detail) | Jan. 31, 2018 | Jan. 26, 2018USD ($)$ / shares | Jan. 31, 2022 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2022USD ($) | Feb. 28, 2022USD ($) | Jan. 12, 2022USD ($) | Jan. 01, 2021USD ($) | May 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 680,085,000 | $ 605,147,000 | |||||||||
Long-term Debt | 671,480,000 | 582,894,000 | |||||||||
Interest Expense | 68,412,000 | 89,075,000 | $ 111,398,000 | ||||||||
Senior Notes due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, principal amount | $ 250,000,000 | ||||||||||
Senior Notes Due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.50% | ||||||||||
Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 112,184,000 | $ 112,184,000 | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 75.80% | ||||||||||
Convertible Debt | Per $1,000 principal amount | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion rate | 85.4701 | ||||||||||
Convertible Debt | Subsequent Events | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.00% | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 85,000,000 | ||||||||||
Carrying amount of long-term debt | $ 23,400,000 | $ 112,200,000 | |||||||||
Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | 9.25% | ||||||||
Debt Instrument, Repurchased Face Amount | $ 6,600,000 | ||||||||||
Debt Instrument, Repurchase Amount | 6,200,000 | ||||||||||
Carrying amount of long-term debt | $ 243,395,000 | 243,395,000 | |||||||||
Senior Notes (8.5%) due January 15, 2020 | Debt Instrument, Redemption, Period Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 104.625% | ||||||||||
Senior Notes (8.5%) due January 15, 2020 | Debt Instrument, Redemption, Period Three [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | ||||||||||
Senior Notes (8.5%) due January 15, 2020 | Debt Instrument, Redemption, Period Four [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Senior Notes (8.5%) due January 15, 2020 | Fpso Unit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of vessels | 1 | ||||||||||
Senior Notes (8.5%) due January 15, 2020 | Subsequent Events | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 243,400,000 | ||||||||||
Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 355,579,000 | 355,579,000 | |||||||||
Long-term Debt | 351,190,000 | 339,933,000 | |||||||||
Interest Expense | $ 33,320,000 | 37,674,000 | 46,243,000 | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 75.80% | ||||||||||
Asset Impairment Charges | $ 0 | $ 123,753,000 | $ 103,420,000 | ||||||||
Teekay Parent | Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, principal amount | $ 125,000,000 | ||||||||||
Debt interest rate | 5.00% | 5.00% | 5.00% | ||||||||
Premium on concurrent common stock offering price (as a percentage) | 20.00% | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 11.70 | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 12,800,000 | ||||||||||
Debt Instrument, Repurchase Amount | 10,500,000 | ||||||||||
Sale of stock (in dollars per share) | $ / shares | $ 9.75 | ||||||||||
Carrying amount of long-term debt | $ 112,184,000 | 112,184,000 | $ 112,200,000 | ||||||||
Convertible Debt | 111,400,000 | 110,600,000 | |||||||||
Unamortized Debt Issuance Expense | 800,000 | 1,600,000 | |||||||||
Interest Expense | 6,400,000 | ||||||||||
Interest Expense, Debt | 5,600,000 | ||||||||||
Amortization of Debt Issuance Costs | 800,000 | ||||||||||
Teekay Parent | Convertible Debt | Level 2 | Fair Value Asset (Liability) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | 111,400,000 | $ 101,600,000 | |||||||||
Teekay Parent | Convertible Debt | Per $1,000 principal amount | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion rate | 85.4701 | ||||||||||
Teekay Parent | Convertible Debt | Subsequent Events | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Repurchased Face Amount | 3,800,000 | $ 85,000,000 | |||||||||
Carrying amount of long-term debt | $ 23,400,000 | ||||||||||
Teekay Parent | Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, principal amount | $ 250,000,000 | ||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | ||||||||||
Carrying amount of long-term debt | $ 243,395,000 | $ 243,395,000 | |||||||||
Teekay Parent | Senior Notes (8.5%) due January 15, 2020 | Debt Instrument, Redemption, Period Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 104.625% | ||||||||||
Teekay Parent | Senior Notes (8.5%) due January 15, 2020 | Debt Instrument, Redemption, Period Three [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | ||||||||||
Teekay Parent | Senior Notes (8.5%) due January 15, 2020 | Debt Instrument, Redemption, Period Four [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Teekay Parent | Senior Notes due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | |||||||||
Teekay Parent | Convertible Senior Notes (5%) due January 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 5.00% | 5.00% |
Long-Term Debt - Additional I_3
Long-Term Debt - Additional Information - Term Loans (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)term_loanvessel | Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Carrying amount of long-term debt | $ 680,085 | $ 605,147 | |
Unrealized foreign exchange gain (loss) | (2,414) | (2,345) | $ (3,523) |
Long-term Debt, Excluding Current Maturities | 416,174 | 572,036 | |
Current portion of long-term debt (note 8) | $ 255,306 | 10,858 | |
US Dollar Denominated Term Loans Due Through Two Thousand Twenty Three | |||
Debt Instrument [Line Items] | |||
Number of debt instruments | term_loan | 1 | ||
Carrying amount of long-term debt | $ 53,339 | $ 64,568 | |
Number of vessels | vessel | 4 | 4 | |
US Dollar Denominated Term Loans Due Through Two Thousand Twenty Three | United States of America, Dollars | |||
Debt Instrument [Line Items] | |||
Carrying amount of long-term debt | $ 53,300 | $ 64,600 | |
US Dollar Denominated Term Loans Due Through Two Thousand Twenty Three | Remaining Term Loans | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument spread on variable rate | 2.25% | 2.25% |
Long-Term Debt - Additional I_4
Long-Term Debt - Additional Information - Other (Detail) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2021USD ($) | Dec. 31, 2021SecurityLoan | Dec. 31, 2021valuator | Dec. 31, 2021loan | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.30% | 5.70% | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 259,200,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 219,600,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 201,300,000 | |||||
Number Of Loan Agreements, Minimum Required Vessel Market Value to Loan Ratios | 2 | 2 | ||||
Number of Third Party Valuators | valuator | 2 | |||||
Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit lines maturity period (in months) | 6 months | |||||
Teekay Tankers | ||||||
Debt Instrument [Line Items] | ||||||
Minimum level of free cash be maintained as per loan agreements | $ 35,000,000 | |||||
2020 Debt Facility Maturing in December 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of debt | 5.00% | |||||
Long Term Debt1 | Transportation Equipment | ||||||
Debt Instrument [Line Items] | ||||||
Vessel market value to loan ratio | 249.00% | |||||
Vessel market value to loan minimum required ratio | 125.00% | |||||
Long Term Debt2 | Transportation Equipment | ||||||
Debt Instrument [Line Items] | ||||||
Vessel market value to loan ratio | 186.00% | |||||
Vessel market value to loan minimum required ratio | 125.00% |
Operating Leases - Charters-in
Operating Leases - Charters-in (Detail) $ in Thousands | Mar. 27, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)vesselExtensionOption | Dec. 31, 2021USD ($)vessel | Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 32,211 | $ 14,257 | $ 32,211 | |||
Time-charter hire expenses (note 13) | (15,440) | (56,719) | $ (98,767) | |||
Short-term Lease, Cost | 2,500 | |||||
Lessee, Operating Lease, Liability, Payments, Due | $ 34,479 | |||||
Fso [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Right-of-use Asset, Amount derecognized | $ 29,700 | |||||
Right-of-use liability, Amount derecognized | $ 29,500 | |||||
Shuttle Tankers | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | 50,700 | 50,700 | ||||
Operating Lease, Liability | $ 50,700 | $ 50,700 | ||||
Right-of-use Asset, Amount derecognized | $ 50,700 | |||||
Right-of-use liability, Amount derecognized | $ 50,700 | |||||
Teekay Tankers | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Number Of Vessels Chartered In | vessel | 5 | |||||
Lessor, Operating Lease, Option to Extend | one | |||||
Number of extension options for future lease | ExtensionOption | 3 | |||||
Charter Contract Extension, Period, Future Lease | 1 year | |||||
Teekay Tankers | LR2 Tanker | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Number Of Vessels Chartered In | vessel | 1 | |||||
Teekay Tankers | Aframax Tanker [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Number Of Vessels Chartered In | vessel | 2 | |||||
Number Of Vessels To Be Chartered In | vessel | 1 | 1 | 1 | |||
Lessee, Future Operating Lease, Term of Contract | 7 years | 7 years | ||||
Teekay Tankers | Lightering Support Vessel | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 800 | $ 800 | ||||
Number Of Vessels Chartered In | vessel | 1 | 1 | ||||
Lessee, Operating Lease, Term of Contract | 24 months | 24 months | ||||
Operating Lease, Liability | $ 800 | $ 800 | ||||
Teekay Tankers | LR2 Vessel, Aframax Tankers and Lightering Support Vessel | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 16,400 | |||||
Lessee, Operating Lease, Term of Contract | 24 months | 24 months | ||||
Operating Lease, Liability | 16,400 | |||||
Time Charter Expenses | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Time-charter hire expenses (note 13) | $ (12,900) | |||||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 6 months | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% | |||||
Lease Component [Member] | Time Charter Expenses | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Time-charter hire expenses (note 13) | $ (5,500) | |||||
Lease [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Liability | 14,257 | |||||
Lessee, Operating Lease, Liability, Payments, Due | 14,772 | |||||
Non-lease Component [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Liability, Payments, Due | 19,707 | |||||
Non-lease Component [Member] | Time Charter Expenses | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Time-charter hire expenses (note 13) | $ (7,400) |
Operating Leases - Schedule of
Operating Leases - Schedule of Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)vessel | Dec. 31, 2020USD ($)vessel | |
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 23,128 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 11,351 | |
Lessee, Operating Lease, Liability, Payments, Due | 34,479 | |
Operating Lease, Liability, Current | 9,389 | $ 11,105 |
Operating Lease, Liability, Noncurrent | $ 4,868 | $ 22,435 |
Teekay Tankers | ||
Operating Leased Assets [Line Items] | ||
Number Of Vessels Chartered In | vessel | 5 | |
Teekay Tankers | Aframax Tanker [Member] | ||
Operating Leased Assets [Line Items] | ||
Number Of Vessels Chartered In | vessel | 2 | |
Number Of Vessels To Be Chartered In | vessel | 1 | 1 |
Lessee, Future Operating Lease, Term of Contract | 7 years | 7 years |
Lease [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 9,825 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 4,947 | |
Lessee, Operating Lease, Liability, Payments, Due | 14,772 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 515 | |
Operating Lease, Liability | 14,257 | |
Operating Lease, Liability, Current | 9,389 | |
Operating Lease, Liability, Noncurrent | 4,868 | |
Non-lease Component [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 13,303 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 6,404 | |
Lessee, Operating Lease, Liability, Payments, Due | 19,707 | |
Total Long-term Lease | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 24,800 | |
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 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | $ 17,800 |
Obligations Related to Financ_3
Obligations Related to Finance Leases (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)lessorvessel | Dec. 31, 2020USD ($) | |
Capital Leased Assets [Line Items] | ||
Finance Lease, Liability, Current | $ 27,032 | $ 78,476 |
Finance Lease, Liability, Noncurrent | 267,449 | 281,567 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 8,605 | 22,253 |
Teekay Tankers | ||
Capital Leased Assets [Line Items] | ||
Finance Lease, Liability | 294,481 | 360,043 |
Finance Lease, Liability, Current | 27,032 | 78,476 |
Finance Lease, Liability, Noncurrent | $ 267,449 | 281,567 |
Number of vessels obligated to purchase under sales-type lease | vessel | 4 | |
Number of Lessors | lessor | 1 | |
Finance Lease Liability, Gross | $ 295,828 | 360,043 |
Teekay Tankers | Finance Lease Obligations [Member] | ||
Capital Leased Assets [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (1,347) | $ 0 |
Obligations Related to Financ_4
Obligations Related to Finance Leases - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2022vessel | Dec. 31, 2021USD ($)lessorvesselcredit_facilityvaluator | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 10, 2022credit_facility | |
Capital Leased Assets [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | $ | $ 21,447,000 | $ 16,025,000 | $ 11,628,000 | ||
Long-term Debt | $ | $ 671,480,000 | $ 582,894,000 | |||
Number of Third Party Valuators | valuator | 2 | ||||
Suezmax | Subsequent Events | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | credit_facility | 1 | ||||
Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Number of Lessors | lessor | 1 | ||||
Finance Lease, Weighted Average Discount Rate, Percent | 4.80% | 7.80% | |||
Lessee, Sales-type lease, Number of vessels repurchased | credit_facility | 8 | ||||
Number of vessels obligated to purchase under sales-type lease | 4 | ||||
Teekay Tankers | Finance Lease Obligations [Member] | |||||
Capital Leased Assets [Line Items] | |||||
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line | $ | $ 35,000,000 | ||||
Percentage of debt | 5.00% | ||||
Number of Third Party Valuators | valuator | 1 | ||||
Teekay Tankers | Minimum | |||||
Capital Leased Assets [Line Items] | |||||
Sale Leaseback Transaction, Lease Terms | seven | ||||
Teekay Tankers | Minimum | Finance Lease Obligations [Member] | |||||
Capital Leased Assets [Line Items] | |||||
Long-term Debt, Term | 6 months | ||||
Teekay Tankers | Maximum | |||||
Capital Leased Assets [Line Items] | |||||
Sale Leaseback Transaction, Lease Terms | 12 | ||||
Teekay Tankers | Suezmax, Aframax and LR2 Vessels | |||||
Capital Leased Assets [Line Items] | |||||
Approximate capital leases future minimum payments due | $ | $ 364,600,000 | $ 480,900,000 | |||
Finance Lease, Liability, Undiscounted Excess Amount | $ | $ 68,800,000 | $ 120,900,000 | |||
Number of Vessels with Purchase Option | 10 | ||||
Teekay Tankers | Suezmax and Aframax Vessels | |||||
Capital Leased Assets [Line Items] | |||||
Number of Vessels with Purchase Option | 4 | ||||
July 2017, November 2018, September and November 2021 Sale Leaseback | Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 14 | ||||
July 2017, November 2018, September and November 2021 Sale Leaseback | Teekay Tankers | Suezmax, Aframax and LR2 Vessels | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 14 | ||||
Number of Vessels with Purchase Option | 14 | ||||
September 2021 Sale Leaseback | Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 4 | ||||
November 2021 Sale Leaseback | Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 4 | ||||
Minimum hull coverage ratio | 105.00% | ||||
November 2021 Sale Leaseback | Teekay Tankers | Minimum | |||||
Capital Leased Assets [Line Items] | |||||
Actual hull coverage ratio | 132.00% | ||||
November 2021 Sale Leaseback | Teekay Tankers | Maximum | |||||
Capital Leased Assets [Line Items] | |||||
Actual hull coverage ratio | 140.00% | ||||
March 2022 Sale Leaseback | Subsequent Events | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 8 | ||||
Hull coverage ratio for first three years | 100.00% | ||||
March 2022 Sale Leaseback | Teekay Tankers | Subsequent Events | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 8 | ||||
March 2022 Sale Leaseback | Teekay Tankers | Minimum | Subsequent Events | |||||
Capital Leased Assets [Line Items] | |||||
Sale Leaseback Transaction, Lease Terms | six | ||||
March 2022 Sale Leaseback | Teekay Tankers | Maximum | Subsequent Events | |||||
Capital Leased Assets [Line Items] | |||||
Sale Leaseback Transaction, Lease Terms | nine | ||||
September and November 2021 Sale Leaseback | Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 8 | ||||
July 2017, November 2018 and September 2021 Sale Leaseback | Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 10 | ||||
Minimum hull coverage ratio | 100.00% | ||||
July 2017, November 2018 and September 2021 Sale Leaseback | Teekay Tankers | Minimum | |||||
Capital Leased Assets [Line Items] | |||||
Actual hull coverage ratio | 106.00% | 121.00% | |||
July 2017, November 2018 and September 2021 Sale Leaseback | Teekay Tankers | Maximum | |||||
Capital Leased Assets [Line Items] | |||||
Actual hull coverage ratio | 134.00% | 156.00% | |||
July 2017, November 2018 and November 2021 Sale Leaseback | |||||
Capital Leased Assets [Line Items] | |||||
Number of vessels | 10 | ||||
Sale-Leaseback Transaction | Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Number of Lessors | lessor | 14 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Sale-Leaseback Transaction | Teekay Tankers | |||||
Capital Leased Assets [Line Items] | |||||
Number of Lessors | lessor | 6 |
Obligations Related to Financ_5
Obligations Related to Finance Leases - Schedule of Repayments of Capital Leases Including Imputed Interest (Detail) - Teekay Tankers $ in Thousands | Dec. 31, 2021USD ($) |
Capital Leased Assets [Line Items] | |
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 40,882 |
Finance Lease, Liability, Payments, Due Year Two | 40,422 |
Finance Lease, Liability, Payments, Due Year Three | 40,031 |
Finance Lease, Liability, Payments, Due Year Four | 39,502 |
Finance Lease, Liability, Payments, Due Year Five | 39,042 |
Finance Lease, Liability, to be Paid, after Year Five | $ 164,766 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Property, Plant and Equipment, Net | $ 925,249 | $ 1,104,742 |
Assets held for sale (note 18) | 43,543 | 32,974 |
Operating lease right-of-use assets (notes 1 and 9) | 14,257 | 32,211 |
Other | ||
Short-term Debt | 25,000 | 10,000 |
Long-term Debt | (671,480) | (582,894) |
Derivative Liability, Current | (180) | (1,260) |
Carrying Amount Asset (Liability) | ||
Other | ||
Due from joint ventures | 3,780 | 5,280 |
Swap [Member] | Accrued Liabilities | ||
Other | ||
Derivative Liability, Current | 0 | 500 |
Level 2 | Carrying Amount Asset (Liability) | ||
Other | ||
Short-term Debt | 25,000 | 10,000 |
Finance Lease, Liability | 294,481 | 360,043 |
Level 2 | Fair Value Asset (Liability) | ||
Other | ||
Short-term Debt, Fair Value | (25,000) | (10,000) |
Finance Lease, Liability | 306,386 | 411,740 |
Recurring | Level 1 | Carrying Amount Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash | 114,339 | 134,664 |
Recurring | Level 1 | Fair Value Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash | 114,339 | 134,664 |
Recurring | Level 2 | Interest Rate Swap Agreements | Carrying Amount Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 550 | 0 |
Derivative Liability | 0 | (2,405) |
Recurring | Level 2 | Interest Rate Swap Agreements | Fair Value Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 550 | 0 |
Derivative Liability | 0 | (2,405) |
Recurring | Level 2 | Foreign Currency Contracts | Carrying Amount Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 58 | 0 |
Recurring | Level 2 | Foreign Currency Contracts | Fair Value Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 58 | 0 |
Recurring | Level 2 | Forward freight agreements | Carrying Amount Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 4 | 0 |
Recurring | Level 2 | Forward freight agreements | Fair Value Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | 4 | 0 |
Non-recurring | Level 2 | Carrying Amount Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Property, Plant and Equipment, Net | 0 | 59,250 |
Assets held for sale (note 18) | 40,854 | 31,680 |
Operating lease right-of-use assets (notes 1 and 9) | 0 | 1,799 |
Investment in equity private placement | 9,174 | 0 |
Non-recurring | Level 2 | Fair Value Asset (Liability) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Property, Plant and Equipment, Net | 0 | 59,250 |
Assets held for sale (note 18) | 40,854 | 31,680 |
Operating lease right-of-use assets (notes 1 and 9) | 0 | 1,799 |
Investment in equity private placement | 9,174 | 0 |
Public [Member] | Level 1 | Carrying Amount Asset (Liability) | ||
Other | ||
Long-term Debt | (239,807) | (235,653) |
Public [Member] | Level 1 | Fair Value Asset (Liability) | ||
Other | ||
Long-term Debt, Fair Value | 240,963 | 237,700 |
Private [Member] | Level 2 | Carrying Amount Asset (Liability) | ||
Other | ||
Long-term Debt | (431,673) | (347,241) |
Private [Member] | Level 2 | Fair Value Asset (Liability) | ||
Other | ||
Long-term Debt, Fair Value | $ 436,892 | $ 344,043 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, share authorized (in shares) | 725,000,000 | 725,000,000 | 725,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, share issued (in shares) | 101,108,886 | 101,571,141 | |
Preferred stock, share issued (in shares) | 0 | ||
Teekay Parent [Member] | |||
