XML 9 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Financial Instruments | 6 Months Ended
--- | ---
Jun. 30, 2013
Investments All Other Investments [Abstract] |
Financial Instruments | 10. Financial Instruments a) Fair Value Measurements For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Note 11 in the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2012. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at fair value on a recurring basis.
|  |  |  | June 30, 2013 |  |  | December 31, 2012 |
|  | Fair Value Hierarchy Level |  | Carrying Amount Asset (Liability) $ |  |  | Fair Value Asset (Liability) $ |  |  | Carrying Amount Asset (Liability) $ |  |  | Fair Value Asset (Liability) $ |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents, restricted cash, and marketable securities |  | Level 1 |  |  | 1,076,022 |  |  |  | 1,076,022 |  |  |  | 1,178,118 |  |  |  | 1,178,118 |
Derivative instruments (note 14) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements—assets |  | Level 2 |  |  | 118,683 |  |  |  | 118,683 |  |  |  | 165,688 |  |  |  | 165,688 |
Interest rate swap agreements—liabilities |  | Level 2 |  |  | (504,429 | ) |  |  | (504,429 | ) |  |  | (667,825 | ) |  |  | (667,825 | )
Cross currency swap agreement |  | Level 2 |  |  | (40,963 | ) |  |  | (40,963 | ) |  |  | 13,886 |  |  |  | 13,886 |
Foreign currency contracts |  | Level 2 |  |  | (4,671 | ) |  |  | (4,671 | ) |  |  | 2,885 |  |  |  | 2,885 |
Non-recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessels and equipment |  | Level 2 |  |  | — |  |  |  | — |  |  |  | 287,983 |  |  |  | 287,983 |
Vessels held for sale |  | Level 2 |  |  | 6,800 |  |  |  | 6,800 |  |  |  | 22,364 |  |  |  | 22,364 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in term loans |  | Level 3 |  |  | 188,895 |  |  |  | 184,246 |  |  |  | 188,756 |  |  |  | 186,048 |
Loans to equity accounted investees and joint venture partners—Current |  | Level 3 |  |  | 2,743 |  |  |  | 2,743 |  |  |  | 139,183 |  |  |  | 139,183 |
Loans to equity accounted investees and joint venture partners—Long-term |  | (1) |  |  | 177,111 |  |  |  | (1 | ) |  |  | 67,720 |  |  |  | (1 | )
Long-term debt—public (note 7) |  | Level 1 |  |  | (1,025,778 | ) |  |  | (1,072,211 | ) |  |  | (914,338 | ) |  |  | (949,326 | )
Long-term debt—non-public (note 7) |  | Level 2 |  |  | (4,717,331 | ) |  |  | (4,441,873 | ) |  |  | (4,645,376 | ) |  |  | (4,329,117 | )
(1) | In these consolidated financial statements, the Company’s long-term loans to and equity investments in equity accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the long-term loans to joint venture partners together with the joint venture partner’s equity investment in joint ventures form the net aggregate carrying value of the Company’s interest in the joint ventures. The fair value of the individual components of such aggregate interests is not determinable.
b. Financing Receivables The following table contains a summary of the Company’s financing receivables by type of borrower and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis.
Class of Financing Receivable |  | Credit Quality Indicator |  | Grade |  | June 30, 2013 $ |  |  | December 31, 2012 $ |
Direct financing leases |  | Payment activity |  | Performing |  |  | 430,414 |  |  |  | 436,601 |
Other loan receivables |  |  |  |  |  |  |  |  |  |  |  |
Investment in term loans (note 6b) |  | Collateral |  | Non-Performing |  |  | 188,895 |  |  |  | 188,756 |
Loans to equity accounted investees and joint venture partners (1) |  | Other internal metrics |  | Performing |  |  | 179,854 |  |  |  | 206,903 |
Long term receivable included in other assets |  | Payment activity |  | Performing |  |  | — |  |  |  | 1,704 |
|  |  |  |  |  |  | 799,163 |  |  |  | 833,964 |
(1) | Teekay LNG owns a 99% interest in Teekay Tangguh, which owns a 70% interest in Teekay BLT Corporation (or Teekay Tangguh Subsidiary). During the year ended December 31, 2012, one of Teekay LNG‘s joint venture partner‘s parent company, PT Berlian Laju Tanker (or BLT), suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The Company believes the loans to BLT and Teekay LNG‘s joint venture partner, BLT LNG Tangguh Corporation, totaling $24.0 million as at June 30, 2013 (December 31, 2012—$24.0 million), are collectible given the expected cash flows anticipated to be generated by the Teekay Tangguh Subsidiary that can be used to repay the loan and given the underlying collateral securing the loans to BLT.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration