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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2014
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments and Other Non-Financial Assets | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis.
|  |  |  |  | December 31, 2014 |  |  | December 31, 2013 |
|  |  |  |  | Carrying |  |  | Fair |  |  | Carrying |  |  | Fair |
|  | Fair |  |  | Amount |  |  | Value |  |  | Amount |  |  | Value |
|  | Value Hierarchy |  |  | Asset (Liability) |  |  | Asset (Liability) |  |  | Asset (Liability) |  |  | Asset (Liability) |
|  | Level |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents, restricted cash, and marketable securities |  |  | Level 1 |  |  |  | 927,679 |  |  |  | 927,679 |  |  |  | 1,119,966 |  |  |  | 1,119,966 |
Derivative instruments (note 15) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements—assets (1) |  |  | Level 2 |  |  |  | 1,051 |  |  |  | 1,051 |  |  |  | 91,415 |  |  |  | 91,415 |
Interest rate swap agreements—liabilities (1) |  |  | Level 2 |  |  |  | (406,783 | ) |  |  | (406,783 | ) |  |  | (410,470 | ) |  |  | (410,470 | )
Cross currency interest swap agreement |  |  | Level 2 |  |  |  | (221,391 | ) |  |  | (221,391 | ) |  |  | (52,219 | ) |  |  | (52,219 | )
Foreign currency contracts |  |  | Level 2 |  |  |  | (18,407 | ) |  |  | (18,407 | ) |  |  | (1,480 | ) |  |  | (1,480 | )
Stock purchase warrants (note 3e and 15) |  |  | Level 3 |  |  |  | 9,314 |  |  |  | 9,314 |  |  |  | — |  |  |  | — |
Logitel contingent consideration (see below) |  |  | Level 3 |  |  |  | (21,448 | ) |  |  | (21,448 | ) |  |  | — |  |  |  | — |
Non-recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessels and equipment (note 18b) |  |  | Level 2 |  |  |  | — |  |  |  | — |  |  |  | 17,250 |  |  |  | 17,250 |
Assets held for sale (2) (note 18b) |  |  | 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 |  |  | (3 | ) |  |  | 26,209 |  |  |  | (3 | ) |  |  | 37,019 |  |  |  | (3 | )
Loans to equity-accounted investees and joint venture partners - Long-term |  |  | (3 | ) |  |  | 227,217 |  |  |  | (3 | ) |  |  | 132,229 |  |  |  | (3 | )
Liabilities associated with assets held for sale (2) (note 18b) |  |  | Level 2 |  |  |  | — |  |  |  | — |  |  |  | (168,007 | ) |  |  | (168,007 | )
Long-term receivable included in other assets |  |  | Level 2 |  |  |  | 15,758 |  |  |  | 15,758 |  |  |  | — |  |  |  | — |
Long-term debt - public (note 8) |  |  | Level 1 |  |  |  | (1,554,609 | ) |  |  | (1,574,440 | ) |  |  | (1,313,358 | ) |  |  | (1,376,829 | )
Long-term debt - non-public (note 8) |  |  | Level 2 |  |  |  | (5,181,889 | ) |  |  | (5,094,857 | ) |  |  | (4,796,112 | ) |  |  | (4,582,274 | )
(1) | The fair value of the Company’s interest rate swap agreements at December 31, 2014 includes $24.5 million (December 31, 2013- $22.0 million) of net accrued interest which is recorded in accrued liabilities and accounts receivable on the consolidated balance sheets.
(2) | 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.
(3) | 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 venture form the net aggregate carrying value of the joint venture partner’s interest in the joint venture. 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 year ended December 31, 2014 for one of the Company’s derivative instruments, the 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:
|  | Year Ended December 31, |
|  | 2014 |
|  | $ |
Fair value at the beginning of the year |  |  | — |
Fair value on issuance |  |  | 6,840 |
Unrealized gain included in earnings |  |  | 2,474 |
Fair value at the end of the year |  |  | 9,314 |
Changes in Estimated Fair Value of Contingent Consideration Liability Relating to Acquisition of Logitel | Changes in the estimated fair value of Teekay Offshore’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the year ended December 31, 2014 is as follows:
|  | Year Ended December 31, |
|  | 2014 |
|  | $ |
Balance at beginning of year |  |  | — |
Acquisition of Logitel |  |  | (21,170 | )
Unrealized loss included in other income - net |  |  | (278 | )
Balance at end of year |  |  | (21,448 | )

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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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 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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