Class of Stock [Line Items] | |||
Common stock, share issued (in shares) | 101,571,141 | ||
Continuous Offering Program | |||
Class of Stock [Line Items] | |||
Common stock, share issued (in shares) | 0 | ||
Sale of Stock, Offering Amount | $ 65 |
Capital Stock - Additional In_2
Capital Stock - Additional Information, Stock-based compensation (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2017 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted (in shares) | 0 | 0 | 2,629,000 | |||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 0 | $ 0 | $ 1.53 | |||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, shares reserved for issuance upon exercise of options or equity awards granted or to be granted | 5,158,441 | 5,581,663 | ||||
Stock options granted (in shares) | 0 | 0 | 2,620,582 | |||
Stock option, term (in years) | 10 years | |||||
Vesting period (in years) | 3 years | |||||
Unrecognized compensation cost related to non-vested stock options granted under the Plans | $ 200,000 | |||||
Compensation costs | 1,000,000 | $ 1,900,000 | $ 3,000,000 | |||
Intrinsic value of outstanding in-the-money stock options | $ 0 | $ 0 | ||||
Weighted-average remaining life (in years) | 5 years 8 months 12 days | 6 years 8 months 12 days | ||||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 1.53 | |||||
Expected volatility used in computing fair value of options granted | 65.20% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years 6 months | ||||
Dividend yield used in computing fair value of options granted | 5.90% | |||||
Risk-free interest rate used in computing fair value of options granted | 2.50% | |||||
Estimated forfeiture rate used in computing fair value of options granted | 6.00% | |||||
Stock Options | Non-Management Directors | Teekay Tankers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted (in shares) | 58,843 | |||||
Stock option, term (in years) | 10 years | |||||
Stock Options | Officer | Teekay Tankers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted (in shares) | 218,223 | |||||
Stock option, term (in years) | 10 years | |||||
Vesting period (in years) | 3 years | |||||
Stock Options | Nonvested | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value of non-vested options forfeited | $ 0 | $ 200,000 | $ 400,000 | |||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Common stock conversion (in shares) | 1 | |||||
Number of shares or units granted equity based compensation awards | 355,944 | 986,314 | 831,118 | |||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 1,400,000 | $ 3,100,000 | $ 3,300,000 | |||
Vested restricted stock (in shares) | 880,320 | 480,498 | 317,283 | |||
Market value of vested restricted stock | $ 4,700,000 | $ 3,000,000 | $ 3,000,000 | |||
Stock granted (in shares) | 222,590 | 256,780 | 182,653 | |||
Share based compensation expense | $ 2,300,000 | $ 3,100,000 | $ 3,300,000 | |||
Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation costs | $ 600,000 | $ 600,000 | $ 400,000 | |||
Number of shares or units granted equity based compensation awards | 149,366 | 203,468 | 111,808 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options | |||
Options Outstanding - beginning of year (shares) | 5,584,000 | 6,075,000 | 3,754,000 |
Options, Granted (in shares) | 0 | 0 | 2,629,000 |
Options, Exercised (shares) | 0 | 0 | 0 |
Options, Forfeited / expired (shares) | (135,000) | (491,000) | (308,000) |
Options Outstanding - end of year (shares) | 5,449,000 | 5,584,000 | 6,075,000 |
Options Exercisable - end of year (shares) | 4,690,000 | 3,490,000 | 2,565,000 |
Weighted-Average Exercise Price | |||
Weighted-Average Exercise Price, Outstanding - beginning of year (dollars per share) | $ 10.02 | $ 10.77 | $ 15.54 |
Weighted-Average Exercise Price, Granted (dollars per share) | 0 | 0 | 3.98 |
Weighted-Average Exercise Price, Exercised (dollars per share) | 0 | 0 | 0 |
Weighted-Average Exercise Price, Forfeited / expired (dollars per share) | 14.22 | 19.35 | 11.07 |
Weighted-Average Exercise Price, Outstanding - end of year (dollars per share) | 9.90 | 10.02 | 10.77 |
Weighted-Average Exercise Price, Exercisable - end of year (dollars per share) | $ 10.86 | $ 13.17 | $ 18.25 |
Stock Options | |||
Options | |||
Options, Granted (in shares) | 0 | 0 | 2,620,582 |
Capital Stock - Non-Vested Stoc
Capital Stock - Non-Vested Stock Option Activity and Related Information (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options | |||
Options Outstanding Non-Vested Stock Options - beginning of year (shares) | 2,094 | 3,510 | 1,800 |
Stock options granted (in shares) | 0 | 0 | 2,629 |
Options, Vested (shares) | (1,309) | (1,384) | (807) |
Options, Forfeited (shares) | (26) | (32) | (112) |
Options Outstanding Non-Vested Stock Options - end of year (shares) | 759 | 2,094 | 3,510 |
Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding non-vested stock options - beginning of Year (dollars per share) | $ 1.97 | $ 2.26 | $ 4.25 |
Weighted-average grant-date fair value of options granted (in dollars per share) | 0 | 0 | 1.53 |
Weighted-Average Grant Date Fair Value, Vested (dollars per share) | 2.22 | 2.64 | 4.18 |
Weighted-Average Grant Date Fair Value, Forfeited (dollars per share) | 1.73 | 4.71 | 3.33 |
Weighted-Average Grant Date Fair Value, outstanding non-vested stock options - end of year (dollars per share) | $ 1.53 | $ 1.97 | $ 2.26 |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Employee stock compensation and other (in shares) (note 12) | 0 | 0 | 0 |
Capital Stock - Details Regardi
Capital Stock - Details Regarding Outstanding and Exercisable Stock Options (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of Outstanding Options (in shares) | 5,449,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 5 years 8 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 9.90 | $ 10.02 | $ 10.77 | $ 15.54 |
Number of Exercisable Options (in shares) | 4,690,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 5 years 6 months | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 10.86 | $ 13.17 | $ 18.25 | |
Performance Shares | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of shares or units granted equity based compensation awards | 489,443 | |||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 5.7 | |||
Restricted Stock Units | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of shares or units granted equity based compensation awards | 355,944 | 986,314 | 831,118 | |
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 1.4 | $ 3.1 | $ 3.3 | |
Vested restricted stock (in shares) | 880,320 | 480,498 | 317,283 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Deferred | 481,341 | |||
Range Of Exercise Prices [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of Outstanding Options (in shares) | 2,527,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 7 years 2 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 3.98 | |||
Number of Exercisable Options (in shares) | 1,768,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 7 years 2 months 12 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 3.98 | |||
Range of Exercise Prices, lower limit (USD per share) | 0 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 4.99 | |||
Range Of Exercise Prices One [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of Outstanding Options (in shares) | 1,681,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 5 years 4 months 24 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 8.97 | |||
Number of Exercisable Options (in shares) | 1,681,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 5 years 4 months 24 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 8.97 | |||
Range of Exercise Prices, lower limit (USD per share) | 5 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 9.99 | |||
Range Of Exercise Prices Two [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of Outstanding Options (in shares) | 589,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 5 years 2 months 12 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 10.18 | |||
Number of Exercisable Options (in shares) | 589,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 5 years 2 months 12 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 10.18 | |||
Range of Exercise Prices, lower limit (USD per share) | 10 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 19.99 | |||
Range Of Exercise Prices Three [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of Outstanding Options (in shares) | 652,000 | |||
Outstanding Options, Weighted-Average Remaining Life (Years) | 1 year 4 months 24 days | |||
Outstanding Options, Weighted-Average Exercise Price (dollars per share) | $ 35.02 | |||
Number of Exercisable Options (in shares) | 652,000 | |||
Exercisable Options, Weighted-Average Remaining Life (Years) | 1 year 4 months 24 days | |||
Exercisable Options, Weighted-Average Exercise Price (dollars per share) | $ 35.02 | |||
Range of Exercise Prices, lower limit (USD per share) | 20 | |||
Range of Exercise Prices, upper limit (USD per share) | $ 59.99 |
Capital Stock - Additional In_3
Capital Stock - Additional Information, Stock-based compensation of Subsidiaries (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2017 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock options granted (in shares) | 0 | 0 | 2,629,000 | |||||
Stock option per share value (dollars per share) | $ 0 | $ 0 | $ 3.98 | |||||
Non-Management Directors | Seapeak | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of common shares or units issued related to the exercise of share based compensation during the period | 26,985 | 29,595 | 35,419 | |||||
Non-Management Directors | Teekay Tankers and Seapeak | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 0.7 | $ 0.6 | $ 0.7 | |||||
Restricted Stock Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares or units granted equity based compensation awards | 149,366 | 203,468 | 111,808 | |||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | |||||||
Stock options granted (in shares) | 0 | 0 | 2,620,582 | |||||
Stock option, term (in years) | 10 years | |||||||
Stock Options | Teekay Tankers and Seapeak | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock options granted (in shares) | 0 | 0 | ||||||
Stock Options | Officer | Teekay Tankers | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | |||||||
Stock options granted (in shares) | 218,223 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 8 | |||||||
Stock option, term (in years) | 10 years | |||||||
Stock Options | Non-Management Directors | Teekay Tankers | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock options granted (in shares) | 58,843 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 8 | |||||||
Stock option, term (in years) | 10 years | |||||||
Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares or units granted equity based compensation awards | 355,944 | 986,314 | 831,118 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 1.4 | $ 3.1 | $ 3.3 | |||||
Vesting period (in years) | 3 years | |||||||
Restricted Stock Units | Seapeak | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares or units granted equity based compensation awards | 67,102 | 243,940 | 80,100 | |||||
Restricted Stock Units | Teekay Tankers and Seapeak | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 2.8 | $ 6.2 | $ 2 | |||||
Vesting period (in years) | 3 years | |||||||
Common Class A | Restricted Stock Units | Teekay Tankers | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares or units granted equity based compensation awards | 109,953 | 182,120 | 99,064 | |||||
2007 LTIP [Member] | Common Class A | Non-Management Directors | Teekay Tankers | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of common shares or units issued related to the exercise of share based compensation during the period | 16,772 | 13,125 | 19,918 |
Related Party Transactions (Det
Related Party Transactions (Detail) shares in Thousands, $ in Thousands | May 08, 2019USD ($) | May 08, 2019USD ($)vessel | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | May 11, 2020USD ($)shares | Sep. 30, 2018 |
Altera | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from Affiliate, Noncurrent | $ 25,000 | $ 25,000 | ||||||
Proceeds from sale of assets, net of cash sold (notes 13 and 18) | $ 100,000 | |||||||
Equity Method Investment, Other than Temporary Impairment | $ 64,900 | |||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900 | |||||||
Equity-accounted joint ventures | LNG Carriers | Income (loss) from Discontinued Operation | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | $ 82,800 | $ 78,300 | 68,800 | |||||
Altera | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 7,600 | |||||||
Altera | Shuttle Tankers | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number Of Vessels Chartered In | vessel | 2 | |||||||
Altera | Fso [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number Of Vessels Chartered In | vessel | 3 | |||||||
Altera | Technical Services | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expenses | (9,600) | |||||||
Altera | Time-Charter Hire Expense [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expenses | $ (20,800) | |||||||
Altera | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Method Investment, Other than Temporary Impairment | 64,900 | |||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900 | |||||||
Seapeak | Elimination of Teekay LNG's IDR in exchange for units issued | ||||||||
Related Party Transaction [Line Items] | ||||||||
Limited Partners' Capital Account, Units Issued | shares | 10,750 | |||||||
Common Unit, Issuance Value | $ 122,600 | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent | 116,600 | |||||||
Seapeak | Teekay Lng Marubeni Joint Venture [Member] | Time-Charter Hire Expense [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expenses | (23,500) | (23,600) | $ (20,000) | |||||
Revolving Credit Facilities due through December 2024 | ||||||||
Related Party Transaction [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $ 344,900 | $ 438,400 | $ 438,400 | |||||
Teekay Lng Marubeni Joint Venture [Member] | Seapeak | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 52.00% | |||||||
Lessee, Operating Lease, Term of Contract | 2 years | |||||||
Lessee, Operating Lease, Extension Of Term Of Contract | 21 months | |||||||
Retained Earnings | Seapeak | Elimination of Teekay LNG's IDR in exchange for units issued | ||||||||
Related Party Transaction [Line Items] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent | $ 116,600 | |||||||
Non-controlling Interest | Seapeak | Elimination of Teekay LNG's IDR in exchange for units issued | ||||||||
Related Party Transaction [Line Items] | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 107,600 | |||||||
Accumulated Other Comprehensive Loss | Seapeak | Elimination of Teekay LNG's IDR in exchange for units issued | ||||||||
Related Party Transaction [Line Items] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent | $ 9,000 |
Other Loss (Detail)
Other Loss (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 26, 2018 | |
Other Income (Loss) [Line Items] | |||||
Asset Retirement Obligation, Period Increase (Decrease) | $ (32,950,000) | $ 0 | $ 0 | ||
Premiums paid Sale -leaseback transaction | (2,131,000) | 0 | 0 | ||
Gain (loss) on bond repurchases | 0 | 1,470,000 | (10,601,000) | ||
Credit loss provision | (2,490,000) | (901,000) | 0 | ||
Accretion Expense | (1,792,000) | (3,260,000) | (1,556,000) | ||
Miscellaneous income (loss) | 239,000 | 1,153,000 | (310,000) | ||
Other loss | (12,776,000) | (1,538,000) | (12,467,000) | ||
Petrojarl Foinaven FPSO | |||||
Other Income (Loss) [Line Items] | |||||
Asset Retirement Obligation, Period Increase (Decrease) | (6,602,000) | ||||
Asset Retirement Obligation, Increase in Present value of Liability | 2,700,000 | ||||
Asset Retirement Obligation, Revision of Estimate | 3,900,000 | ||||
FPSO | |||||
Other Income (Loss) [Line Items] | |||||
Asset Retirement Obligation, Period Increase (Decrease) | 0 | 0 | |||
Teekay Parent | |||||
Other Income (Loss) [Line Items] | |||||
Other loss | $ (11,737,000) | 20,572,000 | (5,662,000) | ||
Senior Notes due 2022 [Member] | |||||
Other Income (Loss) [Line Items] | |||||
Repayments of senior debt | $ 460,900,000 | ||||
Debt Instrument, Face Amount | $ 250,000,000 | ||||
Senior Notes Due 2020 [Member] | |||||
Other Income (Loss) [Line Items] | |||||
Gain (loss) on bond repurchases | $ 10,600,000 | ||||
Senior Notes (8.5%) due January 15, 2020 | |||||
Other Income (Loss) [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 6,600,000 | ||||
Debt Instrument, Repurchase Amount | $ 6,200,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | 9.25% | ||
Senior Notes (8.5%) due January 15, 2020 | Teekay Parent | |||||
Other Income (Loss) [Line Items] | |||||
Debt Instrument, Face Amount | $ 250,000,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | ||||
Senior Notes due 2022 [Member] | Teekay Parent | |||||
Other Income (Loss) [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | |||
Convertible Debt [Member] | Teekay Parent | |||||
Other Income (Loss) [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | $ 12,800,000 | ||||
Debt Instrument, Repurchase Amount | 10,500,000 | ||||
Debt Instrument, Face Amount | $ 125,000,000 | ||||
Senior Notes Due 2020 [Member] | |||||
Other Income (Loss) [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.50% | ||||
Teekay Parent [Member] | |||||
Other Income (Loss) [Line Items] | |||||
Gain (loss) on bond repurchases | $ 1,500,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) - Interest Rate Swap [Member] - LIBOR $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 50,000 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ 550 |
Weighted-Average Remaining Term (years) | 3 years |
Derivative, Fixed Interest Rate | 0.76% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Footnote) (Detail) - Interest Rate Swap Agreements | Dec. 31, 2021 |
Minimum | |
Derivative [Line Items] | |
Variable interest rate on debt | 2.25% |
Maximum | |
Derivative [Line Items] | |
Variable interest rate on debt | 2.40% |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | May 08, 2019 |
Series D Warrant | Altera | |||
Derivatives, Fair Value [Line Items] | |||
Number of shares available through exercise of stock purchase warrant | 1,755,000 | ||
Brookfield | Stock Purchase Warrants | Altera | |||
Derivatives, Fair Value [Line Items] | |||
Number of shares available through exercise of stock purchase warrant | 15,500,000 | ||
Goodwill, Intangibles and Other Non-Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 668 | ||
Accrued Liabilities and Other | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 180 | ||
Accrued Liabilities and Other | Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Interest Payable | 0 | ||
Other long-term liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Derivatives not designated as a cash flow hedge | Interest Rate Swap Agreements | Goodwill, Intangibles and Other Non-Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 668 | $ 0 | |
Derivatives not designated as a cash flow hedge | Interest Rate Swap Agreements | Accrued Liabilities and Other | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (118) | (1,260) | |
Derivatives not designated as a cash flow hedge | Interest Rate Swap Agreements | Accrued Liabilities and Other | Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Interest Payable | (548) | ||
Derivatives not designated as a cash flow hedge | Interest Rate Swap Agreements | Accrued Liabilities and Other | Accrued interest | |||
Derivatives, Fair Value [Line Items] | |||
Interest Payable | 0 | ||
Derivatives not designated as a cash flow hedge | Interest Rate Swap Agreements | Other long-term liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 0 | $ (597) | |
Derivatives not designated as a cash flow hedge | Forward freight agreements | Goodwill, Intangibles and Other Non-Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Derivatives not designated as a cash flow hedge | Forward freight agreements | Accrued Liabilities and Other | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 4 | ||
Derivatives not designated as a cash flow hedge | Forward freight agreements | Accrued Liabilities and Other | Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Interest Payable | 0 | ||
Derivatives not designated as a cash flow hedge | Forward freight agreements | Other long-term liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Derivatives not designated as a cash flow hedge | Foreign currency forward contracts | Goodwill, Intangibles and Other Non-Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Derivatives not designated as a cash flow hedge | Foreign currency forward contracts | Accrued Liabilities and Other | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 58 | ||
Derivatives not designated as a cash flow hedge | Foreign currency forward contracts | Accrued Liabilities and Other | Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Interest Payable | 0 | ||
Derivatives not designated as a cash flow hedge | Foreign currency forward contracts | Other long-term liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | $ 467 | $ (2,523) | $ (358) |
Realized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | (1,878) | (1,720) | (22,281) |
Unrealized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | 2,345 | (803) | 21,923 |
Interest Rate Swap Agreements | Realized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | (1,275) | (857) | 1,788 |
Interest Rate Swap Agreements | Unrealized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | 2,407 | (889) | (4,988) |
