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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2011
Derivative Instruments and Hedging Activities [Abstract] |
Commitment of foreign currency forward contracts |
|  |  |  |  |  |  |  | Fair Value / Carrying Amount |  |  |  |  |  |  |
|  |  |  |  |  |  |  | of Asset / (Liability) |  |  | Expected Maturity |
|  | Contract Amount In Foreign Currency |  |  | Average Forward |  |  | Hedge |  |  | Non-Hedge |  |  | 2012 |  |  | 2013 |
|  | (millions) |  |  | Rate (1) |  |  | (in millions of U.S. Dollars) |
Norwegian Kroner |  |  | 1,044.5 |  |  |  | 6.00 |  |  | $ | 0.6 |  |  | ($ | 1.6 | ) |  | $ | 141.3 |  |  | $ | 32.8 |
Euro |  |  | 34.6 |  |  |  | 0.74 |  |  |  | — |  |  |  | (1.7 | ) |  |  | 40.9 |  |  |  | 5.8 |
Canadian Dollar |  |  | 36.8 |  |  |  | 1.01 |  |  |  | (0.2 | ) |  |  | (0.3 | ) |  |  | 31.8 |  |  |  | 4.6 |
British Pounds |  |  | 34.5 |  |  |  | 0.64 |  |  |  | (0.3 | ) |  |  | (0.9 | ) |  |  | 46.5 |  |  |  | 7.8 |
|  |  |  |  |  |  |  |  |  | $ | 0.1 |  |  | ($ | 4.5 | ) |  | $ | 260.5 |  |  | $ | 51.0 |
(1) | Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy.
Interest rate swap agreements |
|  | Interest Rate Index |  | Principal Amount $ |  |  | Fair Value / Carrying Amount of Asset / (Liability) $ |  |  | Weighted- Average Remaining Term (Years) |  |  | Fixed Interest Rate (%) (1) |
LIBOR-Based Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar-denominated interest rate swaps (2) |  | LIBOR |  |  | 423,748 |  |  |  | (119,895 | ) |  |  | 25.1 |  |  |  | 4.9 |
U.S. Dollar-denominated interest rate swaps |  | LIBOR |  |  | 3,766,809 |  |  |  | (561,747 | ) |  |  | 8.4 |  |  |  | 3.8 |
LIBOR-Based Restricted Cash Deposit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar-denominated interest rate swaps (2) |  | LIBOR |  |  | 470,199 |  |  |  | 159,603 |  |  |  | 25.1 |  |  |  | 4.8 |
EURIBOR-Based Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro-denominated interest rate swaps (3) (4) |  | EURIBOR |  |  | 348,905 |  |  |  | (25,795 | ) |  |  | 12.5 |  |  |  | 3.1 |
|  |  |  |  | 5,009,661 |  |  |  | (547,834 | ) |  |  |  |  |  |  |  |
(1) | Excludes the margins the Company pays on its variable-rate debt, which as of December 31, 2011 ranged from 0.30% to 3.25%.
(2) | Principal amount reduces quarterly.
(3) | Principal amount reduces monthly to 70.1 million Euros ($90.9 million) by the maturity dates of the swap agreements.
(4) | Principal amount is the U.S. Dollar equivalent of 269.2 million Euros.
