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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2017
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, 2017 |  | December 31, 2016 |
| 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 |  | 552,186 |  |  | 552,186 |  |  | 805,567 |  |  | 805,567 |  |
Derivative instruments (note 15) |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements - assets (1) | Level 2 |  | 6,081 |  |  | 6,081 |  |  | 7,943 |  |  | 7,943 |  |
Interest rate swap agreements - liabilities (1) | Level 2 |  | (78,560 | ) |  | (78,560 | ) |  | (302,935 | ) |  | (302,935 | ) |
Cross currency interest swap agreement (1) | Level 2 |  | (50,459 | ) |  | (50,459 | ) |  | (237,165 | ) |  | (237,165 | ) |
Foreign currency contracts | Level 2 |  | 81 |  |  | 81 |  |  | (2,993 | ) |  | (2,993 | ) |
Stock purchase warrants | Level 3 |  | 30,749 |  |  | 30,749 |  |  | 575 |  |  | 575 |  |
Time-charter swap agreement | Level 3 |  | — |  |  | — |  |  | 208 |  |  | 208 |  |
Non-recurring |  |  |  |  |  |  |  |  |  |
Vessels and equipment | Level 2 |  | — |  |  | — |  |  | 11,300 |  |  | 11,300 |  |
Vessels held for sale (note 18b) | Level 2 |  | 16,671 |  |  | 16,671 |  |  | 61,282 |  |  | 61,282 |  |
Long-term investments | Level 2 |  | — |  |  | — |  |  | 6,000 |  |  | 6,000 |  |
Other |  |  |  |  |  |  |  |  |  |
Loans to equity-accounted investees and joint venture partners - Current | (2) |  | 107,486 |  |  | (2) |  | 11,821 |  |  | (2) |
Loans to equity-accounted investees and joint venture partners - Long-term | (2) |  | 146,420 |  |  | (2) |  | 292,209 |  |  | (2) |
Long-term receivable included in accounts receivable and other assets (3) | Level 3 |  | 3,476 |  |  | 3,459 |  |  | 10,985 |  |  | 10,944 |  |
Long-term debt - public (note 8) | Level 1 |  | (963,563 | ) |  | (979,773 | ) |  | (1,503,472 | ) |  | (1,409,996 | ) |
Long-term debt - non-public (note 8) | Level 2 |  | (2,454,142 | ) |  | (2,421,273 | ) |  | (5,136,074 | ) |  | (5,009,900 | ) |
Obligations related to capital leases, including current portion | Level 2 |  | (1,160,457 | ) |  | (1,148,989 | ) |  | (392,839 | ) |  | (400,072 | ) |
(1) | The fair value of the Company’s interest rate swap and cross currency swap agreements at December 31, 2017 includes $5.7 million (December 31, 2016 - $15.8 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 constitute the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the individual components of such aggregate interests is not determinable.
(3) | As at December 31, 2017, the estimated fair value of the non-interest bearing receivable from Royal Dutch Shell Plc (or Shell) is based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of December 31, 2017 was $3.5 million (December 31, 2016 - $10.9 million) using a discount rate of 8.0%. As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from Shell, the discount rate was based on unsecured debt instruments of similar maturity held by the Company, 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 years ended December 31, 2017 and 2016 for the Company's Brookfield Transaction Warrants, Series D Warrants and the TIL stock purchase warrants, which are described above and are measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows:
| Year Ended December 31,
| 2017 $ |  | 2016 $
Fair value at the beginning of the year | 575 |  |  | 10,328 |
Fair value on issuance | 36,596 |  |  | — |
Unrealized loss included in earnings | (6,422 | ) |  | (9,753 | )
Fair value at the end of the year | 30,749 |  |  | 575 |
Changes in fair value during the years ended December 31, 2017 and 2016 for Teekay Tankers' time-charter swap agreement, which is described in Note 15 below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows:
| Year Ended December 31, 2017 $ |  | Year Ended December 31, 2016 $
Fair value asset - beginning of the year | 208 |  |  | — |
Settlements | (1,106 | ) |  | (2,154 | )
Realized and unrealized gain | 898 |  |  | 2,362 |
Fair value asset - at the end of the year | — |  |  | 208 |

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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=66048111&loc=d3e19190-110258 + Details
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