Foreign currency forward contracts | Realized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | (31) | 379 | 0 |
Foreign currency forward contracts | Unrealized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | (58) | 0 | 0 |
Stock Purchase Warrants | Realized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | 0 | 0 | (25,559) |
Stock Purchase Warrants | Unrealized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | 0 | 0 | 26,900 |
Forward freight agreements | Realized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | (572) | (1,242) | 1,490 |
Forward freight agreements | Unrealized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | (4) | 86 | (29) |
Time-charter swap | Unrealized Gain (Loss) on Derivative Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Realized and unrealized gains (losses) on non-designated derivative instruments (note 15) | $ 0 | $ 0 | $ 40 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - FX Forwards (Detail) - Foreign currency forward contracts $ in Thousands | Dec. 31, 2021USD ($) |
Derivative [Line Items] | |
Investment Owned, Foreign Currency Contract, Current Value | $ 4,000 |
Derivative, Average Forward Exchange Rate | 0.73945 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (58) |
Expected Maturity Amount Of Foreign Currency Derivatives Year Two | $ 5,409 |
Commitments and Contingencies -
Commitments and Contingencies - Liquidity (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 10, 2022credit_facility | |
Debt Instrument [Line Items] | ||||
Net (loss) income | $ (3,368) | $ 90,982 | $ (148,986) | |
Net operating cash flow | 78,116 | 984,017 | 383,306 | |
Working capital deficit | 126,600 | |||
Current portion of long-term debt | 255,306 | 10,858 | ||
Net operating cash flow - continuing operations | (141,905) | 354,916 | 72,446 | |
Loss from continuing operations | $ (277,463) | $ (24,304) | $ (324,707) | |
Suezmax | Subsequent Events | ||||
Debt Instrument [Line Items] | ||||
Number of vessels | credit_facility | 1 |
Commitments and Contingencies_2
Commitments and Contingencies - Other (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)lessorcredit_facility | Mar. 31, 2022vessel | |
March 2022 Sale Leaseback | Subsequent Events | ||
Other Commitments [Line Items] | ||
Number of vessels | 8 | |
Teekay Tankers | ||
Other Commitments [Line Items] | ||
Loss Contingency, Damages Sought, Value | $ | $ 7.3 | |
Number of Lessors | lessor | 1 | |
Lessee, Sales-type lease, Number of vessels repurchased | credit_facility | 8 | |
Teekay Tankers | March 2022 Sale Leaseback | Subsequent Events | ||
Other Commitments [Line Items] | ||
Number of vessels | 8 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 108,977 | $ 128,743 | $ 176,067 | |
Restricted cash – current | 2,227 | 2,786 | 3,088 | |
Restricted cash – non-current | 3,135 | 3,135 | 5,466 | |
Disposal Group, Including Discontinued Operation, Cash | 101,190 | 220,042 | 177,174 | |
Disposal Group, Including Discontinued Operation, Restricted Cash, Current | 11,888 | 8,358 | 53,689 | |
Disposal Group, Including Discontinued Operation, Restricted Cash - Non-Current | 38,103 | 42,826 | 39,383 | |
Total cash, cash equivalents and restricted cash | 265,520 | 405,890 | 456,325 | $ 505,639 |
Cash and cash equivalents | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 1,121 | |
Restricted Cash [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Assets held for sale - restricted cash | $ 0 | $ 0 | $ 337 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 16,400 | $ 800 | $ 47,700 |
Accounts receivable | 83,460 | 32,760 | (44,995) |
Prepaid expenses and other | 4,016 | 68,052 | (107,060) |
Accounts payable | (77,972) | (6,365) | 103,315 |
Accrued liabilities and other | (44,525) | (203) | 40,699 |
Receipts from direct financing and sales-type leases (1) | 0 | 66,369 | 0 |
Asset retirement obligation expenditures | (1,419) | (17,458) | 0 |
Expenditures for drydocking | (26,974) | (24,655) | (48,250) |
Total | $ (63,414) | $ 118,500 | $ (56,291) |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 14, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Cash interest paid, including realized interest rate swap settlements | $ 64,500 | $ 82,900 | $ 122,400 | |
Operating lease right-of-use assets (notes 1 and 9) | 14,257 | 32,211 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 16,400 | 800 | 47,700 | |
Shuttle Tankers | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Operating lease right-of-use assets (notes 1 and 9) | 50,700 | |||
Lease liability | $ 50,700 | |||
Toledo Spirit [Member] | Finance Lease Obligations [Member] | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Extinguishment of Debt, Amount | 23,600 | |||
Bahrain LNG Joint Venture [Member] | Seapeak | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Due from Joint Ventures, Noncurrent | $ 79,100 | |||
Equity Interest In Joint Ventures | $ 7,900 | |||
Subordinated Debt | $ 71,200 | |||
Subordinated Borrowing, Interest Rate | 6.00% |
Write-down and loss on sale o_3
Write-down and loss on sale of vessels - Net (Loss) Gain on Sale of Vessels, Equipment and Other Operating Assets (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)vessel | Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($)vessel | |
Property, Plant and Equipment [Line Items] | ||||
Write-down / sales of vessels | $ 92,368 | $ 149,238 | $ 183,874 | |
Offshore Production | FPSO | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Impaired | vessel | 2 | 2 | ||
Teekay Parent | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | 0 | $ (123,753) | $ (103,420) | |
Teekay Parent [Member] | FPSO | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Impaired | vessel | 1 | |||
Teekay Parent [Member] | FPSO | FPSO | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Impaired | vessel | 2 | 2 | ||
Teekay Parent [Member] | FPSO | Fpso 2 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Impaired | vessel | 1 | |||
Teekay Parent [Member] | Offshore Production | FPSO | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | 0 | $ (70,693) | $ (175,000) | |
Teekay Parent [Member] | Offshore Production | Petrojarl Foinaven FPSO | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | 0 | 0 | (3,330) | |
Teekay Parent [Member] | Other | Fso [Member] | Operating Right Of Use Asset | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ 0 | (9,100) | $ 0 | |
Teekay Tankers | Suezmax | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Impaired | vessel | 3 | |||
Teekay Tankers | Aframax Tanker [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ (65,400) | |||
Number Of Vessels Impaired | vessel | 1 | 9 | ||
Teekay Tankers | LR2 Tanker | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Impaired | vessel | 3 | |||
Teekay Tankers | Aframax Tanker 4 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Sold | vessel | 2 | |||
Teekay Tankers | Tankers [Member] | Suezmax Tankers 2 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Sold | vessel | 3 | |||
Teekay Tankers | Tankers [Member] | Suezmax Tankers 3 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Sold | vessel | 3 | |||
Teekay Tankers | Conventional Tankers | Operating Right Of Use Asset | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ (715) | $ (2,881) | $ 0 | |
Teekay Tankers | Conventional Tankers | Ship-to-Ship Transfer Business (SPT) | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | 3,081 | 0 | |
Teekay Tankers | Conventional Tankers | Suezmax | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ (66,916) | 0 | 0 | |
Number Of Vessels Impaired | vessel | 4 | |||
Teekay Tankers | Conventional Tankers | Aframax Tanker [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ (4,314) | $ (4,936) | 0 | |
Number Of Vessels Impaired | vessel | 2 | 2 | ||
Teekay Tankers | Conventional Tankers | LR2 Tanker | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ (18,381) | $ 0 | 0 | |
Number Of Vessels Impaired | vessel | 3 | |||
Teekay Tankers | Conventional Tankers | Aframax Tanker 2 | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ 0 | $ (25,869) | 0 | |
Number Of Vessels Impaired | vessel | 4 | |||
Teekay Tankers | Conventional Tankers | Aframax Tanker 3 | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | 0 | $ (22,579) | 0 | |
Number Of Vessels Impaired | vessel | 2 | |||
Teekay Tankers | Conventional Tankers | Aframax Tanker 4 | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ (2,042) | $ (13,634) | 0 | |
Number Of Vessels Impaired | vessel | 2 | 2 | ||
Gain (Loss) on Disposition of Assets | $ 500 | |||
Teekay Tankers | Conventional Tankers | Suezmax Tankers 2 | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (Loss) on Disposition of Assets | $ 0 | $ (2,627) | 0 | |
Teekay Tankers | Conventional Tankers | Suezmax Tankers 3 | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments of investments and advances (note 1) | $ 0 | $ 0 | $ (5,544) |
Write-down and loss on sale o_4
Write-down and loss on sale of vessels - Additional Information - Asset Impairments (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2022USD ($)vessel | Jan. 31, 2022USD ($)vessel | Feb. 28, 2021USD ($)vessel | Mar. 31, 2022USD ($)vessel | Sep. 30, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)vessel | Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($)vessel | Feb. 10, 2022credit_facility | |
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on commencement of sales-type lease (note 2) | $ 0 | $ 44,943 | $ 0 | |||||||
Proceeds from sale of vessels and equipment (note 18) | 58,090 | 60,915 | $ 20,008 | |||||||
Teekay Tankers | Aframax Tanker 3 | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from Sale of Productive Assets | $ 32,000 | |||||||||
Number Of Vessels Sold | vessel | 2 | |||||||||
Teekay Tankers | Suezmax, Aframax and LR2 Vessels | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Write down on vessel | 85,000 | |||||||||
Teekay Tankers | Tankers [Member] | Ship-to-Ship Transfer Business (SPT) | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from Divestiture of Businesses | 27,100 | |||||||||
Proceeds From Divestiture Of Businesses Adjustment | $ 1,100 | |||||||||
FPSO | Offshore Production | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 2 | 2 | ||||||||
FPSO | Teekay Parent [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 1 | |||||||||
FPSO | Teekay Parent [Member] | Offshore Production | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Write down on vessel | $ 0 | $ 70,693 | $ 175,000 | |||||||
FPSO | Teekay Parent [Member] | FPSO | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 2 | 2 | ||||||||
Aframax Tanker [Member] | Teekay Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 1 | 9 | ||||||||
Write down on vessel | $ 65,400 | |||||||||
Aframax Tanker [Member] | Teekay Tankers | Conventional Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 2 | 2 | ||||||||
Write down on vessel | $ 4,314 | $ 4,936 | $ 0 | |||||||