Location and fair value amounts of derivative instruments |
|  | Current Portion of Derivative Assets |  |  | Derivative Assets |  |  | Accrued Liabilities |  |  | Current Portion of Derivative Liabilities |  |  | Derivative Liabilities |
As at December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as a cash flow hedge: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  | 1,551 |  |  |  | 28 |  |  |  | — |  |  |  | (1,192 | ) |  |  | (264 | )
Derivatives not designated as a cash flow hedge: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  | 2,592 |  |  |  | 3 |  |  |  | — |  |  |  | (6,248 | ) |  |  | (832 | )
Interest rate swap agreements |  |  | 15,608 |  |  |  | 139,651 |  |  |  | (24,750 | ) |  |  | (109,897 | ) |  |  | (568,446 | )
Cross currency swap |  |  | 1,576 |  |  |  | 875 |  |  |  | 225 |  |  |  | — |  |  |  | — |
Foinaven embedded derivative (note 10) |  |  | 3,385 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 24,712 |  |  |  | 140,557 |  |  |  | (24,525 | ) |  |  | (117,337 | ) |  |  | (569,542 | )
As at December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as a cash flow hedge: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  | 3,437 |  |  |  | 1,546 |  |  |  | — |  |  |  | (652 | ) |  |  | 22 |
Derivatives not designated as a cash flow hedge: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  | 4,988 |  |  |  | 3,172 |  |  |  | — |  |  |  | (1,050 | ) |  |  | (88 | )
Interest rate swap agreements |  |  | 16,759 |  |  |  | 45,524 |  |  |  | (31,174 | ) |  |  | (135,171 | ) |  |  | (387,058 | )
Forward freight agreements |  |  | 2,031 |  |  |  | 2,003 |  |  |  | 199 |  |  |  | — |  |  |  | — |
Foinaven embedded derivative |  |  | — |  |  |  | 3,738 |  |  |  | — |  |  |  | (7,238 | ) |  |  | — |
|  |  | 27,215 |  |  |  | 55,983 |  |  |  | (30,975 | ) |  |  | (144,111 | ) |  |  | (387,124 | )
Effective portion of gains (losses) on foreign currency contracts |
Year Ended December 31, 2011 |  | Year Ended December 31, 2010
Balance Sheet (AOCI) |  | Statement of Income (Loss) |  | Balance Sheet (AOCI) |  |  | Statement of Income (Loss)
Effective Portion |  | Effective Portion |  |  | Ineffective Portion |  |  |  |  | Effective Portion |  |  | Effective Portion |  |  | Ineffective Portion |  |  |
2,007 |  |  | 918 |  |  |  | (568 | ) |  | Vessel operating expenses |  |  | (3,559 | ) |  |  | (680 | ) |  |  | (3,473 | ) |  | Vessel operating expenses
|  |  | 4,636 |  |  |  | (223 | ) |  | General and administrative expenses |  |  |  |  |  |  | (2,360 | ) |  |  | (1,402 | ) |  | General and administrative expenses
2,007 |  |  | 5,554 |  |  |  | (791 | ) |  |  |  |  | (3,559 | ) |  |  | (3,040 | ) |  |  | (4,875 | ) |  |
Effect of (loss) gain on derivatives not designated as hedging instruments |
|  | Year Ended |  |  | Year Ended |  |  | Year Ended |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | $ |  |  | $ |  |  | $ |
Realized (losses) gains relating to: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  | (132,931 | ) |  |  | (154,098 | ) |  |  | (127,936 | )
Interest rate swap amendments and terminations |  |  | (149,666 | ) |  |  | — |  |  |  | — |
Foreign currency forward contracts |  |  | 9,965 |  |  |  | (2,274 | ) |  |  | (8,984 | )
Forward freight agreements, bunker fuel swap contracts and other |  |  | 36 |  |  |  | (7,914 | ) |  |  | (1,293 | )
|  |  | (272,596 | ) |  |  | (164,286 | ) |  |  | (138,213 | )
Unrealized (losses) gains relating to: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  | (58,405 | ) |  |  | (146,780 | ) |  |  | 258,710 |
Foreign currency forward contracts |  |  | (11,399 | ) |  |  | 6,307 |  |  |  | 14,797 |
Forward freight agreements and bunker fuel swap contracts |  |  | — |  |  |  | (108 | ) |  |  | 4,167 |
Foinaven embedded derivative |  |  | (322 | ) |  |  | 5,269 |  |  |  | 585 |
|  |  | (70,126 | ) |  |  | (135,312 | ) |  |  | 278,259 |
Total realized and unrealized (losses) gains on non-designated derivative instruments |  |  | (342,722 | ) |  |  | (299,598 | ) |  |  | 140,046 |

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