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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2014
Investments, All Other Investments [Abstract] |
Fair Value of Financial Instruments and Other Non-Financial Assets | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at fair value on a recurring basis.
|  |  |  |  | June 30, 2014 |  |  | December 31, 2013 |
|  | 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 |  |  |  | 1,254,309 |  |  |  | 1,254,309 |  |  |  | 1,119,966 |  |  |  | 1,119,966 |
Derivative instruments (note 15) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements - assets |  |  | Level 2 |  |  |  | 122,506 |  |  |  | 122,506 |  |  |  | 91,415 |  |  |  | 91,415 |
Interest rate swap agreements - liabilities |  |  | Level 2 |  |  |  | (506,314 | ) |  |  | (506,314 | ) |  |  | (410,470 | ) |  |  | (410,470 | )
Cross currency interest swap agreement |  |  | Level 2 |  |  |  | (63,741 | ) |  |  | (63,741 | ) |  |  | (52,219 | ) |  |  | (52,219 | )
Foreign currency contracts |  |  | Level 2 |  |  |  | (354 | ) |  |  | (354 | ) |  |  | (1,480 | ) |  |  | (1,480 | )
Stock purchase warrants (notes 4b and 15) |  |  | Level 3 |  |  |  | 8,051 |  |  |  | 8,051 |  |  |  | — |  |  |  | — |
Non-recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessels and equipment |  |  | Level 2 |  |  |  | — |  |  |  | — |  |  |  | 17,250 |  |  |  | 17,250 |
Assets held for sale (1) |  |  | Level 2 |  |  |  | — |  |  |  | — |  |  |  | 176,247 |  |  |  | 176,247 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in term loans |  |  | Level 3 |  |  |  | — |  |  |  | — |  |  |  | 211,579 |  |  |  | 209,570 |
Loans to equity accounted investees and joint venture partners - Current |  |  | Level 3 |  |  |  | 21,634 |  |  |  | 21,634 |  |  |  | 37,019 |  |  |  | 37,019 |
Loans to equity accounted investees and joint venture partners - Long-term |  |  |  | (2) |  |  | 133,526 |  |  |  |  | (2) |  |  | 132,229 |  |  |  |  | (2)
Liabilities associated with assets held for sale (1) |  |  | Level 2 |  |  |  | — |  |  |  | — |  |  |  | (168,007 | ) |  |  | (168,007 | )
Long-term receivable included in other assets |  |  | Level 2 |  |  |  | 16,452 |  |  |  | 16,452 |  |  |  | — |  |  |  | — |
Long-term debt - public (note 8) |  |  | Level 1 |  |  |  | (1,766,576 | ) |  |  | (1,873,925 | ) |  |  | (1,313,358 | ) |  |  | (1,376,829 | )
Long-term debt - non-public (note 8) |  |  | Level 2 |  |  |  | (4,965,791 | ) |  |  | (4,830,135 | ) |  |  | (4,796,112 | ) |  |  | (4,582,274 | )
(1) | The fair value of the Company’s assets held for sale and liabilities associated with assets held for sale include vessels held for sale, long-term debt and other working capital balances.
(2) | In these consolidated financial statements, the Company’s 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 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.
Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the six months ended June 30, 2014 and 2013 for the Company’s derivative instrument, TIL stock purchase warrants, which are described below and are measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Fair value at the beginning of the period |  |  | 11,714 |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value on issuance |  |  | — |  |  |  | — |  |  |  | 6,840 |  |  |  | — |
Unrealized (loss) gain included in earnings |  |  | (3,663 | ) |  |  | — |  |  |  | 1,211 |  |  |  | — |
Fair value at the end of the period |  |  | 8,051 |  |  |  | — |  |  |  | 8,051 |  |  |  | — |
Summary of 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, 2014 $ |  |  | December 31, 2013 $ |
Direct financing leases |  | Payment activity |  | Performing |  |  | 774,026 |  |  |  | 727,262 |
Other loan receivables |  |  |  |  |  |  |  |  |  |  |  |
Investment in term loans and interest receivable |  | Collateral |  | Non-Performing(1) |  |  | — |  |  |  | 211,579 |
Loans to equity accounted investees and joint venture partners(2) |  | Other internal metrics |  | Performing |  |  | 155,160 |  |  |  | 169,248 |
Long-term receivable included in other assets |  | Payment activity |  | Performing |  |  | 50,136 |  |  |  | 31,634 |
|  |  |  |  |  |  | 979,322 |  |  |  | 1,139,723 |
(1) | On March 21, 2014, Teekay and Teekay Tankers took ownership of the vessels held as collateral in satisfaction of the loans and accrued interest.
(2) | The Company’s subsidiary Teekay LNG owns a 99% interest in Teekay Tangguh, which owns a 70% interest in the Teekay Tangguh Joint Venture. During the year ended December 31, 2012, the parent company of Teekay LNG‘s joint venture partner, BLT, suspended trading on the Jakarta Stock Exchange and entered into a court-supervised debt restructuring in Indonesia. The remaining loans to joint venture partner, BLT LNG Tangguh Corporation, totaling $10.3 million as at June 30, 2014 (December 31, 2013 - $28.5 million) are considered to be collectible given a signed settlement Agreement between the Company and BLT LNG Tangguh Corporation regarding repayment terms. In February 2014, the Teekay Tangguh Joint Venture declared dividends of $69.5 million, of which $14.4 million was used to offset the advances made to BLT LNG Tangguh Corporation and P.T. Berlian Laju Tanker and $6.5 million was repaid to Teekay by BLT LNG Tangguh Corporation. In addition, $1.0 million was paid to Teekay by BLT as part of the settlement agreement.

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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=35738203&loc=SL6953659-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953803-111525 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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