Suezmax | Teekay Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 3 | |||||||||
Suezmax | Teekay Tankers | Conventional Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 4 | |||||||||
Write down on vessel | $ 66,916 | 0 | 0 | |||||||
Petrojarl Foinaven FPSO | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on commencement of sales-type lease (note 2) | $ 44,900 | 44,900 | ||||||||
Petrojarl Foinaven FPSO | Teekay Parent [Member] | Offshore Production | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Write down on vessel | $ 0 | 0 | 3,330 | |||||||
LR2 Tanker | Teekay Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 3 | |||||||||
LR2 Tanker | Teekay Tankers | Conventional Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 3 | |||||||||
Write down on vessel | $ 18,381 | $ 0 | 0 | |||||||
Aframax Tanker 4 | Teekay Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Sold | vessel | 2 | |||||||||
Aframax Tanker 4 | Teekay Tankers | Conventional Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Impaired | vessel | 2 | 2 | ||||||||
Write down on vessel | $ 2,042 | $ 13,634 | $ 0 | |||||||
Gain (Loss) on Disposition of Assets | $ 500 | |||||||||
Subsequent Events | Teekay Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from sale of vessels and equipment (note 18) | $ 43,600 | |||||||||
Subsequent Events | Aframax Tanker [Member] | Teekay Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Sold | vessel | 1 | 1 | 2 | |||||||
Proceeds from sale of vessels and equipment (note 18) | $ 15,000 | $ 13,100 | ||||||||
Subsequent Events | Suezmax | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of vessels | credit_facility | 1 | |||||||||
Subsequent Events | Suezmax | Teekay Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number Of Vessels Sold | vessel | 1 | |||||||||
Subsequent Events | Suezmax Tanker | Teekay Tankers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from sale of vessels and equipment (note 18) | $ 15,500 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Income (Loss) Per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Controlling Interest | $ 7,806 | $ (82,933) | $ (310,577) |
Basic and Diluted (shares) | 102,148,629 | 101,053,095 | 100,719,224 |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Net loss attributable to the shareholders of Teekay Corporation, continuing operations | $ (102,671) | $ (129,749) | $ (372,561) |
Net Income (Loss) Attributable to Noncontrolling Interest | 11,174 | (173,915) | (161,591) |
Net income attributable to the shareholders of Teekay Corporation, discontinued operations | $ 110,477 | $ 46,816 | $ 61,984 |
Common stock and common stock equivalents (shares) | 102,148,629 | 101,053,095 | 100,719,224 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive effect on calculation of diluted loss per common share attributable to outstanding stock-based awards | 15 | 7.2 | 3.5 |
Restructuring Charges (Detail)
Restructuring Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,820 | $ 10,720 | $ 8,350 |
Restructuring liabilities | $ 4,700 | $ 1,700 |
Income Taxes - Components of Co
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Vessels and equipment | $ 15,653 | $ 17,707 |
Tax losses carried forward | 96,008 | 108,869 |
Other | 4,084 | 13,779 |
Total deferred tax assets | 115,745 | 140,355 |
Deferred tax liabilities: | ||
Other | 6,054 | 18,596 |
Total deferred tax liabilities | 6,054 | 18,596 |
Net deferred tax assets | 109,691 | 121,759 |
Valuation allowance | (106,949) | (118,861) |
Net deferred tax assets | $ 2,742 | $ 2,898 |
Income Taxes - Components of _2
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Footnote) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 470.5 |
Norway | |
Operating Loss Carryforwards [Line Items] | |
Tax losses and disallowed finance costs | $ 15 |
Carryforward term (in years) | 10 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 4,082 | $ (6,756) | $ (18,581) |
Deferred | 881 | 1,197 | 735 |
Income tax recovery (expense) | $ 4,963 | $ (5,559) | $ (17,846) |
Income Taxes - Reconciliations
Income Taxes - Reconciliations of Income Tax Rates and Actual Tax Charge (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Loss from continuing operations before income taxes | $ (282,426) | $ (18,745) | $ (306,861) |
Net loss not subject to taxes | (336,040) | (9,912) | (269,677) |
Net income (loss) subject to taxes | 53,614 | (8,833) | (37,184) |
At applicable statutory tax rates | 12,476 | (1,411) | (6,547) |
Effective Income Tax Reconciliation, Permanent and Currency Differences and Change In Deferred Tax Assets Valuation Allowance | (13,870) | 4,947 | 24,368 |
Other | (3,569) | 2,023 | 25 |
Tax (recovery) expense related to the year | $ (4,963) | $ 5,559 | $ 17,846 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance of unrecognized tax benefits as at January 1 | $ 51,562 | $ 53,665 | $ 36,816 |
Increases for positions related to the current year | 3,749 | 14,264 | 3,893 |
Increases for positions related to prior years | 4,801 | 10,704 | 16,627 |
Decreases for positions related to prior years | 0 | (15,941) | (588) |
Settlements with tax authority | 0 | (8,714) | 0 |
Decreases related to statute of limitations | (12,753) | (2,910) | (2,546) |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 494 | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (403) | (537) | |
Balance of unrecognized tax benefits as at December 31 | 46,956 | 51,562 | 53,665 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 6,200 | 13,400 | 8,600 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 26,700 | $ 29,200 | $ 26,100 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Aug. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Interest and penalties on unrecognized tax benefits | $ 6,200 | $ 13,400 | $ 8,600 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 26,700 | 29,200 | 26,100 | ||
Operating Loss Carryforwards [Line Items] | |||||
Increases for positions related to prior years | 4,801 | 10,704 | 16,627 | ||
Decreases for positions related to prior years | 0 | 15,941 | 588 | ||
Settlements with tax authority | 0 | 8,714 | 0 | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 8,600 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 6,200 | 13,400 | 8,600 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 26,700 | 29,200 | $ 26,100 | ||
Foreign Tax Authority | |||||
Operating Loss Carryforwards [Line Items] | |||||
Increases for positions related to prior years | 7,600 | ||||
Settlement with Taxing Authority | |||||
Operating Loss Carryforwards [Line Items] | |||||
Decreases for positions related to prior years | $ 15,400 | ||||
Payments for Other Taxes | $ 900 | $ 7,900 |
Equity-accounted Investments -
Equity-accounted Investments - Additional Information (Detail) $ in Thousands | May 08, 2019USD ($) | May 08, 2019USD ($) | Dec. 31, 2021USD ($)lessorvessel | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in subsidiaries | $ 12,954 | $ 28,562 | |||
Equity income | (14,107) | 5,100 | $ (73,342) | ||
Carrying amount of long-term debt | 680,085 | 605,147 | |||
High-Q Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying amount of long-term debt | $ 28,100 | 25,700 | |||
Altera | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from sale of assets, net of cash sold (notes 13 and 18) | $ 100,000 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900 | ||||
Due from Affiliate, Noncurrent | $ 25,000 | $ 25,000 | |||
Equity Method Investment, Other than Temporary Impairment | 64,900 | ||||
Teekay Tankers | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Lessors | lessor | 1 | ||||
Equity Method Investment, Other than Temporary Impairment | $ 11,600 | ||||
Teekay Tankers | High-Q Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership interest | 50.00% | ||||
Investments in subsidiaries | $ 13,000 | 28,600 | |||
Equity income | $ (14,100) | 5,100 | 2,300 | ||
Percentage of Exposure to Loan Guarantee | 50.00% | ||||
Teekay Tankers | High-Q Joint Venture | VLCC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | vessel | 1 | ||||
Altera | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,900 | ||||
Equity Method Investment, Other than Temporary Impairment | 64,900 | ||||
Equity income | $ (75,800) | $ 0 | $ 0 | $ (75,814) |
Equity-accounted Investments _2
Equity-accounted Investments - Condensed Summary of Company's Investments in and Advances to Joint Ventures (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in subsidiaries | $ 12,954 | $ 28,562 |
Teekay Parent | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in subsidiaries | $ 724,016 | $ 635,060 |
Discontinued Operations and D_3
Discontinued Operations and Disposal Groups IFVO (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | $ 680,589 | $ 669,417 | $ 670,346 |
Disposal Group, Including Discontinued Operation, Cost of Goods and Services Sold | (28,190) | (17,394) | (21,387) |
Disposal Group, Including Discontinued Operation, Operating Expense | (200,917) | (188,251) | (177,141) |
Disposal Group, Including Disposal Operation, Operating Lease , Expense | (23,487) | (23,564) | (19,994) |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | (130,810) | (129,752) | (136,765) |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | (24,196) | (15,075) | (11,714) |
Disposal Group, Including Discontinued Operation, Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | (51,000) | 13,564 |
Disposal Group, Including Discounted Operation, Restructuring Charge | (3,223) | 0 | (3,690) |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 269,766 | 244,381 | 313,219 |
Disposal Group, Including Discontinued Operation, Interest Expense | (122,561) | (136,572) | (167,661) |
Disposal Group, Including Discontinued Operation, Interest Income | 5,945 | 6,903 | 4,400 |
Disposal Group, Including Discontinued Operation, Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 8,524 | (33,334) | (13,361) |
Disposal Group, Including Discontinued Operation, Income (Loss) from Equity Method Investments | 115,399 | 72,233 | 58,819 |
Disposal Group, Including Discontinued Operation, Foreign Currency Transaction Gain (Loss), before Tax | 7,344 | (18,373) | (10,051) |
Disposal Group, Including Discontinued Operation, Other Nonoperating (Expense) | (3,566) | (16,523) | (2,008) |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 280,851 | 118,715 | 183,357 |
Disposal Group, Including Discontinued Operation, Income Tax Expense (Benefit) | (6,756) | (3,429) | (7,636) |
Net income attributable to the shareholders of Teekay Corporation, discontinued operations | 110,477 | 46,816 | 61,984 |
Income from discontinued operations (note 23) | $ 274,095 | $ 115,286 | $ 175,721 |
Discontinued Operations and D_4
Discontinued Operations and Disposal Groups Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 101,190 | $ 220,042 |
