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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2015
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, 2015 |  |  | December 31, 2014 |
|  | 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 |  |  |  | 855,107 |  |  |  | 855,107 |  |  |  | 927,679 |  |  |  | 927,679 |
Derivative instruments (note 15) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements - assets (1) |  |  | Level 2 |  |  |  | 6,136 |  |  |  | 6,136 |  |  |  | 1,051 |  |  |  | 1,051 |
Interest rate swap agreements - liabilities (1) |  |  | Level 2 |  |  |  | (370,952 | ) |  |  | (370,952 | ) |  |  | (406,783 | ) |  |  | (406,783 | )
Cross currency interest swap agreement (1) |  |  | Level 2 |  |  |  | (312,110 | ) |  |  | (312,110 | ) |  |  | (221,391 | ) |  |  | (221,391 | )
Foreign currency contracts |  |  | Level 2 |  |  |  | (18,826 | ) |  |  | (18,826 | ) |  |  | (18,407 | ) |  |  | (18,407 | )
Stock purchase warrants (note 3h and 15) |  |  | Level 3 |  |  |  | 10,328 |  |  |  | 10,328 |  |  |  | 9,314 |  |  |  | 9,314 |
Logitel contingent consideration (see below) |  |  | Level 3 |  |  |  | (14,830 | ) |  |  | (14,830 | ) |  |  | (21,448 | ) |  |  | (21,448 | )
Non-recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessels and equipment (note 18b) |  |  | Level 2 |  |  |  | 100,600 |  |  |  | 100,600 |  |  |  | — |  |  |  | — |
Assets held for sale (note 18b) |  |  | Level 2 |  |  |  | 55,450 |  |  |  | 55,450 |  |  |  | — |  |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans to equity-accounted investees and joint venture partners - Current |  |  |  | (2) |  |  | 7,127 |  |  |  |  | (2) |  |  | 26,209 |  |  |  |  | (2)
Loans to equity-accounted investees and joint venture partners - Long-term |  |  |  | (2) |  |  | 184,390 |  |  |  |  | (2) |  |  | 227,217 |  |  |  |  | (2)
Long-term receivable (3) |  |  | Level 2 |  |  |  | 16,453 |  |  |  | 16,427 |  |  |  | 17,137 |  |  |  | 17,164 |
Long-term debt - public (note 8) |  |  | Level 1 |  |  |  | (1,493,915 | ) |  |  | (1,161,729 | ) |  |  | (1,371,174 | ) |  |  | (1,405,711 | )
Long-term debt - non-public (note 8) |  |  | Level 2 |  |  |  | (5,890,171 | ) |  |  | (5,881,483 | ) |  |  | (5,280,802 | ) |  |  | (5,263,586 | )
(1) | The fair value of the Company’s interest rate swap agreements at December 31, 2015 includes $21.7 million (December 31, 2014 - $24.5 million) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets.
(2) | In the consolidated financial statements, the Company’s 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.
(3) | As at December 31, 2015, the estimated fair value of the non-interest bearing receivable was based on the remaining future fixed payments of $18.2 million to be received from BG, as part of the ship construction support agreement, as well as an estimated discount rate of 8.0%. As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from BG, the discount rate was based on unsecured debt instruments of similar maturity held, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset.
Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the year ended December 31, 2015 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, |
|  | 2015 |  |  | 2014 |
|  | $ |  |  | $ |
Fair value at the beginning of the year |  |  | 9,314 |  |  |  | — |
Fair value on issuance |  |  | — |  |  |  | 6,840 |
Unrealized gain included in earnings |  |  | 1,014 |  |  |  | 2,474 |
Fair value at the end of the year |  |  | 10,328 |  |  |  | 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, 2015 is as follows:
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |
|  | $ |  |  | $ |
Balance at beginning of year |  |  | (21,448 | ) |  |  | — |
Acquisition of Logitel |  |  | 2,569 |  |  |  | (21,170 | )
Settlement of liability |  |  | 3,540 |  |  |  | — |
Unrealized gain (loss) included in Other income |  |  | 509 |  |  |  | (278 | )
Balance at end of year |  |  | (14,830 | ) |  |  | (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 3 -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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