Disposal Group, Including Discontinued Operation, Other Assets, Current | 264,537 | 60,999 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 2,831,530 | 0 |
Current assets - discontinued operations (note 23) | 4,804,439 | 281,041 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 0 | 2,895,919 |
Disposal Group, Including Discontinued Operation, Net Investment in Lease, after Allowance for Credit Loss, Current | 480,508 | 0 |
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Current | 1,126,674 | 0 |
Disposal Group, Including Discontinued Operation, Net Investment in Lease, after Allowance for Credit Loss, Noncurrent | 0 | 500,101 |
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 142,223 |
Non-current assets - discontinued operations (note 23) | 0 | 4,585,334 |
Disposal Group, Including Discontinued Operation, Assets | 4,804,439 | 4,866,375 |
Disposal Group, Including Discontinued Operation, Long-term Debt, Current Maturities | 1,379,642 | 250,508 |
Disposal Group, Including Discontinued Operation, Finance Lease, Liability, Current | 1,268,990 | 71,932 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 228,997 | 209,301 |
Current liabilities - discontinued operations (note 23) | 2,877,629 | 531,741 |
Disposal Group, Including Discontinued Operation, Long-term Debt, Excluding Current Maturities | 0 | 1,221,705 |
Disposal Group, Including Discontinued Operation, Finance Lease, Liability, Noncurrent | 0 | 1,268,990 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | 95,779 |
Non-current liabilities - discontinued operations (note 23) | 0 | 2,586,474 |
Disposal Group, Including Discontinued Operation, Liabilities | 2,877,629 | 3,118,215 |
Investment in and loans, net to equity-accounted investments | $ 0 | $ 1,047,091 |
Discontinued Operations and D_5
Discontinued Operations and Disposal Groups EAI Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information - Revenue | $ 990,703 | $ 1,008,112 | $ 766,618 |
Disposal Group, Including Discontinued Operation, Equity-accounted investments, Summarized Financial Information - Income from Vessel Operations | 572,985 | 584,685 | 400,326 |
Disposal Group, Including Discontinued Operation, Equity-accounted investments, Summarized Financial Information - Net Realized and Unrealized Gain Loss From Derivatives | 26,743 | (94,760) | (40,915) |
Disposal Group, Including Discontinued Operation, Equity-accounted investments, Summarized Financial Information - Net Income | $ 342,068 | 152,144 | $ 130,314 |
Disposal Group, Including Discontinued Operation, Equity-accounted Investments, Ownership Percentage | 100.00% | ||
Minimum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Equity-accounted Investments, Ownership Percentage | 20.00% | ||
Maximum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Equity-accounted Investments, Ownership Percentage | 52.00% | ||
Net Investment In Direct Financing Leases [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | $ 5,103,376 | 5,237,791 | |
Short Term Debt and Finance Lease Obligations Current Portion [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | 611,180 | 582,767 | |
Long-term Debt And Finance Lease Obligations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | 4,551,612 | 4,853,791 | |
Vessels and Equipment | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | 1,825,562 | 1,912,776 | |
Other Current Assets [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | 208,029 | 180,673 | |
Other Noncurrent Assets [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | 255,270 | 216,331 | |
Other Current Liabilities [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | 250,753 | 232,466 | |
Other long-term liabilities | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | 220,454 | 350,057 | |
Cash and Restricted Cash | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Investment in and loans, net to equity-accounted investments, Summarized Financial Information | $ 460,342 | $ 400,816 |
Subsequent Events (Details)
Subsequent Events (Details) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2022USD ($)vessel | Jan. 31, 2022USD ($)vessel | Mar. 31, 2022USD ($)vessel | Dec. 31, 2021USD ($)vessel | Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($) | Feb. 28, 2022USD ($) | Feb. 10, 2022credit_facility | Jan. 13, 2022shares | Jan. 12, 2022USD ($) | Jan. 01, 2021USD ($) | |
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 680,085,000 | $ 605,147,000 | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 58,090,000 | 60,915,000 | $ 20,008,000 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 21,447,000 | 16,025,000 | $ 11,628,000 | ||||||||
Teekay Parent | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 355,579,000 | $ 355,579,000 | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 75.80% | ||||||||||
Subsequent Events | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Aggregate proceeds received | $ 641,000,000 | ||||||||||
Cash Divested from Deconsolidation | $ 4,900,000 | ||||||||||
Subsequent Events | March 2022 Sale Leaseback | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of vessels | vessel | 8 | 8 | |||||||||
Hull coverage ratio for first three years | 100.00% | ||||||||||
Subsequent Events | General Partner of Seapeak | Common Class A | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Partners Capital Account, Number of Units Owned by Controlling Interest | shares | 1.6 | ||||||||||
Teekay Tankers | Minimum | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Sale Leaseback Transaction, Lease Terms | seven | ||||||||||
Teekay Tankers | Maximum | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Sale Leaseback Transaction, Lease Terms | 12 | ||||||||||
Teekay Tankers | Subsequent Events | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 43,600,000 | ||||||||||
Teekay Tankers | Subsequent Events | March 2022 Sale Leaseback | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of vessels | vessel | 8 | 8 | |||||||||
Sale Leaseback Transaction, Net Proceeds | $ 177,300,000 | ||||||||||
Teekay Tankers | Subsequent Events | March 2022 Sale Leaseback | Minimum | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Sale Leaseback Transaction, Lease Terms | six | ||||||||||
Teekay Tankers | Subsequent Events | March 2022 Sale Leaseback | Maximum | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Sale Leaseback Transaction, Lease Terms | nine | ||||||||||
Suezmax | Subsequent Events | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of vessels | credit_facility | 1 | ||||||||||
Suezmax | Teekay Tankers | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 3 | ||||||||||
Suezmax | Teekay Tankers | Subsequent Events | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number Of Vessels Sold | vessel | 1 | ||||||||||
FPSO | Teekay Parent [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 1 | ||||||||||
Aframax Tanker [Member] | Teekay Tankers | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number Of Vessels Impaired | vessel | 1 | 9 | |||||||||
Aframax Tanker [Member] | Teekay Tankers | Subsequent Events | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 15,000,000 | $ 13,100,000 | |||||||||
Number Of Vessels Sold | vessel | 1 | 1 | 2 | ||||||||
Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 243,395,000 | $ 243,395,000 | |||||||||
Debt Instrument, Repurchased Face Amount | 6,600,000 | ||||||||||
Senior Notes (8.5%) due January 15, 2020 | Teekay Parent | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 243,395,000 | 243,395,000 | |||||||||
Senior Notes (8.5%) due January 15, 2020 | Debt Instrument, Redemption, Period Three [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | ||||||||||
Senior Notes (8.5%) due January 15, 2020 | Debt Instrument, Redemption, Period Three [Member] | Teekay Parent | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | ||||||||||
Senior Notes (8.5%) due January 15, 2020 | Subsequent Events | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 243,400,000 | ||||||||||
Convertible Debt [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 112,184,000 | 112,184,000 | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 75.80% | ||||||||||
Convertible Debt [Member] | Teekay Parent | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 112,184,000 | 112,184,000 | $ 112,200,000 | ||||||||
Debt Instrument, Repurchased Face Amount | 12,800,000 | ||||||||||
Convertible Debt [Member] | Subsequent Events | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 23,400,000 | $ 23,400,000 | $ 112,200,000 | ||||||||
Debt Instrument, Repurchased Face Amount | $ 85,000,000 | ||||||||||
Debt Instrument, Redemption Price, Percentage | 102.00% | ||||||||||
Convertible Debt [Member] | Subsequent Events | Teekay Parent | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | 23,400,000 | 23,400,000 | |||||||||
Debt Instrument, Repurchased Face Amount | $ 3,800,000 | $ 3,800,000 | $ 85,000,000 | ||||||||
Revolving Credit Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Carrying amount of long-term debt | $ 271,167,000 | $ 185,000,000 |
Schedule I Condensed Non-Cons_3
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||||
Cash and cash equivalents (notes 8 and 17) | $ 108,977 | $ 128,743 | $ 176,067 | |
Accounts receivable, including non-trade and related party balances | 59,951 | 142,812 | ||
Total current assets | 5,138,702 | 689,971 | ||
Investments in and advances to subsidiaries (note 1) | (12,954) | (28,562) | ||
Total assets | 6,531,982 | 6,945,912 | ||
Current | ||||
Accounts payable | 41,081 | 119,280 | ||
Current portion of long-term debt (note 8) | 255,306 | 10,858 | ||
Total current liabilities | 3,338,500 | 903,034 | ||
Long-term debt (note 8) | 416,174 | 572,036 | ||
Other long-term liabilities (notes 6) | 72,508 | 109,075 | ||
Total liabilities | 4,099,499 | 4,474,621 | ||
Equity | ||||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 101,571,141 shares outstanding and issued (2020 – 101,108,886)) (note 12) | 1,053,802 | 1,057,319 | ||
Accumulated deficit | (513,242) | (527,028) | ||
Total equity | 2,432,483 | 2,471,291 | $ 2,571,593 | $ 2,867,028 |
Total liabilities and equity | 6,531,982 | 6,945,912 | ||
Teekay Parent | ||||
Current | ||||
Cash and cash equivalents (notes 8 and 17) | 31,001 | 9,604 | ||
Accounts receivable, including non-trade and related party balances | 126 | 309 | ||
Prepaid expenses | 192 | 57 | ||
Due from affiliates | 90,803 | 166,219 | ||
Total current assets | 122,122 | 176,189 | ||
Investments in and advances to subsidiaries (note 1) | (724,016) | (635,060) | ||
Other Assets, Noncurrent | 0 | 9 | ||
Total assets | 846,138 | 811,258 | ||
Current | ||||
Accounts payable | 2,149 | 16,170 | ||
Accrued liabilities | 15,171 | 7,269 | ||
Due to Affiliate, Current | 222,638 | 247,425 | ||
Current portion of long-term debt (note 8) | 239,807 | 0 | ||
Other current liabilities | 58 | 971 | ||
Total current liabilities | 479,823 | 271,835 | ||
Long-term debt (note 8) | 111,383 | 339,933 | ||
Other long-term liabilities (notes 6) | 7,884 | 8,183 | ||
Total liabilities | 599,090 | 619,951 | ||
Equity | ||||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 101,571,141 shares outstanding and issued (2020 – 101,108,886)) (note 12) | 1,053,804 | 1,057,321 | ||
Accumulated deficit | (806,756) | (866,014) | ||
Total equity | 247,048 | 191,307 | ||
Total liabilities and equity | $ 846,138 | $ 811,258 |
Schedule I Condensed Non-Cons_4
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Statements of (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Revenues | $ 682,508 | $ 1,146,255 | $ 1,275,045 |
Voyage expenses | (315,113) | (297,239) | (402,290) |
General and administrative expenses | 74,387 | 64,153 | 69,730 |
(Loss) income from vessel operations | (185,353) | 70,197 | (109,177) |
Interest expense | (68,412) | (89,075) | (111,398) |
Interest income | 169 | 1,439 | 3,404 |
Other loss | (12,776) | (1,538) | (12,467) |
Loss from continuing operations before income taxes | (282,426) | (18,745) | (306,861) |
Income tax recovery (expense) | (4,963) | 5,559 | 17,846 |
Net income (loss) attributable to the shareholders of Teekay Corporation | 7,806 | (82,933) | (310,577) |
Teekay Parent | |||
Condensed Income Statements, Captions [Line Items] | |||
Vessel operating expenses | 0 | 0 | 412 |
General and administrative expenses | 18,085 | 16,659 | 19,463 |
(Loss) income from vessel operations | (18,085) | (16,659) | (19,875) |
Interest expense | (33,320) | (37,674) | (46,243) |
Interest income | 35 | 267 | 1,561 |
Impairments of investments and advances (note 1) | 0 | (123,753) | (103,420) |
Dividend Income, Operating | 121,253 | 58,563 | 62,100 |
Other loss | (11,737) | 20,572 | (5,662) |
Loss from continuing operations before income taxes | 58,146 | (98,684) | (111,539) |
Income tax recovery (expense) | (1,112) | (790) | (7) |
Net income (loss) attributable to the shareholders of Teekay Corporation | $ 59,258 | $ (97,894) | $ (111,532) |
Schedule I Condensed Non-Cons_5
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ (3,368) | $ 90,982 | $ (148,986) |
Non-cash and non-operating items: | |||
Change in operating assets and liabilities | 63,414 | (118,500) | 56,291 |
Net operating cash flow | 78,116 | 984,017 | 383,306 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 221,167 | 574,872 | 292,048 |
Scheduled repayments of long-term debt | 11,229 | 49,886 | 101,107 |
Cash dividends paid | 0 | 0 | (5,523) |
Other financing activities | (1,046) | (798) | (580) |
Net financing cash flow | (225,656) | (1,097,513) | (382,229) |
INVESTING ACTIVITIES | |||
Investments in subsidiaries | (4,749) | 0 | 0 |
Other investing activities | 0 | (9,983) | 0 |
Net investing cash flow | 7,170 | 63,061 | (50,391) |
Decrease in cash, cash equivalents, restricted cash and cash held for sale | (140,370) | (50,435) | (49,314) |
Prepayments of long-term debt | (135,000) | (900,767) | (615,961) |
Teekay Parent | |||
OPERATING ACTIVITIES | |||
Net (loss) income | 59,258 | (97,894) | (111,532) |
Non-cash and non-operating items: | |||
Unrealized gain on derivative instruments | (913) | (656) | (270) |
Impairments of investments | 0 | 123,753 | 103,420 |
Stock-based compensation | 3,276 | 5,165 | 7,400 |
Dividends-in-kind | (75,298) | (31,763) | (10,000) |
Other | 4,610 | 7,925 | 19,153 |
Change in operating assets and liabilities | (35,672) | (8,508) | 15,314 |
Net operating cash flow | 26,605 | 15,038 | (7,143) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt, net of issuance costs | 0 | 0 | 250,000 |
Scheduled repayments of long-term debt | 0 | 36,712 | 480,851 |
Advances from affiliates | 0 | 0 | 227,157 |
Cash dividends paid | 0 | 0 | (5,523) |
Other financing activities | (459) | (128) | (637) |
Net financing cash flow | (459) | (55,089) | (24,883) |
INVESTING ACTIVITIES | |||
Investments in subsidiaries | (4,749) | 0 | 0 |
Net investing cash flow | (4,749) | 0 | 0 |
Decrease in cash, cash equivalents, restricted cash and cash held for sale | 21,397 | (40,051) | (32,026) |
Cash, cash equivalents, restricted cash and cash held for sale, beginning of the year | 9,604 | 49,655 | 81,681 |
Cash, cash equivalents, restricted cash and cash held for sale, end of the year | 31,001 | 9,604 | 49,655 |
Teekay Parent [Member] | |||
FINANCING ACTIVITIES | |||
Payments of Debt Issuance Costs | 0 | 0 | (15,029) |
INVESTING ACTIVITIES | |||
Prepayments of long-term debt | $ 0 | $ (18,249) | $ 0 |
Schedule I Condensed Non-Cons_6
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Basis of presentation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 271,000 | ||
Restricted Investments, Percent of Net Assets | 53.00% | ||
Teekay Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividend Income, Operating | $ 121,253 | $ 58,563 | $ 62,100 |
Schedule I Condensed Non-Cons_7
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Long-term debt (Details) | Jan. 31, 2018 | Jan. 26, 2018USD ($)$ / shares | Jan. 31, 2022 | May 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2022USD ($) | Feb. 28, 2022USD ($) | Jan. 12, 2022USD ($) | Jan. 01, 2021USD ($) |
Debt Instrument [Line Items] | |||||||||||
Total principal | $ (680,085,000) | $ (605,147,000) | |||||||||
Less unamortized discount and debt issuance costs | (8,605,000) | (22,253,000) | |||||||||
Long-term Debt | 671,480,000 | 582,894,000 | |||||||||
Long-term Debt, Current Maturities | (255,306,000) | (10,858,000) | |||||||||
Long-term Debt, Excluding Current Maturities | 416,174,000 | 572,036,000 | |||||||||
Repurchased aggregate principal amount | 11,229,000 | 49,886,000 | $ 101,107,000 | ||||||||
Gain (loss) on bond repurchases | 0 | 1,470,000 | (10,601,000) | ||||||||
Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal | (355,579,000) | (355,579,000) | |||||||||
Less unamortized discount and debt issuance costs | (4,389,000) | (15,646,000) | |||||||||
Long-term Debt | 351,190,000 | 339,933,000 | |||||||||
Long-term Debt, Current Maturities | (239,807,000) | 0 | |||||||||
Long-term Debt, Excluding Current Maturities | 111,383,000 | 339,933,000 | |||||||||
Repurchased aggregate principal amount | $ 0 | $ 36,712,000 | $ 480,851,000 | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 75.80% | ||||||||||
Senior Notes due 2022 [Member] | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | |||||||||
Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal | $ (243,395,000) | $ (243,395,000) | |||||||||
Debt Instrument, Repurchase Amount | $ 6,200,000 | ||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | 9.25% | 9.25% | ||||||||
Debt Instrument, Repurchased Face Amount | $ 6,600,000 | ||||||||||
Senior Notes (8.5%) due January 15, 2020 | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal | $ (243,395,000) | $ (243,395,000) | |||||||||
Debt instrument, principal amount | $ 250,000,000 | ||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 9.25% | ||||||||||
Convertible Senior Notes (5%) due January 2023 | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 5.00% | 5.00% | |||||||||
Convertible Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal | $ (112,184,000) | $ (112,184,000) | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 75.80% | ||||||||||
Convertible Debt [Member] | Per $1,000 principal amount | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion rate | 85.4701 | ||||||||||
Convertible Debt [Member] | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal | $ (112,184,000) | $ (112,184,000) | $ (112,200,000) | ||||||||
Debt instrument, principal amount | $ 125,000,000 | ||||||||||
Debt interest rate | 5.00% | 5.00% | 5.00% | ||||||||
Conversion price (in dollars per share) | $ / shares | $ 11.70 | ||||||||||
Sale of stock (in dollars per share) | $ / shares | $ 9.75 | ||||||||||
Debt Instrument, Repurchase Amount | $ 10,500,000 | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 12,800,000 | ||||||||||
Premium on concurrent common stock offering price (as a percentage) | 20.00% | ||||||||||
Convertible Debt [Member] | Teekay Parent | Level 2 | Fair Value Asset (Liability) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 111,400,000 | $ 101,600,000 | |||||||||
Convertible Debt [Member] | Teekay Parent | Per $1,000 principal amount | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion rate | 85.4701 | ||||||||||
Senior Notes due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, principal amount | $ 250,000,000 | ||||||||||
Repayments of senior debt | $ 460,900,000 | ||||||||||
Convertible Debt [Member] | Convertible Debt [Member] | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 5.00% | ||||||||||
Subsequent Events | Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal | $ (243,400,000) | ||||||||||
Subsequent Events | Convertible Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal | $ (23,400,000) | $ (112,200,000) | |||||||||
Debt Instrument, Redemption Price, Percentage | 102.00% | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 85,000,000 | ||||||||||
Subsequent Events | Convertible Debt [Member] | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal | (23,400,000) | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 3,800,000 | $ 85,000,000 | |||||||||
Debt Instrument, Redemption, Period Two [Member] | Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 104.625% | ||||||||||
Debt Instrument, Redemption, Period Two [Member] | Senior Notes (8.5%) due January 15, 2020 | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 104.625% | ||||||||||
Debt Instrument, Redemption, Period Three [Member] | Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | ||||||||||
Debt Instrument, Redemption, Period Three [Member] | Senior Notes (8.5%) due January 15, 2020 | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.313% | ||||||||||
Debt Instrument, Redemption, Period Four [Member] | Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Debt Instrument, Redemption, Period Four [Member] | Senior Notes (8.5%) due January 15, 2020 | Teekay Parent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Fpso Unit [Member] | Senior Notes (8.5%) due January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of vessels | 1 |
Schedule I Condensed Non-Cons_8
Schedule I Condensed Non-Consolidated Financial Information of Registrant - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Teekay Parent | |||
Schedule Of Supplemental Cash Flow [Line Items] | |||
Dividends received | $ 75.3 | $ 31.8 | $ 10 |
Uncategorized Items - tk-202112
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 | $ (17,666,000) |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | (37,434,000) |
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) |
Accounting Standards Update 2017-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | 606,000 |
Accounting Standards Update 2017-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ (1,993,000) |